Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Apr. 30, 2020 | Jul. 10, 2020 | Oct. 31, 2019 | |
Document Information [Line Items] | |||
Entity Registrant Name | BUTLER NATIONAL CORP | ||
Entity Central Index Key | 0000015847 | ||
Trading Symbol | buks | ||
Current Fiscal Year End Date | --04-30 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 74,398,262 | ||
Entity Public Float | $ 28,506,324 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Apr. 30, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(g) Security | Common Stock $.01 Par Value |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 30, 2020 | Apr. 30, 2019 |
CURRENT ASSETS: | ||
Cash | $ 16,793 | $ 9,014 |
Accounts receivable, net of allowance for doubtful accounts | 2,784 | 3,265 |
Asset held for sale, net of accumulated depreciation | 447 | |
Income tax receivable | 27 | |
Inventories | ||
Parts and raw materials | 6,892 | 7,370 |
Work in process | 1,661 | 1,441 |
Finished goods | 62 | 74 |
Total inventory, net of allowance | 8,615 | 8,885 |
Prepaid expenses and other current assets | 1,620 | 1,646 |
Total current assets | 29,812 | 23,284 |
PROPERTY, PLANT AND EQUIPMENT: | ||
Finance lease right-to-use assets | 44,349 | 1,699 |
Land and building | 5,805 | 5,765 |
Aircraft | 8,511 | 8,467 |
Machinery and equipment | 4,093 | 4,085 |
Office furniture and fixtures | 8,533 | 7,477 |
Leasehold improvements | 4,032 | 4,032 |
Property, Plant and Equipment, Gross, Ending Balance | 75,323 | 31,525 |
Accumulated depreciation | (20,577) | (16,714) |
Total property, plant and equipment | 54,746 | 14,811 |
SUPPLEMENTAL TYPE CERTIFICATES (net of accumulated amortization of $7,029 at April 30, 2020 and $6,054 at April 30, 2019) | 6,483 | 6,407 |
OTHER ASSETS: | ||
Deferred tax asset | 331 | 295 |
Other assets (net of accumulated amortization of $10,153 at April 30, 2020 and $9,370 at April 30, 2019) | 3,546 | 4,105 |
Total other assets | 3,877 | 4,400 |
Total assets | 94,918 | 48,902 |
CURRENT LIABILITIES: | ||
Current maturities of long-term debt | 2,228 | 1,899 |
Current maturities of finance lease liability | 1,163 | 8 |
Accounts payable | 962 | 1,774 |
Customer deposits | 1,994 | 2,758 |
Gaming facility mandated payment | 1,338 | 1,280 |
Compensation and compensated absences | 2,571 | 1,664 |
Deferred tax liability, current | 191 | 236 |
Income tax payable | 206 | |
Other current liabilities | 274 | 230 |
Total current liabilities | 10,927 | 9,849 |
Long-term debt, net of current maturities | 3,211 | 2,076 |
Finance lease liability, net of current maturities | 42,211 | 1,689 |
Deferred tax liability | 765 | 944 |
Total long-term liabilities | 46,187 | 4,709 |
Total liabilities | 57,114 | 14,558 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY: | ||
Common stock, par value $.01: authorized 100,000,000 shares issued 77,719,677 shares, and outstanding 74,398,262 shares at April 30, 2020 and issued 71,008,122 shares, and outstanding 68,281,071 shares at April 30, 2019 | 777 | 710 |
Capital contributed in excess of par | 15,600 | 14,767 |
Treasury stock at cost, 3,321,415 shares at April 30, 2020 and 2,727,051 shares at April 30, 2019 | (1,713) | (1,387) |
Retained earnings | 18,147 | 13,913 |
Total Butler National Corporation's stockholders' equity | 32,811 | 28,003 |
Noncontrolling interest in BHCMC, LLC | 4,993 | 6,341 |
Total stockholders' equity | 37,804 | 34,344 |
Total liabilities and stockholders' equity | 94,918 | 48,902 |
Preferred Class A [Member] | ||
STOCKHOLDERS' EQUITY: | ||
Preferred stock | ||
Preferred Class B [Member] | ||
STOCKHOLDERS' EQUITY: | ||
Preferred stock |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Supplemental type certificates, accumulated amortization | $ 7,029 | $ 6,054 |
Other assets, accumulated amortization | $ 10,153 | $ 9,370 |
Preferred stock, par value (in dollars per share) | $ 5 | $ 5 |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 77,719,677 | 71,008,122 |
Common stock, shares outstanding (in shares) | 74,398,262 | 68,281,071 |
Treasury stock, shares (in shares) | 3,321,415 | 2,727,051 |
Preferred Class A [Member] | ||
Preferred stock, stated value (in dollars per share) | $ 100 | $ 100 |
Preferred stock, dividend rate | 9.80% | 9.80% |
Preferred stock, liquidation value | $ 100 | $ 100 |
Preferred stock, redemption value | $ 100 | $ 100 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Preferred stock, designated classes (in shares) | 200,000 | 200,000 |
Preferred Class B [Member] | ||
Preferred stock, stated value (in dollars per share) | $ 1,000 | $ 1,000 |
Preferred stock, dividend rate | 6.00% | 6.00% |
Preferred stock, liquidation value | $ 1,000 | $ 1,000 |
Preferred stock, redemption value | $ 1,000 | $ 1,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Preferred stock, designated classes (in shares) | 200,000 | 200,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
REVENUES: | ||
Revenues | $ 65,871 | $ 58,710 |
COSTS AND EXPENSES: | ||
Marketing and advertising | 4,095 | 4,167 |
Employee benefits | 2,606 | 2,304 |
Depreciation and amortization | 5,116 | 1,846 |
General, administrative and other | 7,347 | 7,819 |
Total costs and expenses | 57,565 | 53,432 |
OPERATING INCOME | 8,306 | 5,278 |
OTHER INCOME (EXPENSE): | ||
Interest expense | (4,368) | (248) |
Gain on sale of airplanes | 642 | |
Refund of sales/use tax | 1,995 | |
Total other income (expense) | (3,726) | 1,747 |
INCOME BEFORE INCOME TAXES | 4,580 | 7,025 |
PROVISION (BENEFIT) FOR INCOME TAXES | ||
Provision for income taxes | 1,594 | 297 |
Deferred income tax (benefit) | (260) | 1,078 |
NET INCOME | 3,246 | 5,650 |
Net (income) loss attributable to noncontrolling interest in BHCMC, LLC | 988 | (1,797) |
NET INCOME ATTRIBUTABLE TO BUTLER NATIONAL CORPORATION | $ 4,234 | $ 3,853 |
BASIC EARNINGS PER COMMON SHARE ATTRIBUTABLE TO BUTLER NATIONAL CORPORATION (in dollars per share) | $ 0.06 | $ 0.06 |
WEIGHTED AVERAGE SHARES USED IN PER SHARE CALCULATION (in shares) | 68,622,527 | 64,511,608 |
DILUTED EARNINGS PER COMMON SHARE ATTRIBUTABLE TO BUTLER NATIONAL CORPORATION (in dollars per share) | $ 0.06 | $ 0.06 |
WEIGHTED AVERAGE SHARES USED IN PER SHARE CALCULATION (in shares) | 68,622,527 | 64,511,608 |
Professional Services [Member] | ||
REVENUES: | ||
Revenues | $ 28,283 | $ 32,017 |
COSTS AND EXPENSES: | ||
Cost of services and products | 15,516 | 20,066 |
Aerospace Products [Member] | ||
REVENUES: | ||
Revenues | 37,588 | 26,693 |
COSTS AND EXPENSES: | ||
Cost of services and products | $ 22,885 | $ 17,230 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Apr. 30, 2018 | 66,196,854 | 1,453,537 | |||||
Balance at Apr. 30, 2018 | $ 662 | $ 14,231 | $ (951) | $ 10,060 | $ 24,002 | $ 5,264 | $ 29,266 |
Issuance of stock benefit plan (in shares) | 2,311,268 | 2,311,268 | |||||
Issuance of stock benefit plan | $ 23 | 561 | 584 | $ 584 | |||
Stock repurchase (in shares) | 1,273,514 | ||||||
Stock repurchase | $ (436) | (436) | (436) | ||||
Restricted stock issued (in shares) | 2,500,000 | ||||||
Issuance of restricted stock to employees | $ 25 | 925 | 950 | 950 | |||
Deferred compensation, restricted stock | (950) | (950) | (950) | ||||
BHCMC distribution noncontrolling members | (720) | (720) | |||||
Net Income | 3,853 | 3,853 | 1,797 | 5,650 | |||
Balance (in shares) at Apr. 30, 2019 | 71,008,122 | 2,727,051 | |||||
Balance at Apr. 30, 2019 | $ 710 | 14,767 | $ (1,387) | 13,913 | 28,003 | 6,341 | $ 34,344 |
Issuance of stock benefit plan (in shares) | 1,711,555 | 1,711,555 | |||||
Issuance of stock benefit plan | $ 17 | 659 | 676 | $ 676 | |||
Stock repurchase (in shares) | 594,364 | ||||||
Stock repurchase | $ (326) | (326) | (326) | ||||
Restricted stock issued (in shares) | 5,000,000 | ||||||
Issuance of restricted stock to employees | $ 50 | 1,990 | 2,040 | 2,040 | |||
Deferred compensation, restricted stock | (1,816) | (1,816) | (1,816) | ||||
BHCMC distribution noncontrolling members | (360) | (360) | |||||
Net Income | 4,234 | 4,234 | (988) | 3,246 | |||
Balance (in shares) at Apr. 30, 2020 | 77,719,677 | 3,321,415 | |||||
Balance at Apr. 30, 2020 | $ 777 | $ 15,600 | $ (1,713) | $ 18,147 | $ 32,811 | $ 4,993 | $ 37,804 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 3,246 | $ 5,650 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 6,357 | 3,376 |
Stock issued for benefit plan | 676 | 584 |
Deferred income tax (benefit) | (260) | 1,078 |
Gain on sale of airplanes | (642) | |
