Frequency Electronics (FEIM) 10-Q 15 Sep 14 2015 Q1 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
	Jul. 31, 2014	Sep. 09, 2014
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'FREQUENCY ELECTRONICS INC	'
Document Type	'10-Q	'
Current Fiscal Year End Date	'--04-30	'
Entity Common Stock, Shares Outstanding	'	8,590,517
Amendment Flag	'false	'
Entity Central Index Key	'0000039020	'
Entity Current Reporting Status	'Yes	'
Entity Voluntary Filers	'No	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Well-known Seasoned Issuer	'No	'
Document Period End Date	31-Jul-14	'
Document Fiscal Year Focus	'2015	'
Document Fiscal Period Focus	'Q1	'

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Jul. 31, 2014	Apr. 30, 2014
In Thousands, unless otherwise specified
Current assets:	'	'
Cash and cash equivalents	$4,543	$7,698
Marketable securities	15,211	16,030
Accounts receivable, net of allowance for doubtful accounts of $216 at July 31, 2014 and $234 at April 30, 2014	14,720	7,741
Costs and estimated earnings in excess of billings, net	10,447	10,439
Inventories	42,806	41,227
Deferred income taxes	3,177	3,220
Prepaid expenses and other	1,185	1,507
Total current assets	92,089	87,862
Property, plant and equipment, at cost, less accumulated depreciation and amortization	11,998	11,240
Deferred income taxes	6,650	6,650
Goodwill and other intangible assets	667	689
Cash surrender value of life insurance and cash held in trust	11,462	11,321
Other assets	1,682	1,699
Total assets	124,548	119,461
Current liabilities:	'	'
Accounts payable - trade	3,274	2,336
Accrued liabilities	7,761	7,361
Total current liabilities	11,035	9,697
Long term debt- noncurrent	12,400	10,100
Deferred compensation	10,774	10,724
Deferred rent and other liabilities	556	594
Total liabilities	34,765	31,115
Commitments and contingencies	'	'
Stockholders' equity:	'	'
Preferred stock- $1.00 par value	'	'
Common stock-$1.00 par value, issued 9,164 shares	9,164	9,164
Additional paid-in capital	53,523	53,181
Retained earnings	25,421	24,702
	88,108	87,047
Common stock reacquired and held in treasury - at cost (574 shares at July 31, 2014 and 593 shares at April 30, 2014)	-2,630	-2,715
Accumulated other comprehensive income	4,305	4,014
Total stockholders' equity	89,783	88,346
Total liabilities and stockholders' equity	$124,548	$119,461

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parentheticals) (USD $)	Jul. 31, 2014	Apr. 30, 2014
In Thousands, except Per Share data, unless otherwise specified
Allowance for doubtful accounts	$216	$234
Preferred stock- par value	$1	$1
Common stock, par value	$1	$1
Common stock, shares issued	9,164	9,164
Treasury stock, shares	574	593

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Jul. 31, 2014	Jul. 31, 2013
Net revenues	$19,740	$16,827
Cost of revenues	14,075	10,561
Gross margin	5,665	6,266
Selling and administrative expenses	3,498	3,560
Research and development expense	1,239	1,743
Operating profit	928	963
Other income (expense):	'	'
Investment income	414	143
Interest expense	-34	-59
Other income, net	1	9
Income before provision for income taxes	1,309	1,056
Provision for income taxes	590	380
Net income	719	676
Net income per common share:	'	'
Basic (in Dollars per share)	$0.08	$0.08
Diluted (in Dollars per share)	$0.08	$0.08
Average shares outstanding:	'	'
Basic (in Shares)	8,578,733	8,489,901
Diluted (in Shares)	8,856,849	8,726,323
Condensed Consolidated Statements of Comprehensive Income	'	'
Net income	719	676
Other comprehensive income (loss):	'	'
Foreign currency translation adjustment	205	-158
Unrealized gain (loss) on marketable securities:	'	'
Change in market value of marketable securities before reclassification, net of tax of ($139) and $189	271	-275
Reclassification adjustment for realized gains included in net income, net of tax of $95 and $0	-185	0
Total unrealized gain (loss) on marketable securities, net of tax	86	-275
Total other comprehensive income (loss)	291	-433
Comprehensive income	$1,010	$243

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) (Parentheticals) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Jul. 31, 2014	Jul. 31, 2013
Change in market value of marketable securities before reclassification, tax	($139)	$189
Reclassification adjustment for realized gains included in net income, tax	$95	$0

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Jul. 31, 2014	Jul. 31, 2013
Cash flows from operating activities:	'	'
Net income	$719	$676
Non-cash charges to earnings, net	1,069	1,270
Net changes in operating assets and liabilities	-7,432	-4,115
Net cash used in operating activities	-5,644	-2,169
Cash flows from investing activities:	'	'
Purchase of marketable securities	-1,018	-39
Proceeds on redemption of marketable securities	2,230	1,000
Purchase of fixed assets	-1,153	-1,456
Net cash provided by (used in) investing activities	59	-495
Cash flows from financing activities:	'	'
Borrowings from long-term credit facility	2,300	3,200
Tax benefit from exercise of stock-based compensation	26	134
Payment of lease obligations	0	-10
Net cash provided by financing activities	2,326	3,324
Net (decrease) increase in cash and cash equivalents before effect of exchange rate changes	-3,259	660
Effect of exchange rate changes on cash and cash equivalents	104	29
Net (decrease) increase in cash and cash equivalents	-3,155	689
Cash and cash equivalents at beginning of period	7,698	3,460
Cash and cash equivalents at end of period	4,543	4,149
Cash paid during the period for:	'	'
Interest	34	52
Income Taxes	$41	$2

