Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Oct. 31, 2018 | Dec. 12, 2018 | |
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 Filer Category | Non-accelerated Filer | |
Document Period End Date | Oct. 31, 2018 | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q2 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Ex Transition Period | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 31, 2018 | Apr. 30, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 3,911 | $ 7,869 |
Marketable securities | 7,341 | 6,149 |
Accounts receivable, net of allowance for doubtful accounts of $173 at October 31, 2018 and $181 at April 30, 2018 | 6,110 | 4,268 |
Costs and estimated earnings in excess of billings, net | 7,047 | 5,094 |
Inventories, net | 25,648 | 26,186 |
Prepaid income taxes | 622 | 1,459 |
Prepaid expenses and other | 1,001 | 1,050 |
Total current assets | 51,680 | 52,075 |
Property, plant and equipment, at cost, net of accumulated depreciation and amortization | 13,486 | 14,127 |
Goodwill and other intangible assets | 617 | 617 |
Cash surrender value of life insurance and cash held in trust | 14,251 | 13,915 |
Other assets | 3,628 | 2,850 |
Total assets | 83,662 | 83,584 |
Current liabilities: | ||
Accounts payable - trade | 1,073 | 1,841 |
Accrued liabilities | 3,179 | 3,416 |
Total current liabilities | 4,252 | 5,257 |
Deferred compensation | 13,707 | 13,541 |
Deferred rent and other liabilities | 1,479 | 1,524 |
Total liabilities | 19,438 | 20,322 |
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, 8,909 shares outstanding at October 31, 2018; 8,867 shares outstanding at April 30, 2018 | 9,164 | 9,164 |
Additional paid-in capital | 56,710 | 56,439 |
Retained earnings (accumulated deficit) | 572 | (65) |
Common stock reacquired and held in treasury - at cost (255 shares at October 31, 2018 and 297 shares at April 30, 2018) | (1,168) | (1,361) |
Accumulated other comprehensive income | (1,054) | (915) |
Total stockholders’ equity | 64,224 | 63,262 |
Total liabilities and stockholders’ equity | $ 83,662 | $ 83,584 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) shares in Thousands, $ in Thousands | Oct. 31, 2018 | Apr. 30, 2018 |
Allowance for doubtful accounts (in Dollars) | $ 173 | $ 181 |
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 | 8,909 | 8,867 |
Treasury stock, shares | 255 | 297 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | |
Revenues | $ 12,142 | $ 9,337 | $ 23,153 | $ 21,360 |
Cost of revenues | 8,123 | 7,134 | 14,860 | 14,636 |
Gross margin | 4,019 | 2,203 | 8,293 | 6,724 |
Selling and administrative expenses | 2,642 | 2,335 | 5,182 | 5,046 |
Research and development expense | 1,607 | 1,734 | 3,257 | 3,364 |
Operating loss | (230) | (1,866) | (146) | (1,686) |
Other income (expense): | ||||
Investment income | 144 | 13 | 189 | 1,167 |
Interest expense | (17) | (21) | (34) | (41) |
Other income, net | 195 | 1 | 121 | 3 |
Income (loss) before provision for income taxes | 92 | (1,873) | 130 | (557) |
Benefit for income taxes | (30) | (584) | (23) | (98) |
Net income (loss) from continuing operations | 122 | (1,289) | 153 | (459) |
Loss from discontinued operations, net of tax | 0 | (192) | 0 | (408) |
Net income (loss) | $ 122 | $ (1,481) | $ 153 | $ (867) |
Net income (loss) per common share: | ||||
Basic and diluted earnings (loss) from continued operations (in Dollars per share) | $ 0.01 | $ (0.15) | $ 0.02 | $ (0.05) |
Basic and diluted loss from discontinued operations (in Dollars per share) | 0 | (0.02) | 0 | (0.05) |
Basic and diluted earnings (loss) per share (in Dollars per share) | $ 0.01 | $ (0.17) | $ 0.02 | $ (0.10) |
Weighted average shares outstanding: | ||||
Basic (in Shares) | 8,893,203 | 8,834,945 | 8,884,810 | 8,830,486 |
Diluted (in Shares) | 9,102,039 | 8,834,945 | 9,045,838 | 8,830,486 |
Condensed Consolidated Statements of Comprehensive Income (Loss) | ||||
Net income (loss) | $ 122 | $ (1,481) | $ 153 | $ (867) |
Foreign currency translation adjustment | (46) | 260 | (82) | 575 |
Change in market value of marketable securities before reclassification, net of tax of ($20) in 2017 | (47) | 3 | (55) | 37 |
Reclassification adjustment for realized gains included in net income, net of tax of $356 in 2017 | (2) | (2) | (2) | (691) |
Total unrealized loss on marketable securities, net of tax | (49) | 1 | (57) | (654) |
Total other comprehensive loss | (95) | 261 | (139) | (79) |
Comprehensive income (loss) | $ 27 | $ (1,220) | $ 14 | $ (946) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Oct. 31, 2017 | Oct. 31, 2017 | |
Change in market value of marketable securities before reclassification, tax | $ (2) | $ (20) |
Reclassification adjustment for realized gains included in net income, tax | $ 1 | $ 356 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | |
