Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Jan. 31, 2017 | Mar. 15, 2017 | |
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 | 8,729,682 | |
Amendment Flag | false | |
Entity Central Index Key | 39,020 | |
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 | Jan. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 31, 2017 | Apr. 30, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 3,109 | $ 6,082 |
Marketable securities | 7,580 | 11,111 |
Accounts receivable, net of allowance for doubtful accounts of $187 at January 31, 2017 and $189 at April 30, 2016 | 7,587 | 9,000 |
Costs and estimated earnings in excess of billings, net | 9,210 | 12,377 |
Inventories, net | 41,169 | 41,278 |
Deferred and prepaid income taxes | 5,821 | 3,213 |
Prepaid expenses and other | 1,221 | 1,250 |
Total current assets | 75,697 | 84,311 |
Property, plant and equipment, at cost, net of accumulated depreciation and amortization | 14,766 | 13,072 |
Deferred income taxes | 6,760 | 7,702 |
Goodwill and other intangible assets | 614 | 617 |
Cash surrender value of life insurance | 13,296 | 12,819 |
Other assets | 1,666 | 1,693 |
Total assets | 112,799 | 120,214 |
Current liabilities: | ||
Accounts payable - trade | 2,528 | 2,650 |
Accrued liabilities | 3,913 | 6,108 |
Total current liabilities | 6,441 | 8,758 |
Long term debt- noncurrent | 0 | 6,000 |
Deferred compensation | 12,464 | 11,773 |
Deferred rent and other liabilities | 750 | 331 |
Total liabilities | 19,655 | 26,862 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock - $1.00 par value; authorized 600 shares, no shares issued | ||
Common stock - $1.00 par value; authorized 20,000 shares, 9,164 shares issued and 8,803 outstanding at January 31, 2017; 8,753 outstanding at April 30, 2016 | 9,164 | 9,164 |
Additional paid-in capital | 56,235 | 55,576 |
Retained earnings | 27,141 | 28,533 |
92,540 | 93,273 | |
Common stock reacquired and held in treasury - at cost (361 shares at January 31, 2017 and 411 shares at April 30, 2016) | (1,652) | (1,885) |
Accumulated other comprehensive income | 2,256 | 1,964 |
Total stockholders’ equity | 93,144 | 93,352 |
Total liabilities and stockholders’ equity | $ 112,799 | $ 120,214 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) shares in Thousands, $ in Thousands | Jan. 31, 2017 | Apr. 30, 2016 |
Allowance for doubtful accounts (in Dollars) | $ 187 | $ 189 |
Preferred stock, par value (in Dollars per share) | $ 1 | $ 1 |
Preferred stock - shares authorized | 600 | 600 |
Preferred stock - shares issued | 0 | 0 |
Common stock, par value (in Dollars per share) | $ 1 | $ 1 |
Common stock shares issued | 9,164 | 9,164 |
Common stock - authorized shares | 20,000 | 20,000 |
Common stock - shares outstanding | 8,803 | 8,753 |
Treasury stock, shares | 361 | 411 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income(Loss) and Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2017 | Jan. 31, 2016 | |
Revenues | $ 12,796 | $ 13,498 | $ 38,118 | $ 46,182 |
Cost of revenues | 9,071 | 8,773 | 26,167 | 30,459 |
Gross margin | 3,725 | 4,725 | 11,951 | 15,723 |
Selling and administrative expenses | 3,296 | 3,151 | 9,893 | 10,067 |
Research and development expenses | 1,375 | 1,302 | 5,147 | 4,395 |
Operating (loss) profit | (946) | 272 | (3,089) | 1,261 |
Other income (expense): | ||||
Investment income | 108 | 43 | 387 | 408 |
Interest expense | (61) | (37) | (128) | (93) |
Other income, net | 49 | 24 | 46 | 428 |
(Loss) income before provision for income taxes | (850) | 302 | (2,784) | 2,004 |
(Tax benefit) provision for income taxes | (1,188) | 20 | (1,392) | 900 |
Net (loss) income | $ 338 | $ 282 | $ (1,392) | $ 1,104 |
Net (loss) income per common share | ||||
Basic (in Dollars per share) | $ 0.04 | $ 0.03 | $ (0.16) | $ 0.13 |
Diluted (in Dollars per share) | $ 0.04 | $ 0.03 | $ (0.16) | $ 0.12 |
Weighted average shares outstanding | ||||
Basic (in Shares) | 8,797,218 | 8,736,186 | 8,780,069 | 8,722,500 |
Diluted (in Shares) | 8,979,987 | 8,924,938 | 8,780,069 | 8,947,747 |
Condensed Consolidated Statements of Comprehensive (Loss) Income | ||||
Net (loss) income | $ 338 | $ 282 | $ (1,392) | $ 1,104 |
Other comprehensive (loss) income: | ||||
Foreign currency translation adjustment | (284) | (1,002) | 86 | (210) |
Unrealized gain (loss) on marketable securities: | ||||
