Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Oct. 31, 2017 | Dec. 11, 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 | Oct. 31, 2017 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 31, 2017 | Apr. 30, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 11,015 | $ 2,163 |
Marketable securities | 1,395 | 7,815 |
Accounts receivable, net of allowance for doubtful accounts of $187 at October 31, 2017 and at April 30, 2017 | 7,071 | 10,986 |
Costs and estimated earnings in excess of billings, net | 5,949 | 7,964 |
Inventories, net | 31,210 | 29,051 |
Prepaid income taxes | 3,478 | 2,606 |
Prepaid expenses and other | 1,242 | 1,105 |
Current assets of discontinued operations | 8,157 | 8,165 |
Total current assets | 69,517 | 69,855 |
Property, plant and equipment, at cost, net of accumulated depreciation and amortization | 14,349 | 14,813 |
Deferred income taxes | 11,794 | 11,902 |
Goodwill and other intangible assets | 617 | 617 |
Cash surrender value of life insurance and cash held in trust | 13,694 | 13,376 |
Other assets | 2,169 | 2,187 |
Non-current assets of discontinued operations | 562 | 569 |
Total assets | 112,702 | 113,319 |
Current liabilities: | ||
Accounts payable - trade | 2,694 | 2,437 |
Accrued liabilities | 2,907 | 3,425 |
Current liabilities of discontinued operations | 1,978 | 2,249 |
Total current liabilities | 7,579 | 8,111 |
Deferred compensation | 13,453 | 13,252 |
Deferred rent and other liabilities | 1,405 | 1,409 |
Non-current liabilities of discontinued operations | 1,387 | 1,215 |
Total liabilities | 23,824 | 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 8,843 outstanding at October 31, 2017; 8,817 outstanding at April 30, 2017 | 9,164 | 9,164 |
Additional paid-in capital | 56,139 | 55,767 |
Retained earnings | 22,845 | 23,712 |
88,148 | 88,643 | |
Common stock reacquired and held in treasury - at cost (321 shares at October 31, 2017 and 347 shares at April 30, 2017) | (1,472) | (1,592) |
Accumulated other comprehensive income | 2,202 | 2,281 |
Total stockholders’ equity | 88,878 | 89,332 |
Total liabilities and stockholders’ equity | $ 112,702 | $ 113,319 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) shares in Thousands, $ in Thousands | Oct. 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 | 8,843 | 8,817 |
Treasury stock, shares | 321 | 347 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Revenues | $ 9,337 | $ 11,466 | $ 21,360 | $ 23,028 |
Cost of revenues | 7,134 | 7,737 | 14,636 | 15,474 |
Gross margin | 2,203 | 3,729 | 6,724 | 7,554 |
Selling and administrative expenses | 2,335 | 2,816 | 5,046 | 5,648 |
Research and development expense | 1,734 | 2,095 | 3,364 | 3,496 |
Operating loss | (1,866) | (1,182) | (1,686) | (1,590) |
Other income (expense): | ||||
Investment income | 13 | 187 | 1,167 | 279 |
Interest expense | (21) | (26) | (41) | (67) |
Other income, net | 1 | 0 | 3 | 1 |
Loss before provision for income taxes | (1,873) | (1,021) | (557) | (1,377) |
Benefit for income taxes | (584) | (164) | (98) | (204) |
Net loss from continuing operations | (1,289) | (857) | (459) | (1,173) |
Loss from discontinued operations, net of tax | (192) | (167) | (408) | (557) |
Net loss | $ (1,481) | $ (1,024) | $ (867) | $ (1,730) |
Net loss per common share: | ||||
Basic loss from continued operations (in Dollars per share) | $ (0.15) | $ (0.10) | $ (0.05) | $ (0.14) |
Basic loss from discontinued operations (in Dollars per share) | (0.02) | (0.02) | (0.05) | (0.06) |
Basic loss per share (in Dollars per share) | (0.17) | (0.12) | (0.10) | (0.20) |
Diluted loss from continued operations (in Dollars per share) | (0.15) | (0.10) | (0.05) | (0.14) |
Diluted loss from discontinued operations (in Dollars per share) | (0.02) | (0.02) | (0.05) | (0.06) |
Diluted loss per share (in Dollars per share) | $ (0.17) | $ (0.12) | $ (0.10) | $ (0.20) |
Weighted average shares outstanding: | ||||
Basic (in Shares) | 8,834,945 | 8,780,633 | 8,830,486 | 8,771,494 |
Diluted (in Shares) | 8,834,945 | 8,780,633 | 8,830,486 | 8,771,494 |