Cash flows from operating activities: | ||||
Net income (loss) from continuing operations | $ 122 | $ (1,289) | $ 153 | $ (459) |
Net loss from discontinued operations | 0 | (192) | 0 | (408) |
Net income (loss) | 122 | (1,481) | 153 | (867) |
Non-cash charges to earnings | 2,158 | 1,451 | ||
Net changes in operating assets and liabilities | (3,411) | 1,631 | ||
Cash (used in) provided by operating activities – continuing operations | (1,100) | 2,215 | ||
Cash provided by operating activities – discontinued operations | 0 | 614 | ||
Net cash (used in) provided by operating activities | (1,100) | 2,829 | ||
Cash flows from investing activities: | ||||
Proceeds on redemption of marketable securities | 947 | 6,477 | ||
Purchase of marketable securities | (2,206) | 0 | ||
Purchase of fixed assets and other assets | (1,337) | (883) | ||
Cash (used in) provided by investing activities – continuing operations | (2,596) | 5,594 | ||
Cash used in investing activities – discontinued operations | 0 | (28) | ||
Net cash (used in) provided by investing activities | (2,596) | 5,566 | ||
Cash flows from financing activities: | ||||
Tax benefit from exercise of stock-based compensation | 0 | 1 | ||
Net cash provided by financing activities | 0 | 1 | ||
Net (decrease) increase in cash and cash equivalents before effect of exchange rate changes | (3,696) | 8,396 | ||
Effect of exchange rate changes on cash and cash equivalents | (262) | 675 | ||
Net (decrease) increase in cash and cash equivalents | (3,958) | 9,071 | ||
Cash and cash equivalents at beginning of period | 7,869 | 2,738 | ||
Cash and cash equivalents at end of period | 3,911 | 11,809 | 3,911 | 11,809 |
Less cash and equivalents of discontinued operations at end of period | 0 | 794 | 0 | 794 |
Cash and cash equivalents of continuing operations at end of period | $ 3,911 | $ 11,015 | 3,911 | 11,015 |
Supplemental disclosures of cash flow information: | ||||
Interest | 34 | 41 | ||
Income Taxes | $ 0 | $ 325 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Apr. 30, 2018 | $ 9,164 | $ 56,439 | $ (65) | $ (1,361) | $ (915) | $ 63,262 |
Balance (in Shares) at Apr. 30, 2018 | 9,163,940 | 297,083 | ||||
Opening BS adjustment for adoption of ASU 2014-09 | 484 | 484 | ||||
Balance at May. 01, 2018 | $ 9,164 | 56,439 | 419 | $ (1,361) | (915) | 63,746 |
Balance (in Shares) at May. 01, 2018 | 9,163,940 | 297,083 | ||||
Balance at Apr. 30, 2018 | $ 9,164 | 56,439 | (65) | $ (1,361) | (915) | 63,262 |
Balance (in Shares) at Apr. 30, 2018 | 9,163,940 | 297,083 | ||||
Contribution of stock to 401(k) plan | 50 | $ 66 | 116 | |||
Contribution of stock to 401(k) plan (in Shares) | (14,339) | |||||
Stock-based compensation expense | 121 | 121 | ||||
Other comprehensive income, net of tax | (44) | (44) | ||||
Net income | 31 | 31 | ||||
Balance at Jul. 31, 2018 | $ 9,164 | 56,610 | 450 | $ (1,295) | (959) | 63,970 |
Balance (in Shares) at Jul. 31, 2018 | 9,163,940 | 282,744 | ||||
Balance at Apr. 30, 2018 | $ 9,164 | 56,439 | (65) | $ (1,361) | (915) | 63,262 |
Balance (in Shares) at Apr. 30, 2018 | 9,163,940 | 297,083 | ||||
Other comprehensive income, net of tax | (139) | |||||
Net income | 153 | |||||
Balance at Oct. 31, 2018 | $ 9,164 | 56,710 | 572 | $ (1,168) | (1,054) | 64,224 |
Balance (in Shares) at Oct. 31, 2018 | 9,163,940 | 254,947 | ||||
Balance at Jul. 31, 2018 | $ 9,164 | 56,610 | 450 | $ (1,295) | (959) | 63,970 |
Balance (in Shares) at Jul. 31, 2018 | 9,163,940 | 282,744 | ||||
Contribution of stock to 401(k) plan | 58 | $ 46 | 104 | |||
Contribution of stock to 401(k) plan (in Shares) | (10,089) | |||||
Stock-based compensation expense | 123 | 123 | ||||
Exercise of stock options and stock appreciation rights - net of shares tendered for exercise price | (81) | $ 81 | ||||
Exercise of stock options and stock appreciation rights - net of shares tendered for exercise price (in Shares) | (17,708) | |||||
Other comprehensive income, net of tax | (95) | (95) | ||||
Net income | 122 | 122 | ||||
Balance at Oct. 31, 2018 | $ 9,164 | $ 56,710 | $ 572 | $ (1,168) | $ (1,054) | $ 64,224 |
Balance (in Shares) at Oct. 31, 2018 | 9,163,940 | 254,947 |
NOTE A - CONDENSED CONSOLIDATED
NOTE A - CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | 6 Months Ended |
Oct. 31, 2018 | |