NOTE_A_CONDENSED_CONSOLIDATED_

NOTE A - CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	3 Months Ended
	Jul. 31, 2014
Disclosure Text Block [Abstract]	'
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	'
	NOTE A – CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
	In the opinion of management of Frequency Electronics, Inc. (“the Company”), the accompanying unaudited condensed consolidated interim financial statements reflect all adjustments (which include only normal recurring adjustments) necessary to present fairly, in all material respects, the consolidated financial position of the Company as of July 31, 2014 and the results of its operations and cash flows for the three months ended July 31, 2014 and 2013.  The April 30, 2014 condensed consolidated balance sheet was derived from audited financial statements.  Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted.  It is suggested that these condensed consolidated financial statements be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended April 30, 2014 filed on July 29, 2014.  The results of operations for such interim periods are not necessarily indicative of the operating results for the full fiscal year.

NOTE_B_EARNINGS_PER_SHARE

NOTE B - EARNINGS PER SHARE	3 Months Ended
	Jul. 31, 2014
Earnings Per Share [Abstract]	'
Earnings Per Share [Text Block]	'
	NOTE B – EARNINGS PER SHARE
	Reconciliation of the weighted average shares outstanding for basic and diluted Earnings Per Share are as follows:
		Three months ended July 31,
		2014		2013
	Basic EPS Shares outstanding		8,578,733		8,489,901
	(weighted average)
	Effect of Dilutive Securities		278,116		236,422
	Diluted EPS Shares outstanding		8,856,849		8,726,323
	The computation of diluted earnings per share excludes those options and stock appreciation rights (“SARS”) with an exercise price in excess of the average market price of the Company’s common shares during the periods presented.  The inclusion of such options and SARS in the computation of earnings per share would have been antidilutive.  The number of excluded options and SARS for the three months ended July 31, 2014 and 2013 were 300,875 and 293,375, respectively.

NOTE_C_COSTS_AND_ESTIMATED_EAR

NOTE C - COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET	3 Months Ended
	Jul. 31, 2014
Contractors [Abstract]	'
Long-term Contracts or Programs Disclosure [Text Block]	'
	NOTE C – COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET
	At July 31, 2014 and April 30, 2014, costs and estimated earnings in excess of billings, net, consist of the following:
		31-Jul-14			30-Apr-14
		(In thousands)
	Costs and estimated earnings in excess of billings	$	11,290		$	11,965
	Billings in excess of costs and estimated earnings		(843	)		(1,526	)
	Net asset	$	10,447		$	10,439
	Such amounts represent revenue recognized on long-term contracts that had not been billed at the balance sheet dates or represent a liability for amounts billed in excess of the revenue recognized.  Amounts are billed to customers pursuant to contract terms, whereas the related revenue is recognized on the percentage of completion basis at the measurement date.  In general, the recorded amounts will be billed and collected or revenue recognized within twelve months of the balance sheet date.  Revenue on these long-term contracts is accounted for on the percentage of completion basis.  During the three months ended July 31, 2014 and 2013, revenue recognized under percentage of completion contracts was approximately $12.9 million and $9.7 million, respectively.

NOTE_D_TREASURY_STOCK_TRANSACT

NOTE D - TREASURY STOCK TRANSACTIONS	3 Months Ended
	Jul. 31, 2014
Disclosure Text Block Supplement [Abstract]	'
Treasury Stock [Text Block]	'
	NOTE D – TREASURY STOCK TRANSACTIONS
	During the three month period ended July 31, 2014, the Company made a contribution of 10,569 shares of its common stock held in treasury to the Company’s profit sharing plan and trust under section 401(k) of the Internal Revenue Code.  Such contributions are in accordance with the Company’s discretionary match of employee voluntary contributions to this plan.  During the same period, the Company issued 8,294 shares from treasury upon the exercise of stock options and SARs by certain officers and employees of the Company.

NOTE_E_INVENTORIES

NOTE E - INVENTORIES	3 Months Ended
	Jul. 31, 2014
Inventory Disclosure [Abstract]	'
Inventory Disclosure [Text Block]	'
	NOTE E – INVENTORIES
	Inventories, which are reported at the lower of cost or market, consist of the following:
		31-Jul-14		30-Apr-14
		(In thousands)
	Raw Materials and Component Parts	$	24,343	$	24,986
	Work in Progress		13,441		12,385
	Finished Goods		5,022		3,856
		$	42,806	$	41,227
	As of July 31, 2014 and April 30, 2014, approximately $32.7 million and $33.4 million, respectively, of total inventory is located in the United States, approximately $8.7 million and $7.1 million, respectively, is located in Belgium and $1.4 million and $0.7 million, respectively, is located in China.