Condensed Consolidated Statements of Comprehensive Loss | ||||
Net loss | $ (1,481) | $ (1,024) | $ (867) | $ (1,730) |
Foreign currency translation adjustment | 260 | 984 | 575 | 369 |
Change in market value of marketable securities before reclassification, net of tax of ($20) and ($61) | 3 | (194) | 37 | 118 |
Reclassification adjustment for realized gains included in net income, net of tax of $356 in 2017 | (2) | 0 | (691) | 0 |
Total unrealized (loss) gain on marketable securities, net of tax | 1 | (194) | (654) | 118 |
Total other comprehensive loss (income) | 261 | 790 | (79) | 487 |
Comprehensive loss | $ (1,220) | $ (234) | $ (946) | $ (1,243) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Income and Comprehensive Income (Loss) (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Change in market value of marketable securities before reclassification, tax | $ (2) | $ (161) | $ (20) | $ (61) |
Reclassification adjustment for realized gains included in net income, tax | $ 1 | $ 356 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Cash flows from operating activities: | ||||
Net loss from continuing operations | $ (1,289) | $ (857) | $ (459) | $ (1,173) |
Net loss from discontinued operations | (192) | (167) | (408) | (557) |
Net loss | (1,481) | (1,024) | (867) | (1,730) |
Non-cash charges to earnings | 1,451 | 2,864 | ||
Net changes in operating assets and liabilities | 1,631 | (4,340) | ||
Cash provided by (used in) operating activities – continuing operations | 2,215 | (3,206) | ||
Cash provided by operating activities – discontinued operations | 614 | 728 | ||
Net cash provided by (used in) operating activities | 2,829 | (2,478) | ||
Cash flows from investing activities: | ||||
Proceeds on redemption of marketable securities | 6,477 | 1,000 | ||
Purchase of fixed assets and other assets | (883) | (2,413) | ||
Cash provided by (used in) investing activities – continuing operations | 5,594 | (1,413) | ||
Cash used in investing activities – discontinued operations | (28) | (10) | ||
Net cash provided by (used in) investing activities | 5,566 | (1,423) | ||
Cash flows from financing activities: | ||||
Tax benefit from exercise of stock-based compensation | 1 | 25 | ||
Cash provided by financing activities – continuing operations | 1 | 25 | ||
Cash used in financing activities – discontinued operations | 0 | 280 | ||
Net cash provided by financing activities | 1 | 305 | ||
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes | 8,396 | (3,596) | ||
Effect of exchange rate changes on cash and cash equivalents | 675 | 1,619 | ||
Net increase (decrease) in cash and cash equivalents | 9,071 | (1,977) | ||
Cash and cash equivalents at beginning of period | 2,738 | 6,082 | ||
Cash and cash equivalents at end of period | 11,809 | 4,105 | 11,809 | 4,105 |
Less cash and equivalents of discontinued operations at end of period | 794 | 344 | 794 | 344 |
Cash and cash equivalents of continuing operations at end of period | $ 11,015 | $ 3,761 | 11,015 | 3,761 |
Supplemental disclosures of cash flow information: | ||||
Interest | 41 | 76 | ||
Income Taxes | $ 325 | $ 335 |
NOTE A - CONDENSED CONSOLIDATED
NOTE A - CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | 6 Months Ended |
Oct. 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 October 31, 2017 and the results of its operations and cash flows for the six and three months ended October 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 | 6 Months Ended |