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, 2018 and the results of its operations and cash flows for the six and three months ended October 31, 2018 and 2017. The April 30, 2018 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 in the United States (“U.S. GAAP”) 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, 2018, filed on July 30, 2018, 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, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | NOTE B – DISCONTINUED OPERATIONS In April 2017, the Company decided to sell its Gillam business as soon as practicable. Accordingly, the Company determined that the assets and liabilities of this reportable segment met the discontinued operations criteria as defined in U.S. GAAP in the quarter ended April 30, 2017. On April 26, 2018, the Company sold Gillam to a European entity in a stock purchase agreement for $1.0 million in cash, which was received on April 27, 2018, and a note payable in three years for an additional $1.0 million. The loss recorded due to the sale of Gillam was approximately $359,000, which represented the carrying amount of the investment on FEI-NY’s books less the retained earnings and remaining Gillam equity value reduced by the cash received and the value of the note receivable. As such Gillam’s results have been classified as discontinued operations in the accompanying Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income for fiscal 2018. Summarized operating results for the Gillam discontinued operations, for the six and three months ended October 31, 2017 were as follows: Periods ended October 31, 2017 Six months Three months (UNAUDITED) (UNAUDITED) (In thousands) Revenues $ 1,955 $ 943 Cost of Revenues 1,390 674 Gross Margin 565 269 Selling and administrative expenses 703 346 Research and development expenses 268 118 Operating Loss (406 ) (195 ) Other income (expense): Investment (loss) income Other income (expense), net (3 ) (2 ) Loss before provision for income taxes (409 ) (197 ) Benefit for income taxes 1 5 Net Loss $ (408 ) $ (192 ) |
NOTE C - EARNINGS PER SHARE
NOTE C - EARNINGS PER SHARE | 6 Months Ended |
Oct. 31, 2018 | |
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 were as follows: Periods ended October 31, Six months Three months 2018 2017 2018 2017 Weighted average shares outstanding: Basic 8,884,810 8,830,486 8,893,203 8,834,945 Effect of dilutive securities 161,028 ** 208,836 ** Diluted 9,045,838 8,830,486 9,102,039 8,834,945 ** 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. The computation of diluted Earnings Per Share for the six and three months ending October 31, 2018 and 2017 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: Periods ended October 31, Six months Three months 2018 2017 2018 2017 Outstanding options and SARS excluded 968,500 ** 780,000 ** |
NOTE D - COSTS AND ESTIMATED EA
NOTE D - COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET | 6 Months Ended |
Oct. 31, 2018 | |
Contractors [Abstract] | |
Long-term Contracts or Programs Disclosure [Text Block] | NOTE D – COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET At October 31, 2018 and April 30, 2018, costs and estimated earnings in excess of billings, net, consisted of the following: October 31, 2018 April 30, 2018 (In thousands) Costs and estimated earnings in excess of billings $ 8,433 $ 5,266 Billings in excess of costs and estimated earnings (1,386 ) (172 ) Net asset $ 7,047 $ 5,094 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. For the most part, 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 a percentage of completion basis. During the six and three months ended October 31, 2018, revenue recognized under percentage of completion contracts was approximately $20.4 million and $11.2 million, respectively. During the six and three months ended October 31, 2017, such revenue was approximately $10.9 million and $4.5 million, respectively. If contract losses are anticipated, costs and estimated earnings in excess of billings are reduced for the full amount of such losses when they are determinable. |
NOTE E - TREASURY STOCK TRANSAC
NOTE E - TREASURY STOCK TRANSACTIONS | 6 Months Ended |
Oct. 31, 2018 | |
Disclosure Text Block Supplement [Abstract] | |
Treasury Stock [Text Block] | NOTE E – TREASURY STOCK TRANSACTIONS During six and three months period ended October 31, 2018, the Company made contributions of 24,428 shares and 10,089 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. |
NOTE F - INVENTORIES
NOTE F - INVENTORIES | 6 Months Ended |
Oct. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | NOTE F – INVENTORIES Inventories, which are reported at the lower of cost or net realizable value, consisted of the following: October 31, 2018 April 30, 2018 (In thousands) Raw Materials and Component Parts $ 13,618 $ 16,206 Work in Progress 9,840 8,216 Finished Goods 2,190 1,764 $ 25,648 $ 26,186 As of October 31, 2018 and April 30, 2018, approximately $24.9 million and $25.2 million, respectively, of total inventory was located in the United States and $0.8 million and $1.0 million, respectively, was located in China. |
NOTE G - SEGMENT INFORMATION
NOTE G - SEGMENT INFORMATION | 6 Months Ended |
Oct. 31, 2018 | |
