Frequency Electronics (FEIM) 10-Q 14 Sep 17 2018 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Jul. 31, 2017	Sep. 08, 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	Jul. 31, 2017
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 31, 2017	Apr. 30, 2017
Current assets:
Cash and cash equivalents	$ 10,910	$ 2,163
Marketable securities	1,594	7,815
Accounts receivable, net of allowance for doubtful accounts of $187 at July 31, 2017 and at April 30, 2017	8,107	10,986
Costs and estimated earnings in excess of billings, net	7,697	7,964
Inventories, net	30,457	29,051
Prepaid income taxes	2,459	2,606
Prepaid expenses and other	890	1,105
Current assets of discontinued operations	8,412	8,165
Total current assets	70,526	69,855
Property, plant and equipment, at cost, net of accumulated depreciation and amortization	14,641	14,813
Deferred income taxes	11,902	11,902
Goodwill and other intangible assets	617	617
Cash surrender value of life insurance and cash held in trust	13,534	13,376
Other assets	2,280	2,187
Non-current assets of discontinued operations	572	569
Total assets	114,072	113,319
Current liabilities:
Accounts payable - trade	2,690	2,437
Accrued liabilities	3,149	3,425
Current liabilities of discontinued operations	2,276	2,249
Total current liabilities	8,115	8,111
Deferred compensation	13,353	13,252
Deferred rent and other liabilities	1,397	1,409
Non-current liabilities of discontinued operations	1,316	1,215
Total liabilities	24,181	23,987
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 8,831 outstanding at July 31, 2017; 8,817 outstanding at April 30, 2017	9,164	9,164
Additional paid-in capital	55,985	55,767
Retained earnings	24,326	23,712
	89,475	88,643
Common stock reacquired and held in treasury - at cost (333 shares at July 31, 2017 and 347 shares at April 30, 2017)	(1,525)	(1,592)
Accumulated other comprehensive income	1,941	2,281
Total stockholders' equity	89,891	89,332
Total liabilities and stockholders' equity	$ 114,072	$ 113,319

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Jul. 31, 2017	Apr. 30, 2017
Allowance for doubtful accounts (in Dollars)	$ 187	$ 187
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	8,831	8,817
Treasury stock, shares	333	347

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2017	Jul. 31, 2016
Revenues	$ 12,023	$ 11,562
Cost of revenues	7,502	7,737
Gross margin	4,521	3,825
Selling and administrative expenses	2,712	2,832
Research and development expense	1,629	1,401
Operating profit (loss)	180	(408)
Other income (expense):
Investment income	1,154	92
Interest expense	(21)	(42)
Other income, net	2	1
Income (loss) before provision for income taxes	1,315	(357)
Provision (benefit) for income taxes	485	(40)
Net income (loss) from continuing operations	830	(317)
Loss from discontinued operations, net of tax	(216)	(389)
Net income (loss)	$ 614	$ (706)
Net income (loss) per common share:
Basic earnings (loss) from continued operations (in Dollars per share)	$ 0.09	$ (0.04)
Basic loss from discontinued operations (in Dollars per share)	(0.02)	(0.04)
Basic earnings (loss) per share (in Dollars per share)	0.07	(0.08)
Diluted earnings (loss) from continued operations (in Dollars per share)	0.09	(0.04)
Diluted loss from discontinued operations (in Dollars per share)	(0.02)	(0.04)
Diluted earnings (loss) per share (in Dollars per share)	$ 0.07	$ (0.08)
Weighted average shares outstanding:
Basic (in Shares)	8,826,026	8,762,355
Diluted (in Shares)	8,967,307	8,762,355
Condensed Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	$ 614	$ (706)
Foreign currency translation adjustment	315	(615)
Change in market value of marketable securities before reclassification, net of tax of ($19) and ($161)	34	312
Reclassification adjustment for realized gains included in net income, net of tax of $355 in 2017	(689)	0
Total unrealized (loss) gain on marketable securities, net of tax	(655)	312
Total other comprehensive loss	(340)	(303)
Comprehensive income (loss)	$ 274	$ (1,009)

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Income and Comprehensive Income (Loss) (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2017	Jul. 31, 2016
Change in market value of marketable securities before reclassification, tax	$ (19)	$ (161)
Reclassification adjustment for realized gains included in net income, tax	$ 355

