Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Oct. 31, 2014 | Dec. 08, 2014 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | FREQUENCY ELECTRONICS INC | |
Document Type | 10-Q | |
Current Fiscal Year End Date | -26 | |
Entity Common Stock, Shares Outstanding | 8,605,666 | |
Amendment Flag | FALSE | |
Entity Central Index Key | 39020 | |
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-Oct-14 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q2 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Oct. 31, 2014 | Apr. 30, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $6,415 | $7,698 |
Marketable securities | 13,830 | 16,030 |
Accounts receivable, net of allowance for doubtful accounts of $216 at October 31, 2014 and $234 at April 30, 2014 | 12,861 | 7,741 |
Costs and estimated earnings in excess of billings, net | 11,305 | 10,439 |
Inventories | 41,265 | 41,227 |
Deferred income taxes | 3,163 | 3,220 |
Prepaid expenses and other | 1,312 | 1,507 |
Total current assets | 90,151 | 87,862 |
Property, plant and equipment, at cost, less accumulated depreciation and amortization | 13,232 | 11,240 |
Deferred income taxes | 6,650 | 6,650 |
Goodwill and other intangible assets | 644 | 689 |
Cash surrender value of life insurance and cash held in trust | 11,603 | 11,321 |
Other assets | 1,761 | 1,699 |
Total assets | 124,041 | 119,461 |
Current liabilities: | ||
Accounts payable - trade | 3,774 | 2,336 |
Accrued liabilities | 6,540 | 7,361 |
Total current liabilities | 10,314 | 9,697 |
Long term debt- noncurrent | 11,400 | 10,100 |
Deferred compensation | 10,914 | 10,724 |
Deferred rent and other liabilities | 512 | 594 |
Total liabilities | 33,140 | 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 | 53,865 | 53,181 |
Retained earnings | 26,710 | 24,702 |
89,739 | 87,047 | |
Common stock reacquired and held in treasury - at cost (561 shares at October 31, 2014 and 593 shares at April 30, 2014) | -2,571 | -2,715 |
Accumulated other comprehensive income | 3,733 | 4,014 |
Total stockholders' equity | 90,901 | 88,346 |
Total liabilities and stockholders' equity | $124,041 | $119,461 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parentheticals) (USD $) | Oct. 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 | 561 | 593 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 |
Revenues | $19,243 | $17,007 | $38,983 | $33,834 |
Cost of revenues | 12,569 | 10,775 | 26,644 | 21,336 |
Gross margin | 6,674 | 6,232 | 12,339 | 12,498 |
Selling and administrative expenses | 3,472 | 3,485 | 6,970 | 7,045 |
Research and development expense | 1,406 | 1,483 | 2,645 | 3,226 |
Operating profit | 1,796 | 1,264 | 2,724 | 2,227 |
Other income (expense): | ||||
Investment income | 211 | 208 | 625 | 351 |
Interest expense | -47 | -36 | -81 | -95 |
Other income (expense), net | -11 | 725 | -10 | 734 |
Income before provision for income taxes | 1,949 | 2,161 | 3,258 | 3,217 |
Provision for income taxes | 660 | 770 | 1,250 | 1,150 |
Net income | 1,289 | 1,391 | 2,008 | 2,067 |
Net income per common share | ||||
Basic (in Dollars per share) | $0.15 | $0.16 | $0.23 | $0.24 |
Diluted (in Dollars per share) | $0.15 | $0.16 | $0.23 | $0.24 |
Weighted average shares outstanding | ||||
Basic (in Shares) | 8,598,456 | 8,519,718 | 8,588,594 | 8,504,810 |
Diluted (in Shares) | 8,876,972 | 8,821,779 | 8,859,824 | 8,780,388 |
Condensed Consolidated Statements of Comprehensive Income | ||||
Net income | 1,289 | 1,391 | 2,008 | 2,067 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustment | -597 | 976 | -392 | 818 |
Unrealized gain (loss) on marketable securities: | ||||
Change in market value of marketable securities before reclassification, net of tax of ($186) and $255 and ($47) and $66 | 89 | -126 | 360 | -401 |
Reclassification adjustment for realized gains included in net income, net of tax of $128 and $25 and $33 and $25 | -64 | -49 | -249 | -49 |