Oct. 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 (“Gillam”), 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 Gillam 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 should be completed 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 Loss. Summarized operating results for the Gillam discontinued operations, for the three and six months ended October 31, 2017 and 2016 respectively, are as follows: Six months Three months Periods ended October 31, 2017 2016 2017 2016 (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (In thousands except par value) Revenues $ 1,955 $ 2,294 $ 943 $ 1,448 Cost of Revenues 1,390 1,621 674 1,064 Gross Margin 565 673 269 384 Selling and administrative expenses 703 950 346 456 Research and development expenses 268 277 118 94 Operating Loss (406 ) (554 ) (195 ) (166 ) Other income (expense): Investment (loss) income Other income (expense), net (3 ) (3 ) (2 ) (2 ) Loss before provision for income taxes (409 ) (557 ) (197 ) (168 ) Benefit for income taxes 1 - 5 - Net Loss $ (408 ) $ (557 ) $ (192 ) $ (168 ) The carrying amounts of assets and liabilities for the Gillam discontinued operations are as follows: October 31, April 30, 2017 2017 Cash and cash equivalents $ 794 $ 575 Accounts receivable, net of allowance for doubtful accounts 2,525 3,202 Inventories, net 4,633 3,980 Prepaid expenses and other 205 408 Total current assets of discontinued operations $ 8,157 $ 8,165 Property, plant and equipment, at cost, net of accumulated depreciation and amortization $ 547 $ 555 Investments 15 14 Deferred taxes – non-current - - Total non-current assets of discontinued operations $ 562 $ 569 Accounts payable – trade $ 1,004 $ 949 Accrued liabilities 974 1,300 Total current liabilities of discontinued operations 1,978 2,249 Deferred rent and other liabilities 1,387 1,215 Total non-current liabilities of discontinued operations $ 1,387 $ 1,215 |
NOTE C - EARNINGS PER SHARE
NOTE C - EARNINGS PER SHARE | 6 Months Ended |
Oct. 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: Six months Three months Periods ended October 31, 2017 2016 2017 2016 Weighted average shares outstanding: Basic 8,830,486 8,771,494 8,834,945 8,780,633 Effect of dilutive securities ** ** ** ** Diluted 8,830,486 8,771,494 8,834,945 8,780,633 ** For the six and three month periods ended October 31, 2017, dilutive securities are excluded since the inclusion of such shares would be antidilutive due to the net loss for the periods. The exercisable shares excluded are 1,353,750. The effect of dilutive securities for the periods would have been 129,245 and 117,209, respectively. For the six and three month periods ended October 31, 2016, dilutive securities are excluded since the inclusion of such shares would be antidilutive due to the net loss for the periods. The exercisable shares excluded are 1,265,375. The effect of dilutive securities for the periods would have been 184,793 and 190,418, respectively. 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: Six months Three months Periods ended October 31, 2017 2016 2017 2016 Outstanding options and SARS excluded - ** - ** - ** - ** |
NOTE D - COSTS AND ESTIMATED EA
NOTE D - COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET | 6 Months Ended |
Oct. 31, 2017 | |
Contractors [Abstract] | |
Long-term Contracts or Programs Disclosure [Text Block] | NOTE D – COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET At October 31, 2017 and April 30, 2017, costs and estimated earnings in excess of billings, net, consist of the following: October 31, 2017 April 30, 2017 (In thousands) Costs and estimated earnings in excess of billings $ 6,205 $ 8,890 Billings in excess of costs and estimated earnings (256 ) (926 ) Net asset $ 5,949 $ 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 six and three months ended October 31, 2017, revenue recognized under percentage of completion contracts was approximately $10.9 million and $4.5 million, respectively. During the six and three months ended October 31, 2016, such revenue was approximately $12.4 million and $5.1 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 | 6 Months Ended |
Oct. 31, 2017 | |
Disclosure Text Block Supplement [Abstract] | |
Treasury Stock [Text Block] | NOTE E – TREASURY STOCK TRANSACTIONS During the six and three months period ended October 31, 2017, the Company made contributions of 25,270 shares and 11,530 shares, respectively, of its common stock held in treasury to the Company’s profit sharing plan and trust under Section 401(k) of the Internal Revenue Code. Such contributions are in accordance with the Company’s discretionary match of employee voluntary contributions to this plan. During the six months ended October 31, 2017, 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 | 6 Months Ended |