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2017	Jul. 31, 2016
Cash flows from operating activities:
Net income (loss) from continuing operations	$ 830	$ (317)
Net loss from discontinued operations	(216)	(389)
Net income (loss)	614	(706)
Non-cash charges to earnings	145	1,347
Net changes in operating assets and liabilities	1,759	(1,237)
Cash provided by (used in) operating activities – continuing operations	2,518	(596)
Cash provided by operating activities – discontinued operations	641	25
Net cash provided by (used in) operating activities	3,159	(571)
Cash flows from investing activities:
Proceeds on redemption of marketable securities	6,273	0
Purchase of fixed assets and other assets	(450)	(1,077)
Cash provided by (used in) investing activities – continuing operations	5,823	(1,077)
Cash used in investing activities – discontinued operations	(9)	(10)
Net cash provided by (used in) investing activities	5,814	(1,087)
Cash flows from financing activities:
Tax benefit from exercise of stock-based compensation	1	1
Cash provided by financing activities – continuing operations	1	1
Cash used in financing activities – discontinued operations	0	0
Net cash provided by financing activities	1	1
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes	8,974	(1,657)
Effect of exchange rate changes on cash and cash equivalents	316	(409)
Net increase (decrease) in cash and cash equivalents	9,290	(2,066)
Cash and cash equivalents at beginning of period	2,738	6,082
Cash and cash equivalents at end of period	12,028	4,016
Less cash and equivalents of discontinued operations at end of period	1,118	263
Cash and cash equivalents of continuing operations at end of period	10,910	3,753
Supplemental disclosures of cash flow information:
Interest	17	38
Income Taxes	$ 0	$ 70

NOTE A - CONDENSED CONSOLIDATED

NOTE A - CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	3 Months Ended
	Jul. 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 July 31, 2017 and the results of its operations and cash flows for the three months ended July 31, 2017 and 2016. The April 30, 2017 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 Company's Annual Report on Form 10-K for the year ended April 30, 2017, filed on July 31, 2017, and the financial statements and notes thereto. The results of operations for such interim periods are not necessarily indicative of the operating results for the full fiscal year.

NOTE B - DISCONTINUED OPERATION

NOTE B - DISCONTINUED OPERATIONS	3 Months Ended
	Jul. 31, 2017
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	NOTE B – DISCONTINUED OPERATIONS In December 2016, the Company entered into a share purchase agreement with certain foreign counterparties with respect to a potential sale of Gillam-FEI, the Company’s Belgian subsidiary. However, these counterparties have not yet performed their obligations under that agreement. Because the counterparties have failed to perform their obligations under the share purchase agreement the Company has a right to terminate that share purchase agreement. The Company continues to negotiate with these counterparties to effectuate a closing of the transaction contemplated by the share purchase agreement, but the Company is also discussing a sale of the Gilliam business with other potential buyers. In April 2017, the Company decided to sell its Gillam business as soon as practicable, and began contacting potential buyers other than the counterparty to the stock purchase agreement. The Company believes that the divestment is on a path to completion by the end of fiscal year 2018. Accordingly, the Company determined that the assets and liabilities of this reportable segment met the discontinued operations criteria in Accounting Standards Codification 205-20-45 for the year ended April 30, 2017, and Gillam’s results have been classified as discontinued operations in the accompanying Consolidated Statements of Operations and Comprehensive Income (Loss). Summarized operating results for the Gillam discontinued operations, for the three months ended July 31, 2017 and 2016 respectively, are as follows: July 31, July 31, 2017 2016 (UNAUDITED) (UNAUDITED) (In thousands except par value) Revenues $ 1,012 $ 846 Cost of revenues 716 557 Gross Margin 296 289 Selling and administrative expenses 357 494 Research and development expenses 150 183 Operating Loss (211 ) (388 ) Other income (expense): Investment (loss) income Other income (expense), net (1 ) (1 ) Loss before provision for income taxes (212 ) (389 ) Provision for income taxes (4 ) - Net loss $ (216 ) $ (389 ) The carrying amounts of assets and liabilities for the Gillam discontinued operations are as follows: July 31, April 30, 2017 2017 Cash and cash equivalents $ 1,118 $ 575 Accounts receivable, net of allowance for doubtful accounts 2,679 3,202 Inventories, net 4,382 3,980 Prepaid expenses and other 233 408 Total current assets of discontinued operations $ 8,412 $ 8,165 Property, plant and equipment, at cost, net of accumulated depreciation and amortization $ 557 $ 555 Investments 15 14 Deferred taxes – non-current - - Total non-current assets of discontinued operations $ 572 $ 569 Accounts payable – trade $ 855 $ 949 Accrued liabilities 1,421 1,300 Total current liabilities of discontinued operations 2,276 2,249 Deferred rent and other liabilities 1,316 1,215 Total non-current liabilities of discontinued operations $ 1,316 $ 1,215