NOTE_F_SEGMENT_INFORMATION

NOTE F - SEGMENT INFORMATION	3 Months Ended
	Jul. 31, 2014
Segment Reporting [Abstract]	'
Segment Reporting Disclosure [Text Block]	'
	NOTE F – SEGMENT INFORMATION
	The Company operates under three reportable segments based on the geographic locations of its subsidiaries:
	(1)	FEI-NY – operates out of New York and its operations consist principally of precision time and frequency control products used in three principal markets- communication satellites (both commercial and U.S. Government-funded); terrestrial cellular telephone or other ground-based telecommunication stations and other components and systems for the U.S. military.
	(2)	Gillam-FEI - operates out of Belgium and France and primarily sells wireline synchronization and network management systems in non-U.S. markets.  All sales from Gillam-FEI to the United States are to other segments of the Company.
	(3)	FEI-Zyfer – operates out of California and its products incorporate Global Positioning System (GPS) technologies into systems and subsystems for secure communications, both government and commercial, and other locator applications.  This segment also provides sales and support for the Company’s wireline telecommunications family of products, including US5G, which are sold in the United States market.
	The FEI-NY segment also includes the operations of the Company’s wholly-owned subsidiaries, FEI-Elcom Tech (“FEI-Elcom”) and FEI-Asia.  FEI-Asia functions primarily as a manufacturing facility for the Company’s commercial product subsidiaries with historically minimal sales to outside customers.  Beginning in late fiscal year 2014, FEI-Asia began shipping higher volumes of product to third parties as a contract manufacturer.  FEI-Elcom, in addition to its own product line, provides design and technical support for the FEI-NY segment’s satellite business.
	The Company’s chief executive officer measures segment performance based on total revenues and profits generated by each geographic location rather than on the specific types of customers or end- users.  Consequently, the Company determined that the segments indicated above most appropriately reflect the way the Company’s management views the business.
	The tables below presents information about reported segments with reconciliation of segment amounts to consolidated amounts as reported in the statement of operations or the balance sheet for each of the periods (in thousands):
			Three months ended July 31,
			2014			2013
	Net revenues:
	FEI-NY		$	17,257		$	13,174
	Gillam-FEI			1,491			2,695
	FEI-Zyfer			1,120			1,988
	less intercompany revenues			(128	)		(1,030	)
	Consolidated revenues		$	19,740		$	16,827
			Three months ended July 31,
			2014			2013
	Operating profit (loss):
	FEI-NY		$	2,080		$	1,176
	Gillam-FEI			(578	)		56
	FEI-Zyfer			(506	)		(200	)
	Corporate			(68	)		(69	)
	Consolidated operating profit		$	928		$	963
			31-Jul-14			30-Apr-14
	Identifiable assets:
	FEI-NY (approximately $4.6 million in China)		$	71,759		$	62,969
	Gillam-FEI (all in Belgium or France)			18,432			19,595
	FEI-Zyfer			10,440			11,220
	less intersegment balances			(18,403	)		(19,819	)
	Corporate			42,320			45,496
	Consolidated identifiable assets		$	124,548		$	119,461

NOTE_G_INVESTMENT_IN_MORION_IN

NOTE G - INVESTMENT IN MORION, INC.	3 Months Ended
	Jul. 31, 2014
Investment Holdings [Text Block] [Abstract]	'
Investment Holdings [Text Block]	'
	NOTE G – INVESTMENT IN MORION, INC.
	The Company has an investment in Morion, Inc., (“Morion”) a privately-held Russian company, which manufactures high precision quartz resonators and crystal oscillators.  The Company’s investment consists of 4.6% of Morion’s outstanding shares, accordingly, the Company accounts for its investment in Morion on the cost basis.  This investment is included in other assets in the accompanying balance sheets.
	During the three months ended July 31, 2014 and 2013, the Company acquired product from Morion in the aggregate amount of approximately $65,000 and $30,000, respectively, and the Company sold product to Morion in the aggregate amount of approximately $183,000 and $142,000, respectively.  At July 31, 2014 and April 30, 2014, accounts receivable included $342,000 and $276,000, respectively, due from Morion and $40,000 and $34,000, respectively, was payable to Morion.
	On October 22, 2012, the Company entered into an agreement to license its rubidium oscillator production technology to Morion.  The agreement requires the Company to sell certain fully-depreciated production equipment currently owned by the Company and to provide training to Morion employees to enable Morion to produce a minimum of 5,000 rubidium oscillators per year.  Morion will pay the Company approximately $2.7 million for the license and the equipment plus 5% royalties on third party sales for a 5-year period following an initial production run.  During the same 5-year period, the Company commits to purchase from Morion a minimum of approximately $400,000 worth of rubidium oscillators per year although Morion is not obligated to sell that amount to the Company.  In November 2012, Morion paid the Company a $925,000 deposit under the agreement which amount had been recorded on the Company’s balance sheet as deferred revenue.  In October 2013, after amending the original document to clarify certain billing events, the Company invoiced Morion for the equipment, certain component parts for the production of rubidium oscillators, training of certain Morion employees and transfer of the production technology and license to Morion.  The $925,000 deposit previously recorded as deferred revenue was recognized as income during the second quarter of fiscal year 2014.  Additional revenues under the agreement will be recorded after the Company provides further on-site training for Morion personnel, delivers more component parts and obtains relief from certain U.S. Government limitations relating to the sales of items to be manufactured under the license.  The United States Department of State has approved the technology transfer called for under the agreement.