Oct. 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: October 31, 2017 April 30, 2017 (In thousands) Raw Materials and Component Parts $ 18,552 $ 17,702 Work in Progress 8,233 7,340 Finished Goods 4,425 4,009 $ 31,210 $ 29,051 As of October 31, 2017 and April 30, 2017, approximately $30.2 million and $28.2 million, respectively, of total inventory is located in the United States and $1 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 | 6 Months Ended |
Oct. 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): Six months Three months Periods ended October 31, 2017 2016 2017 2016 Revenues: FEI-NY $ 15,740 $ 17,715 $ 6,579 $ 7,733 FEI-Zyfer 7,865 6,596 3,593 4,249 less intersegment revenues (2,245 ) (1,283 ) (835 ) (516 ) Consolidated revenues $ 21,360 $ 23,028 $ 9,337 $ 11,466 Operating loss: FEI-NY $ (2,758 ) $ (1,887 ) $ (2,358 ) $ (1,714 ) FEI-Zyfer 1,275 463 584 648 Corporate (203 ) (166 ) (92 ) (116 ) Consolidated operating loss $ (1,686 ) $ (1,590 ) $ (1,866 ) $ (1,182 ) October 31, 2017 April 30, 2017 Identifiable assets: FEI-NY (approximately $1.6 million in China) $ 62,242 $ 64,828 FEI-Zyfer 10,663 10,427 less intersegment balances (12,797 ) (11,992 ) Corporate 52,594 50,056 Consolidated identifiable assets $ 112,702 $ 113,319 |
NOTE H - INVESTMENT IN MORION,
NOTE H - INVESTMENT IN MORION, INC. | 6 Months Ended |
Oct. 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 six months ended October 31, 2017 and 2016, the Company acquired product from Morion in the aggregate amount of approximately $170,000 and $204,000, 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.) During the three months ended October 31, 2017 and 2016, the Company acquired product from Morion in the aggregate amount of approximately $106,000 and $123,000, respectively, and the Company did not have sales of product nor training services to Morion in same periods. At October 31, 2017 there were neither amounts owed nor receivable related to Morion. During the six months ended October 31, 2017 and 2016, the Company received a dividend from Morion in the amount of approximately $51,000 and $100,000, 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. 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. During the six months ended October 31, 2017 and 2016, sales to Morion include $182,000 and $10,000, respectively, under this agreement. |
NOTE I - FAIR VALUE OF FINANCIA
NOTE I - FAIR VALUE OF FINANCIAL INSTRUMENTS | 6 Months Ended |
Oct. 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 October 31, 2017 and April 30, 2017, respectively are as follows (in thousands): October 31, 2017 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Fixed income securities $ 1,316 $ 79 $ - $ 1,395 Equity securities - - - - $ 1,316 $ 79 $ - $ 1,395 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 October 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 October 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 six months ended October 31, 2017 the Company sold or redeemed available-for-sale securities in the amounts of $6.5 million, realizing gains of approximately $1 million. During the six months ended October 31, 2016, the Company sold or redeemed available-for-sale securities in the amount $1.0M, realizing no gain or loss. Maturities of fixed income securities classified as available-for-sale at October 31, 2017 are as follows, at cost (in thousands): Current $ - Due after one year through five years 98 Due after five years through ten years 1,217 $ 1,315 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 | 6 Months Ended |
Oct. 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 August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In February 2016, the FASB issued ASU No. 2016-02 Leases (Topic 842 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 | 6 Months Ended |