Total unrealized gain (loss) on marketable securities, net of tax | 25 | -175 | 111 | -450 |
Total other comprehensive (loss) income | -572 | 801 | -281 | 368 |
Comprehensive income | $717 | $2,192 | $1,727 | $2,435 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) (Parentheticals) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 |
Change in market value of marketable securities before reclassification, tax | ($47) | $66 | ($186) | $255 |
Reclassification adjustment for realized gains included in net income, tax | $33 | $25 | $128 | $25 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 |
Cash flows from operating activities: | ||
Net income | $2,008 | $2,067 |
Non-cash charges to earnings | 2,333 | 2,800 |
Gain on sale of equipment | 0 | -736 |
Net changes in operating assets and liabilities | -6,847 | -6,634 |
Net cash used in operating activities | -2,506 | -2,503 |
Cash flows from investing activities: | ||
Proceeds on redemption of marketable securities | 4,130 | 1,767 |
Purchase of marketable securities | -1,418 | -67 |
Purchase of fixed assets and other assets | -3,120 | -2,786 |
Net cash used in investing activities | -408 | -1,086 |
Cash flows from financing activities: | ||
Proceeds from credit line borrowings | 2,300 | 4,100 |
Payment of credit line borrowings | -1,000 | 0 |
Tax benefit from exercise of stock-based compensation | 29 | 157 |
Payment of lease obligations | 0 | -15 |
Net cash provided by financing activities | 1,329 | 4,242 |
Net (decrease) increase in cash and cash equivalents before effect of exchange rate changes | -1,585 | 653 |
Effect of exchange rate changes on cash and cash equivalents | 302 | 949 |
Net (decrease) increase in cash and cash equivalents | -1,283 | 1,602 |
Cash and cash equivalents at beginning of period | 7,698 | 3,460 |
Cash and cash equivalents at end of period | 6,415 | 5,062 |
Supplemental disclosures of cash flow information: | ||
Interest | 82 | 87 |
Income Taxes | $490 | $1,260 |
NOTE_A_CONDENSED_CONSOLIDATED_
NOTE A - CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | 6 Months Ended |
Oct. 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 October 31, 2014 and the results of its operations and cash flows for the six and three months ended October 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 | 6 Months Ended | ||||||||||||||||
Oct. 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: | |||||||||||||||||
Six months | Three months | ||||||||||||||||
Periods ended October 31, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||
Basic | 8,588,594 | 8,504,810 | 8,598,456 | 8,519,718 | |||||||||||||
Effect of dilutive securities | 271,230 | 275,578 | 278,516 | 302,061 | |||||||||||||
Diluted | 8,859,824 | 8,780,388 | 8,876,972 | 8,821,779 | |||||||||||||
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 were | |||||||||||||||||
Six months | Three months | ||||||||||||||||
Periods ended October 31, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Outstanding options and SARS excluded | 274,000 | 290,375 | 240,000 | 272,375 | |||||||||||||
NOTE_C_COSTS_AND_ESTIMATED_EAR
NOTE C - COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET | 6 Months Ended | ||||||||
Oct. 31, 2014 | |||||||||
Contractors [Abstract] | |||||||||
Long-term Contracts or Programs Disclosure [Text Block] | NOTE C – COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET | ||||||||
At October 31, 2014 and April 30, 2014, costs and estimated earnings in excess of billings, net, consist of the following: | |||||||||
31-Oct-14 | 30-Apr-14 | ||||||||
(In thousands) | |||||||||
Costs and estimated earnings in excess of billings | $ | 12,351 | $ | 11,965 | |||||
Billings in excess of costs and estimated earnings | (1,046 | ) | (1,526 | ) | |||||