NOTE_H_FAIR_VALUE_OF_FINANCIAL

NOTE H - FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
	Jul. 31, 2014
Investments, Debt and Equity Securities [Abstract]	'
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	'
	NOTE H – FAIR VALUE OF FINANCIAL INSTRUMENTS
	The cost, gross unrealized gains, gross unrealized losses and fair market value of available-for-sale securities at July 31, 2014 and April 30, 2014 are as follows (in thousands):
			31-Jul-14
					Gross			Gross			Fair
					Unrealized			Unrealized			Market
			Cost		Gains			Losses			Value
	Fixed income securities		$	7,410	$	112		$	(19	)	$	7,503
	Equity securities			6,836		943			(71	)		7,708
			$	14,246	$	1,055		$	(90	)	$	15,211
			30-Apr-14
					Gross			Gross			Fair
					Unrealized			Unrealized			Market
			Cost		Gains			Losses			Value
	Fixed income securities		$	8,927	$	116		$	(36	)	$	9,007
	Equity securities			6,267		909			(153	)		7,023
			$	15,194	$	1,025		$	(189	)	$	16,030
	The following table presents the fair value and unrealized losses, aggregated by investment type and length of time that individual securities have been in a continuous unrealized loss position (in thousands):
			Less than 12 months					12 Months or more						Total
			Fair		Unrealized			Fair			Unrealized			Fair		Unrealized
			Value		Losses			Value			Losses			Value		Losses
	31-Jul-14
	Fixed Income Securities		$	95	$	-		$	460		$	(19	)	$	555	$	(19	)
	Equity Securities			1,480		(33	)		590			(38	)		2,070		(71	)
			$	1,575	$	(33	)	$	1,050		$	(57	)	$	2,625	$	(90	)
	30-Apr-14
	Fixed Income Securities		$	501	$	(3	)	$	448		$	(33	)	$	949	$	(36	)
	Equity Securities			366		(1	)		925			(152	)		1,291		(153	)
			$	867	$	(4	)	$	1,373		$	(185	)	$	2,240	$	(189	)
	The Company regularly reviews its investment portfolio to identify and evaluate investments that have indications of possible impairment.  The Company does not believe that its investments in marketable securities with unrealized losses at July 31, 2014 are other-than-temporary due to market volatility of the security’s fair value, analysts’ expectations and the Company’s ability to hold the securities for a period of time sufficient to allow for any anticipated recoveries in market value.
	During the three months ended July 31, 2014 and 2013, the Company sold or redeemed available-for-sale securities in the amounts of $2.2 million and $1.0 million, respectively, realizing a gain of approximately $280,000 in the fiscal year 2015 period and no gain in the prior fiscal year.
	Maturities of fixed income securities classified as available-for-sale at July 31, 2014 are as follows, at cost (in thousands):
	Current		$	3,520
	Due after one year through five years			2,065
	Due after five years through ten years			1,825
			$	7,410
	The fair value accounting framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value.  The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements).  The three levels of the fair value hierarchy are described below:
		Level 1	Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access.
		Level 2	Inputs to the valuation methodology include:
		- Quoted prices for similar assets or liabilities in active markets;
		- Quoted prices for identical or similar assets or liabilities in inactive markets
		- Inputs other than quoted prices that are observable for the asset or liability;
		- Inputs that are derived principally from or corroborated by observable market data by correlation or other means.
		Level 3	Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
	The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.  Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.  All of the Company’s investments in marketable securities are valued on a Level 1 basis.

NOTE_I_RECENTLY_ISSUED_ACCOUNT

NOTE I - RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Jul. 31, 2014
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]	'
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	'
	NOTE I – RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
	In May 2014, the FASB issued Accounting Standard Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606).  ASU 2014-09 eliminates most of the existing industry-specific revenue recognition guidance and significantly expands related disclosures.  The required disclosures will include both quantitative and qualitative information about the amount, timing and uncertainty of revenue from contracts with customers and the significant judgments used.  Entities can retrospectively apply ASU 2014-09 or use an alternative transition method.  This ASU is effective for public companies for annual reporting periods beginning on or after December 15, 2016 and for the Company, must be adopted for its fiscal year 2018 beginning on May 1, 2017.  The Company is in the process of determining the effect that ASU 2014-09 may have on its financial statements.
	In February 2013, the FASB issued ASU No. 2013-02, Other Comprehensive Income.  The amendments require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component.  In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period.  For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts.  This ASU is effective for periods beginning after December 15, 2012 and the Company adopted ASU 2013-02 in fiscal year 2014 which began on May 1, 2013.  Such adoption is reflected in the Company’s financial statements resulting in additional disclosures.

NOTE_J_CREDIT_FACILITY

NOTE J - CREDIT FACILITY	3 Months Ended
	Jul. 31, 2014
Debt Disclosure [Abstract]	'
Debt Disclosure [Text Block]	'
	NOTE J – CREDIT FACILITY
	The Company has a credit facility (the “Facility”) with JPMorgan Chase Bank, N.A. (“JPMorgan”) pursuant to a credit agreement (the “Credit Agreement”) between the Company and JPMorgan.  Under the Facility the Company may make borrowings from either Tranche A or Tranche B or a combination of both, not to exceed $25.0 million.  Pursuant to the Credit Agreement, the amount of Tranche A borrowings may not exceed the value of the Pledged Investments (as defined in the Credit Agreement).  The amount of Tranche B borrowings may not exceed the lesser of (i) $15.0 million and (ii) the Borrowing Base (as defined in the Credit Agreement).  Current outstanding borrowings of $12.4 million under the Facility are all under Tranche A.  The Facility is fully guaranteed by certain of the Company’s subsidiaries and is secured by, among other things, a pledge of substantially all personal property of the Company and certain of the Company’s subsidiaries.
	Borrowings under the Facility are evidenced by a line of credit note (the “Note”) and bear interest, payable monthly, at a rate equal to the LIBOR Rate, as determined from time to time by JPMorgan pursuant to the terms of the Note, plus a margin of 0.75% for Tranche A borrowings and 1.75% for Tranche B borrowings.  The principal balance on the Note, along with any accrued and unpaid interest, is due and payable no later than June 5, 2018, which is the maturity date of the Facility.  In addition, the Company is required to pay JPMorgan fees equal to 0.1% per annum on any unused portion of the Facility.
	The Credit Agreement contains a number of affirmative and negative covenants, including limitations on the incurrence of additional debt, liens on property, acquisitions, loans and guarantees, mergers, consolidations, liquidations and dissolutions, asset sales, and distributions and other payments in respect of the Company’s capital stock.  The Credit Agreement also contains certain events of default customary for credit facilities of this type, including nonpayment of principal or interest when due, material incorrectness of representations and warranties when made, breach of covenants, bankruptcy and insolvency, unstayed material judgment beyond specified periods, and acceleration or payment default of other material indebtedness.  The Credit Agreement requires the Company to maintain, as of the end of each fiscal quarter, a funded debt to EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) ratio and an interest charge coverage ratio.  The calculation of both ratios is defined in the Credit Agreement.  For the period ended July 31, 2014, the Company met the required covenants for its borrowings under Tranche A.