Deferred compensation, restricted stock | 224 | 0 |
Changes in operating assets and liabilities | ||
Accounts receivable | 481 | (158) |
Income tax receivable | 27 | 192 |
Inventories | 270 | (1,766) |
Prepaid expenses and other assets | 26 | (668) |
Accounts payable | (812) | (441) |
Customer deposits | (764) | 1,362 |
Accrued liabilities | 907 | 225 |
Gaming facility mandated payment | 58 | 61 |
Income tax payable | 206 | |
Other liabilities | 44 | 68 |
Net cash provided by operating activities | 10,044 | 9,563 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures | (3,165) | (4,985) |
Proceeds from sale of airplanes | 1,095 | |
Net cash used in investing activities | (2,070) | (4,985) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Repayments of promissory notes, net | (2,387) | |
Borrowings of long-term debt | 3,383 | 2,325 |
Repayments of long-term debt | (1,919) | (1,699) |
Reduction of finance lease liability | (973) | |
Repurchase of common stock | (326) | (436) |
Distribution to noncontrolling member | (360) | (720) |
Net cash used in financing activities | (195) | (2,917) |
NET INCREASE IN CASH | 7,779 | 1,661 |
CASH, beginning of year | 9,014 | 7,353 |
CASH, end of year | 16,793 | 9,014 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Interest paid | 4,365 | 251 |
Income taxes paid | 1,360 | 105 |
NON CASH INVESTING AND FINANCING ACTIVITY | ||
Issuance of restricted stock to employees | 2,040 | 950 |
Capital asset and lease obligation additions | 42,650 | 1,699 |
Non-cash Investing and Financing Activities, Total | $ 44,690 | $ 2,649 |
Note 1 - Nature of Operations,
Note 1 - Nature of Operations, Organization and Significant Accounting Policies | 12 Months Ended |
Apr. 30, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. NATURE OF OPERATIONS, ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES: The accompanying consolidated financial statements include the accounts of Butler National Corporation (BNC) and its wholly-owned active subsidiaries, Avcon Industries, Inc., BCS Design, Inc., Butler National Service Corporation, Butler National Corporation-Tempe, Butler Avionics, Inc., Butler National, Inc., Butler Temporary Services, Inc., Kansas International Corporation, Kansas International DDC, LLC, and a majority owned subsidiary, BHCMC, LLC (collectively, The Company). These consolidated financial statements and related notes are presented in accordance with generally accepted accounting principles in the United States (“GAAP”), expressed in U.S. dollars. All amounts are in thousands, except share and par values, unless otherwise noted. All significant intercompany balances and transactions have been eliminated in consolidation. The fiscal year end of the Company is April 30. Avcon Industries, Inc. modifies business category aircraft at its Newton, Kansas facility. Modifications can include passenger-to-freighter configuration, addition of aerial photography capability, ISR modifications, and stability enhancing modifications. Butler Avionics, Inc. sells, installs and repairs avionics equipment (airplane radio equipment and flight control systems). Butler National, Inc. acquires airplanes, principally Learjets, to refurbish and sell. Butler Temporary Services, Inc. processes company payroll. Kansas International Corporation and Kansas International DDC, LLC own property. Butler National Corporation-Tempe is primarily engaged in the manufacture electronic upgrades for classic weapon control systems used by the military. Butler National Service Corporation is a management consulting and administrative services firm providing business planning and financial coordination to Indian tribes interested in owning and operating casinos under the terms of the Indian Gaming Regulatory Act of 1988. SIGNIFICANT ACCOUNTING POLICIES: a) Accounts receivable: Accounts receivable are carried on a gross basis, with no not no 90 April 30, 2020 2019 $143 $143, b) Use of Estimates: The preparation of financial statements in conformity with generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Future events and their effects cannot be determined with certainty. Therefore, the determination of estimates requires the exercise of judgment. Actual results could differ from those estimates, and any such differences may c) Inventories: Inventories are priced at the lower of cost, determined on a first first Inventory obsolescence is examined on a regular basis. When determining our estimate of obsolescence, we consider inventory that has been inactive for five April 30, 2020 2019 $685 $718 d) Property and Related Depreciation: Machinery and equipment are recorded at cost and depreciated over their estimated useful lives. Depreciation is provided on a straight-line basis. The lives used for the significant items within each property classification range from 3 39 Maintenance and repairs are charged to expense as incurred. The cost and accumulated depreciation of assets retired are removed from the accounts and any resulting gains or losses are reflected as income or expense. e) Long-Lived Assets: The Company accounts for its long-lived assets in accordance with ASC Topic 360 10, 360 10 may no f) Other Assets: Our other asset account includes assets of $5,500 $5,868 $1,417, $914. $5,500 December 2024. December 15, 2024, 2039, 15 three fifteen Other assets net values are as follows: (dollars in thousands) 2020 2019 Privilege fee $ 5,500 $ 5,500 Less amortized costs 3,526 3,103 Privilege fee balance $ 1,974 $ 2,397 Intangible gaming equipment $ 5,868 $ 5,646 Less amortized costs 5,480 5,214 Intangible gaming equipment balance $ 388 $ 432 JET autopilot intellectual property $ 1,417 $ 1,417 Less amortized costs 1,147 1,053 JET autopilot intellectual property balance $ 270 $ 364 g) Supplemental Type Certificates: Supplemental Type Certificates (STCs) are authorizations granted by the Federal Aviation Administration (FAA) for specific modification of a certain aircraft. The STC authorizes us to perform modifications, installations, and assemblies on applicable customer-owned aircraft. Costs incurred to obtain STCs are capitalized and subsequently amortized over seven (dollars in thousands) 2020 2019 Direct labor $ 2,830 $ 2,670 Direct materials 3,961 3,345 Consultant costs 1,922 1,922 Overhead 4,799 4,524 13,512 12,461 Less-amortized costs 7,029 6,054 STC balance $ 6,483 $ 6,407 h) Revenue Recognition: ASC Topic 606, Under ASC 606, five 1 A contract with a customer exists when (i) the Company enters into an enforceable contract with a customer that defines each party’s rights regarding the services to be transferred and identifies the payment terms related to these services, (ii) the contract has commercial substance and (iii) the Company determines that collection of substantially all consideration for services that are transferred is probable based on the customer’s intent and ability to pay the promised consideration. 2 At contract inception, an entity shall assess the goods or services promised in a contract with a customer and shall identify as a performance obligation each promise to transfer to the customer. Performance obligations promised in a contract are identified based on the services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the service either on its own or together with other resources that are readily available from third not 3 The transaction price is the amount that an entity allocates to the performance obligations identified in the contract and, therefore, represents the amount of revenue recognized as those performance obligations are satisfied. The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. 