Net asset | $ | 11,305 | $ | 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 six and three months ended October 31, 2014, revenue recognized under percentage of completion contracts was approximately $24.4 million and $11.5 million, respectively. During the six and three months ended October 31, 2013, such revenue was approximately $19.5 million and $9.8 million, respectively. | |||||||||
NOTE_D_TREASURY_STOCK_TRANSACT
NOTE D - TREASURY STOCK TRANSACTIONS | 6 Months Ended |
Oct. 31, 2014 | |
Disclosure Text Block Supplement [Abstract] | |
Treasury Stock [Text Block] | NOTE D – TREASURY STOCK TRANSACTIONS |
During the six and three month periods ended October 31, 2014, the Company made contributions of 22,432 shares and 10,569 shares, respectively, 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 periods, the Company issued 9,653 shares and 8,294 shares, respectively, from treasury upon the exercise of SARs by certain officers and employees of the Company. | |
NOTE_E_INVENTORIES
NOTE E - INVENTORIES | 6 Months Ended | ||||||||
Oct. 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-Oct-14 | 30-Apr-14 | ||||||||
(In thousands) | |||||||||
Raw Materials and Component Parts | $ | 25,287 | $ | 24,986 | |||||
Work in Progress | 10,776 | 12,385 | |||||||
Finished Goods | 5,202 | 3,856 | |||||||
$ | 41,265 | $ | 41,227 | ||||||
As of October 31, 2014 and April 30, 2014, approximately $32.6 million and $33.4 million, respectively, of total inventory is located in the United States, approximately $7.2 million and $7.1 million, respectively, is located in Belgium and $1.5 million and $0.7 million, respectively, is located in China. | |||||||||
NOTE_F_SEGMENT_INFORMATION
NOTE F - SEGMENT INFORMATION | 6 Months Ended | ||||||||||||||||
Oct. 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 present information about reported segments with reconciliation of segment amounts to consolidated amounts as reported in the statement of income or the balance sheet for each of the periods (in thousands): | |||||||||||||||||
Six months | Three months | ||||||||||||||||
Periods ended October 31, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenues: | |||||||||||||||||
FEI-NY | $ | 31,937 | $ | 26,039 | $ | 14,680 | $ | 12,865 | |||||||||
Gillam-FEI | 4,547 | 4,568 | 3,056 | 1,873 | |||||||||||||
FEI-Zyfer | 4,180 | 4,352 | 3,060 | 2,363 | |||||||||||||
less intersegment revenues | (1,681 | ) | (1,125 | ) | (1,553 | ) | (94 | ) | |||||||||
Consolidated revenues | $ | 38,983 | $ | 33,834 | $ | 19,243 | $ | 17,007 | |||||||||
Six months | Three months | ||||||||||||||||
Periods ended October 31, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Operating profit (loss): | |||||||||||||||||
FEI-NY | $ | 3,279 | $ | 2,740 | $ | 1,199 | $ | 1,564 | |||||||||
Gillam-FEI | (513 | ) | (36 | ) | 65 | (92 | ) | ||||||||||
FEI-Zyfer | 159 | (275 | ) | 665 | (76 | ) | |||||||||||
Corporate | (201 | ) | (202 | ) | (133 | ) | (132 | ) | |||||||||
Consolidated operating profit | $ | 2,724 | $ | 2,227 | $ | 1,796 | $ | 1,264 | |||||||||
31-Oct-14 | 30-Apr-14 | ||||||||||||||||
Identifiable assets: | |||||||||||||||||
FEI-NY (approximately $3.4 million in China) | $ | 70,987 | $ | 62,969 | |||||||||||||
Gillam-FEI (all in Belgium or France) | 17,443 | 19,595 | |||||||||||||||
FEI-Zyfer | 11,957 | 11,220 | |||||||||||||||
less intersegment balances | (19,364 | ) | (19,819 | ) | |||||||||||||
Corporate | 43,018 | 45,496 | |||||||||||||||
Consolidated identifiable assets | $ | 124,041 | $ | 119,461 | |||||||||||||
NOTE_G_INVESTMENT_IN_MORION_IN
NOTE G - INVESTMENT IN MORION, INC. | 6 Months Ended |
Oct. 31, 2014 | |