NOTE_K_VALUATION_ALLOWANCE_ON_

NOTE K - VALUATION ALLOWANCE ON DEFERRED TAX ASSETS	3 Months Ended
	Jul. 31, 2014
Income Tax Disclosure [Abstract]	'
Income Tax Disclosure [Text Block]	'
	NOTE K – VALUATION ALLOWANCE ON DEFERRED TAX ASSETS
	In prior fiscal years, the Company reduced the valuation allowance on the deferred tax assets of its U.S. subsidiaries.  Consequently, for the three months ended July 31, 2014 and 2013, the Company recorded provisions for income taxes based on both current taxes due in the United States as well as the tax provision or benefit to be realized from temporary tax differences.  As of July 31, 2014 and April 30, 2014, the remaining deferred tax asset valuation allowance is approximately $2.1 million and is primarily related to deferred tax assets of the Company’s non-U.S.-based subsidiaries.

NOTE_B_EARNINGS_PER_SHARE_Tabl

NOTE B - EARNINGS PER SHARE (Tables)	3 Months Ended
	Jul. 31, 2014
Earnings Per Share [Abstract]	'
Schedule of Weighted Average Number of Shares [Table Text Block]	'Reconciliation of the weighted average shares outstanding for basic and diluted Earnings Per Share are as follows:
		Three months ended July 31,
		2014		2013
	Basic EPS Shares outstanding		8,578,733		8,489,901
	(weighted average)
	Effect of Dilutive Securities		278,116		236,422
	Diluted EPS Shares outstanding		8,856,849		8,726,323

NOTE_C_COSTS_AND_ESTIMATED_EAR1

NOTE C - COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Tables)	3 Months Ended
	Jul. 31, 2014
Contractors [Abstract]	'
Costs in Excess of Billings and Billings in Excess of Costs [Table Text Block]	'At July 31, 2014 and April 30, 2014, costs and estimated earnings in excess of billings, net, consist of the following:
		31-Jul-14			30-Apr-14
		(In thousands)
	Costs and estimated earnings in excess of billings	$	11,290		$	11,965
	Billings in excess of costs and estimated earnings		(843	)		(1,526	)
	Net asset	$	10,447		$	10,439

NOTE_E_INVENTORIES_Tables

NOTE E - INVENTORIES (Tables)	3 Months Ended
	Jul. 31, 2014
Inventory Disclosure [Abstract]	'
Schedule of Inventory, Current [Table Text Block]	'Inventories, which are reported at the lower of cost or market, consist of the following:
		31-Jul-14		30-Apr-14
		(In thousands)
	Raw Materials and Component Parts	$	24,343	$	24,986
	Work in Progress		13,441		12,385
	Finished Goods		5,022		3,856
		$	42,806	$	41,227

NOTE_F_SEGMENT_INFORMATION_Tab

NOTE F - SEGMENT INFORMATION (Tables)	3 Months Ended
	Jul. 31, 2014
Segment Reporting [Abstract]	'
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	'The tables below presents information about reported segments with reconciliation of segment amounts to consolidated amounts as reported in the statement of operations or the balance sheet for each of the periods (in thousands):
		Three months ended July 31,
		2014			2013
	Net revenues:
	FEI-NY	$	17,257		$	13,174
	Gillam-FEI		1,491			2,695
	FEI-Zyfer		1,120			1,988
	less intercompany revenues		(128	)		(1,030	)
	Consolidated revenues	$	19,740		$	16,827
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]	'The tables below presents information about reported segments with reconciliation of segment amounts to consolidated amounts as reported in the statement of operations or the balance sheet for each of the periods (in thousands):
		Three months ended July 31,
		2014			2013
	Operating profit (loss):
	FEI-NY	$	2,080		$	1,176
	Gillam-FEI		(578	)		56
	FEI-Zyfer		(506	)		(200	)
	Corporate		(68	)		(69	)
	Consolidated operating profit	$	928		$	963
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	'The tables below presents information about reported segments with reconciliation of segment amounts to consolidated amounts as reported in the statement of operations or the balance sheet for each of the periods (in thousands):
		31-Jul-14			30-Apr-14
	Identifiable assets:
	FEI-NY (approximately $4.6 million in China)	$	71,759		$	62,969
	Gillam-FEI (all in Belgium or France)		18,432			19,595
	FEI-Zyfer		10,440			11,220
	less intersegment balances		(18,403	)		(19,819	)
	Corporate		42,320			45,496
	Consolidated identifiable assets	$	124,548		$	119,461