NOTE C - EARNINGS PER SHARE

NOTE C - EARNINGS PER SHARE	3 Months Ended
	Jul. 31, 2017
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	NOTE C – EARNINGS PER SHARE Reconciliation of the weighted average shares outstanding for basic and diluted Earnings Per Share are as follows: Three months ended July 31, 2017 2016 Weighted average shares outstanding: Basic 8,826,026 8,762,355 Effect of dilutive securities 141,281 ** Diluted 8,967,307 8,762,355 ** For the three-month period ended July 31, 2016, 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 1,200,625. The effect of dilutive securities for the period would have been 179,001. 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: Three months ended July 31, 2017 2016 Outstanding options and SARS excluded 893,500 **

NOTE D - COSTS AND ESTIMATED EA

NOTE D - COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET	3 Months Ended
	Jul. 31, 2017
Contractors [Abstract]
Long-term Contracts or Programs Disclosure [Text Block]	NOTE D – COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET At July 31, 2017 and April 30, 2017, costs and estimated earnings in excess of billings, net, consist of the following: July 31, 2017 April 30, 2017 (In thousands) Costs and estimated earnings in excess of billings $ 7,940 $ 8,890 Billings in excess of costs and estimated earnings (243 ) (926 ) Net asset $ 7,697 $ 7,964 Such amounts represent revenue recognized on long-term contracts that had not been billed at the balance sheet dates or represent a liability for amounts billed in excess of the revenue recognized. Amounts are billed to customers pursuant to contract terms, whereas the related revenue is recognized on the percentage of completion basis at the measurement date. In general, the recorded amounts will be billed and collected or revenue recognized within twelve months of the balance sheet date. Revenue on these long-term contracts is accounted for on the percentage of completion basis. During the three months ended July 31, 2017 and 2016, revenue recognized under percentage of completion contracts was approximately $6.4 million and $7.3 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.

NOTE E - TREASURY STOCK TRANSAC

NOTE E - TREASURY STOCK TRANSACTIONS	3 Months Ended
	Jul. 31, 2017
Disclosure Text Block Supplement [Abstract]
Treasury Stock [Text Block]	NOTE E – TREASURY STOCK TRANSACTIONS During the three month period ended July 31, 2017, the Company made contributions of 13,740 shares of its common stock held in treasury to the Company’s profit sharing plan and trust under Section 401(k) of the Internal Revenue Code. Such contributions are in accordance with the Company’s discretionary match of employee voluntary contributions to this plan. During the same period, the Company issued 844 shares from treasury upon the exercise of SARS by certain officers and employees of the Company.

NOTE F - INVENTORIES

NOTE F - INVENTORIES	3 Months Ended
	Jul. 31, 2017
Inventory Disclosure [Abstract]
Inventory Disclosure [Text Block]	NOTE F – INVENTORIES Inventories, which are reported at the lower of cost or market, consist of the following: July 31, 2017 April 30, 2017 (In thousands) Raw Materials and Component Parts $ 21,255 $ 17,702 Work in Progress 4,924 7,340 Finished Goods 4,278 4,009 $ 30,457 $ 29,051 As of July 31, 2017 and April 30, 2017, approximately $29.5 million and $28.2 million, respectively, of total inventory is located in the United States and $0.9 million and $0.8 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 G - SEGMENT INFORMATION

NOTE G - SEGMENT INFORMATION	3 Months Ended
	Jul. 31, 2017
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	NOTE G – SEGMENT INFORMATION The Company operates under two 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) 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 and FEI-Asia. FEI-Asia functions as a manufacturing facility for the FEI-NY segment 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): Three months ended July 31, 2017 2016 Revenues: FEI-NY $ 9,160 $ 9,982 FEI-Zyfer 4,272 2,346 less intercompany revenues (1,409 ) (766 ) Consolidated revenues $ 12,023 $ 11,562 Operating (loss) profit : FEI-NY $ (400 ) $ (173 ) FEI-Zyfer 691 (185 ) Corporate (111 ) (50 ) Consolidated operating (loss) profit $ 180 $ (408 ) July 31, 2017 April 30, 2017 Identifiable assets: FEI-NY (approximately $1.7 million in China) $ 62,756 $ 64,828 FEI-Zyfer 12,128 10,427 less intersegment balances (12,577 ) (11,992 ) Corporate 51,765 50,056 Consolidated identifiable assets $ 114,072 $ 113,319