Oct. 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 October 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 | 6 Months Ended |
Oct. 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 $6.4 million as of October 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) | 6 Months Ended |
Oct. 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 and six months ended October 31, 2017 and 2016 respectively, are as follows: Six months Three months Periods ended October 31, 2017 2016 2017 2016 (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (In thousands except par value) Revenues $ 1,955 $ 2,294 $ 943 $ 1,448 Cost of Revenues 1,390 1,621 674 1,064 Gross Margin 565 673 269 384 Selling and administrative expenses 703 950 346 456 Research and development expenses 268 277 118 94 Operating Loss (406 ) (554 ) (195 ) (166 ) Other income (expense): Investment (loss) income Other income (expense), net (3 ) (3 ) (2 ) (2 ) Loss before provision for income taxes (409 ) (557 ) (197 ) (168 ) Benefit for income taxes 1 - 5 - Net Loss $ (408 ) $ (557 ) $ (192 ) $ (168 ) |
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: October 31, April 30, 2017 2017 Cash and cash equivalents $ 794 $ 575 Accounts receivable, net of allowance for doubtful accounts 2,525 3,202 Inventories, net 4,633 3,980 Prepaid expenses and other 205 408 Total current assets of discontinued operations $ 8,157 $ 8,165 Property, plant and equipment, at cost, net of accumulated depreciation and amortization $ 547 $ 555 Investments 15 14 Deferred taxes – non-current - - Total non-current assets of discontinued operations $ 562 $ 569 Accounts payable – trade $ 1,004 $ 949 Accrued liabilities 974 1,300 Total current liabilities of discontinued operations 1,978 2,249 Deferred rent and other liabilities 1,387 1,215 Total non-current liabilities of discontinued operations $ 1,387 $ 1,215 |
NOTE C - EARNINGS PER SHARE (Ta
NOTE C - EARNINGS PER SHARE (Tables) | 6 Months Ended |
Oct. 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: Six months Three months Periods ended October 31, 2017 2016 2017 2016 Weighted average shares outstanding: Basic 8,830,486 8,771,494 8,834,945 8,780,633 Effect of dilutive securities ** ** ** ** Diluted 8,830,486 8,771,494 8,834,945 8,780,633 ** For the six and three month periods ended October 31, 2017, dilutive securities are excluded since the inclusion of such shares would be antidilutive due to the net loss for the periods. The exercisable shares excluded are 1,353,750. The effect of dilutive securities for the periods would have been 129,245 and 117,209, respectively. For the six and three month periods ended October 31, 2016, dilutive securities are excluded since the inclusion of such shares would be antidilutive due to the net loss for the periods. The exercisable shares excluded are 1,265,375. The effect of dilutive securities for the periods would have been 184,793 and 190,418, respectively. |
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: Six months Three months Periods ended October 31, 2017 2016 2017 2016 Outstanding options and SARS excluded - ** - ** - ** - ** |
NOTE D - COSTS AND ESTIMATED 21
NOTE D - COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Tables) | 6 Months Ended |
Oct. 31, 2017 | |
Contractors [Abstract] | |
Costs and Estimated Earnings in Excess of Billings, Net [Table Text Block] | At October 31, 2017 and April 30, 2017, costs and estimated earnings in excess of billings, net, consist of the following: October 31, 2017 April 30, 2017 (In thousands) Costs and estimated earnings in excess of billings $ 6,205 $ 8,890 Billings in excess of costs and estimated earnings (256 ) (926 ) Net asset $ 5,949 $ 7,964 |
NOTE F - INVENTORIES (Tables)
NOTE F - INVENTORIES (Tables) | 6 Months Ended |
Oct. 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: October 31, 2017 April 30, 2017 (In thousands) Raw Materials and Component Parts $ 18,552 $ 17,702 Work in Progress 8,233 7,340 Finished Goods 4,425 4,009 $ 31,210 $ 29,051 |
NOTE G - SEGMENT INFORMATION (T