Investment Holdings [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 six months ended October 31, 2014 and 2013, the Company acquired product from Morion in the aggregate amount of approximately $96,000 and $98,000, respectively, and the Company sold product and training services to Morion in the aggregate amount of approximately $289,000 and $652,000, respectively. (See discussion of revenues recognized under the license agreement in the paragraph below.) During the three months ended October 31, 2014 and 2013, the Company acquired product from Morion in the aggregate amount of approximately $20,000 and $68,000, respectively, and the Company sold product and training services to Morion in the aggregate amount of approximately $106,000 and $510,000, respectively. At October 31, 2014, approximately $1,400 was payable to Morion and accounts receivable from Morion was approximately $69,000. | |
On October 22, 2012, the Company entered into an agreement with respect to its licensing of rubidium oscillator production technology to Morion. The agreement requires the Company to supply production equipment and parts and to provide training to Morion employees to enable Morion to achieve certain levels of volume production of rubidium oscillators. Morion will pay the Company approximately $2.7 million for the license, the equipment, parts and training, plus 5% royalties on third party sales. For a 5-year period following an initial production run, 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. Accordingly, during the six and three-month periods ended October 31, 2013, the Company recorded revenues of $400,000 for the technology transfer, training and sale of parts and recognized a gain of approximately $736,000 upon the sale of fully-depreciated equipment. The $925,000 deposit previously recorded as deferred revenue was included in these revenues and gain. 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 | 6 Months Ended | ||||||||||||||||||||||||
Oct. 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 October 31, 2014 and April 30, 2014 are as follows (in thousands): | |||||||||||||||||||||||||
31-Oct-14 | |||||||||||||||||||||||||
Gross | Gross | Fair | |||||||||||||||||||||||
Unrealized | Unrealized | Market | |||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
Fixed income securities | $ | 5,893 | $ | 100 | $ | (28 | ) | $ | 5,965 | ||||||||||||||||
Equity securities | 6,932 | 1,029 | (96 | ) | 7,865 | ||||||||||||||||||||
$ | 12,825 | $ | 1,129 | $ | (124 | ) | $ | 13,830 | |||||||||||||||||
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-Oct-14 | |||||||||||||||||||||||||
Fixed Income Securities | $ | 200 | $ | (3 | ) | $ | 454 | $ | (25 | ) | $ | 654 | $ | (28 | ) | ||||||||||
Equity Securities | 2,160 | (91 | ) | 622 | (5 | ) | 2,782 | (96 | ) | ||||||||||||||||
$ | 2,360 | $ | (94 | ) | $ | 1,076 | $ | (30 | ) | $ | 3,436 | $ | (124 | ) | |||||||||||
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 October 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 six months ended October 31, 2014 and 2013, the Company sold or redeemed available-for-sale securities in the amounts of $4.1 million and $1.8 million, respectively, realizing gains of approximately $377,000 and $74,000, respectively. | |||||||||||||||||||||||||
Maturities of fixed income securities classified as available-for-sale at October 31, 2014 are as follows, at cost (in thousands): | |||||||||||||||||||||||||
Current | $ | 2,657 | |||||||||||||||||||||||
Due after one year through five years | 1,413 | ||||||||||||||||||||||||
Due after five years through ten years | 1,823 | ||||||||||||||||||||||||
$ | 5,893 | ||||||||||||||||||||||||
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 | 6 Months Ended |
Oct. 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. | |
NOTE_J_CREDIT_FACILITY
NOTE J - CREDIT FACILITY | 6 Months Ended |
Oct. 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 $11.4 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 October 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 | 6 Months Ended |
Oct. 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 six and three months ended October 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 October 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) | 6 Months Ended | ||||||||||||||||