Change in market value of marketable securities before reclassification, net of tax of ($112) and $226, respectively | 98 | (147) | 215 | (436) |
Reclassification adjustment for realized gains included in net income, net of tax of $5 and $45, respectively | (9) | 0 | (9) | (90) |
Total unrealized gain (loss) on marketable securities, net of tax | 89 | (147) | 206 | (526) |
Total other comprehensive income | (195) | (1,149) | 292 | (736) |
Comprehensive (loss) income | $ 143 | $ (867) | $ (1,100) | $ 368 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Income(Loss) and Comprehensive (Loss) Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2017 | Jan. 31, 2016 | |
Change in market value of marketable securities before reclassification, tax | $ 51 | $ 76 | $ (112) | $ 226 |
Reclassification adjustment for realized gains included in net income, tax | $ 5 | $ 0 | $ 5 | $ 45 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2016 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (1,392) | $ 1,104 |
Non-cash charges to earnings | 4,141 | 2,907 |
Net changes in operating assets and liabilities | (197) | (2,023) |
Net cash provided by operating activities | 2,552 | 1,988 |
Cash flows from investing activities: | ||
Proceeds on redemption of marketable securities | 3,852 | 1,167 |
Purchase of marketable securities | 0 | (1,356) |
Purchase of fixed assets and other assets | (3,799) | (1,640) |
Net cash provided by (used in) investing activities | 53 | (1,829) |
Cash flows from financing activities: | ||
Proceeds from credit line borrowings | 280 | 0 |
Payment of credit line borrowings | (6,280) | 0 |
Tax benefit from exercise of stock-based compensation | 25 | 8 |
Net cash (used in) provided by financing activities | (5,975) | 8 |
Net (decrease) increase in cash and cash equivalents before effect of exchange rate changes | (3,370) | 167 |
Effect of exchange rate changes on cash and cash equivalents | 397 | (310) |
Net decrease in cash and cash equivalents | (2,973) | (143) |
Cash and cash equivalents at beginning of period | 6,082 | 7,222 |
Cash and cash equivalents at end of period | 3,109 | 7,079 |
Supplemental disclosures of cash flow information: | ||
Interest | 115 | 93 |
Income Taxes | $ 335 | $ 1,155 |
NOTE A - CONDENSED CONSOLIDATED
NOTE A - CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | 9 Months Ended |
Jan. 31, 2017 | |
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 January 31, 2017, and the results of its operations and cash flows for the nine and three months ended January 31, 2017 and 2016. The April 30, 2016 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, 2016, filed on July 29, 2016. 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 | 9 Months Ended |
Jan. 31, 2017 | |
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: Nine months Three months Periods ended January 31, 2017 2016 2017 2016 Weighted average shares outstanding: Basic 8,780,069 8,722,500 8,797,218 8,736,186 Effect of dilutive securities ** 225,247 182,769 188,752 Diluted 8,780,069 8,947,747 8,979,987 8,924,938 ** For the nine months ended January 31, 2017, dilutive securities are excluded since the inclusion of such shares would be antidilutive due to the net loss for the period. The exercisable shares excluded are 1,261,875. The computation of diluted earnings per share in the other fiscal periods 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: Nine months Three months Periods ended January 31, 2017 2016 2017 2016 Outstanding options and SARS excluded ** 390,125 546,625 548,125 |
NOTE C - COSTS AND ESTIMATED EA
NOTE C - COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET | 9 Months Ended |
Jan. 31, 2017 | |
Contractors [Abstract] | |
Long-term Contracts or Programs Disclosure [Text Block] | NOTE C – COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET At January 31, 2017 and April 30, 2016, costs and estimated earnings in excess of billings, net, consist of the following: January 31, 2017 April 30, 2016 (In thousands) Costs and estimated earnings in excess of billings $ 10,129 $ 12,460 Billings in excess of costs and estimated earnings (919 ) (83 ) Net asset $ 9,210 $ 12,377 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 nine and three months ended January 31, 2017, revenue recognized under percentage of completion contracts was approximately $19.5 million and $7.1 million, respectively. During the nine and three months ended January 31, 2016, such revenue was approximately $26.0 million and $7.5 million, respectively. If contract losses are anticipated, costs and estimated earnings in excess of billings are reduced for the full amount of such losses when they are determinable. For the nine months ended January 31, 2017 anticipated contract losses were approximately $210,000, these non-material losses are expected to be contained within this fiscal year. |