NOTE G - SEGMENT INFORMATION (Tables) | 6 Months Ended |
Oct. 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): Six months Three months Periods ended October 31, 2017 2016 2017 2016 Revenues: FEI-NY $ 15,740 $ 17,715 $ 6,579 $ 7,733 FEI-Zyfer 7,865 6,596 3,593 4,249 less intersegment revenues (2,245 ) (1,283 ) (835 ) (516 ) Consolidated revenues $ 21,360 $ 23,028 $ 9,337 $ 11,466 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Operating loss: FEI-NY $ (2,758 ) $ (1,887 ) $ (2,358 ) $ (1,714 ) FEI-Zyfer 1,275 463 584 648 Corporate (203 ) (166 ) (92 ) (116 ) Consolidated operating loss $ (1,686 ) $ (1,590 ) $ (1,866 ) $ (1,182 ) |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | October 31, 2017 April 30, 2017 Identifiable assets: FEI-NY (approximately $1.6 million in China) $ 62,242 $ 64,828 FEI-Zyfer 10,663 10,427 less intersegment balances (12,797 ) (11,992 ) Corporate 52,594 50,056 Consolidated identifiable assets $ 112,702 $ 113,319 |
NOTE I - FAIR VALUE OF FINANC24
NOTE I - FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended |
Oct. 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 October 31, 2017 and April 30, 2017, respectively are as follows (in thousands): October 31, 2017 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Fixed income securities $ 1,316 $ 79 $ - $ 1,395 Equity securities - - - - $ 1,316 $ 79 $ - $ 1,395 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 October 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 October 31, 2017 are as follows, at cost (in thousands): Current $ - Due after one year through five years 98 Due after five years through ten years 1,217 $ 1,315 |
NOTE B - DISCONTINUED OPERATI25
NOTE B - DISCONTINUED OPERATIONS (Details) - Disposal Groups, Including Discontinued Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Oct. 31, 2017 | Jul. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Disposal Groups, Including Discontinued Operations [Abstract] | |||||
Revenues | $ 943 | $ 1,955 | $ 1,448 | $ 2,294 | |
Cost of Revenues | 674 | 1,390 | 1,064 | 1,621 | |
Gross Margin | 269 | 565 | 384 | 673 | |
Selling and administrative expenses | 346 | 703 | 456 | 950 | |
Research and development expenses | 118 | 268 | 94 | 277 | |
Operating Loss | (195) | (406) | (166) | (554) | |
Other income (expense), net | (2) | (3) | (2) | (3) | |
Loss before provision for income taxes | (197) | (409) | (168) | (557) | |
Benefit for income taxes | 5 | 1 | 0 | 0 | |
Net Loss | $ (192) | $ (408) | $ (167) | $ (408) | $ (557) |
NOTE B - DISCONTINUED OPERATI26
NOTE B - DISCONTINUED OPERATIONS (Details) - Disposal Groups, Including Discontinued Operations - USD ($) $ in Thousands | Oct. 31, 2017 | Apr. 30, 2017 | Oct. 31, 2016 |
Disposal Groups, Including Discontinued Operations [Abstract] | |||
Cash and cash equivalents | $ 794 | $ 575 | $ 344 |
Accounts receivable, net of allowance for doubtful accounts | 2,525 | 3,202 | |
Inventories, net | 4,633 | 3,980 | |
Prepaid expenses and other | 205 | 408 | |
Total current assets of discontinued operations | 8,157 | 8,165 | |
Property, plant and equipment, at cost, net of accumulated depreciation and amortization | 547 | 555 | |
Investments | 15 | 14 | |
Deferred taxes – non-current | 0 | 0 | |
Total non-current assets of discontinued operations | 562 | 569 | |
Accounts payable – trade | 1,004 | 949 | |
Accrued liabilities | 974 | 1,300 | |
Total current liabilities of discontinued operations | 1,978 | 2,249 | |
Deferred rent and other liabilities | 1,387 | 1,215 | |
Total non-current liabilities of discontinued operations | $ 1,387 | $ 1,215 |
NOTE C - EARNINGS PER SHARE (De
NOTE C - EARNINGS PER SHARE (Details) - shares | 3 Months Ended | 6 Months Ended | |||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | ||
NOTE C - EARNINGS PER SHARE (Details) [Line Items] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | [1] | ||||
Weighted Average Number Diluted Shares Outstanding Adjustment | 117,209 | 190,418 | 129,245 | 184,793 | |
Stock Appreciation Rights (SARs) [Member] | |||||