Oct. 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: | ||||||||||||||||
Six months | Three months | ||||||||||||||||
Periods ended October 31, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||
Basic | 8,588,594 | 8,504,810 | 8,598,456 | 8,519,718 | |||||||||||||
Effect of dilutive securities | 271,230 | 275,578 | 278,516 | 302,061 | |||||||||||||
Diluted | 8,859,824 | 8,780,388 | 8,876,972 | 8,821,779 | |||||||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | 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 were | ||||||||||||||||
Six months | Three months | ||||||||||||||||
Periods ended October 31, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Outstanding options and SARS excluded | 274,000 | 290,375 | 240,000 | 272,375 |
NOTE_C_COSTS_AND_ESTIMATED_EAR1
NOTE C - COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Tables) | 6 Months Ended | ||||||||
Oct. 31, 2014 | |||||||||
Contractors [Abstract] | |||||||||
Costs in Excess of Billings and Billings in Excess of Costs [Table Text Block] | At October 31, 2014 and April 30, 2014, costs and estimated earnings in excess of billings, net, consist of the following: | ||||||||
31-Oct-14 | 30-Apr-14 | ||||||||
(In thousands) | |||||||||
Costs and estimated earnings in excess of billings | $ | 12,351 | $ | 11,965 | |||||
Billings in excess of costs and estimated earnings | (1,046 | ) | (1,526 | ) | |||||
Net asset | $ | 11,305 | $ | 10,439 |
NOTE_E_INVENTORIES_Tables
NOTE E - INVENTORIES (Tables) | 6 Months Ended | ||||||||
Oct. 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-Oct-14 | 30-Apr-14 | ||||||||
(In thousands) | |||||||||
Raw Materials and Component Parts | $ | 25,287 | $ | 24,986 | |||||
Work in Progress | 10,776 | 12,385 | |||||||
Finished Goods | 5,202 | 3,856 | |||||||
$ | 41,265 | $ | 41,227 |
NOTE_F_SEGMENT_INFORMATION_Tab
NOTE F - SEGMENT INFORMATION (Tables) | 6 Months Ended | ||||||||||||||||
Oct. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | The tables below present information about reported segments with reconciliation of segment amounts to consolidated amounts as reported in the statement of income or the balance sheet for each of the periods (in thousands): | ||||||||||||||||
Six months | Three months | ||||||||||||||||
Periods ended October 31, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenues: | |||||||||||||||||
FEI-NY | $ | 31,937 | $ | 26,039 | $ | 14,680 | $ | 12,865 | |||||||||
Gillam-FEI | 4,547 | 4,568 | 3,056 | 1,873 | |||||||||||||
FEI-Zyfer | 4,180 | 4,352 | 3,060 | 2,363 | |||||||||||||
less intersegment revenues | (1,681 | ) | (1,125 | ) | (1,553 | ) | (94 | ) | |||||||||
Consolidated revenues | $ | 38,983 | $ | 33,834 | $ | 19,243 | $ | 17,007 | |||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | The tables below present information about reported segments with reconciliation of segment amounts to consolidated amounts as reported in the statement of income or the balance sheet for each of the periods (in thousands): | ||||||||||||||||
Six months | Three months | ||||||||||||||||
Periods ended October 31, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Operating profit (loss): | |||||||||||||||||
FEI-NY | $ | 3,279 | $ | 2,740 | $ | 1,199 | $ | 1,564 | |||||||||
Gillam-FEI | (513 | ) | (36 | ) | 65 | (92 | ) | ||||||||||
FEI-Zyfer | 159 | (275 | ) | 665 | (76 | ) | |||||||||||
Corporate | (201 | ) | (202 | ) | (133 | ) | (132 | ) | |||||||||
Consolidated operating profit | $ | 2,724 | $ | 2,227 | $ | 1,796 | $ | 1,264 | |||||||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | The tables below present information about reported segments with reconciliation of segment amounts to consolidated amounts as reported in the statement of income or the balance sheet for each of the periods (in thousands): | ||||||||||||||||
31-Oct-14 | 30-Apr-14 | ||||||||||||||||
Identifiable assets: | |||||||||||||||||