NOTE D - TREASURY STOCK TRANSAC
NOTE D - TREASURY STOCK TRANSACTIONS | 9 Months Ended |
Jan. 31, 2017 | |
Disclosure Text Block Supplement [Abstract] | |
Treasury Stock [Text Block] | NOTE D – TREASURY STOCK TRANSACTIONS During the nine and three month periods ended January 31, 2017, the Company made contributions of 35,435 shares and 7,737 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 periods, the Company issued 15,299 shares and 1,731 shares from treasury upon the exercise of SARs by certain officers and employees of the Company. |
NOTE E - INVENTORIES
NOTE E - INVENTORIES | 9 Months Ended |
Jan. 31, 2017 | |
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: January 31, 2017 April 30, 2016 (In thousands) Raw Materials and Component Parts $ 23,188 $ 25,110 Work in Progress 13,585 12,042 Finished Goods 4,396 4,126 $ 41,169 $ 41,278 As of January 31, 2017 and April 30, 2016, approximately $35.8 million and $35.3 million, respectively, of total inventory is located in the United States, approximately $4.5 million and $5.0 million, respectively, is located in Belgium and $0.9 million and $1.0 million, respectively, is located in China. The Company buys inventory in bulk quantities which may be used over significant time periods; due to its nature, the inventory does not deteriorate. |
NOTE F - SEGMENT INFORMATION
NOTE F - SEGMENT INFORMATION | 9 Months Ended |
Jan. 31, 2017 | |
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): Nine months Three months Periods ended January 31, 2017 2016 2017 2016 Revenues: FEI-NY $ 27,176 $ 35,306 $ 9,461 $ 9,719 Gillam-FEI 4,109 3,862 1,440 1,577 FEI-Zyfer 9,473 7,979 2,877 2,482 less intersegment revenues (2,640 ) (965 ) (982 ) (280 ) Consolidated revenues $ 38,118 $ 46,182 $ 12,796 $ 13,498 Operating (loss) profit: FEI-NY $ (2,431 ) $ 1,181 $ (680 ) $ 237 Gillam-FEI (760 ) (631 ) (70 ) (70 ) FEI-Zyfer 444 1,088 (20 ) 256 Corporate (342 ) (377 ) (176 ) (151 ) Consolidated operating (loss) profit $ (3,089 ) $ 1,261 $ (946 ) $ 272 January 31, 2017 April 30, 2016 Identifiable assets: FEI-NY (approximately $1.9 and $2.5 million in China) $ 65,063 $ 62,992 Gillam-FEI (all in Belgium or France) 8,461 9,610 FEI-Zyfer 11,513 13,275 less intersegment balances (10,289 ) (7,651 ) Corporate 38,051 41,988 Consolidated identifiable assets $ 112,799 $ 120,214 |
NOTE G - INVESTMENT IN MORION,
NOTE G - INVESTMENT IN MORION, INC. | 9 Months Ended |
Jan. 31, 2017 | |
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 nine months ended January 31, 2017 and 2016, the Company acquired product from Morion in the aggregate amount of approximately $249,000 and $74,000, respectively, and the Company sold product and training services to Morion in the aggregate amount of approximately $10,000 and $435,000, respectively. (See discussion of revenues recognized under the license agreement in the paragraph below.) During the three months ended January 31, 2017 and 2016, the Company acquired product from Morion in the aggregate amount of approximately $45,000 and $13,000, respectively, and the Company did not sell product or training services to Morion for these periods. At January 31, 2017, approximately $4,000 was payable to Morion and accounts receivable from Morion was approximately $33,000. During the nine months ended January 31, 2017 and 2016, the Company received dividends from Morion of approximately $100,000 and $30,000, respectively. On October 22, 2012, the Company entered into an agreement to license its rubidium oscillator production technology to Morion. The agreement required the Company to sell certain fully-depreciated production equipment previously 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. On March 29, 2016, the Company renegotiated the $1 million dollar amendment under the original agreement dated October 22, 2012 to $602,000 due to the U.S. Government easing of export regulations. Of this amount $392,500 was billed and paid during fiscal year 2016. During the nine months ended January 31, 2016, sales to Morion included $10,000 under this agreement. The remaining amount will be billed by December 2017. |