NOTE H - INVESTMENT IN MORION,

NOTE H - INVESTMENT IN MORION, INC.	3 Months Ended
	Jul. 31, 2017
Investment Holdings [Abstract]
Investment Holdings [Text Block]	NOTE H – INVESTMENT IN MORION, INC. The Company has an investment in Morion, Inc., (“Morion”) a privately-held Russian company, which manufactures high precision quartz resonators and crystal oscillators. The Company’s investment consists of 4.6% of Morion’s outstanding shares, accordingly, the Company accounts for its investment in Morion on the cost basis. This investment is included in other assets in the accompanying balance sheets. During the three months ended July 31, 2017 and 2016, the Company acquired product from Morion in the aggregate amount of approximately $64,000 and $81,000, respectively, and the Company sold product and training services to Morion in the aggregate amount of approximately $182,000 and $10,000, respectively. (See discussion of revenues recognized under the license agreement in the paragraph below.) At July 31, 2017 there were neither amounts owed nor receivable related to Morion. During the three months ended July 31, 2017 the Company received a dividend from Morion in the amount of approximately $51,000, and no dividend was received for the comparable period of the previous fiscal year. 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. During the fiscal year ended April 30, 2016, sales to Morion included $375,000 for product and training services under this agreement. Per the amended agreement, the balance of $1 million for the transfer of the license will be due once the United States Department of State (“the State Department”) approves the removal of certain provisions of the original agreement. The State Department has approved the technology transfer called for under the agreement. On March 29, 2016, the Company renegotiated the $1 million 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 and the balance of $210,000 was billed during fiscal year 2017 and was subsequently collected.

NOTE I - FAIR VALUE OF FINANCIA

NOTE I - FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
	Jul. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	NOTE I – FAIR VALUE OF FINANCIAL INSTRUMENTS The cost, gross unrealized gains, gross unrealized losses and fair market value of available-for-sale securities at July 31, 2017 and April 30, 2017, respectively are as follows (in thousands): July 31, 2017 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Fixed income securities $ 1,516 $ 78 $ - $ 1,594 Equity securities - - - - $ 1,516 $ 78 $ - $ 1,594 April 30, 2017 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Fixed income securities $ 1,516 $ 60 $ - $ 1,576 Equity securities 5,230 1,248 (239 ) 6,239 $ 6,746 $ 1,308 $ (239 ) $ 7,815 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 July 31, 2017 Fixed Income Securities $ - $ - $ - $ - $ - $ - Equity Securities - - - - - - $ - $ - $ - $ - $ - $ - April 30, 2017 Fixed Income Securities $ - $ - $ - $ - $ - $ - Equity Securities 219 (9 ) 1,024 (230 ) 1,243 (239 ) $ 219 $ (9 ) $ 1,024 $ (230 ) $ 1,243 $ (239 ) The Company regularly reviews its investment portfolio to identify and evaluate investments that have indications of possible impairment. The Company does not believe that its investments in marketable securities with unrealized losses at July 31, 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 three months ended July 31, 2017 the Company sold or redeemed available-for-sale securities in the amounts of $6.3 million, realizing gains of approximately $1 million. During the three months ended July 31, 2016, the Company neither sold nor redeemed available-for-sale securities. Maturities of fixed income securities classified as available-for-sale at July 31, 2017 are as follows, at cost (in thousands): Current $ - Due after one year through five years 201 Due after five years through ten years 1,315 $ 1,516 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; and - 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 J - RECENTLY ISSUED ACCOUN

NOTE J - RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Jul. 31, 2017
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	NOTE J – RECENT ACCOUNTING PRONOUNCEMENTS In January 2017, the Financial Accounting Standards Board (“the 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 July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory In May 2014, the FASB issued ASU No. 2014-09 , Revenue from Contracts with Customers (Topic 606)

NOTE K - CREDIT FACILITY

NOTE K - CREDIT FACILITY	3 Months Ended
	Jul. 31, 2017
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	NOTE K – 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. As at July 31, 2017, the Company had available credit at variable terms based on its securities holdings under an advisory arrangement, under which no borrowings have been made.

NOTE L - VALUATION ALLOWANCE ON

NOTE L - VALUATION ALLOWANCE ON DEFERRED TAX ASSETS	3 Months Ended
	Jul. 31, 2017
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	NOTE L – VALUATION ALLOWANCE ON DEFERRED TAX ASSETS Deferred income taxes arise from temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements, which will result in taxable or deductible amounts in the future. In evaluating our ability to recover deferred tax assets in the jurisdiction from which they arise, we consider all positive and negative evidence, including the reversal of deferred tax liabilities, projected future taxable income, tax planning strategies, and results of recent operations. The carrying value of the Company’s net deferred tax assets, assumes that the Company will be able to generate sufficient future taxable income in certain jurisdictions, based on estimates and assumptions. If these estimates and assumptions change in the future, the Company may be required to record an additional valuation allowances against its deferred tax assets resulting in additional income tax expense in the consolidated statement of operations, or conversely to further reduce its existing valuation allowance resulting in less income tax expense. The Company evaluates the realizability of deferred tax assets and assesses the need for additional valuation allowance quarterly. The valuation allowance of approximately $3.3 million as of July 31, 2017 is intended to provide for uncertainty regarding the ultimate realization of U.S. state investment credits carryovers, and foreign net operating loss and tax credit carryovers.