FEI-NY (approximately $3.4 million in China) | $ | 70,987 | $ | 62,969 | |||||||||||||
Gillam-FEI (all in Belgium or France) | 17,443 | 19,595 | |||||||||||||||
FEI-Zyfer | 11,957 | 11,220 | |||||||||||||||
less intersegment balances | (19,364 | ) | (19,819 | ) | |||||||||||||
Corporate | 43,018 | 45,496 | |||||||||||||||
Consolidated identifiable assets | $ | 124,041 | $ | 119,461 |
NOTE_H_FAIR_VALUE_OF_FINANCIAL1
NOTE H - FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Oct. 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 October 31, 2014 and April 30, 2014 are as follows (in thousands): | ||||||||||||||||||||||||
31-Oct-14 | |||||||||||||||||||||||||
Gross | Gross | Fair | |||||||||||||||||||||||
Unrealized | Unrealized | Market | |||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
Fixed income securities | $ | 5,893 | $ | 100 | $ | (28 | ) | $ | 5,965 | ||||||||||||||||
Equity securities | 6,932 | 1,029 | (96 | ) | 7,865 | ||||||||||||||||||||
$ | 12,825 | $ | 1,129 | $ | (124 | ) | $ | 13,830 | |||||||||||||||||
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-Oct-14 | |||||||||||||||||||||||||
Fixed Income Securities | $ | 200 | $ | (3 | ) | $ | 454 | $ | (25 | ) | $ | 654 | $ | (28 | ) | ||||||||||
Equity Securities | 2,160 | (91 | ) | 622 | (5 | ) | 2,782 | (96 | ) | ||||||||||||||||
$ | 2,360 | $ | (94 | ) | $ | 1,076 | $ | (30 | ) | $ | 3,436 | $ | (124 | ) | |||||||||||
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 October 31, 2014 are as follows, at cost (in thousands): | ||||||||||||||||||||||||
Current | $ | 2,657 | |||||||||||||||||||||||
Due after one year through five years | 1,413 | ||||||||||||||||||||||||
Due after five years through ten years | 1,823 | ||||||||||||||||||||||||
$ | 5,893 |
NOTE_B_EARNINGS_PER_SHARE_Deta
NOTE B - EARNINGS PER SHARE (Details) - Schedule of Weighted Average Number of Shares | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 | |
Weighted average shares outstanding: | ||||
Basic | 8,598,456 | 8,519,718 | 8,588,594 | 8,504,810 |
Effect of dilutive securities | 278,516 | 302,061 | 271,230 | 275,578 |
Diluted | 8,876,972 | 8,821,779 | 8,859,824 | 8,780,388 |
NOTE_B_EARNINGS_PER_SHARE_Deta1
NOTE B - EARNINGS PER SHARE (Details) - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Abstract] | ||||
Outstanding options and SARS excluded | 240,000 | 272,375 | 274,000 | 290,375 |
NOTE_C_COSTS_AND_ESTIMATED_EAR2
NOTE C - COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 |
NOTE C - COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Details) [Line Items] | ||||
Revenues | $19,243 | $17,007 | $38,983 | $33,834 |
Contracts Accounted for under Percentage of Completion [Member] | ||||
NOTE C - COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Details) [Line Items] | ||||
Revenues | $11,500 | $9,800 | $24,400 | $19,500 |
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 $) | Oct. 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 | $12,351 | $11,965 |
Billings in excess of costs and estimated earnings | -1,046 | -1,526 |
Net asset | $11,305 | $10,439 |
NOTE_D_TREASURY_STOCK_TRANSACT1
NOTE D - TREASURY STOCK TRANSACTIONS (Details) | 3 Months Ended | 6 Months Ended |
Oct. 31, 2014 | Oct. 31, 2014 | |
Disclosure Text Block Supplement [Abstract] | ||
Defined Contribution Plan Employer Discretionary Contribution, Shares | 10,569 | 22,432 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 8,294 | 9,653 |
NOTE_E_INVENTORIES_Details
NOTE E - INVENTORIES (Details) (USD $) | Oct. 31, 2014 | Apr. 30, 2014 |
In Thousands, unless otherwise specified | ||
NOTE E - INVENTORIES (Details) [Line Items] | ||
Inventory, Net | $41,265 | $41,227 |
UNITED STATES | ||
NOTE E - INVENTORIES (Details) [Line Items] | ||
Inventory, Net | 32,600 | 33,400 |
BELGIUM | ||
NOTE E - INVENTORIES (Details) [Line Items] | ||
Inventory, Net | 7,200 | 7,100 |
CHINA | ||
NOTE E - INVENTORIES (Details) [Line Items] | ||