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. 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. In fiscal 2015 and 2016, they had higher sales to outside customers, producing 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. (2) FEI-Zyfer – operates out of California and its products incorporate time and frequency distribution technologies into systems and subsystems for secure communications, both governmental and commercial. The Company’s management measures segment performance based on total revenues and profits generated by each geographic location rather than on the specific types of products, 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 operations or the balance sheet for each of the periods (in thousands): Periods ended October 31, Six months Three months 2018 2017 2018 2017 Revenues: FEI-NY $ 18,322 $ 15,740 $ 9,745 $ 6,579 FEI-Zyfer 5,103 7,865 2,542 3,593 less intersegment revenues (272 ) (2,245 ) (145 ) (835 ) Consolidated revenues $ 23,153 $ 21,360 $ 12,142 $ 9,337 Operating loss: FEI-NY $ (402 ) $ (2,758 ) $ (185 ) $ (2,358 ) FEI-Zyfer 458 1,275 72 584 Corporate (202 ) (203 ) (117 ) (92 ) Consolidated operating loss $ (146 ) $ (1,686 ) $ (230 ) $ (1,866 ) October 31, 2018 April 30, 2018 Identifiable assets: FEI-NY (approximately $1.3 and $1.7 million in China in fiscal years 2019 and 2018, respectively) $ 56,634 $ 55,181 FEI-Zyfer 8,885 8,168 less intersegment balances (11,334 ) (11,888 ) Corporate 29,477 32,123 Consolidated identifiable assets $ 83,662 $ 83,584 |
NOTE H - INVESTMENT IN MORION,
NOTE H - INVESTMENT IN MORION, INC. | 6 Months Ended |
Oct. 31, 2018 | |
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 a cost basis. This investment is included in other assets in the accompanying balance sheets. During the six months ended October 31, 2018 and 2017, the Company acquired product from Morion in the aggregate amount of approximately $145,000 and $170,000, respectively, and the Company sold product and training services to Morion in the aggregate amount of approximately $2,000 and $182,000, respectively, included in revenues in the statement of operations as part of the FEI-NY segment. During the three months ended October 31, 2018 and 2017, the Company acquired product from Morion in the aggregate amount of approximately $78,000 and $106,000, respectively, and the Company sold product and training services to Morion in the aggregate amount of approximately $2,000 and $182,000, respectively, included in revenues in the statement of operations as part of the FEI-NY segment. At October 31, 2018, approximately $5,000 was payable to Morion. At October 31, 2017 there were no payables to Morion. At October 31, 2018 and 2017, there were no receivables related to Morion. During the six months ended October 31, 2018 and 2017, the Company received a dividend from Morion in the amount of approximately $105,000 and $51,000, respectively, included in other income, net in the statement of operations as part of the FEI-NY segment. Morion operates as a subsidiary of Gazprombank, a state-owned Russian bank. On July 16, 2014, after the Company’s investment in Morion, Gazprombank became subject to the U. S. Department of Treasury’s prohibition against U. S. persons from providing it with new financing. |
NOTE I - FAIR VALUE OF FINANCIA
NOTE I - FAIR VALUE OF FINANCIAL INSTRUMENTS | 6 Months Ended |
Oct. 31, 2018 | |
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, 2018 and April 30, 2018, respectively, were as follows (in thousands): October 31, 2018 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Fixed income securities $ 7,522 $ 3 $ (184 ) $ 7,341 April 30, 2018 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Fixed income securities $ 6,274 $ 10 $ (135 ) $ 6,149 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, 2018 Fixed Income Securities $ 6,023 $ (177 ) $ - $ - $ 6,023 $ (177 ) April 30, 2018 Fixed Income Securities $ 5,334 $ (135 ) $ - $ - $ 5,334 $ (135 ) 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, 2018 were 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 and three months ended October 31, 2018, the Company sold or redeemed available-for-sale securities in the amounts of $947,110 and $325,110, respectively, realizing gains of approximately $2,000 in both periods. During the six and three months ended October 31, 2017, the Company sold or redeemed available-for-sale securities in the amount $6.5 million and $204,000, respectively, realizing gains of approximately $1.0 million and $4,000, respectively. Maturities of fixed income securities classified as available-for-sale at October 31, 2018 were as follows (at cost, in thousands): Current $ 1,114 Due after one year through five years 2,898 Due after five years through ten years 3,510 $ 7,522 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 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, 2018 | |