NOTE B - DISCONTINUED OPERATI19

NOTE B - DISCONTINUED OPERATIONS (Tables)	3 Months Ended
	Jul. 31, 2017
Consolidated Statements of Operations and Comprehensive (Loss) Income [Member]
NOTE B - DISCONTINUED OPERATIONS (Tables) [Line Items]
Disposal Groups, Including Discontinued Operations [Table Text Block]	Summarized operating results for the Gillam discontinued operations, for the three months ended July 31, 2017 and 2016 respectively, are as follows: July 31, July 31, 2017 2016 (UNAUDITED) (UNAUDITED) (In thousands except par value) Revenues $ 1,012 $ 846 Cost of revenues 716 557 Gross Margin 296 289 Selling and administrative expenses 357 494 Research and development expenses 150 183 Operating Loss (211 ) (388 ) Other income (expense): Investment (loss) income Other income (expense), net (1 ) (1 ) Loss before provision for income taxes (212 ) (389 ) Provision for income taxes (4 ) - Net loss $ (216 ) $ (389 )
Balance Sheets [Member]
NOTE B - DISCONTINUED OPERATIONS (Tables) [Line Items]
Disposal Groups, Including Discontinued Operations [Table Text Block]	The carrying amounts of assets and liabilities for the Gillam discontinued operations are as follows: July 31, April 30, 2017 2017 Cash and cash equivalents $ 1,118 $ 575 Accounts receivable, net of allowance for doubtful accounts 2,679 3,202 Inventories, net 4,382 3,980 Prepaid expenses and other 233 408 Total current assets of discontinued operations $ 8,412 $ 8,165 Property, plant and equipment, at cost, net of accumulated depreciation and amortization $ 557 $ 555 Investments 15 14 Deferred taxes – non-current - - Total non-current assets of discontinued operations $ 572 $ 569 Accounts payable – trade $ 855 $ 949 Accrued liabilities 1,421 1,300 Total current liabilities of discontinued operations 2,276 2,249 Deferred rent and other liabilities 1,316 1,215 Total non-current liabilities of discontinued operations $ 1,316 $ 1,215

NOTE C - EARNINGS PER SHARE (Ta

NOTE C - EARNINGS PER SHARE (Tables)	3 Months Ended
	Jul. 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: Three months ended July 31, 2017 2016 Weighted average shares outstanding: Basic 8,826,026 8,762,355 Effect of dilutive securities 141,281 ** Diluted 8,967,307 8,762,355 ** For the three-month period ended July 31, 2016, 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 1,200,625. The effect of dilutive securities for the period would have been 179,001.
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: Three months ended July 31, 2017 2016 Outstanding options and SARS excluded 893,500 **

NOTE D - COSTS AND ESTIMATED 21

NOTE D - COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Tables)	3 Months Ended
	Jul. 31, 2017
Contractors [Abstract]
Costs and Estimated Earnings in Excess of Billings, Net [Table Text Block]	At July 31, 2017 and April 30, 2017, costs and estimated earnings in excess of billings, net, consist of the following: July 31, 2017 April 30, 2017 (In thousands) Costs and estimated earnings in excess of billings $ 7,940 $ 8,890 Billings in excess of costs and estimated earnings (243 ) (926 ) Net asset $ 7,697 $ 7,964

NOTE F - INVENTORIES (Tables)

NOTE F - INVENTORIES (Tables)	3 Months Ended
	Jul. 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: July 31, 2017 April 30, 2017 (In thousands) Raw Materials and Component Parts $ 21,255 $ 17,702 Work in Progress 4,924 7,340 Finished Goods 4,278 4,009 $ 30,457 $ 29,051

NOTE G - SEGMENT INFORMATION (T

NOTE G - SEGMENT INFORMATION (Tables)	3 Months Ended
	Jul. 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): Three months ended July 31, 2017 2016 Revenues: FEI-NY $ 9,160 $ 9,982 FEI-Zyfer 4,272 2,346 less intercompany revenues (1,409 ) (766 ) Consolidated revenues $ 12,023 $ 11,562
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]	Operating (loss) profit : FEI-NY $ (400 ) $ (173 ) FEI-Zyfer 691 (185 ) Corporate (111 ) (50 ) Consolidated operating (loss) profit $ 180 $ (408 )
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	July 31, 2017 April 30, 2017 Identifiable assets: FEI-NY (approximately $1.7 million in China) $ 62,756 $ 64,828 FEI-Zyfer 12,128 10,427 less intersegment balances (12,577 ) (11,992 ) Corporate 51,765 50,056 Consolidated identifiable assets $ 114,072 $ 113,319