4 Once a contract and associated performance obligations have been identified and the transaction price has been determined, ASC 606 5 Revenue is recognized when or as performance obligations are satisfied by transferring control of a promised good or service to a customer. Control transfers either over time or at a point in time. Revenue is recognized when control of the promised services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those services. Aircraft modifications are performed under fixed-price contracts. Revenue from fixed-priced contracts are recognized on the percentage-of-completion method, measured by the direct labor incurred compared to total estimated direct labor. Revenue from Avionics products are recognized when shipped. Payment for these Avionics products is due within 30 Regarding warranties and returns, our products are special order and are not may not Gaming revenue is the gross gaming win as reported by the Kansas Lottery casino reporting systems, less the mandated payments by and for the State of Kansas. Electronic games-slots and table games revenue is the aggregate of gaming wins and losses. Liabilities are recognized for chips and "ticket-in, ticket-out" coupons in the customers' possession, and for accruals related to anticipated payout of progressive jackpots. Progressive gaming machines, which contain base jackpots that increase at a progressive rate based on the number of coins played, are deducted from revenue as the value of jackpots increase. Food, beverage, and other revenue is recorded when the service is received and paid. i) Slot Machine Jackpots: If the casino is not No j) Advanced Payments and Billings in Excess of Costs Incurred: We receive advances, performance-based payments and progress payment from customers which may k) Earnings Per Share: Earnings per common share is based on the weighted average number of common shares outstanding during the year. The computation of the Company basic and diluted earnings per common share is as follows: (in thousands, except share and per share data) 2020 2019 Net income attributable to Butler National Corporation $ 4,234 $ 3,853 Weighted average common shares outstanding 68,622,527 64,511,608 Dilutive effect of non-qualified stock option plans - - Weighted average common shares outstanding, assuming dilution 68,622,527 64,511,608 Potential common shares if all options were exercised and shares issued 68,622,527 64,511,608 Basic earnings per common share $ 0.06 $ 0.06 Diluted earnings per common share $ 0.06 $ 0.06 l) Stock-based Compensation: The Company accounts for stock-based compensation under ASC Topic 505 50, Share-Based Payment 718, Accounting for Stock-Based Compensation m) Income Taxes: The Company utilizes ASC 740, not n) Cash and Cash Equivalents: Cash and cash equivalents consist primarily of cash and investments in a money market fund. We consider all highly liquid investments with an original maturity of three may April 30, 2020 2019 $12,509 $5,365, o) Concentration of Credit Risk: We extend credit to customers based on an evaluation of their financial condition and collateral is not p) Research and Development: We invested in research and development activities. The amount invested in the year ended April 30, 2020 2019 $2,404 $1,888 q) Recent Accounting Pronouncements: On May 1, 2019 2016 02, 842 May 1, 2019 not 2016 02 3 There were other updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not r) Reclassifications: Certain reclassifications within the financial statement captions have been made to maintain consistency in presentation between years. These reclassifications have no |
Note 2 - Debt
Note 2 - Debt | 12 Months Ended |
Apr. 30, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 2. DEBT: Principal amounts of debt at April 30, 2020 2019 Promissory Notes 2020 2019 Bank line of credit, available LOC $5.0 million interest at 3.4% due on demand, collateralized by a first and second position on all assets of the Company. - - $ - $ - Long-Term Debt Note payable, interest at 5.75% paid off in 2020. $ - $ 119 Note payable, interest at 6.25% due January 2023, collateralized by an Aircraft Security Agreement. 1,706 2,239 Note payable, interest at 6.25%, due June 2024, collateralized by real estate. 224 241 Note payable, interest at 4.89% due May 2020, collateralized by all of BNSC's assets and compensation due under the State Management contract. 104 1,313 Notes payable, interest at 4.5%, due April 2022, collateralized by equipment. 42 63 Note payable, interest at Libor plus 1.75% due March 2029, collateralized by real estate. 1,426 - Note payable, interest at Libor plus 1.75% due March 2029 collateralized by real estate. 654 - Paycheck Protetction Program loans, these loan advances were received for the aerospace segment. In May 2020 the Company returned these loan proceeds. 1,283 - 5,439 3,975 Less: Current maturities 2,228 1,899 $ 3,211 $ 2,076 Maturities of long-term debt are as follows: Year Ending April 30 Amount 2021 $ 2,228 2022 881 2023 790 2024 257 2025 259 Thereafter 1,024 $ 5,439 |
Note 3 - Financed Lease Right-o
Note 3 - Financed Lease Right-of-use | 12 Months Ended |
Apr. 30, 2020 | |
Notes to Financial Statements | |
Lessee, Finance Leases [Text Block] | 3. FINANCED LEASE RIGHT-TO-USE: On May 1, 2019, 2016 02 842. 2016 02 We lease the casino as well as hangar and office space with initial lease terms of two five twenty-five fifty April 30, 2020 April 30, 2019 Finance lease right-of-use assets $ 44,349 $ 1,699 Less accumulated depreciation 2,844 11 Total $ 41,505 $ 1,688 Future minimum lease payments for assets under capital leases at April 30, 2020 2021 $ 5,236 2022 5,242 2023 5,287 2024 5,341 2025 5,267 Thereafter 59,618 Total minimum lease payments 85,991 Less amount representing interest 42,617 Present value of net minimum lease payments 43,374 Less current maturities of finance lease liability 1,163 Finance lease liability, net of current maturities $ 42,211 The adoption of ASU 2016 02 April 30, 2020 Increase in depreciation $ 2,833 Increase in interest expense 4,167 Decrease in rent expense (5,150 ) Decrease in net income for the year ended April 30, 2020 $ 1,850 Financial and Other Covenants We are in compliance with our covenants at April 30, 2020 |
Note 4 - Income Taxes
Note 4 - Income Taxes | 12 Months Ended |
Apr. 30, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 4. INCOME TAXES: Deferred taxes are determined based on the estimated future tax effects of differences between the financial statements and tax basis of assets and liabilities given the provision of the enacted tax laws. Significant components of the Company's deferred tax liabilities and assets as of April 30, 2020 2019 April 30, 2020 April 30, 2019 Deferred tax liabilities: Depreciation and amortization $ (760 ) $ (923 ) Deferred compensation, restricted stock (196 ) (257 ) Total deferred tax liabilities (956 ) (1,180 ) Deferred tax assets: Accounts receivable allowance 39 39 Inventory and other allowances 185 194 Vacation accruals 65 25 Jackpot reserves 42 37 Total deferred tax assets 331 295 Less valuation allowance - - Net deferred tax liability $ (625 ) $ (885 ) The reconciliation of the federal statutory income tax rate to the effective tax rate is as follows: April 30, 2020 April 30, 2019 Statutory federal income tax rate expense, net of noncontrolling interest 21.00 % 21.00 % State income tax, net of federal benefits 5.10 % 1.90 % Permanent tax 1.46 % 1.93 % Other -3.60 % 1.46 % 23.96 % 26.29 % Income tax expense: Deferred income tax (benefit) $ (260 ) $ 1,078 Current income tax 1,594 297 Total income tax expense $ 1,334 $ 1,375 Current income tax expense of $1,594 $297 $1,151 $170 $443 $127 April 30, 2020 2019 The Company believes that its income tax filing positions and deductions will be sustained on audit and does not no The Company files income tax returns in the U.S. Federal jurisdiction and various state jurisdictions. The Company is no May 1, 2015 no |
Note 5 - Stockholders' Equity
Note 5 - Stockholders' Equity | 12 Months Ended |
Apr. 30, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 5. STOCKHOLDERS' EQUITY: Common Stock Transactions During the year ended April 30, 2020 1,711,555 $676 401 During the year ended April 30, 2019 2,311,268 $584 401 |
Note 6 - Stock Options and Ince
Note 6 - Stock Options and Incentive Plans | 12 Months Ended |
Apr. 30, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 6. STOCK OPTIONS AND INCENTIVE PLANS In November 2016, 2016 may 12.5 On April 12, 2019, 2.5 April 11, 2024. $0.38 $950. March 17, 2020, 5.0 March 16, 2025. $0.41 $2.0 five No For the year ended April 30, 2020 2019 $224 $0, |
Note 7 - Stock Repurchase Progr
Note 7 - Stock Repurchase Program | 12 Months Ended |