Inventory, Net | $1,500 | $700 |
NOTE_E_INVENTORIES_Details_Sch
NOTE E - INVENTORIES (Details) - Schedule of Inventory, Current (USD $) | Oct. 31, 2014 | Apr. 30, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Inventory, Current [Abstract] | ||
Raw Materials and Component Parts | $25,287 | $24,986 |
Work in Progress | 10,776 | 12,385 |
Finished Goods | 5,202 | 3,856 |
$41,265 | $41,227 |
NOTE_F_SEGMENT_INFORMATION_Det
NOTE F - SEGMENT INFORMATION (Details) | 6 Months Ended |
Oct. 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 | 6 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 |
Revenues: | ||||
Net revenues | $19,243 | $17,007 | $38,983 | $33,834 |
Operating Segments [Member] | Frequency Electronics Inc New York [Member] | ||||
Revenues: | ||||
Net revenues | 14,680 | 12,865 | 31,937 | 26,039 |
Operating Segments [Member] | Gillam Frequency Electronics Inc [Member] | ||||
Revenues: | ||||
Net revenues | 3,056 | 1,873 | 4,547 | 4,568 |
Operating Segments [Member] | Frequency Electronics Inc Zyfer [Member] | ||||
Revenues: | ||||
Net revenues | 3,060 | 2,363 | 4,180 | 4,352 |
Intersegment Eliminations [Member] | ||||
Revenues: | ||||
Net revenues | ($1,553) | ($94) | ($1,681) | ($1,125) |
NOTE_F_SEGMENT_INFORMATION_Det2
NOTE F - SEGMENT INFORMATION (Details) - Reconciliation of Operating Profit (Loss) from Segments to Consolidated (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 |
Operating profit (loss): | ||||
Operating profit (loss) | $1,796 | $1,264 | $2,724 | $2,227 |
Operating Segments [Member] | Frequency Electronics Inc New York [Member] | ||||
Operating profit (loss): | ||||
Operating profit (loss) | 1,199 | 1,564 | 3,279 | 2,740 |
Operating Segments [Member] | Gillam Frequency Electronics Inc [Member] | ||||
Operating profit (loss): | ||||
Operating profit (loss) | 65 | -92 | -513 | -36 |
Operating Segments [Member] | Frequency Electronics Inc Zyfer [Member] | ||||
Operating profit (loss): | ||||
Operating profit (loss) | 665 | -76 | 159 | -275 |
Corporate, Non-Segment [Member] | ||||
Operating profit (loss): | ||||
Operating profit (loss) | ($133) | ($132) | ($201) | ($202) |
NOTE_F_SEGMENT_INFORMATION_Det3
NOTE F - SEGMENT INFORMATION (Details) - Reconciliation of Assets from Segment to Consolidate (USD $) | Oct. 31, 2014 | Apr. 30, 2014 |
In Thousands, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Identifiable assets | $124,041 | $119,461 |
Operating Segments [Member] | Frequency Electronics Inc New York [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Identifiable assets | 70,987 | 62,969 |
Operating Segments [Member] | Gillam Frequency Electronics Inc [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Identifiable assets | 17,443 | 19,595 |
Operating Segments [Member] | Frequency Electronics Inc Zyfer [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Identifiable assets | 11,957 | 11,220 |
Intersegment Eliminations [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Identifiable assets | -19,364 | -19,819 |
Corporate, Non-Segment [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Identifiable assets | $43,018 | $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 $) | Oct. 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 | $3.40 | $3.40 |
NOTE_G_INVESTMENT_IN_MORION_IN1
NOTE G - INVESTMENT IN MORION, INC. (Details) (USD $) | 6 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | ||
Oct. 31, 2014 | Oct. 31, 2013 | Oct. 22, 2012 | Nov. 30, 2012 | Oct. 31, 2013 | Oct. 31, 2014 | |
NOTE G - INVESTMENT IN MORION, INC. (Details) [Line Items] | ||||||
Gain (Loss) on Disposition of Property Plant Equipment | $0 | $736,000 | ||||
License Agreement [Member] | Morion Inc [Member] | ||||||
NOTE G - INVESTMENT IN MORION, INC. (Details) [Line Items] | ||||||
Revenue from Related Parties | 400,000 | 400,000 | ||||