NOTE H - FAIR VALUE OF FINANCIA
NOTE H - FAIR VALUE OF FINANCIAL INSTRUMENTS | 9 Months Ended |
Jan. 31, 2017 | |
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 January 31, 2017 and April 30, 2016 are as follows (in thousands): January 31, 2017 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Fixed income securities $ 1,617 $ 37 $ (1 ) $ 1,653 Equity securities 5,142 1,073 (288 ) 5,927 $ 6,759 $ 1,110 $ (289 ) $ 7,580 April 30, 2016 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Fixed income securities $ 3,407 $ 121 $ (6 ) $ 3,522 Equity securities 7,197 974 (582 ) 7,589 $ 10,604 $ 1,095 $ (588 ) $ 11,111 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 Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses January 31, 2017 Fixed Income Securities $ 238 $ (1 ) $ - $ - $ 238 $ (1 ) Equity Securities 220 (13 ) 1,413 (275 ) 1,633 (288 ) $ 458 $ (14 ) $ 1,413 $ (275 ) $ 1,871 $ (289 ) April 30, 2016 Fixed Income Securities $ - $ - $ 467 $ (6 ) $ 467 $ (6 ) Equity Securities 574 (18 ) 2,232 (564 ) 2,806 (582 ) $ 574 $ (18 ) $ 2,699 $ (570 ) $ 3,273 $ (588 ) 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 January 31, 2017 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 nine months ended January 31, 2017 and 2016, the Company sold or redeemed available-for-sale securities in the amounts of $3.9 million and $1.2 million, respectively, realizing gains of approximately $14,000 and $131,000, respectively. Maturities of fixed income securities classified as available-for-sale at January 31, 2017 are as follows, at cost (in thousands): Current $ 100 Due after one year through five years 201 Due after five years through ten years 1,316 $ 1,617 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 ACCOUN
NOTE I - RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
Jan. 31, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | NOTE I – RECENT ACCOUNTING PRONOUNCEMENTS In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment In March 2016, the FASB amended the existing accounting standards for stock-based compensation, ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting In February 2016, the FASB issued ASU No. 2016-02 Leases (Topic 842) In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory In August 2014, the FASB issued ASU No. 2014-15 , Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In May 2014, the FASB issued ASU No. 2014-09 , Revenue from Contracts with Customers (Topic 606) |
NOTE J - CREDIT FACILITY
NOTE J - CREDIT FACILITY | 9 Months Ended |
Jan. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | NOTE J – CREDIT FACILITY On January 30, 2017, the Company repaid the principal balance due on its credit facility, dated June 6, 2013, with JPMorgan Chase Bank, N.A. Subsequently, the Company voluntarily terminated this credit facility with JPMorgan Chase Bank, N.A to reduce the fees and expenses associated with maintaining that facility. The Company did not incur any early termination fees associated with its voluntary termination of this credit facility. If, in the future, the Company determines that it would be beneficial to have a credit facility in place, the Company believes that alternative facilities are available. |
NOTE K - VALUATION ALLOWANCE ON
NOTE K - VALUATION ALLOWANCE ON DEFERRED TAX ASSETS | 9 Months Ended |
Jan. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | NOTE K – INCOME TAX PROVISION AND VALUATION ALLOWANCE ON DEFERRED TAX ASSETS The effective tax rate for the nine months ended January 31, 2017 was 50% compared to 44.9% in the nine months ended January 31, 2016. For the three months ended January 31, 2017 and 2016, the effective tax rates were 139.8% and 6.6%, respectively. The current effective tax rates for the nine and three months ended January 31, 2017, reflect a tax benefit for losses generated by domestic operations as well as the impact of deductible permanent differences between book and taxable income. The increase in the effective tax