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 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 August 2018, the FASB issued ASU No. 2018-13 Fair Value Measurement (Topic 820) Newly Adopted Accounting Standards Revenue from Contracts with Customers In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue Recognition-Construction-Type and Production-Type Contracts Other Assets and Deferred Costs-Contracts with Customers In connection with the adoption of Topic 606 on May 1, 2018, the Company also adopted the guidance in ASC 340-40, Other Assets and Deferred Costs - Contracts with Customers The Company’s new accounting policies as a result of adopting ASU 2014-09 are discussed below. Revenue Recognition Revenue is recognized when a performance obligation is satisfied, which is when the expected goods or services are transferred to the customer, in an amount that reflects the consideration to which the Company expects to receive. A performance obligation is a distinct product or service that is transferred to the customer based on the contract. The transaction price is allocated to each performance obligation and is recognized as revenue upon satisfaction of that performance obligation. The company derives revenue from contracts with customers by units sold with specific specifications and frequencies that are used by a specific customer and contracts where the end user is the government. The Company’s contracts typically include multiple performance obligations which are satisfied either by shipped projects or the completion of milestones as defined in the contract. The transaction price is allocated either (i) based on the sale price of each item shipped or (ii) as defined by the milestones stated in the contract. Revenues under larger, long-term contracts which generally require billings based on achievement of milestones rather than delivery of product, are reported in operating results using the Percentage of Completion (“POC”) method. On fixed-price contracts, which are typical for commercial and U.S. Government satellite programs and other long-term U.S. Government projects, and which require initial design and development of the product, revenue is recognized on the cost-to-cost method. Under this method, revenue is recorded based upon the ratio that incurred costs bear to total estimated contract costs with related cost of sales recorded as the costs are incurred. Each month management reviews estimated contract costs through a process of aggregating actual costs incurred and estimating additional costs to completion based upon the current available information and status of the contract. The effect of any change in the estimated gross margin rate (“GM Rate”) for a contract is reflected in revenues in the period in which the change is known. Provisions for the full amount of anticipated losses on contracts are made in the period in which they become determinable. On production-type orders, revenue is recorded as units are delivered with the related cost of sales recognized on each shipment based upon a percentage of estimated final program costs. Changes in job performance on long-term contracts and production-type orders may result in revisions to costs and income and are recognized in the period in which revisions are determined to be required. Provisions for anticipated losses on customer orders are made in the period in which they become determinable. For customer orders in the Company’s FEI-Zyfer segment or smaller contracts or orders in the FEI-NY segment, sales of products and services to customers are reported in operating results based upon (i) shipment of the product or (ii) performance of the services pursuant to terms of the customer order. When payment is contingent upon customer acceptance of the installed system, revenue is deferred until such acceptance is received and installation completed. In connection with the adoption of Topic 606, there were changes to the timing of the Company’s revenue recognition associated with the significant portion of our business that was not being accounted for as percentage of completion in prior years for contracts where the end customer was the U.S. Government. These production-type contracts under which revenue was previously recorded as Passage of Title (“POT”) are currently being recognized as POC following adoption of this ASU. As a result, the Company will begin recognizing revenue earlier under these contracts. The Company’s products generally carry a one-year warranty, but may vary based on the contract terms. Significant judgment is used in evaluating the financial information for certain contracts related to the adoption of this ASU to determine an appropriate budget and estimated cost. The Company evaluates this information continuously and bases its judgments on historical experience, design specifications, and expected costs for material and labor. Practical Expedients The Company expenses sales