NOTE I - FAIR VALUE OF FINANC24

NOTE I - FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Jul. 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 July 31, 2017 and April 30, 2017, respectively are as follows (in thousands): July 31, 2017 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Fixed income securities $ 1,516 $ 78 $ - $ 1,594 Equity securities - - - - $ 1,516 $ 78 $ - $ 1,594 April 30, 2017 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Fixed income securities $ 1,516 $ 60 $ - $ 1,576 Equity securities 5,230 1,248 (239 ) 6,239 $ 6,746 $ 1,308 $ (239 ) $ 7,815
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 July 31, 2017 Fixed Income Securities $ - $ - $ - $ - $ - $ - Equity Securities - - - - - - $ - $ - $ - $ - $ - $ - April 30, 2017 Fixed Income Securities $ - $ - $ - $ - $ - $ - Equity Securities 219 (9 ) 1,024 (230 ) 1,243 (239 ) $ 219 $ (9 ) $ 1,024 $ (230 ) $ 1,243 $ (239 )
Investments Classified by Contractual Maturity Date [Table Text Block]	Maturities of fixed income securities classified as available-for-sale at July 31, 2017 are as follows, at cost (in thousands): Current $ - Due after one year through five years 201 Due after five years through ten years 1,315 $ 1,516

NOTE B - DISCONTINUED OPERATI25

NOTE B - DISCONTINUED OPERATIONS (Details) - Disposal Groups, Including Discontinued Operations - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2017	Jul. 31, 2016
Disposal Groups, Including Discontinued Operations [Abstract]
Revenues	$ 1,012	$ 846
Cost of revenues	716	557
Gross Margin	296	289
Selling and administrative expenses	357	494
Research and development expenses	150	183
Operating Loss	(211)	(388)
Other income (expense):
Other income (expense), net	(1)	(1)
Loss before provision for income taxes	(212)	(389)
Provision for income taxes	(4)	0
Net loss	$ (216)	$ (389)

NOTE B - DISCONTINUED OPERATI26

NOTE B - DISCONTINUED OPERATIONS (Details) - Disposal Groups, Including Discontinued Operations - USD ($) $ in Thousands	Jul. 31, 2017	Apr. 30, 2017	Jul. 31, 2016
Disposal Groups, Including Discontinued Operations [Abstract]
Cash and cash equivalents	$ 1,118	$ 575	$ 263
Accounts receivable, net of allowance for doubtful accounts	2,679	3,202
Inventories, net	4,382	3,980
Prepaid expenses and other	233	408
Total current assets of discontinued operations	8,412	8,165
Property, plant and equipment, at cost, net of accumulated depreciation and amortization	557	555
Investments	15	14
Deferred taxes – non-current	0	0
Total non-current assets of discontinued operations	572	569
Accounts payable – trade	855	949
Accrued liabilities	1,421	1,300
Total current liabilities of discontinued operations	2,276	2,249
Deferred rent and other liabilities	1,316	1,215
Total non-current liabilities of discontinued operations	$ 1,316	$ 1,215

NOTE C - EARNINGS PER SHARE (De

NOTE C - EARNINGS PER SHARE (Details) - shares	3 Months Ended
	Jul. 31, 2017	Jul. 31, 2016
NOTE C - EARNINGS PER SHARE (Details) [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	893,500	179,001
Employee Stock Option [Member]
NOTE C - EARNINGS PER SHARE (Details) [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		1,200,625

NOTE C - EARNINGS PER SHARE (D

NOTE C - EARNINGS PER SHARE (Details) - Schedule of Earnings Per Share, Basic and Diluted - shares	3 Months Ended
	Jul. 31, 2017	Jul. 31, 2016
Weighted average shares outstanding:
Basic	8,826,026	8,762,355
Effect of dilutive securities	141,281		[1]
Diluted	8,967,307	8,762,355
[1]	For the three-month period ended July 31, 2016, 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 1,200,625. The effect of dilutive securities for the period would have been 179,001.