rates compared to the prior periods is primarily due to changes in the earnings mix between U.S. and non-domestic operations and a U.S. tax deduction relating to the realization of the excess tax basis in common shares of FEI-Asia. During the three months ended January 31, 2017, the Company made a tax election to treat FEI-Asia a disregarded entity for U.S. tax purposes. Consequently, the Company recorded an income tax benefit of $1,392 and $1,188, respectively, compared to an income tax provision of $900 and $20 recorded in the respective nine and three month periods ended January 31, 2017 and 2016, respectively. The Company’s projected annual effective tax rate is higher than the federal statutory rate of 34% primarily due to the impact of deductible permanent differences between book and tax income included in the computation of U.S. taxable income. The Company utilized R&D credits as well as the deduction relating to its investment in FEI-Asia during the nine and three months ended January 31, 2017 to lower its effective tax rate. The Company does not recognize an income tax benefit on pretax losses generated by its non-domestic operations. In prior fiscal years, the Company reduced the valuation allowance on the deferred tax assets of its U.S. subsidiaries. Consequently, for the nine and three months ended January 31, 2017 and 2016, 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 April 30, 2016, the deferred tax asset valuation allowance was approximately $3.3 million. The valuation allowance is primarily related to the deferred tax assets of Gillam-FEI and U.S. state investment tax credit carryovers. |
NOTE B - EARNINGS PER SHARE (Ta
NOTE B - EARNINGS PER SHARE (Tables) | 9 Months Ended |
Jan. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Reconciliation of the weighted average shares outstanding for basic and diluted Earnings Per Share are as follows: Nine months Three months Periods ended January 31, 2017 2016 2017 2016 Weighted average shares outstanding: Basic 8,780,069 8,722,500 8,797,218 8,736,186 Effect of dilutive securities ** 225,247 182,769 188,752 Diluted 8,780,069 8,947,747 8,979,987 8,924,938 ** For the nine months ended January 31, 2017, dilutive securities are excluded since the inclusion of such shares would be antidilutive due to the net loss for the period. The exercisable shares excluded are 1,261,875. |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | The computation of diluted earnings per share in the other fiscal periods 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: Nine months Three months Periods ended January 31, 2017 2016 2017 2016 Outstanding options and SARS excluded ** 390,125 546,625 548,125 |
NOTE C - COSTS AND ESTIMATED 19
NOTE C - COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Tables) | 9 Months Ended |
Jan. 31, 2017 | |
Contractors [Abstract] | |
Costs and Estimated Earnings in Excess of Billings, Net [Table Text Block] | At January 31, 2017 and April 30, 2016, costs and estimated earnings in excess of billings, net, consist of the following: January 31, 2017 April 30, 2016 (In thousands) Costs and estimated earnings in excess of billings $ 10,129 $ 12,460 Billings in excess of costs and estimated earnings (919 ) (83 ) Net asset $ 9,210 $ 12,377 |
NOTE E - INVENTORIES (Tables)
NOTE E - INVENTORIES (Tables) | 9 Months Ended |
Jan. 31, 2017 | |
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: January 31, 2017 April 30, 2016 (In thousands) Raw Materials and Component Parts $ 23,188 $ 25,110 Work in Progress 13,585 12,042 Finished Goods 4,396 4,126 $ 41,169 $ 41,278 |
NOTE F - SEGMENT INFORMATION (T
NOTE F - SEGMENT INFORMATION (Tables) | 9 Months Ended |
Jan. 31, 2017 | |
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): Nine months Three months Periods ended January 31, 2017 2016 2017 2016 Revenues: FEI-NY $ 27,176 $ 35,306 $ 9,461 $ 9,719 Gillam-FEI 4,109 3,862 1,440 1,577 FEI-Zyfer 9,473 7,979 2,877 2,482 less intersegment revenues (2,640 ) (965 ) (982 ) (280 ) Consolidated revenues $ 38,118 $ 46,182 $ 12,796 $ 13,498 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Operating (loss) profit: FEI-NY $ (2,431 ) $ 1,181 $ (680 ) $ 237 Gillam-FEI (760 ) (631 ) (70 ) (70 ) FEI-Zyfer 444 1,088 (20 ) 256 Corporate (342 ) (377 ) (176 ) (151 ) Consolidated operating (loss) profit $ (3,089 ) $ 1,261 $ (946 ) $ 272 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | January 31, 2017 April 30, 2016 Identifiable assets: FEI-NY (approximately $1.9 and $2.5 million in China) $ 65,063 $ 62,992 Gillam-FEI (all in Belgium or France) 8,461 9,610 FEI-Zyfer 11,513 13,275 less intersegment balances (10,289 ) (7,651 ) Corporate 38,051 41,988 Consolidated identifiable assets $ 112,799 $ 120,214 |