commissions as sales and marketing expenses in the period they are incurred if the expected amortization period is one year or less. The Company expenses costs, other than sales commissions, to obtain a contract in the period for which they are incurred as these amounts would have been incurred even if the contract had not been obtained. Disaggregation of Revenue Total revenue related to the adoption ASU 2014-09 and recognized over time as POC was approximately $20.4 million of the $23.2 million reported for the six months ended October 31, 2018, and $11.2 million of the $12.1 million reported for the three months ended October 31, 2018. The amounts by segment and product line are as follows: Six Months Ended October 31, 2018 (In thousands) POC Revenue POT Revenue Total Revenue FEI-NY $ 17,199 $ 1,123 $ 18,322 FEI-Zyfer 3,233 1,870 5,103 Intersegment (36 ) (236 ) (272 ) Revenue $ 20,396 $ 2,757 $ 23,153 Three Months Ended October 31, 2018 (In thousands) POC Revenue POT Revenue Total Revenue FEI-NY $ 9,120 $ 625 $ 9,745 FEI-Zyfer 2,058 484 2,542 Intersegment (30 ) (115 ) (145 ) Revenue $ 11,148 $ 994 $ 12,142 Periods ended October 31, Six months Three months 2018 2017 2018 2017 (In thousands) Revenue by Product Line: Satellite Revenue $ 11,302 $ 8,998 $ 5,768 $ 3,799 Government Non-Space Revenue 10,420 7,706 5,639 3,158 Other Commercial & Industrial Revenue 1,431 4,656 735 2,380 Consolidated revenues $ 23,153 $ 21,360 $ 12,142 $ 9,337 The cumulative effect of changes made to the Condensed Consolidated Balance Sheet as of May 1, 2018 was as follows (in thousands): Balance at April 30, 2018 Adjustments Balance at May 1, 2018 ASSETS Costs and estimated earnings in excess of billings, net $ 5,094 $ 1,435 (a) $ 6,529 Inventories, net 26,186 (929 ) (b) 25,257 Prepaid expenses and other 1,050 77 (c) 1,127 Total current assets 52,075 583 52,658 Other assets 2,850 10 (d) 2,860 Total assets 83,584 593 84,177 LIABILITIES AND STOCKHOLDERS’ EQUITY Accrued liabilities $ 3,416 $ 97 (e) $ 3,513 Total current liabilities 5,257 97 5,354 Deferred rent and other liabilities 1,524 12 (f) 1,536 Total liabilities 20,322 109 20,431 (Accumulated deficit) Retained Earnings (65 ) 484 (g) 419 Total stockholders’ equity 63,262 484 63,746 Total liabilities and stockholders’ equity 83,584 593 84,177 Notes: (a) Adjustment to unbilled accounts receivable for additional revenue recognized for which amounts have not been invoiced due to adoption of Topic 606 (b) Adjustment for additional allocated inventory costs related to additional revenue recognized due to adoption of Topic 606 (c) Adjustment for short-term capitalization of sales commissions, net of amortized amounts, due to adoption of ASC 340-40 (d) Adjustment for long-term capitalization of sales commissions, net of amortized amounts, due to adoption of ASC 340-40 (e) Adjustment to record short-term liability of sales commissions, net of amounts paid, due to adoption of ASC 340-40 (f) Adjustment to record long-term liability of sales commissions, net of amounts paid, due to adoption of ASC 340-40 (g) The cumulative effect of initially adopting Topic 606 and ASC 340-40 using the modified-retrospective method as an adjustment to the beginning balance of (Accumulated deficit) Retained earnings. The impact of adopting the standard on the Company’s consolidated financial statements for the six and three months ended October 31, 2018 were as follows (in thousands): Condensed Consolidated Balance Sheet As Reported Adjustments Balances Without Adoption of ASU 2014-09 ASSETS Costs and estimated earnings in excess of billings, net $ 7,047 $ 3,487 (a) $ 3,560 Inventories, net 25,648 (1,994 ) (b) 27,642 Prepaid expenses and other 1,001 46 (c) 955 Total current assets 51,680 1,539 50,141 Other assets 3,628 5 (d) 3,623 Total assets 83,662 1,544 82,118 LIABILITIES AND STOCKHOLDERS’ EQUITY Accrued liabilities $ 3,179 61 (e) 3,118 Total current liabilities 4,252 61 4,191 Deferred rent and other liabilities 1,479 12 (f) 1,467 Total liabilities 19,438 73 19,365 Retained Earnings (Accumulated deficit) 572 1,471 (g) (899 ) Total stockholders’ equity 64,224 1,471 62,753 Total liabilities and stockholders’ equity 83,662 1,544 82,118 Notes: (a) Cumulative adjustment to unbilled accounts receivable for additional revenue recognized for which amounts have not been invoiced due to adoption of Topic 606 (b) Cumulative adjustment for additional allocated inventory costs related to additional revenue recognized due to adoption of Topic 606 (c) Cumulative adjustment for short-term capitalization of sales commissions, net of amortized amounts, due to adoption of ASC 340-40 (d) Cumulative adjustment for long-term capitalization of sales commissions, net of amortized amounts, due to adoption of ASC 340-40 (e) Cumulative adjustment to record short-term liability of sales