Apr. 30, 2020 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | 7. STOCK REPURCHASE PROGRAM: The Board of Directors approved a stock purchase program authorizing the repurchase of up to $4,000 May 1, 2021. The table below provides information with respect to common stock purchases by the Company during the year ended April 30, 2020 Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs Program authorization $ 500 Shares purchased in prior periods 853,537 $ 0.26 853,537 $ 281 Increase in program authorization April 2018 (b) - $ - - $ 531 Quarter ended July 31, 2018 (a) 25,277 $ 0.26 25,277 $ 525 Quarter ended October 31, 2018 (a) 480,805 $ 0.30 480,805 $ 381 Quarter ended January 31, 2019 (a) 186,727 $ 0.34 186,727 $ 317 Quarter ended April 30, 2019 (a) 580,705 $ 0.38 580,705 $ 94 Increase in program authorization April 2019 (c) - $ - - $ 1,569 Quarter ended July 31, 2019 (a) 120,821 $ 0.35 120,821 $ 1,526 Increase in program authorization October 2019 (d) - $ - - $ 3,301 Quarter ended October 31, 2019 (a) 206,050 $ 0.46 206,050 $ 3,206 Quarter ended January 31, 2020 (a) 267,468 $ 0.70 267,468 $ 3,019 Quarter ended April 30, 2020 (a) 25 $ 0.41 25 $ 3,019 Total 2,721,415 $ 0.36 2,721,415 (a) These shares of common stock purchased were purchased through private transactions (b) Board of Directors increased program authorization from $500 $750 (c) Board of Directors increased program authorization from $750 $2,225 (d) Board of Directors increased program authorization from $2,225 $4,000 |
Note 8 - Commitments and Contin
Note 8 - Commitments and Contingencies | 12 Months Ended |
Apr. 30, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 8. COMMITMENTS AND CONTINGENCIES Litigation: From time to time we may not not July 17, 2020, not |
Note 9 - Related-party Transact
Note 9 - Related-party Transactions | 12 Months Ended |
Apr. 30, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 9. RELATED-PARTY TRANSACTIONS: We paid consulting fees of $135 $135 April 30, 2020 2019 Included in accrued liabilities are $748 $623 April 30, 2020 2019 Included in other assets at April 30, 2020 2019 $780 In fiscal 2020 three $533, $743 $282, 2020 $370, $475 $237, 2019 The policies and procedures for payment of goods and services for related transactions follow our normal course of business standards and require the necessary review and approval process as outlined in our Policies and Procedures manual and as set forth by our Compensation Committee. |
Note 10 - 401(k) Profit Sharing
Note 10 - 401(k) Profit Sharing Plan | 12 Months Ended |
Apr. 30, 2020 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 10. 401 PROFIT SHARING PLAN: We have a defined contribution plan authorized under Section 401 thirty two may 100 6 100 2020 2019 $676 $584 |
Note 11 - Refund of Sales Use T
Note 11 - Refund of Sales Use Tax | 12 Months Ended |
Apr. 30, 2020 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 11. REFUND OF SALES/USE TAX: On December 29, 2017, not not no 2020 2019 $0 $1,995, No |
Note 12 - Industry Segmentation
Note 12 - Industry Segmentation and Sales by Major Customer | 12 Months Ended |
Apr. 30, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 12. INDUSTRY SEGMENTATION AND SALES BY MAJOR CUSTOMER: Industry Segmentation Current Activities - two Aerospace Products: Aircraft Modifications principally includes the modification of customer and company owned business-size aircraft from passenger to freighter configuration, radar systems, addition of aerial photography capabilities, ISR modifications, and stability enhancing modifications for Learjet, Beechcraft, Cessna, and Dassault Falcon aircraft along with other specialized modifications. We provide these services through our subsidiary, Avcon Industries, Inc. ("Aircraft Modifications" or "Avcon"). Avionics principally includes the manufacture, sale, and service of electronics upgrades for classic weapon control systems used on military aircraft and vehicles. We provide the products through our subsidiary, Butler National Corporation - Tempe, Arizona ("Avionics"). Butler Avionics sells, installs and repairs avionics equipment (airplane radio equipment and flight control systems). These systems are flight display systems which include intuitive touchscreen controls with large display to give users unprecedented access to high-resolution terrain mapping, graphical flight planning, geo-referenced charting, traffic display, satellite weather and much more. Butler Avionics is also recognized nationwide for its troubleshooting and repair work particularly on autopilot systems. Professional Services: Butler National Service Corporation ("BNSC") provides management services to the Boot Hill Casino, a "state-owned casino". BCS Design, Inc. provides licensed architectural services. These services include commercial and industrial building design. Year Ended April 30, 2020 Professional Services Aerospace Products Consolidated Total revenues $ 28,283 $ 37,588 $ 65,871 Depreciation and amortization 3,740 1,376 5,116 Operating income 1,265 7,041 8,306 Capital expenditures, net 1,269 1,896 3,165 Interest expense - - (4,368 ) Gain on sale of airplanes - - 642 Income before taxes - - 4,580 Income tax expense - - 1,334 Net income attributable to Butler National Corporation - - 4,234 Identifiable assets, net 59,114 35,804 94,918 Year Ended April 30, 2019 Professional Services Aerospace Products Consolidated Total revenues $ 32,017 $ 26,693 $ 58,710 Depreciation and amortization 1,068 778 1,846 Operating income 1,480 3,798 5,278 Capital expenditures, net 1,023 3,962 4,985 Interest expense - - (248 ) Other income (expense) - - 1,995 Income before taxes - - 7,025 Income tax expense - - 1,375 Net income attributable to Butler National Corporation - - 3,853 Identifiable assets, net 22,432 26,470 48,902 Major Customers: 10 2020 2019 Aerospace Products – two customers in 2020, one customer in 2019 32.6 % 15.1 % Professional Services - - In fiscal 2020 37.3% five 21.2% four 1.3% 11.4%. |
Note 13 - Fair Value Measuremen
Note 13 - Fair Value Measurements | 12 Months Ended |
Apr. 30, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 1 3 . FAIR VALUE MEASUREMENTS: The Company adopted ASC Topic 820 10 2009 820 10 1 3 820 10 three 820 10 Level 1 Level 2 not Level 3 no The following table presents a reconciliation of all assets and liabilities measured at fair value on a recurring basis as of April 30, 2020 Level 1 Level 2 Level 3 Fair Value Long-term debt $ - $ - $ 5,439 $ 5,439 $ - $ - $ 5,439 $ 5,439 The following table presents a reconciliation of all assets and liabilities measured at fair value on a recurring basis as of April 30, 2019 Level 1 Level 2 Level 3 Fair Value Long-term debt $ - $ - $ 3,975 $ 3,975 $ - $ - $ 3,975 $ 3,975 |
Note 14 - Subsequent Events
Note 14 - Subsequent Events | 12 Months Ended |
Apr. 30, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 1 4 . SUBSEQUENT EVENTS In April, 2020, two $1,283 May 2020, In May 2020, $2,001. two The Company evaluated its April 30, 2020 July 17, 2020, not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 30, 2020 | |
Accounting Policies [Abstract] | |
Accounts Receivable [Policy Text Block] | a) Accounts receivable: Accounts receivable are carried on a gross basis, with no not no 90 April 30, 2020 2019 $143 $143, |
Use of Estimates, Policy [Policy Text Block] | b) Use of Estimates: The preparation of financial statements in conformity with generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Future events and their effects cannot be determined with certainty. Therefore, the determination of estimates requires the exercise of judgment. Actual results could differ from those estimates, and any such differences may |
Inventory, Policy [Policy Text Block] | c) Inventories: Inventories are priced at the lower of cost, determined on a first first Inventory obsolescence is examined on a regular basis. When determining our estimate of obsolescence, we consider inventory that has been inactive for five April 30, 2020 2019 $685 $718 |
Property, Plant and Equipment, Policy [Policy Text Block] | d) Property and Related Depreciation: Machinery and equipment are recorded at cost and depreciated over their estimated useful lives. Depreciation is provided on a straight-line basis. The lives used for the significant items within each property classification range from 3 39 Maintenance and repairs are charged to expense as incurred. The cost and accumulated depreciation of assets retired are removed from the accounts and any resulting gains or losses are reflected as income or expense. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | e) Long-Lived Assets: The Company accounts for its long-lived assets in accordance with ASC Topic 360 10, 360 10 may no |