NOTE_H_FAIR_VALUE_OF_FINANCIAL1

NOTE H - FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Jul. 31, 2014
Investments, Debt and Equity Securities [Abstract]	'
Schedule of Available-for-sale Securities Reconciliation [Table Text Block]	'The cost, gross unrealized gains, gross unrealized losses and fair market value of available-for-sale securities at July 31, 2014 and April 30, 2014 are as follows (in thousands):
		31-Jul-14
				Gross			Gross			Fair
				Unrealized			Unrealized			Market
		Cost		Gains			Losses			Value
	Fixed income securities	$	7,410	$	112		$	(19	)	$	7,503
	Equity securities		6,836		943			(71	)		7,708
		$	14,246	$	1,055		$	(90	)	$	15,211
		30-Apr-14
				Gross			Gross			Fair
				Unrealized			Unrealized			Market
		Cost		Gains			Losses			Value
	Fixed income securities	$	8,927	$	116		$	(36	)	$	9,007
	Equity securities		6,267		909			(153	)		7,023
		$	15,194	$	1,025		$	(189	)	$	16,030
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block]	'The following table presents the fair value and unrealized losses, aggregated by investment type and length of time that individual securities have been in a continuous unrealized loss position (in thousands):
		Less than 12 months					12 Months or more						Total
		Fair		Unrealized			Fair			Unrealized			Fair		Unrealized
		Value		Losses			Value			Losses			Value		Losses
	31-Jul-14
	Fixed Income Securities	$	95	$	-		$	460		$	(19	)	$	555	$	(19	)
	Equity Securities		1,480		(33	)		590			(38	)		2,070		(71	)
		$	1,575	$	(33	)	$	1,050		$	(57	)	$	2,625	$	(90	)
	30-Apr-14
	Fixed Income Securities	$	501	$	(3	)	$	448		$	(33	)	$	949	$	(36	)
	Equity Securities		366		(1	)		925			(152	)		1,291		(153	)
		$	867	$	(4	)	$	1,373		$	(185	)	$	2,240	$	(189	)
Investments Classified by Contractual Maturity Date [Table Text Block]	'Maturities of fixed income securities classified as available-for-sale at July 31, 2014 are as follows, at cost (in thousands):
	Current	$	3,520
	Due after one year through five years		2,065
	Due after five years through ten years		1,825
		$	7,410

NOTE_B_EARNINGS_PER_SHARE_Deta

NOTE B - EARNINGS PER SHARE (Details)	3 Months Ended
	Jul. 31, 2014	Jul. 31, 2013
Earnings Per Share [Abstract]	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	300,875	293,375

NOTE_B_EARNINGS_PER_SHARE_Deta1

NOTE B - EARNINGS PER SHARE (Details) - Schedule of Weighted Average Number of Shares	3 Months Ended
	Jul. 31, 2014	Jul. 31, 2013
Schedule of Weighted Average Number of Shares [Abstract]	'	'
Basic EPS Shares outstanding (weighted average)	8,578,733	8,489,901
Effect of Dilutive Securities	278,116	236,422
Diluted EPS Shares outstanding	8,856,849	8,726,323

NOTE_C_COSTS_AND_ESTIMATED_EAR2

NOTE C - COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Jul. 31, 2014	Jul. 31, 2013
NOTE C - COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Details) [Line Items]	'	'
Revenues	$19,740	$16,827
Contracts Accounted for under Percentage of Completion [Member]	'	'
NOTE C - COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Details) [Line Items]	'	'
Revenues	$12,900	$9,700

NOTE_C_COSTS_AND_ESTIMATED_EAR3

NOTE C - COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Details) - Costs in Excess of Billings and Billings in Excess of Costs (USD $)	Jul. 31, 2014	Apr. 30, 2014
In Thousands, unless otherwise specified
Costs in Excess of Billings and Billings in Excess of Costs [Abstract]	'	'
Costs and estimated earnings in excess of billings	$11,290	$11,965
Billings in excess of costs and estimated earnings	-843	-1,526
Net asset	$10,447	$10,439

NOTE_D_TREASURY_STOCK_TRANSACT1

NOTE D - TREASURY STOCK TRANSACTIONS (Details)	3 Months Ended
	Jul. 31, 2014
Disclosure Text Block Supplement [Abstract]	'
Defined Contribution Plan Employer Discretionary Contribution, Shares	10,569
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	8,294

NOTE_E_INVENTORIES_Details

NOTE E - INVENTORIES (Details) (USD $)	Jul. 31, 2014	Apr. 30, 2014
In Thousands, unless otherwise specified
NOTE E - INVENTORIES (Details) [Line Items]	'	'
Inventory, Net	$42,806	$41,227
UNITED STATES	'	'
NOTE E - INVENTORIES (Details) [Line Items]	'	'
Inventory, Net	32,700	33,400
BELGIUM	'	'
NOTE E - INVENTORIES (Details) [Line Items]	'	'
Inventory, Net	8,700	7,100
CHINA	'	'
NOTE E - INVENTORIES (Details) [Line Items]	'	'
Inventory, Net	$1,400	$700

NOTE_E_INVENTORIES_Details_Sch

NOTE E - INVENTORIES (Details) - Schedule of Inventory, Current (USD $)	Jul. 31, 2014	Apr. 30, 2014
In Thousands, unless otherwise specified
Schedule of Inventory, Current [Abstract]	'	'
Raw Materials and Component Parts	$24,343	$24,986
Work in Progress	13,441	12,385
Finished Goods	5,022	3,856
	$42,806	$41,227