commissions, net of amounts paid, due to adoption of ASC 340-40 (f) Cumulative adjustment to record long-term liability of sales commissions, net of amounts paid, due to adoption of ASC 340-40 (g) The cumulative effect of initially adopting for Topic 606 and ASC 340-40 using the modified-retrospective method as an adjustment to the balance of Retained earnings (Accumulated deficit). Condensed Consolidated Statement of Operations Six Months Ended October 31, 2018: As Reported Adjustments Balances Without Adoption of ASU 2014-09 Revenues $ 23,153 $ 2,052 $ 21,101 Cost of revenues 14,860 1,065 13,795 Gross profit 8,293 989 7,304 Selling and administrative expenses 5,182 0 (a) 5,182 Operating profit (loss) (146 ) 988 (1,134 ) Income (loss) before provision for income taxes 130 988 (858 ) Net income (loss) 153 988 (835 ) Note: (a) Additional expense related the amortization of sales commissions due to the adoptions of ASC 340-40 Three Months Ended October 31, 2018: As Reported Adjustments Balances Without Adoption of ASU 2014-09 Revenues $ 12,142 $ 1,242 $ 10,900 Cost of revenues 8,123 838 7,285 Gross profit 4,019 403 3,616 Selling and administrative expenses 2,642 (9 ) (a) 2,651 Operating profit (loss) (230 ) 413 (643 ) Income (loss) before provision for income taxes 92 413 (321 ) Net income (loss) 122 413 (291 ) Note: (a) Additional expense related the amortization of sales commissions due to the adoptions of ASC 340-40 |
NOTE K - CREDIT FACILITY
NOTE K - CREDIT FACILITY | 6 Months Ended |
Oct. 31, 2018 | |
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 of October 31, 2018, 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, 2018 | |
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. Based on the weighting of all evidence, both positive and negative, most notably the three year cumulative loss, we established a full valuation allowance against our U.S. deferred tax assets during the quarter ended April 30, 2018. If these estimates and assumptions change in the future, the Company may be required to adjust its existing valuation allowance resulting in changes to deferred income tax expense. The Company evaluates the likelihood of realizing its deferred tax assets quarterly. On December 22, 2017, the legislation commonly known as the Tax Cuts and Jobs Act (the “TCJA” or the “Tax Act”) was enacted into law. In response to the TCJA, the U.S. Securities and Exchange Commission (“SEC”) issued Staff Accounting Bulletin No. 118 (“SAB 118”), which provides guidance on accounting for the tax effects of TCJA. The purpose of SAB 118 was to address any uncertainty or diversity of view in applying ASC Topic 740, Income Taxes The Company’s accounting for certain elements of the TCJA was incomplete as of April 30, 2018, and remains incomplete as of October 31, 2018. However, the Company was able to make reasonable estimates of the effects and, therefore, recorded provisional estimates for these items during the periods ended January 31, 2018 and April 30, 2018. There were no changes to the estimates during the six and three months ended October 31, 2018. |
NOTE B - DISCONTINUED OPERATI_2
NOTE B - DISCONTINUED OPERATIONS (Tables) | 6 Months Ended |
Oct. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Summarized operating results for the Gillam discontinued operations, for the six and three months ended October 31, 2017 were as follows: Periods ended October 31, 2017 Six months Three months (UNAUDITED) (UNAUDITED) (In thousands) Revenues $ 1,955 $ 943 Cost of Revenues 1,390 674 Gross Margin 565 269 Selling and administrative expenses 703 346 Research and development expenses 268 118 Operating Loss (406 ) (195 ) Other income (expense): Investment (loss) income Other income (expense), net (3 ) (2 ) Loss before provision for income taxes (409 ) (197 ) Benefit for income taxes 1 5 Net Loss $ (408 ) $ (192 ) |
NOTE C - EARNINGS PER SHARE (Ta
NOTE C - EARNINGS PER SHARE (Tables) | 6 Months Ended |
Oct. 31, 2018 | |
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 were as follows: Periods ended October 31, Six months Three months 2018 2017 2018 2017 Weighted average shares outstanding: Basic 8,884,810 8,830,486 8,893,203 8,834,945 Effect of dilutive securities 161,028 ** 208,836 ** Diluted 9,045,838 8,830,486 9,102,039 8,834,945 ** 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. |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | The computation of diluted Earnings Per Share for the six and three months ending October 31, 2018 and 2017 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: Periods ended October 31, Six months Three months 2018 2017 2018 2017 Outstanding options and SARS excluded 968,500 ** 780,000 ** |
NOTE D - COSTS AND ESTIMATED _2
NOTE D - COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Tables) | 6 Months Ended |
Oct. 31, 2018 | |