NOTE C - EARNINGS PER SHARE (Details) [Line Items] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,353,750 | 1,265,375 | |||
[1] | For the six and three month periods ended October 31, 2017, dilutive securities are excluded since the inclusion of such shares would be antidilutive due to the net loss for the periods. The exercisable shares excluded are 1,353,750. The effect of dilutive securities for the periods would have been 129,245 and 117,209, respectively. For the six and three month periods ended October 31, 2016, dilutive securities are excluded since the inclusion of such shares would be antidilutive due to the net loss for the periods. The exercisable shares excluded are 1,265,375. The effect of dilutive securities for the periods would have been 184,793 and 190,418, respectively. |
NOTE C - EARNINGS PER SHARE (D
NOTE C - EARNINGS PER SHARE (Details) - Schedule of Earnings Per Share, Basic and Diluted - shares | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Weighted average shares outstanding: | ||||
Basic | 8,834,945 | 8,780,633 | 8,830,486 | 8,771,494 |
Diluted | 8,834,945 | 8,780,633 | 8,830,486 | 8,771,494 |
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 | 6 Months Ended | |||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | ||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Abstract] | |||||
Outstanding options and SARS excluded | [1] | ||||
[1] | For the six and three month periods ended October 31, 2017, dilutive securities are excluded since the inclusion of such shares would be antidilutive due to the net loss for the periods. The exercisable shares excluded are 1,353,750. The effect of dilutive securities for the periods would have been 129,245 and 117,209, respectively. For the six and three month periods ended October 31, 2016, dilutive securities are excluded since the inclusion of such shares would be antidilutive due to the net loss for the periods. The exercisable shares excluded are 1,265,375. The effect of dilutive securities for the periods would have been 184,793 and 190,418, respectively. |
NOTE D - COSTS AND ESTIMATED 30
NOTE D - COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
NOTE D - COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Details) [Line Items] | ||||
Revenues | $ 9,337 | $ 11,466 | $ 21,360 | $ 23,028 |
Contracts Accounted for under Percentage of Completion [Member] | ||||
NOTE D - COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Details) [Line Items] | ||||
Revenues | $ 4,500 | $ 5,100 | $ 10,900 | $ 12,400 |
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 | Oct. 31, 2017 | Apr. 30, 2017 |
Costs and Estimated Earnings in Excess of Billings, Net [Abstract] | ||
Costs and estimated earnings in excess of billings | $ 6,205 | $ 8,890 |
Billings in excess of costs and estimated earnings | (256) | (926) |
Net asset | $ 5,949 | $ 7,964 |
NOTE E - TREASURY STOCK TRANS32
NOTE E - TREASURY STOCK TRANSACTIONS (Details) - shares | 3 Months Ended | 6 Months Ended |
Oct. 31, 2017 | Oct. 31, 2017 | |
Disclosure Text Block Supplement [Abstract] | ||
Defined Contribution Plan, Employer Discretionary Contribution, Shares | 11,530 | 25,270 |
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 | Oct. 31, 2017 | Apr. 30, 2017 |
NOTE F - INVENTORIES (Details) [Line Items] | ||
Inventory, Net | $ 31,210 | $ 29,051 |
UNITED STATES | ||
NOTE F - INVENTORIES (Details) [Line Items] | ||
Inventory, Net | 30,200 | 28,200 |
CHINA | ||
NOTE F - INVENTORIES (Details) [Line Items] | ||
Inventory, Net | $ 1,000 | $ 800 |
NOTE F - INVENTORIES (Details)
NOTE F - INVENTORIES (Details) - Schedule of Inventory, Current - USD ($) $ in Thousands | Oct. 31, 2017 | Apr. 30, 2017 |
Schedule of Inventory, Current [Abstract] | ||
Raw Materials and Component Parts | $ 18,552 | $ 17,702 |
Work in Progress | 8,233 | 7,340 |
Finished Goods | 4,425 | 4,009 |
$ 31,210 | $ 29,051 |
NOTE G - SEGMENT INFORMATION (D
NOTE G - SEGMENT INFORMATION (Details) | 6 Months Ended |