Other Assets Policy [Policy Text Block] | f) Other Assets: Our other asset account includes assets of $5,500 $5,868 $1,417, $914. $5,500 December 2024. December 15, 2024, 2039, 15 three fifteen Other assets net values are as follows: (dollars in thousands) 2020 2019 Privilege fee $ 5,500 $ 5,500 Less amortized costs 3,526 3,103 Privilege fee balance $ 1,974 $ 2,397 Intangible gaming equipment $ 5,868 $ 5,646 Less amortized costs 5,480 5,214 Intangible gaming equipment balance $ 388 $ 432 JET autopilot intellectual property $ 1,417 $ 1,417 Less amortized costs 1,147 1,053 JET autopilot intellectual property balance $ 270 $ 364 |
Supplemental Type Certificates [Policy Text Block] | g) Supplemental Type Certificates: Supplemental Type Certificates (STCs) are authorizations granted by the Federal Aviation Administration (FAA) for specific modification of a certain aircraft. The STC authorizes us to perform modifications, installations, and assemblies on applicable customer-owned aircraft. Costs incurred to obtain STCs are capitalized and subsequently amortized over seven (dollars in thousands) 2020 2019 Direct labor $ 2,830 $ 2,670 Direct materials 3,961 3,345 Consultant costs 1,922 1,922 Overhead 4,799 4,524 13,512 12,461 Less-amortized costs 7,029 6,054 STC balance $ 6,483 $ 6,407 |
Revenue from Contract with Customer [Policy Text Block] | h) Revenue Recognition: ASC Topic 606, Under ASC 606, five 1 A contract with a customer exists when (i) the Company enters into an enforceable contract with a customer that defines each party’s rights regarding the services to be transferred and identifies the payment terms related to these services, (ii) the contract has commercial substance and (iii) the Company determines that collection of substantially all consideration for services that are transferred is probable based on the customer’s intent and ability to pay the promised consideration. 2 At contract inception, an entity shall assess the goods or services promised in a contract with a customer and shall identify as a performance obligation each promise to transfer to the customer. Performance obligations promised in a contract are identified based on the services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the service either on its own or together with other resources that are readily available from third not 3 The transaction price is the amount that an entity allocates to the performance obligations identified in the contract and, therefore, represents the amount of revenue recognized as those performance obligations are satisfied. The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. 4 Once a contract and associated performance obligations have been identified and the transaction price has been determined, ASC 606 5 Revenue is recognized when or as performance obligations are satisfied by transferring control of a promised good or service to a customer. Control transfers either over time or at a point in time. Revenue is recognized when control of the promised services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those services. Aircraft modifications are performed under fixed-price contracts. Revenue from fixed-priced contracts are recognized on the percentage-of-completion method, measured by the direct labor incurred compared to total estimated direct labor. Revenue from Avionics products are recognized when shipped. Payment for these Avionics products is due within 30 Regarding warranties and returns, our products are special order and are not may not Gaming revenue is the gross gaming win as reported by the Kansas Lottery casino reporting systems, less the mandated payments by and for the State of Kansas. Electronic games-slots and table games revenue is the aggregate of gaming wins and losses. Liabilities are recognized for chips and "ticket-in, ticket-out" coupons in the customers' possession, and for accruals related to anticipated payout of progressive jackpots. Progressive gaming machines, which contain base jackpots that increase at a progressive rate based on the number of coins played, are deducted from revenue as the value of jackpots increase. Food, beverage, and other revenue is recorded when the service is received and paid. |
Slot Machine Jackpots [Policy Text Block] | i) Slot Machine Jackpots: If the casino is not No |
Advanced Payments and Billings in Excess of Costs Incurred [Policy Text Block] | j) Advanced Payments and Billings in Excess of Costs Incurred: We receive advances, performance-based payments and progress payment from customers which may |
Earnings Per Share, Policy [Policy Text Block] | k) Earnings Per Share: Earnings per common share is based on the weighted average number of common shares outstanding during the year. The computation of the Company basic and diluted earnings per common share is as follows: (in thousands, except share and per share data) 2020 2019 Net income attributable to Butler National Corporation $ 4,234 $ 3,853 Weighted average common shares outstanding 68,622,527 64,511,608 Dilutive effect of non-qualified stock option plans - - Weighted average common shares outstanding, assuming dilution 68,622,527 64,511,608 Potential common shares if all options were exercised and shares issued 68,622,527 64,511,608 Basic earnings per common share $ 0.06 $ 0.06 Diluted earnings per common share $ 0.06 $ 0.06 |
Share-based Payment Arrangement [Policy Text Block] | l) Stock-based Compensation: The Company accounts for stock-based compensation under ASC Topic 505 50, Share-Based Payment 718, Accounting for Stock-Based Compensation |
Income Tax, Policy [Policy Text Block] | m) Income Taxes: The Company utilizes ASC 740, not |
Cash and Cash Equivalents, Policy [Policy Text Block] | n) Cash and Cash Equivalents: Cash and cash equivalents consist primarily of cash and investments in a money market fund. We consider all highly liquid investments with an original maturity of three may April 30, 2020 2019 $12,509 $5,365, |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | o) Concentration of Credit Risk: We extend credit to customers based on an evaluation of their financial condition and collateral is not |
Research and Development Expense, Policy [Policy Text Block] | p) Research and Development: We invested in research and development activities. The amount invested in the year ended April 30, 2020 2019 $2,404 $1,888 |
New Accounting Pronouncements, Policy [Policy Text Block] | q) Recent Accounting Pronouncements: On May 1, 2019 2016 02, 842 May 1, 2019 not 2016 02 3 There were other updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not |
Reclassification, Comparability Adjustment [Policy Text Block] | r) Reclassifications: Certain reclassifications within the financial statement captions have been made to maintain consistency in presentation between years. These reclassifications have no |
Note 1 - Nature of Operations_2
Note 1 - Nature of Operations, Organization and Significant Accounting Policies (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | (dollars in thousands) 2020 2019 Privilege fee $ 5,500 $ 5,500 Less amortized costs 3,526 3,103 Privilege fee balance $ 1,974 $ 2,397 Intangible gaming equipment $ 5,868 $ 5,646 Less amortized costs 5,480 5,214 Intangible gaming equipment balance $ 388 $ 432 JET autopilot intellectual property $ 1,417 $ 1,417 Less amortized costs 1,147 1,053 JET autopilot intellectual property balance $ 270 $ 364 |
Supplemental Type Certificates Capitalized Costs [Table Text Block] | (dollars in thousands) 2020 2019 Direct labor $ 2,830 $ 2,670 Direct materials 3,961 3,345 Consultant costs 1,922 1,922 Overhead 4,799 4,524 13,512 12,461 Less-amortized costs 7,029 6,054 STC balance $ 6,483 $ 6,407 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (in thousands, except share and per share data) 2020 2019 Net income attributable to Butler National Corporation $ 4,234 $ 3,853 Weighted average common shares outstanding 68,622,527 64,511,608 Dilutive effect of non-qualified stock option plans - - Weighted average common shares outstanding, assuming dilution 68,622,527 64,511,608 Potential common shares if all options were exercised and shares issued 68,622,527 64,511,608 Basic earnings per common share $ 0.06 $ 0.06 Diluted earnings per common share $ 0.06 $ 0.06 |
Note 2 - Debt (Tables)