NOTE H - FAIR VALUE OF FINANC22
NOTE H - FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended |
Jan. 31, 2017 | |
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 January 31, 2017 and April 30, 2016 are as follows (in thousands): January 31, 2017 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Fixed income securities $ 1,617 $ 37 $ (1 ) $ 1,653 Equity securities 5,142 1,073 (288 ) 5,927 $ 6,759 $ 1,110 $ (289 ) $ 7,580 April 30, 2016 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Fixed income securities $ 3,407 $ 121 $ (6 ) $ 3,522 Equity securities 7,197 974 (582 ) 7,589 $ 10,604 $ 1,095 $ (588 ) $ 11,111 |
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 Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses January 31, 2017 Fixed Income Securities $ 238 $ (1 ) $ - $ - $ 238 $ (1 ) Equity Securities 220 (13 ) 1,413 (275 ) 1,633 (288 ) $ 458 $ (14 ) $ 1,413 $ (275 ) $ 1,871 $ (289 ) April 30, 2016 Fixed Income Securities $ - $ - $ 467 $ (6 ) $ 467 $ (6 ) Equity Securities 574 (18 ) 2,232 (564 ) 2,806 (582 ) $ 574 $ (18 ) $ 2,699 $ (570 ) $ 3,273 $ (588 ) |
Investments Classified by Contractual Maturity Date [Table Text Block] | Maturities of fixed income securities classified as available-for-sale at January 31, 2017 are as follows, at cost (in thousands): Current $ 100 Due after one year through five years 201 Due after five years through ten years 1,316 $ 1,617 |
NOTE B - EARNINGS PER SHARE (De
NOTE B - EARNINGS PER SHARE (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2017 | Jan. 31, 2016 | |
Earnings Per Share [Abstract] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 546,625 | 548,125 | 1,261,875 | 390,125 |
NOTE B - EARNINGS PER SHARE (D
NOTE B - EARNINGS PER SHARE (Details) - Schedule of Earnings Per Share, Basic and Diluted - shares | 3 Months Ended | 9 Months Ended | |||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2017 | Jan. 31, 2016 | ||
Weighted average shares outstanding: | |||||
Basic | 8,797,218 | 8,736,186 | 8,780,069 | 8,722,500 | |
Effect of dilutive securities | [1] | 182,769 | 188,752 | 225,247 | |
Diluted | 8,979,987 | 8,924,938 | 8,780,069 | 8,947,747 | |
[1] | For the nine months ended January 31, 2017, dilutive securities are excluded since the inclusion of such shares would be antidilutive due to the net loss for the period. The exercisable shares excluded are 1,261,875. |
NOTE B - EARNINGS PER SHARE 25
NOTE B - EARNINGS PER SHARE (Details) - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share - shares | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2017 | Jan. 31, 2016 | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Abstract] | ||||
Outstanding options and SARS excluded | 546,625 | 548,125 | 1,261,875 | 390,125 |
NOTE C - COSTS AND ESTIMATED 26
NOTE C - COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2017 | Jan. 31, 2016 | |
NOTE C - COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Details) [Line Items] | ||||
Revenues | $ 12,796,000 | $ 13,498,000 | $ 38,118,000 | $ 46,182,000 |
Contracts Receivable, Claims and Uncertain Amounts, Expected to be Collected in Remainder of Fiscal Year | 210,000 | 210,000 | ||
Contracts Accounted for under Percentage of Completion [Member] | ||||
NOTE C - COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Details) [Line Items] | ||||
Revenues | $ 7,100,000 | $ 7,500,000 | $ 19,500,000 | $ 26,000,000 |
NOTE C - COSTS AND ESTIMATED 27
NOTE C - COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Details) - Costs and Estimated Earnings in Excess of Billings, Net - USD ($) $ in Thousands | Jan. 31, 2017 | Apr. 30, 2016 |
Costs and Estimated Earnings in Excess of Billings, Net [Abstract] | ||
Costs and estimated earnings in excess of billings | $ 10,129 | $ 12,460 |
Billings in excess of costs and estimated earnings | (919) | (83) |
Net asset | $ 9,210 | $ 12,377 |
NOTE D - TREASURY STOCK TRANS28