NOTE C - EARNINGS PER SHARE 29

NOTE C - EARNINGS PER SHARE (Details) - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share - shares	3 Months Ended
	Jul. 31, 2017	Jul. 31, 2016
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Abstract]
Outstanding options and SARS excluded	893,500	179,001

NOTE D - COSTS AND ESTIMATED 30

NOTE D - COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2017	Jul. 31, 2016
NOTE D - COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Details) [Line Items]
Revenues	$ 12,023	$ 11,562
Contracts Accounted for under Percentage of Completion [Member]
NOTE D - COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Details) [Line Items]
Revenues	$ 6,400	$ 7,300

NOTE D - COSTS AND ESTIMATED 31

NOTE D - COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Details) - Costs and Estimated Earnings in Excess of Billings, Net - USD ($) $ in Thousands	Jul. 31, 2017	Apr. 30, 2017
Costs and Estimated Earnings in Excess of Billings, Net [Abstract]
Costs and estimated earnings in excess of billings	$ 7,940	$ 8,890
Billings in excess of costs and estimated earnings	(243)	(926)
Net asset	$ 7,697	$ 7,964

NOTE E - TREASURY STOCK TRANS32

NOTE E - TREASURY STOCK TRANSACTIONS (Details)	3 Months Ended
	Jul. 31, 2017shares
Disclosure Text Block Supplement [Abstract]
Defined Contribution Plan, Employer Discretionary Contribution, Shares	13,740
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	844

NOTE F - INVENTORIES (Details)

NOTE F - INVENTORIES (Details) - USD ($) $ in Thousands	Jul. 31, 2017	Apr. 30, 2017
NOTE F - INVENTORIES (Details) [Line Items]
Inventory, Net	$ 30,457	$ 29,051
UNITED STATES
NOTE F - INVENTORIES (Details) [Line Items]
Inventory, Net	29,500	28,200
CHINA
NOTE F - INVENTORIES (Details) [Line Items]
Inventory, Net	$ 900	$ 800

NOTE F - INVENTORIES (Details)

NOTE F - INVENTORIES (Details) - Schedule of Inventory, Current - USD ($) $ in Thousands	Jul. 31, 2017	Apr. 30, 2017
Schedule of Inventory, Current [Abstract]
Raw Materials and Component Parts	$ 21,255	$ 17,702
Work in Progress	4,924	7,340
Finished Goods	4,278	4,009
	$ 30,457	$ 29,051

NOTE G - SEGMENT INFORMATION (D

NOTE G - SEGMENT INFORMATION (Details)	3 Months Ended
	Jul. 31, 2017
NOTE G - SEGMENT INFORMATION (Details) [Line Items]
Number of Reportable Segments	2
Frequency Electronics Inc New York [Member]
NOTE G - SEGMENT INFORMATION (Details) [Line Items]
Number Of Principal Markets	3

NOTE G - SEGMENT INFORMATION (

NOTE G - SEGMENT INFORMATION (Details) - Reconciliation of Revenue from Segments to Consolidated - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2017	Jul. 31, 2016
Revenues:
Revenues	$ 12,023	$ 11,562
Frequency Electronics Inc New York [Member]
Revenues:
Revenues	9,160	9,982
Frequency Electronics Inc Zyfer [Member]
Revenues:
Revenues	4,272	2,346
Inter Segment [Member]
Revenues:
Revenues	$ (1,409)	$ (766)

NOTE G - SEGMENT INFORMATION 37

NOTE G - SEGMENT INFORMATION (Details) - Reconciliation of Operating Profit (Loss) from Segments to Consolidated - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2017	Jul. 31, 2016
Operating (loss) profit :
Operating profit (loss)	$ 180	$ (408)
Frequency Electronics Inc New York [Member]
Operating (loss) profit :
Operating profit (loss)	(400)	(173)
Frequency Electronics Inc Zyfer [Member]
Operating (loss) profit :
Operating profit (loss)	691	(185)
Corporate Segment [Member]
Operating (loss) profit :
Operating profit (loss)	$ (111)	$ (50)

NOTE G - SEGMENT INFORMATION 38

NOTE G - SEGMENT INFORMATION (Details) - Schedule of Reconciliation of Assets from Segment to Consolidated - USD ($) $ in Thousands	Jul. 31, 2017	Apr. 30, 2017
Identifiable assets:
Identifiable Assets	$ 114,072	$ 113,319
Frequency Electronics Inc New York [Member]
Identifiable assets:
Identifiable Assets	62,756	64,828
Frequency Electronics Inc Zyfer [Member]
Identifiable assets:
Identifiable Assets	12,128	10,427
Inter Segment [Member]
Identifiable assets:
Identifiable Assets	(12,577)	(11,992)
Corporate Segment [Member]
Identifiable assets:
Identifiable Assets	$ 51,765	$ 50,056