Note 2 - Debt (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Promissory Notes 2020 2019 Bank line of credit, available LOC $5.0 million interest at 3.4% due on demand, collateralized by a first and second position on all assets of the Company. - - $ - $ - Long-Term Debt Note payable, interest at 5.75% paid off in 2020. $ - $ 119 Note payable, interest at 6.25% due January 2023, collateralized by an Aircraft Security Agreement. 1,706 2,239 Note payable, interest at 6.25%, due June 2024, collateralized by real estate. 224 241 Note payable, interest at 4.89% due May 2020, collateralized by all of BNSC's assets and compensation due under the State Management contract. 104 1,313 Notes payable, interest at 4.5%, due April 2022, collateralized by equipment. 42 63 Note payable, interest at Libor plus 1.75% due March 2029, collateralized by real estate. 1,426 - Note payable, interest at Libor plus 1.75% due March 2029 collateralized by real estate. 654 - Paycheck Protetction Program loans, these loan advances were received for the aerospace segment. In May 2020 the Company returned these loan proceeds. 1,283 - 5,439 3,975 Less: Current maturities 2,228 1,899 $ 3,211 $ 2,076 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Year Ending April 30 Amount 2021 $ 2,228 2022 881 2023 790 2024 257 2025 259 Thereafter 1,024 $ 5,439 |
Note 3 - Financed Lease Right_2
Note 3 - Financed Lease Right-of-use (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Notes Tables | |
Lessee, Finance Lease, Right of Use Assets [Table Text Block] | April 30, 2020 April 30, 2019 Finance lease right-of-use assets $ 44,349 $ 1,699 Less accumulated depreciation 2,844 11 Total $ 41,505 $ 1,688 |
Finance Lease, Liability, Fiscal Year Maturity [Table Text Block] | 2021 $ 5,236 2022 5,242 2023 5,287 2024 5,341 2025 5,267 Thereafter 59,618 Total minimum lease payments 85,991 Less amount representing interest 42,617 Present value of net minimum lease payments 43,374 Less current maturities of finance lease liability 1,163 Finance lease liability, net of current maturities $ 42,211 |
Accounting Standards Update and Change in Accounting Principle [Table Text Block] | Increase in depreciation $ 2,833 Increase in interest expense 4,167 Decrease in rent expense (5,150 ) Decrease in net income for the year ended April 30, 2020 $ 1,850 |
Note 4 - Income Taxes (Tables)
Note 4 - Income Taxes (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | April 30, 2020 April 30, 2019 Deferred tax liabilities: Depreciation and amortization $ (760 ) $ (923 ) Deferred compensation, restricted stock (196 ) (257 ) Total deferred tax liabilities (956 ) (1,180 ) Deferred tax assets: Accounts receivable allowance 39 39 Inventory and other allowances 185 194 Vacation accruals 65 25 Jackpot reserves 42 37 Total deferred tax assets 331 295 Less valuation allowance - - Net deferred tax liability $ (625 ) $ (885 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | April 30, 2020 April 30, 2019 Statutory federal income tax rate expense, net of noncontrolling interest 21.00 % 21.00 % State income tax, net of federal benefits 5.10 % 1.90 % Permanent tax 1.46 % 1.93 % Other -3.60 % 1.46 % 23.96 % 26.29 % Income tax expense: Deferred income tax (benefit) $ (260 ) $ 1,078 Current income tax 1,594 297 Total income tax expense $ 1,334 $ 1,375 |
Note 7 - Stock Repurchase Pro_2
Note 7 - Stock Repurchase Program (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Notes Tables | |
Class of Treasury Stock [Table Text Block] | Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs Program authorization $ 500 Shares purchased in prior periods 853,537 $ 0.26 853,537 $ 281 Increase in program authorization April 2018 (b) - $ - - $ 531 Quarter ended July 31, 2018 (a) 25,277 $ 0.26 25,277 $ 525 Quarter ended October 31, 2018 (a) 480,805 $ 0.30 480,805 $ 381 Quarter ended January 31, 2019 (a) 186,727 $ 0.34 186,727 $ 317 Quarter ended April 30, 2019 (a) 580,705 $ 0.38 580,705 $ 94 Increase in program authorization April 2019 (c) - $ - - $ 1,569 Quarter ended July 31, 2019 (a) 120,821 $ 0.35 120,821 $ 1,526 Increase in program authorization October 2019 (d) - $ - - $ 3,301 Quarter ended October 31, 2019 (a) 206,050 $ 0.46 206,050 $ 3,206 Quarter ended January 31, 2020 (a) 267,468 $ 0.70 267,468 $ 3,019 Quarter ended April 30, 2020 (a) 25 $ 0.41 25 $ 3,019 Total 2,721,415 $ 0.36 2,721,415 |
Note 12 - Industry Segmentati_2
Note 12 - Industry Segmentation and Sales by Major Customer (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year Ended April 30, 2020 Professional Services Aerospace Products Consolidated Total revenues $ 28,283 $ 37,588 $ 65,871 Depreciation and amortization 3,740 1,376 5,116 Operating income 1,265 7,041 8,306 Capital expenditures, net 1,269 1,896 3,165 Interest expense - - (4,368 ) Gain on sale of airplanes - - 642 Income before taxes - - 4,580 Income tax expense - - 1,334 Net income attributable to Butler National Corporation - - 4,234 Identifiable assets, net 59,114 35,804 94,918 Year Ended April 30, 2019 Professional Services Aerospace Products Consolidated Total revenues $ 32,017 $ 26,693 $ 58,710 Depreciation and amortization 1,068 778 1,846 Operating income 1,480 3,798 5,278 Capital expenditures, net 1,023 3,962 4,985 Interest expense - - (248 ) Other income (expense) - - 1,995 Income before taxes - - 7,025 Income tax expense - - 1,375 Net income attributable to Butler National Corporation - - 3,853 Identifiable assets, net 22,432 26,470 48,902 |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | 2020 2019 Aerospace Products – two customers in 2020, one customer in 2019 32.6 % 15.1 % Professional Services - - |
Note 13 - Fair Value Measurem_2
Note 13 - Fair Value Measurements (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Level 1 Level 2 Level 3 Fair Value Long-term debt $ - $ - $ 5,439 $ 5,439 $ - $ - $ 5,439 $ 5,439 Level 1 Level 2 Level 3 Fair Value Long-term debt $ - $ - $ 3,975 $ 3,975 $ - $ - $ 3,975 $ 3,975 |
Note 1 - Nature of Operations_3
Note 1 - Nature of Operations, Organization and Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Duration after Which Invoices Are Considered to Be Doubtful (Day) | 90 days | |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 143 | $ 143 |
Duration During Which Inventory If Inactive Taken as Obsolete (Year) | 5 years | |
Inventory Valuation Reserves, Ending Balance | $ 685 | 718 |
Period for Payment Due (Day) | 30 days | |
Cash, Uninsured Amount | $ 12,509 | 5,365 |
Research and Development Expense, Total | 2,404 | 1,888 |
Kansas Expanded Lottery Act Management Contract Privilege Fee [Member] | ||
Finite-Lived Intangible Assets, Gross, Total | 5,500 | 5,500 |
Gaming Equipment [Member] | ||
Finite-Lived Intangible Assets, Gross, Total | $ 5,868 | 5,646 |
Finite-Lived Intangible Asset, Useful Life (Year) | 3 years | |
JET Autopilot Intellectual Property [Member] | ||
Finite-Lived Intangible Assets, Gross, Total | $ 1,417 | $ 1,417 |
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | |
Other Miscellaneous Long-Term Assets [Member] | ||
Finite-Lived Intangible Assets, Gross, Total | $ 914 | |
Supplemental Type Certificates [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 7 years | |
Minimum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |
Maximum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 39 years |
Note 1 - Nature of Operations_4
Note 1 - Nature of Operations, Organization and Significant Accounting Policies - Schedule of Other Assets (Details) - USD ($) $ in Thousands | Apr. 30, 2020 | Apr. 30, 2019 |
Kansas Expanded Lottery Act Management Contract Privilege Fee [Member] | ||
Other assets intangible | $ 5,500 | $ 5,500 |
Less amortized costs | 3,526 | 3,103 |
Other assets net intangible, net | 1,974 | 2,397 |
Gaming Equipment [Member] | ||
Other assets intangible | 5,868 | 5,646 |
Less amortized costs | 5,480 | 5,214 |
Other assets net intangible, net | 388 | 432 |
JET Autopilot Intellectual Property [Member] | ||
Other assets intangible | 1,417 | 1,417 |
Less amortized costs | 1,147 | 1,053 |
Other assets net intangible, net | $ 270 | $ 364 |
Note 1 - Nature of Operations_5
Note 1 - Nature of Operations, Organization and Significant Accounting Policies - Supplemental Type Certificates Capitalized Costs (Details) - USD ($) $ in Thousands | Apr. 30, 2020 | Apr. 30, 2019 |
Direct labor | $ 2,830 | $ 2,670 |
Direct materials | 3,961 | 3,345 |
Consultant costs | 1,922 | 1,922 |
Overhead | 4,799 | 4,524 |
Supplemental Type Certificates, Capitalized Gross | 13,512 | 12,461 |
Supplemental type certificates, accumulated amortization | 7,029 | 6,054 |