Long-term Purchase Commitment, Description | The agreement requires the Company to supply production equipment and parts and to provide training to Morion employees to enable Morion to achieve certain levels of volume production of rubidium oscillators. | |||||
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 | |||||
Morion Inc [Member] | ||||||
NOTE G - INVESTMENT IN MORION, INC. (Details) [Line Items] | ||||||
Cost Method Investment Ownership Percentage | 4.60% | 4.60% | ||||
Related Party Transaction, Purchases from Related Party | 96,000 | 98,000 | 68,000 | 20,000 | ||
Revenue from Related Parties | 289,000 | 652,000 | 510,000 | 106,000 | ||
Accounts Payable, Related Parties, Current | 1,400 | 1,400 | ||||
Accounts Receivable, Related Parties, Current | $69,000 | $69,000 |
NOTE_H_FAIR_VALUE_OF_FINANCIAL2
NOTE H - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) (USD $) | 6 Months Ended | |
Oct. 31, 2014 | Oct. 31, 2013 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds from Sale and Maturity of Marketable Securities | $4,130,000 | $1,767,000 |
Available-for-sale Securities, Gross Realized Gain (Loss) | $377,000 | $74,000 |
NOTE_H_FAIR_VALUE_OF_FINANCIAL3
NOTE H - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Schedule of Available-for-sale Securities Reconciliation (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Oct. 31, 2014 | Apr. 30, 2014 |
NOTE H - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Schedule of Available-for-sale Securities Reconciliation [Line Items] | ||
Cost | $12,825 | $15,194 |
Gross Unrealized Gains | 1,129 | 1,025 |
Gross Unrealized Losses | -124 | -189 |
Fair Market Value | 13,830 | 16,030 |
Fixed Income Securities [Member] | ||
NOTE H - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Schedule of Available-for-sale Securities Reconciliation [Line Items] | ||
Cost | 5,893 | 8,927 |
Gross Unrealized Gains | 100 | 116 |
Gross Unrealized Losses | -28 | -36 |
Fair Market Value | 5,965 | 9,007 |
Equity Securities [Member] | ||
NOTE H - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Schedule of Available-for-sale Securities Reconciliation [Line Items] | ||
Cost | 6,932 | 6,267 |
Gross Unrealized Gains | 1,029 | 909 |
Gross Unrealized Losses | -96 | -153 |
Fair Market Value | $7,865 | $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 $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Oct. 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 | $2,360 | $867 |
Unrealized Losses, Less than 12 months | -94 | -4 |
Fair Value, 12 Months or More | 1,076 | 1,373 |
Unrealized Losses, 12 Months or More | -30 | -185 |
Fair Value | 3,436 | 2,240 |
Unrealized Losses | -124 | -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 | 200 | 501 |
Unrealized Losses, Less than 12 months | -3 | -3 |
Fair Value, 12 Months or More | 454 | 448 |
Unrealized Losses, 12 Months or More | -25 | -33 |
Fair Value | 654 | 949 |
Unrealized Losses | -28 | -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 | 2,160 | 366 |
Unrealized Losses, Less than 12 months | -91 | -1 |
Fair Value, 12 Months or More | 622 | 925 |
Unrealized Losses, 12 Months or More | -5 | -152 |
Fair Value | 2,782 | 1,291 |
Unrealized Losses | ($96) | ($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 $) | Oct. 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 | $2,657 |
Due after one year through five years | 1,413 |
Due after five years through ten years | 1,823 |
$5,893 |
NOTE_J_CREDIT_FACILITY_Details
NOTE J - CREDIT FACILITY (Details) (Line of Credit [Member], USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Oct. 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). |
Line of Credit Facility, Collateral | 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 |
Long-term Line of Credit, Noncurrent | 11.4 |
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 $) | Oct. 31, 2014 | Apr. 30, 2014 |
In Millions, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Deferred Tax Assets, Valuation Allowance | $2.10 | $2.10 |