NOTE_F_SEGMENT_INFORMATION_Det

NOTE F - SEGMENT INFORMATION (Details)	3 Months Ended
	Jul. 31, 2014
NOTE F - SEGMENT INFORMATION (Details) [Line Items]	'
Number of Reportable Segments	3
Frequency Electronics Inc New York [Member]	'
NOTE F - SEGMENT INFORMATION (Details) [Line Items]	'
Number Of Principal Markets	3

NOTE_F_SEGMENT_INFORMATION_Det1

NOTE F - SEGMENT INFORMATION (Details) - Reconciliation of Revenue from Segments to Consolidated (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Jul. 31, 2014	Jul. 31, 2013
Net revenues:	'	'
Net revenues	$19,740	$16,827
Operating Segments [Member] | Frequency Electronics Inc New York [Member]	'	'
Net revenues:	'	'
Net revenues	17,257	13,174
Operating Segments [Member] | Gillam Frequency Electronics Inc [Member]	'	'
Net revenues:	'	'
Net revenues	1,491	2,695
Operating Segments [Member] | Frequency Electronics Inc Zyfer [Member]	'	'
Net revenues:	'	'
Net revenues	1,120	1,988
Intersegment Eliminations [Member]	'	'
Net revenues:	'	'
Net revenues	($128)	($1,030)

NOTE_F_SEGMENT_INFORMATION_Det2

NOTE F - SEGMENT INFORMATION (Details) - Reconciliation of Operating Profit (Loss) from Segments to Consolidated (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Jul. 31, 2014	Jul. 31, 2013
Operating profit (loss):	'	'
Operating profit (loss)	$928	$963
Operating Segments [Member] | Frequency Electronics Inc New York [Member]	'	'
Operating profit (loss):	'	'
Operating profit (loss)	2,080	1,176
Operating Segments [Member] | Gillam Frequency Electronics Inc [Member]	'	'
Operating profit (loss):	'	'
Operating profit (loss)	-578	56
Operating Segments [Member] | Frequency Electronics Inc Zyfer [Member]	'	'
Operating profit (loss):	'	'
Operating profit (loss)	-506	-200
Corporate, Non-Segment [Member]	'	'
Operating profit (loss):	'	'
Operating profit (loss)	($68)	($69)

NOTE_F_SEGMENT_INFORMATION_Det3

NOTE F - SEGMENT INFORMATION (Details) - Reconciliation of Assets from Segment to Consolidate (USD $)	Jul. 31, 2014	Apr. 30, 2014
In Thousands, unless otherwise specified
Segment Reporting, Asset Reconciling Item [Line Items]	'	'
Identifiable assets	$124,548	$119,461
Operating Segments [Member] | Frequency Electronics Inc New York [Member]	'	'
Segment Reporting, Asset Reconciling Item [Line Items]	'	'
Identifiable assets	71,759	62,969
Operating Segments [Member] | Gillam Frequency Electronics Inc [Member]	'	'
Segment Reporting, Asset Reconciling Item [Line Items]	'	'
Identifiable assets	18,432	19,595
Operating Segments [Member] | Frequency Electronics Inc Zyfer [Member]	'	'
Segment Reporting, Asset Reconciling Item [Line Items]	'	'
Identifiable assets	10,440	11,220
Intersegment Eliminations [Member]	'	'
Segment Reporting, Asset Reconciling Item [Line Items]	'	'
Identifiable assets	-18,403	-19,819
Corporate, Non-Segment [Member]	'	'
Segment Reporting, Asset Reconciling Item [Line Items]	'	'
Identifiable assets	$42,320	$45,496

NOTE_F_SEGMENT_INFORMATION_Det4

NOTE F - SEGMENT INFORMATION (Details) - Reconciliation of Assets from Segment to Consolidate (Parentheticals) (Operating Segments [Member], Frequency Electronics Inc New York [Member], CHINA, USD $)	Jul. 31, 2014	Apr. 30, 2014
In Millions, unless otherwise specified
Operating Segments [Member] | Frequency Electronics Inc New York [Member] | CHINA	'	'
Segment Reporting, Asset Reconciling Item [Line Items]	'	'
Identifiable assets	$4.60	$4.60

NOTE_G_INVESTMENT_IN_MORION_IN1

NOTE G - INVESTMENT IN MORION, INC. (Details) (Morion Inc [Member], USD $)	0 Months Ended	1 Months Ended		3 Months Ended
	Oct. 22, 2012	Nov. 30, 2012	Oct. 22, 2012	Jul. 31, 2014	Oct. 31, 2013	Jul. 31, 2013	Apr. 30, 2014
	License Agreement [Member]	License Agreement [Member]	License Agreement [Member]
NOTE G - INVESTMENT IN MORION, INC. (Details) [Line Items]	'	'	'	'	'	'	'
Cost Method Investment Ownership Percentage	'	'	'	4.60%	'	'	'
Related Party Transaction, Purchases from Related Party	'	'	'	$65,000	'	$30,000	'
Revenue from Related Parties	'	'	'	183,000	925,000	142,000	'
Accounts Receivable, Related Parties, Current	'	'	'	342,000	'	'	276,000
Accounts Payable, Related Parties, Current	'	'	'	40,000	'	'	34,000
Long-term Purchase Commitment, Description	'produce a minimum of 5,000 rubidium oscillators per year	'	'	'	'	'	'
License And Equipment Fee Receivable	2,700,000	'	'	'	'	'	'
Percentage Of Royalties Payable On Third Party Sales	5.00%	'	'	'	'	'	'
Long-term Purchase Commitment, Period	'5 years	'	'	'	'	'	'
Purchase Commitment, Remaining Minimum Amount Committed	'	'	400,000	'	'	'	'
Proceeds from Deposits from Customers	'	$925,000	'	'	'	'	'