NOTE G - SEGMENT INFORMATION 39

NOTE G - SEGMENT INFORMATION (Details) - Schedule of Reconciliation of Assets from Segment to Consolidated (Parentheticals) - USD ($) $ in Millions	Jul. 31, 2017	Apr. 30, 2017
Frequency Electronics Inc New York [Member] | CHINA
Segment Reporting, Asset Reconciling Item [Line Items]
Identifiable assets	$ 1.7	$ 1.7

NOTE H - INVESTMENT IN MORION40

NOTE H - INVESTMENT IN MORION, INC. (Details) - USD ($)	Oct. 22, 2012	Jul. 31, 2017	Jul. 31, 2016	Apr. 30, 2017	Apr. 30, 2016	Mar. 29, 2016
Morion Inc [Member]
NOTE H - INVESTMENT IN MORION, INC. (Details) [Line Items]
Cost Method Investment Ownership Percentage		4.60%
Related Party Transaction, Purchases from Related Party		$ 64,000	$ 81,000
Revenue from Related Parties		182,000	$ 10,000		$ 375,000
Proceeds from Dividends Received		$ 51,000
Morion Inc [Member] | Licensing Agreement [Member]
NOTE H - 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
Morion Inc [Member] | Balance for Transfer of License Due Once State Department Approves Removal of Certain Provisions [Member]
NOTE H - INVESTMENT IN MORION, INC. (Details) [Line Items]
License And Equipment Fee Receivable						$ 602,000
Licensing Agreement [Member] | Morion Inc [Member]
NOTE H - INVESTMENT IN MORION, INC. (Details) [Line Items]
License and Services Revenue				$ 210,000	$ 392,500

NOTE I - FAIR VALUE OF FINANC41

NOTE I - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) $ in Millions	3 Months Ended
	Jul. 31, 2017USD ($)
Investments, Debt and Equity Securities [Abstract]
Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds	$ 6.3
Available-for-sale Securities, Gross Realized Gains	$ 1

NOTE I - FAIR VALUE OF FINANC42

NOTE I - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Schedule of Available-for-sale Securities Reconciliation - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jul. 31, 2017	Apr. 30, 2017
NOTE I - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Schedule of Available-for-sale Securities Reconciliation [Line Items]
Cost	$ 1,516	$ 6,746
Gross Unrealized Gains	78	1,308
Gross Unrealized Losses	0	(239)
Fair Market Value	1,594	7,815
Fixed Income Securities [Member]
NOTE I - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Schedule of Available-for-sale Securities Reconciliation [Line Items]
Cost	1,516	1,516
Gross Unrealized Gains	78	60
Gross Unrealized Losses	0	0
Fair Market Value	1,594	1,576
Equity Securities [Member]
NOTE I - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Schedule of Available-for-sale Securities Reconciliation [Line Items]
Cost	0	5,230
Gross Unrealized Gains	0	1,248
Gross Unrealized Losses	0	(239)
Fair Market Value	$ 0	$ 6,239

NOTE I - FAIR VALUE OF FINANC43

NOTE I - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jul. 31, 2017	Apr. 30, 2017
NOTE I - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Line Items]
Fair Value, Less than 12 months	$ 0	$ 219
Unrealized Losses, Less than 12 months	0	(9)
Fair Value, 12 Months or more	0	1,024
Unrealized Losses, 12 Months or more	0	(230)
Fair Value	0	1,243
Unrealized Losses	0	(239)
Fixed Income Securities [Member]
NOTE I - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Line Items]
Fair Value, Less than 12 months	0	0
Unrealized Losses, Less than 12 months	0	0
Fair Value, 12 Months or more	0	0
Unrealized Losses, 12 Months or more	0	0
Fair Value	0	0
Unrealized Losses	0	0
Equity Securities [Member]
NOTE I - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Line Items]
Fair Value, Less than 12 months	0	219
Unrealized Losses, Less than 12 months	0	(9)
Fair Value, 12 Months or more	0	1,024
Unrealized Losses, 12 Months or more	0	(230)
Fair Value	0	1,243
Unrealized Losses	$ 0	$ (239)

NOTE I - FAIR VALUE OF FINANC44

NOTE I - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Investments Classified by Contractual Maturity Date - Fixed Income Securities [Member] $ in Thousands	Jul. 31, 2017USD ($)
NOTE I - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Investments Classified by Contractual Maturity Date [Line Items]
Current	$ 0
Due after one year through five years	201
Due after five years through ten years	1,315
	$ 1,516

NOTE L - VALUATION ALLOWANCE 45

NOTE L - VALUATION ALLOWANCE ON DEFERRED TAX ASSETS (Details) $ in Millions	Jul. 31, 2017USD ($)
Income Tax Disclosure [Abstract]
Deferred Tax Assets, Valuation Allowance	$ 3.3