Oct. 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 | 6 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Revenues: | ||||
Revenues | $ 9,337 | $ 11,466 | $ 21,360 | $ 23,028 |
Frequency Electronics Inc New York [Member] | ||||
Revenues: | ||||
Revenues | 6,579 | 7,733 | 15,740 | 17,715 |
Frequency Electronics Inc Zyfer [Member] | ||||
Revenues: | ||||
Revenues | 3,593 | 4,249 | 7,865 | 6,596 |
Inter Segment [Member] | ||||
Revenues: | ||||
Revenues | $ (835) | $ (516) | $ (2,245) | $ (1,283) |
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 | 6 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Operating loss: | ||||
Operating profit (loss) | $ (1,866) | $ (1,182) | $ (1,686) | $ (1,590) |
Frequency Electronics Inc New York [Member] | ||||
Operating loss: | ||||
Operating profit (loss) | (2,358) | (1,714) | (2,758) | (1,887) |
Frequency Electronics Inc Zyfer [Member] | ||||
Operating loss: | ||||
Operating profit (loss) | 584 | 648 | 1,275 | 463 |
Corporate Segment [Member] | ||||
Operating loss: | ||||
Operating profit (loss) | $ (92) | $ (116) | $ (203) | $ (166) |
NOTE G - SEGMENT INFORMATION 38
NOTE G - SEGMENT INFORMATION (Details) - Schedule of Reconciliation of Assets from Segment to Consolidated - USD ($) $ in Thousands | Oct. 31, 2017 | Apr. 30, 2017 |
Identifiable assets: | ||
Identifiable Assets | $ 112,702 | $ 113,319 |
Frequency Electronics Inc New York [Member] | ||
Identifiable assets: | ||
Identifiable Assets | 62,242 | 64,828 |
Frequency Electronics Inc Zyfer [Member] | ||
Identifiable assets: | ||
Identifiable Assets | 10,663 | 10,427 |
Inter Segment [Member] | ||
Identifiable assets: | ||
Identifiable Assets | (12,797) | (11,992) |
Corporate Segment [Member] | ||
Identifiable assets: | ||
Identifiable Assets | $ 52,594 | $ 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 | Oct. 31, 2017 | Apr. 30, 2017 |
Frequency Electronics Inc New York [Member] | CHINA | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Identifiable assets | $ 1.6 | $ 1.6 |
NOTE H - INVESTMENT IN MORION40
NOTE H - INVESTMENT IN MORION, INC. (Details) - USD ($) | Oct. 22, 2012 | Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 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% | 4.60% | ||||||
Related Party Transaction, Purchases from Related Party | $ 170,000 | $ 204,000 | ||||||
Revenue from Related Parties | $ 106,000 | $ 123,000 | 182,000 | 10,000 | $ 375,000 | |||
Proceeds from Dividends Received | 51,000 | 100,000 | ||||||
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 | |||||||
License and Services Revenue | $ 182,000 | $ 10,000 | ||||||
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) - USD ($) $ in Millions | 6 Months Ended | |
Oct. 31, 2017 | Oct. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | ||
Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds | $ 6.5 | |
Available-for-sale Securities, Gross Realized Gains | $ 1 | $ 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 | 6 Months Ended | 12 Months Ended |
Oct. 31, 2017 | Apr. 30, 2017 | |
NOTE I - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Schedule of Available-for-sale Securities Reconciliation [Line Items] | ||
Cost | $ 1,316 | $ 6,746 |
Gross Unrealized Gains | 79 | 1,308 |
Gross Unrealized Losses | 0 | (239) |
Fair Market Value | 1,395 | 7,815 |
Fixed Income Securities [Member] | ||
NOTE I - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Schedule of Available-for-sale Securities Reconciliation [Line Items] | ||
Cost | 1,316 | 1,516 |
Gross Unrealized Gains | 79 | 60 |
Gross Unrealized Losses | 0 | 0 |
Fair Market Value | 1,395 | 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 | 6 Months Ended | 12 Months Ended |
Oct. 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 | Oct. 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 | 98 |
Due after five years through ten years | 1,217 |
$ 1,315 |
NOTE L - VALUATION ALLOWANCE 45
NOTE L - VALUATION ALLOWANCE ON DEFERRED TAX ASSETS (Details) $ in Millions | Oct. 31, 2017USD ($) |
Income Tax Disclosure [Abstract] | |
Deferred Tax Assets, Valuation Allowance | $ 6.4 |