STC balance | $ 6,483 | $ 6,407 |
Note 1 - Nature of Operations_6
Note 1 - Nature of Operations, Organization and Significant Accounting Policies - Computation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Net income attributable to Butler National Corporation | $ 4,234 | $ 3,853 |
Weighted average common shares outstanding (in shares) | 68,622,527 | 64,511,608 |
Dilutive effect of non-qualified stock option plans (in shares) | ||
Weighted average common shares outstanding, assuming dilution (in shares) | 68,622,527 | 64,511,608 |
Potential common shares if all options were exercised and shares issued (in shares) | 68,622,527 | 64,511,608 |
Basic earnings per common share (in dollars per share) | $ 0.06 | $ 0.06 |
Diluted earnings per common share (in dollars per share) | $ 0.06 | $ 0.06 |
Note 2 - Debt - Schedule of Deb
Note 2 - Debt - Schedule of Debt (Details) - USD ($) $ in Thousands | Apr. 30, 2020 | Apr. 30, 2019 |
Long-Term Debt | ||
Notes payable | $ 5,439 | $ 3,975 |
Less: Current maturities | 2,228 | 1,899 |
Notes payable | 3,211 | 2,076 |
Note Collateralized by Real Estate [Member] | ||
Line of Credit, Current | ||
Notes Collateralized by Aircraft Security Agreements, Due January 2020 [Member] | ||
Long-Term Debt | ||
Notes payable | 119 | |
Notes Collateralized by Aircraft Security Agreements [Member] | ||
Long-Term Debt | ||
Notes payable | 1,706 | |
Notes Collateralized by Aircraft Security Agreements, Due January 2023 [Member] | ||
Long-Term Debt | ||
Notes payable | 2,239 | |
Note Collateralized by Real Estate Due June 2024 [Member] | ||
Long-Term Debt | ||
Notes payable | 224 | 241 |
Note Collateralized by BNSC's Assets and Compensation due under State Management Contract Due May 2020 [Member] | ||
Long-Term Debt | ||
Notes payable | 104 | 1,313 |
Note Collateralized by Equipment Due April 2022 [Member] | ||
Long-Term Debt | ||
Notes payable | 42 | 63 |
Note One Collateralized by Real Estate Due March 2029 [Member] | ||
Long-Term Debt | ||
Notes payable | 1,426 | |
Note Two Collateralized by Real Estate Due March 2029 [Member] | ||
Long-Term Debt | ||
Notes payable | 654 | |
Paycheck Protection Program Loan [Member] | Aerospace Products [Member] | ||
Long-Term Debt | ||
Notes payable | $ 1,283 |
Note 2 - Debt - Schedule of D_2
Note 2 - Debt - Schedule of Debt (Details) (Parentheticals) - USD ($) $ in Millions | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Notes Collateralized by Aircraft Security Agreements, Due January 2020 [Member] | ||
Interest rate | 5.75% | 5.75% |
Maturity date | Jan. 31, 2020 | Jan. 31, 2020 |
Notes Collateralized by Aircraft Security Agreements, Due January 2023 [Member] | ||
Interest rate | 6.25% | 6.25% |
Maturity date | Jan. 31, 2023 | Jan. 31, 2023 |
Note Collateralized by Real Estate Due June 2024 [Member] | ||
Interest rate | 6.25% | 6.25% |
Maturity date | Jun. 30, 2024 | Jun. 30, 2024 |
Note Collateralized by BNSC's Assets and Compensation due under State Management Contract Due May 2020 [Member] | ||
Interest rate | 4.89% | 4.89% |
Maturity date | May 31, 2020 | May 31, 2020 |
Note Collateralized by Equipment Due April 2022 [Member] | ||
Interest rate | 4.50% | 4.50% |
Maturity date | Apr. 30, 2022 | Apr. 30, 2022 |
Note One Collateralized by Real Estate Due March 2029 [Member] | ||
Maturity date | Mar. 31, 2029 | |
Note One Collateralized by Real Estate Due March 2029 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Basis spread | 1.75% | |
Note Two Collateralized by Real Estate Due March 2029 [Member] | ||
Maturity date | Mar. 31, 2029 | |
Note Two Collateralized by Real Estate Due March 2029 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Basis spread | 1.75% | |
Note Collateralized by Real Estate [Member] | ||
Borrowing capacity | $ 5 | $ 5 |
Basis spread | 3.40% | 3.40% |
Note 2 - Debt - Maturities of L
Note 2 - Debt - Maturities of Long-term Debt (Details) - USD ($) $ in Thousands | Apr. 30, 2020 | Apr. 30, 2019 |
2021 | $ 2,228 | |
2022 | 881 | |
2023 | 790 | |
2024 | 257 | |
2025 | 259 | |
Thereafter | 1,024 | |
Long-term Debt, Total | $ 5,439 | $ 3,975 |
Note 3 - Financed Lease Right_3
Note 3 - Financed Lease Right-of-use (Details Textual) | Apr. 30, 2020 |
Casino, Hangar, and Office Space, Three [Member] | |
Lessee, Finance Lease, Term of Contract (Year) | 25 years |
Casino, Hangar, and Office Space, Four [Member] | |
Lessee, Finance Lease, Term of Contract (Year) | 50 years |
Casino, Hangar, and Office Space, One [Member] | |
Lessee, Finance Lease, Term of Contract (Year) | 2 years |
Casino, Hangar, and Office Space, Two [Member] | |
Lessee, Finance Lease, Term of Contract (Year) | 5 years |
Note 3 - Financed Lease Right_4
Note 3 - Financed Lease Right-of-use - Finance Lease Right-of-use Assets (Details) - USD ($) $ in Thousands | Apr. 30, 2020 | Apr. 30, 2019 |
Finance lease right-of-use assets | $ 44,349 | $ 1,699 |
Less accumulated depreciation | 2,844 | 11 |
Total | $ 41,505 | $ 1,688 |
Note 3 - Financed Lease Right_5
Note 3 - Financed Lease Right-of-use - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Apr. 30, 2020 | Apr. 30, 2019 |
2021 | $ 5,236 | |
2022 | 5,242 | |
2023 | 5,287 | |
2024 | 5,341 | |
2025 | 5,267 | |
Thereafter | 59,618 | |
Total minimum lease payments | 85,991 | |
Less amount representing interest | 42,617 | |
Present value of net minimum lease payments | 43,374 | |
Less current maturities of finance lease liability | 1,163 | $ 8 |
Finance lease liability, net of current maturities | $ 42,211 | $ 1,689 |
Note 3 - Financed Lease Right_6
Note 3 - Financed Lease Right-of-use - Adoption of ASU 2016-02 (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Increase in depreciation | $ 5,116 | $ 1,846 |
Increase in interest expense | 4,368 | 248 |
Decrease in net income for the year ended April 30, 2020 | (4,234) | $ (3,853) |
Accounting Standards Update 2016-02 [Member] | ||
Increase in depreciation | 2,833 | |
Increase in interest expense | 4,167 | |
Decrease in rent expense | (5,150) | |
Decrease in net income for the year ended April 30, 2020 | $ 1,850 |
Note 4 - Income Taxes (Details
Note 4 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Current Income Tax Expense (Benefit), Total | $ 1,594 | $ 297 |
Current Federal Tax Expense (Benefit) | 1,151 | 170 |
Current State and Local Tax Expense (Benefit) | 443 | $ 127 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 0 |
Note 4 - Income Taxes - Compone
Note 4 - Income Taxes - Components of Deferred Tax Liabilities and Assets (Details) - USD ($) $ in Thousands | Apr. 30, 2020 | Apr. 30, 2019 |
Deferred tax liabilities: | ||
Depreciation and amortization | $ (760) | $ (923) |
Deferred compensation, restricted stock | (196) | (257) |
Total deferred tax liabilities | (956) | (1,180) |
Deferred tax assets: | ||
Accounts receivable allowance | 39 | 39 |
Inventory and other allowances | 185 | 194 |
Vacation accruals | 65 | 25 |
Jackpot reserves | 42 | 37 |
Total deferred tax assets | 331 | 295 |
Less valuation allowance | ||
Net deferred tax liability | $ (625) | $ (885) |
Note 4 - Income Taxes - Reconci
Note 4 - Income Taxes - Reconciliation of the Federal Statutory Income Tax Rate to the Effective Tax Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Statutory federal income tax rate expense, net of noncontrolling interest | 21.00% | 21.00% |
State income tax, net of federal benefits | 5.10% | 1.90% |
Permanent tax | 1.46% | 1.93% |
Other | 3.60% | (1.46%) |
Other | (3.60%) | 1.46% |
Effective Income Tax Rate Reconciliation, Percent, Total | 23.96% | 26.29% |
PROVISION (BENEFIT) FOR INCOME TAXES | ||
Deferred income tax (benefit) | $ (260) | $ 1,078 |
Current Income Tax Expense (Benefit), Total | 1,594 | 297 |
Total income tax expense | $ 1,334 | $ 1,375 |
Note 5 - Stockholders' Equity (
Note 5 - Stockholders' Equity (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Stock Issued During Period, Shares, Employee Benefit Plan (in shares) | 1,711,555 | 2,311,268 |
Stock Issued During Period, Shares, Employee Benefit Plan | $ 676 | $ 584 |
Note 6 - Stock Options and In_2
Note 6 - Stock Options and Incentive Plans (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Mar. 17, 2020 | Apr. 12, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | Nov. 30, 2016 |
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 2,040 | $ 950 | |||
Share-based Payment Arrangement, Noncash Expense, Total | $ 224 | $ 0 | |||