NOTE D - TREASURY STOCK TRANSACTIONS (Details) - shares | 3 Months Ended | 9 Months Ended |
Jan. 31, 2017 | Jan. 31, 2017 | |
Disclosure Text Block Supplement [Abstract] | ||
Defined Contribution Plan, Employer Discretionary Contribution, Shares | 7,737 | 35,435 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 1,731 | 15,299 |
NOTE E - INVENTORIES (Details)
NOTE E - INVENTORIES (Details) - USD ($) $ in Thousands | Jan. 31, 2017 | Apr. 30, 2016 |
NOTE E - INVENTORIES (Details) [Line Items] | ||
Inventory, Net | $ 41,169 | $ 41,278 |
UNITED STATES | ||
NOTE E - INVENTORIES (Details) [Line Items] | ||
Inventory, Net | 35,800 | 35,300 |
BELGIUM | ||
NOTE E - INVENTORIES (Details) [Line Items] | ||
Inventory, Net | 4,500 | 5,000 |
CHINA | ||
NOTE E - INVENTORIES (Details) [Line Items] | ||
Inventory, Net | $ 900 | $ 1,000 |
NOTE E - INVENTORIES (Details)
NOTE E - INVENTORIES (Details) - Schedule of Inventory, Current - USD ($) $ in Thousands | Jan. 31, 2017 | Apr. 30, 2016 |
Schedule of Inventory, Current [Abstract] | ||
Raw Materials and Component Parts | $ 23,188 | $ 25,110 |
Work in Progress | 13,585 | 12,042 |
Finished Goods | 4,396 | 4,126 |
$ 41,169 | $ 41,278 |
NOTE F - SEGMENT INFORMATION (D
NOTE F - SEGMENT INFORMATION (Details) | 9 Months Ended |
Jan. 31, 2017 | |
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 (
NOTE F - SEGMENT INFORMATION (Details) - Reconciliation of Revenue from Segments to Consolidated - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2017 | Jan. 31, 2016 | |
Revenues: | ||||
Revenues | $ 12,796 | $ 13,498 | $ 38,118 | $ 46,182 |
Frequency Electronics Inc New York [Member] | ||||
Revenues: | ||||
Revenues | 9,461 | 9,719 | 27,176 | 35,306 |
Gillam Frequency Electronics Inc [Member] | ||||
Revenues: | ||||
Revenues | 1,440 | 1,577 | 4,109 | 3,862 |
Frequency Electronics Inc Zyfer [Member] | ||||
Revenues: | ||||
Revenues | 2,877 | 2,482 | 9,473 | 7,979 |
Inter Segment [Member] | ||||
Revenues: | ||||
Revenues | $ (982) | $ (280) | $ (2,640) | $ (965) |
NOTE F - SEGMENT INFORMATION 33
NOTE F - SEGMENT INFORMATION (Details) - Reconciliation of Operating Profit (Loss) from Segments to Consolidated - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2017 | Jan. 31, 2016 | |
Operating (loss) profit: | ||||
Operating profit (loss) | $ (946) | $ 272 | $ (3,089) | $ 1,261 |
Frequency Electronics Inc New York [Member] | ||||
Operating (loss) profit: | ||||
Operating profit (loss) | (680) | 237 | (2,431) | 1,181 |
Gillam Frequency Electronics Inc [Member] | ||||
Operating (loss) profit: | ||||
Operating profit (loss) | (70) | (70) | (760) | (631) |
Frequency Electronics Inc Zyfer [Member] | ||||
Operating (loss) profit: | ||||
Operating profit (loss) | (20) | 256 | 444 | 1,088 |
Corporate Segment [Member] | ||||
Operating (loss) profit: | ||||
Operating profit (loss) | $ (176) | $ (151) | $ (342) | $ (377) |
NOTE F - SEGMENT INFORMATION 34
NOTE F - SEGMENT INFORMATION (Details) - Schedule of Reconciliation of Assets from Segment to Consolidated - USD ($) $ in Thousands | Jan. 31, 2017 | Apr. 30, 2016 |
Identifiable assets: | ||
Identifiable Assets | $ 112,799 | $ 120,214 |
Frequency Electronics Inc New York [Member] | ||
Identifiable assets: | ||
Identifiable Assets | 65,063 | 62,992 |
Gillam Frequency Electronics Inc [Member] | ||
Identifiable assets: | ||
Identifiable Assets | 8,461 | 9,610 |
Frequency Electronics Inc Zyfer [Member] | ||
Identifiable assets: | ||
Identifiable Assets | 11,513 | 13,275 |
Inter Segment [Member] | ||
Identifiable assets: | ||
Identifiable Assets | (10,289) | (7,651) |
Corporate Segment [Member] | ||
Identifiable assets: | ||
Identifiable Assets | $ 38,051 | $ 41,988 |
NOTE F - SEGMENT INFORMATION 35
NOTE F - SEGMENT INFORMATION (Details) - Schedule of Reconciliation of Assets from Segment to Consolidated (Parentheticals) - USD ($) $ in Millions | Jan. 31, 2017 | Apr. 30, 2016 |
CHINA | Frequency Electronics Inc New York [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Identifiable assets | $ 1.9 | $ 2.5 |
NOTE G - INVESTMENT IN MORION36
NOTE G - INVESTMENT IN MORION, INC. (Details) - Morion Inc [Member] - USD ($) | Oct. 22, 2012 | Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2017 | Jan. 31, 2016 | Mar. 29, 2016 |
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 | $ 45,000 | $ 13,000 | $ 249,000 | $ 74,000 | ||