NOTE_H_FAIR_VALUE_OF_FINANCIAL2

NOTE H - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Jul. 31, 2014	Jul. 31, 2013
Investments, Debt and Equity Securities [Abstract]	'	'
Proceeds from Sale and Maturity of Marketable Securities	$2,230	$1,000
Available-for-sale Securities, Gross Realized Gain (Loss)	$280	$0

NOTE_H_FAIR_VALUE_OF_FINANCIAL3

NOTE H - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Schedule of Available-for-sale Securities Reconciliation (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Jul. 31, 2014	Apr. 30, 2014
NOTE H - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Schedule of Available-for-sale Securities Reconciliation [Line Items]	'	'
Cost	$14,246	$15,194
Gross Unrealized Gains	1,055	1,025
Gross Unrealized Losses	-90	-189
Fair Market Value	15,211	16,030
Fixed Income Securities [Member]	'	'
NOTE H - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Schedule of Available-for-sale Securities Reconciliation [Line Items]	'	'
Cost	7,410	8,927
Gross Unrealized Gains	112	116
Gross Unrealized Losses	-19	-36
Fair Market Value	7,503	9,007
Equity Securities [Member]	'	'
NOTE H - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Schedule of Available-for-sale Securities Reconciliation [Line Items]	'	'
Cost	6,836	6,267
Gross Unrealized Gains	943	909
Gross Unrealized Losses	-71	-153
Fair Market Value	$7,708	$7,023

NOTE_H_FAIR_VALUE_OF_FINANCIAL4

NOTE H - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Jul. 31, 2014	Apr. 30, 2014
NOTE H - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Line Items]	'	'
Fair Value, Less than 12 months	$1,575	$867
Unrealized Losses, Less than 12 months	-33	-4
Fair Value, 12 Months or More	1,050	1,373
Unrealized Losses, 12 Months or More	-57	-185
Fair Value	2,625	2,240
Unrealized Losses	-90	-189
Fixed Income Securities [Member]	'	'
NOTE H - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Line Items]	'	'
Fair Value, Less than 12 months	95	501
Unrealized Losses, Less than 12 months	0	-3
Fair Value, 12 Months or More	460	448
Unrealized Losses, 12 Months or More	-19	-33
Fair Value	555	949
Unrealized Losses	-19	-36
Equity Securities [Member]	'	'
NOTE H - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Line Items]	'	'
Fair Value, Less than 12 months	1,480	366
Unrealized Losses, Less than 12 months	-33	-1
Fair Value, 12 Months or More	590	925
Unrealized Losses, 12 Months or More	-38	-152
Fair Value	2,070	1,291
Unrealized Losses	($71)	($153)

NOTE_H_FAIR_VALUE_OF_FINANCIAL5

NOTE H - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Investments Classified by Contractual Maturity Date (Fixed Income Securities [Member], USD $)	Jul. 31, 2014
In Thousands, unless otherwise specified
Fixed Income Securities [Member]	'
NOTE H - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Investments Classified by Contractual Maturity Date [Line Items]	'
Current	$3,520
Due after one year through five years	2,065
Due after five years through ten years	1,825
	$7,410

NOTE_J_CREDIT_FACILITY_Details

NOTE J - CREDIT FACILITY (Details) (Line of Credit [Member], USD $)	3 Months Ended
In Millions, unless otherwise specified	Jul. 31, 2014
NOTE J - CREDIT FACILITY (Details) [Line Items]	'
Line of Credit Facility, Maximum Borrowing Capacity	25
Line of Credit Facility, Borrowing Capacity, Description	'Pursuant to the Credit Agreement, the amount of Tranche A borrowings may not exceed the value of the Pledged Investments (as defined in the Credit Agreement). The amount of Tranche B borrowings may not exceed the lesser of (i) $15.0 million and (ii) the Borrowing Base (as defined in the Credit Agreement).
Long-term Line of Credit, Noncurrent	12.4
Line of Credit Facility, Collateral	'The Facility is fully guaranteed by certain of the Company's subsidiaries and is secured by, among other things, a pledge of substantially all personal property of the Company and certain of the Company's subsidiaries.
Debt Instrument, Maturity Date	5-Jun-18
Line of Credit Facility, Commitment Fee Percentage	0.10%
Debt Instrument, Tranche B [Member] | London Interbank Offered Rate (LIBOR) [Member]	'
NOTE J - CREDIT FACILITY (Details) [Line Items]	'
Debt Instrument, Basis Spread on Variable Rate	1.75%
Debt Instrument, Tranche B [Member]	'
NOTE J - CREDIT FACILITY (Details) [Line Items]	'
Line of Credit Facility, Maximum Borrowing Capacity	15
Debt Instrument, Tranche A [Member] | London Interbank Offered Rate (LIBOR) [Member]	'
NOTE J - CREDIT FACILITY (Details) [Line Items]	'
Debt Instrument, Basis Spread on Variable Rate	0.75%

NOTE_K_VALUATION_ALLOWANCE_ON_1

NOTE K - VALUATION ALLOWANCE ON DEFERRED TAX ASSETS (Details) (USD $)	Jul. 31, 2014	Apr. 30, 2014
In Millions, unless otherwise specified
Income Tax Disclosure [Abstract]	'	'
Deferred Tax Assets, Valuation Allowance	$2.10	$2.10