Butler National Corporation 2016 Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 12,500 | ||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 2,000 | $ 950 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 | |||
Butler National Corporation 2016 Equity Incentive Plan [Member] | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 5,000 | 2,500 | |||
Share Price (in dollars per share) | $ 0.41 | $ 0.38 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | 5 years |
Note 7 - Stock Repurchase Pro_3
Note 7 - Stock Repurchase Program (Details Textual) - USD ($) $ in Thousands | Apr. 30, 2020 | Oct. 31, 2019 | Oct. 01, 2019 | Apr. 30, 2019 | Apr. 01, 2019 | Apr. 30, 2018 | Apr. 01, 2018 |
Stock Repurchase Program, Authorized Amount | $ 4,000 | $ 4,000 | $ 2,225 | $ 2,225 | $ 750 | $ 750 | $ 500 |
Note 7 - Stock Repurchase Pro_4
Note 7 - Stock Repurchase Program - Schedule of Stock Purchases (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 21 Months Ended | 45 Months Ended | ||||||||||||||||||||||
Oct. 31, 2019 | Apr. 30, 2019 | Apr. 30, 2018 | [4] | Apr. 30, 2020 | [1] | Jan. 31, 2020 | [1] | Oct. 31, 2019 | [1] | Jul. 31, 2019 | [1] | Apr. 30, 2019 | [1] | Jan. 31, 2019 | [1] | Oct. 31, 2018 | [1] | Jul. 31, 2018 | [1] | Jan. 31, 2018 | Jan. 31, 2020 | Dec. 31, 2016 | ||||
Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plan or Programs | $ 3,206 | [1] | $ 94 | [1] | $ 3,019 | $ 3,019 | $ 3,206 | $ 1,526 | $ 94 | $ 317 | $ 381 | $ 525 | $ 281 | $ 3,019 | [1] | $ 500 | ||||||||||
Number of Shares Purchased (in shares) | 25 | 267,468 | 206,050 | 120,821 | 580,705 | 186,727 | 480,805 | 25,277 | 853,537 | 2,721,415 | ||||||||||||||||
Average Price Paid per Share (in dollars per share) | $ 0.41 | $ 0.70 | $ 0.46 | $ 0.35 | $ 0.38 | $ 0.34 | $ 0.30 | $ 0.26 | $ 0.26 | $ 0.36 | ||||||||||||||||
Number of Shares Purchased as Part of Publicly Announced Plans or Programs (in shares) | 25 | 267,468 | 206,050 | 120,821 | 580,705 | 186,727 | 480,805 | 25,277 | 853,537 | 2,721,415 | ||||||||||||||||
Increase in program authorization, Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plan or Programs | $ 3,301 | [2] | $ 1,569 | [3] | $ 531 | |||||||||||||||||||||
[1] | These shares of common stock purchased were purchased through a private transactions. | |||||||||||||||||||||||||
[2] | Board of Directors increased program authorization from $2,225 to $4,000 | |||||||||||||||||||||||||
[3] | Board of Directors increased program authorization from $750 to $2,225 | |||||||||||||||||||||||||
[4] | Board of Directors increased program authorization from $500 to $750 |
Note 9 - Related-party Transa_2
Note 9 - Related-party Transactions (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Director David Hayden [Member] | Consulting Fees [Member] | ||
Related Party Transaction, Amounts of Transaction | $ 135 | $ 135 |
Chief Executive Officer [Member] | ||
Accrued Liabilities, Current, Total | 748 | 623 |
BHCMC, LLC [Member] | ||
Accounts Receivable, Related Parties, Current | 780 | 780 |
Wayne Stewart [Member] | ||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 533 | 370 |
Craig Stewart [Member] | ||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 743 | 475 |
Jeff Shinkle [Member] | ||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | $ 282 | $ 237 |
Note 10 - 401(k) Profit Shari_2
Note 10 - 401(k) Profit Sharing Plan (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Number of Days of Service Eligible to Participate in Plan (Day) | 30 days | |
Number of Entry Dates per Calendar Year to Participate in Plan | 2 | |
Defined Contribution Plan Matching Contribution, as Percent of Every Pretax Dollar | 100.00% | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% | |
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 100.00% | |
Defined Contribution Plan, Cost | $ 676 | $ 584 |
Note 11 - Refund of Sales Use_2
Note 11 - Refund of Sales Use Tax (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Refund of Tax | $ 1,995 | |
KANSAS1 [Member] | ||
Refund of Tax | $ 0 | $ 1,995 |
Note 12 - Industry Segmentati_3
Note 12 - Industry Segmentation and Sales by Major Customer (Details Textual) | 12 Months Ended |
Apr. 30, 2020 | |
Number of Operating Segments | 2 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | The Five Aerospace Customers [Member] | |
Concentration Risk, Percentage | 37.30% |
Number of Major Customers | 5 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Top Customer [Member] | |
Concentration Risk, Percentage | 21.20% |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Next Top Four Customers [Member] | Minimum [Member] | |
Concentration Risk, Percentage | 1.30% |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Next Top Four Customers [Member] | Maximum [Member] | |
Concentration Risk, Percentage | 11.40% |
Note 12 - Industry Segmentati_4
Note 12 - Industry Segmentation and Sales by Major Customer - Schedule of Segment Information by Products and Services (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Total revenues | $ 65,871 | $ 58,710 |
Depreciation and amortization | 5,116 | 1,846 |
Operating income | 8,306 | 5,278 |
Capital expenditures, net | 3,165 | 4,985 |
Interest expense | (4,368) | (248) |
Gain on sale of airplanes | 642 | |
Income before taxes | 4,580 | 7,025 |
Income tax expense | 1,334 | 1,375 |
Net income attributable to Butler National Corporation | 4,234 | 3,853 |
Identifiable assets, net | 94,918 | 48,902 |
Other income (expense) | 1,995 | |
Professional Services [Member] | ||
Total revenues | 28,283 | 32,017 |
Professional Services [Member] | Operating Segments [Member] | ||
Total revenues | 28,283 | 32,017 |
Depreciation and amortization | 3,740 | 1,068 |
Operating income | 1,265 | 1,480 |
Capital expenditures, net | 1,269 | 1,023 |
Interest expense | ||
Gain on sale of airplanes | ||
Income before taxes | ||
Income tax expense | ||
Net income attributable to Butler National Corporation | ||
Identifiable assets, net | 59,114 | 22,432 |
Other income (expense) | ||
Aerospace Products [Member] | ||
Total revenues | 37,588 | 26,693 |
Aerospace Products [Member] | Operating Segments [Member] | ||
Total revenues | 37,588 | 26,693 |
Depreciation and amortization | 1,376 | 778 |
Operating income | 7,041 | 3,798 |
Capital expenditures, net | 1,896 | 3,962 |
Interest expense | ||
Gain on sale of airplanes | ||
Income before taxes | ||
Income tax expense | ||
Net income attributable to Butler National Corporation | ||
Identifiable assets, net | $ 35,804 | 26,470 |
Other income (expense) |
Note 12 - Industry Segmentati_5
Note 12 - Industry Segmentation and Sales by Major Customer - Schedule of Revenue by Major Customers by Reporting Segments (Details) - Customer Concentration Risk [Member] - Revenue Benchmark [Member] | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Top Customer [Member] | ||
Concentration risk percentage | 21.20% | |
Aerospace Products [Member] | Top Customer [Member] | ||
Concentration risk percentage | 32.60% | 15.10% |
Professional Services [Member] | ||
Concentration risk percentage |
Note 12 - Industry Segmentati_6
Note 12 - Industry Segmentation and Sales by Major Customer - Schedule of Revenue by Major Customers by Reporting Segments (Details) (Parentheticals) | Apr. 30, 2020 | Apr. 30, 2019 |
Aerospace Products [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||
Number of customers | 2 | 1 |
Note 13 - Fair Value Measurem_3
Note 13 - Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Apr. 30, 2020 | Apr. 30, 2019 |
Long-term debt | $ 5,439 | $ 3,975 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 5,439 | 3,975 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Long-term debt | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Long-term debt | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Long-term debt | 5,439 | 3,975 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 5,439 | $ 3,975 |
Note 14 - Subsequent Events (De
Note 14 - Subsequent Events (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | |
May 31, 2020 | Apr. 30, 2020 | |
Aerospace Products [Member] | ||
Proceeds from Paycheck Protection Program Under CARES Act | $ 1,283 | |
Aerospace Products [Member] | Subsequent Event [Member] | ||
Payments for Paycheck Protection Program Under CARES Act | $ 1,283 | |
Professional Services [Member] | Subsequent Event [Member] | ||
Proceeds from Paycheck Protection Program Under CARES Act | $ 2,001 |