Revenue from Related Parties | 10,000 | 435,000 | ||||
Accounts Payable, Related Parties, Current | 4,000 | 4,000 | ||||
Accounts Receivable, Related Parties, Current | $ 33,000 | 33,000 | ||||
Proceeds from Dividends Received | $ 100,000 | $ 30,000 | ||||
Licensing Agreement [Member] | ||||||
NOTE G - INVESTMENT IN MORION, INC. (Details) [Line Items] | ||||||
Long-term Purchase Commitment, Description | The agreement required the Company to sell certain fully-depreciated production equipment previously 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. | |||||
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 | |||||
Balance for Transfer of License Due Once State Department Approves Removal of Certain Provisions [Member] | ||||||
NOTE G - INVESTMENT IN MORION, INC. (Details) [Line Items] | ||||||
Revenue from Related Parties | $ 10,000 | |||||
License And Equipment Fee Receivable | $ 602,000 |
NOTE H - FAIR VALUE OF FINANC37
NOTE H - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) | 9 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | ||
Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds | $ 3,900,000 | $ 1,200,000 |
Available-for-sale Securities, Gross Realized Gains | $ 14,000 | $ 131,000 |
NOTE H - FAIR VALUE OF FINANC38
NOTE H - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Schedule of Available-for-sale Securities Reconciliation - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Jan. 31, 2017 | Apr. 30, 2016 | |
NOTE H - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Schedule of Available-for-sale Securities Reconciliation [Line Items] | ||
Cost | $ 6,759 | $ 10,604 |
Gross Unrealized Gains | 1,110 | 1,095 |
Gross Unrealized Losses | (289) | (588) |
Fair Market Value | 7,580 | 11,111 |
Fixed Income Securities [Member] | ||
NOTE H - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Schedule of Available-for-sale Securities Reconciliation [Line Items] | ||
Cost | 1,617 | 3,407 |
Gross Unrealized Gains | 37 | 121 |
Gross Unrealized Losses | (1) | (6) |
Fair Market Value | 1,653 | 3,522 |
Equity Securities [Member] | ||
NOTE H - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Schedule of Available-for-sale Securities Reconciliation [Line Items] | ||
Cost | 5,142 | 7,197 |
Gross Unrealized Gains | 1,073 | 974 |
Gross Unrealized Losses | (288) | (582) |
Fair Market Value | $ 5,927 | $ 7,589 |
NOTE H - FAIR VALUE OF FINANC39
NOTE H - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Jan. 31, 2017 | Apr. 30, 2016 | |
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 | $ 458 | $ 574 |
Unrealized Losses, Less than 12 months | (14) | (18) |
Fair Value, 12 Months or more | 1,413 | 2,699 |
Unrealized Losses, 12 Months or more | (275) | (570) |
Fair Value | 1,871 | 3,273 |
Unrealized Losses | (289) | (588) |
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 | 238 | 0 |
Unrealized Losses, Less than 12 months | (1) | 0 |
Fair Value, 12 Months or more | 0 | 467 |
Unrealized Losses, 12 Months or more | 0 | (6) |
Fair Value | 238 | 467 |
Unrealized Losses | (1) | (6) |
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 | 220 | 574 |
Unrealized Losses, Less than 12 months | (13) | (18) |
Fair Value, 12 Months or more | 1,413 | 2,232 |
Unrealized Losses, 12 Months or more | (275) | (564) |
Fair Value | 1,633 | 2,806 |
Unrealized Losses | $ (288) | $ (582) |
NOTE H - FAIR VALUE OF FINANC40
NOTE H - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Investments Classified by Contractual Maturity Date - Fixed Income Securities [Member] $ in Thousands | Jan. 31, 2017USD ($) |
NOTE H - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Investments Classified by Contractual Maturity Date [Line Items] | |
Current | $ 100 |
Due after one year through five years | 201 |
Due after five years through ten years | 1,316 |
$ 1,617 |
NOTE K - VALUATION ALLOWANCE 41
NOTE K - VALUATION ALLOWANCE ON DEFERRED TAX ASSETS (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2017 | Jan. 31, 2016 | Apr. 30, 2016 | |
Income Tax Disclosure [Abstract] | |||||
Effective Income Tax Rate Reconciliation, Percent | 139.80% | 6.60% | 50.00% | 44.90% | |
Income Tax Expense (Benefit) | $ (1,188) | $ 20 | $ (1,392) | $ 900 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | ||||
Deferred Tax Assets, Valuation Allowance | $ 3,300 |