Contractors [Abstract] | |
Costs and Estimated Earnings in Excess of Billings, Net [Table Text Block] | At October 31, 2018 and April 30, 2018, costs and estimated earnings in excess of billings, net, consisted of the following: October 31, 2018 April 30, 2018 (In thousands) Costs and estimated earnings in excess of billings $ 8,433 $ 5,266 Billings in excess of costs and estimated earnings (1,386 ) (172 ) Net asset $ 7,047 $ 5,094 |
NOTE F - INVENTORIES (Tables)
NOTE F - INVENTORIES (Tables) | 6 Months Ended |
Oct. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories, which are reported at the lower of cost or net realizable value, consisted of the following: October 31, 2018 April 30, 2018 (In thousands) Raw Materials and Component Parts $ 13,618 $ 16,206 Work in Progress 9,840 8,216 Finished Goods 2,190 1,764 $ 25,648 $ 26,186 |
NOTE G - SEGMENT INFORMATION (T
NOTE G - SEGMENT INFORMATION (Tables) | 6 Months Ended |
Oct. 31, 2018 | |
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 operations or the balance sheet for each of the periods (in thousands): Periods ended October 31, Six months Three months 2018 2017 2018 2017 Revenues: FEI-NY $ 18,322 $ 15,740 $ 9,745 $ 6,579 FEI-Zyfer 5,103 7,865 2,542 3,593 less intersegment revenues (272 ) (2,245 ) (145 ) (835 ) Consolidated revenues $ 23,153 $ 21,360 $ 12,142 $ 9,337 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Operating loss: FEI-NY $ (402 ) $ (2,758 ) $ (185 ) $ (2,358 ) FEI-Zyfer 458 1,275 72 584 Corporate (202 ) (203 ) (117 ) (92 ) Consolidated operating loss $ (146 ) $ (1,686 ) $ (230 ) $ (1,866 ) |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | October 31, 2018 April 30, 2018 Identifiable assets: FEI-NY (approximately $1.3 and $1.7 million in China in fiscal years 2019 and 2018, respectively) $ 56,634 $ 55,181 FEI-Zyfer 8,885 8,168 less intersegment balances (11,334 ) (11,888 ) Corporate 29,477 32,123 Consolidated identifiable assets $ 83,662 $ 83,584 |
NOTE I - FAIR VALUE OF FINANC_2
NOTE I - FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended |
Oct. 31, 2018 | |
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, 2018 and April 30, 2018, respectively, were as follows (in thousands): October 31, 2018 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Fixed income securities $ 7,522 $ 3 $ (184 ) $ 7,341 April 30, 2018 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Fixed income securities $ 6,274 $ 10 $ (135 ) $ 6,149 |
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, 2018 Fixed Income Securities $ 6,023 $ (177 ) $ - $ - $ 6,023 $ (177 ) April 30, 2018 Fixed Income Securities $ 5,334 $ (135 ) $ - $ - $ 5,334 $ (135 ) |
Investments Classified by Contractual Maturity Date [Table Text Block] | Maturities of fixed income securities classified as available-for-sale at October 31, 2018 were as follows (at cost, in thousands): Current $ 1,114 Due after one year through five years 2,898 Due after five years through ten years 3,510 $ 7,522 |
NOTE J - RECENTLY ISSUED ACCO_2
NOTE J - RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS (Tables) | 6 Months Ended |
Oct. 31, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Disaggregation of Revenue [Table Text Block] | Total revenue related to the adoption ASU 2014-09 and recognized over time as POC was approximately $20.4 million of the $23.2 million reported for the six months ended October 31, 2018, and $11.2 million of the $12.1 million reported for the three months ended October 31, 2018. The amounts by segment and product line are as follows: Six Months Ended October 31, 2018 (In thousands) POC Revenue POT Revenue Total Revenue FEI-NY $ 17,199 $ 1,123 $ 18,322 FEI-Zyfer 3,233 1,870 5,103 Intersegment (36 ) (236 ) (272 ) Revenue $ 20,396 $ 2,757 $ 23,153 Three Months Ended October 31, 2018 (In thousands) POC Revenue POT Revenue Total Revenue FEI-NY $ 9,120 $ 625 $ 9,745 FEI-Zyfer 2,058 484 2,542 Intersegment (30 ) (115 ) (145 ) Revenue $ 11,148 $ 994 $ 12,142 |
Revenue from External Customers by Products and Services [Table Text Block] | Periods ended October 31, Six months Three months 2018 2017 2018 2017 (In thousands) Revenue by Product Line: Satellite Revenue $ 11,302 $ 8,998 $ 5,768 $ 3,799 Government Non-Space Revenue 10,420 7,706 5,639 3,158 Other Commercial & Industrial Revenue 1,431 4,656 735 2,380 Consolidated revenues $ 23,153 $ 21,360 $ 12,142 $ 9,337 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | The cumulative effect of changes made to the Condensed Consolidated Balance Sheet as of May 1, 2018 was as follows (in thousands): Balance at April 30, 2018 Adjustments Balance at May 1, 2018 ASSETS Costs and estimated earnings in excess of billings, net $ 5,094 $ 1,435 (a) $ 6,529 Inventories, net 26,186 (929 ) (b) 25,257 Prepaid expenses and other 1,050 77 (c) 1,127 Total current assets 52,075 583 52,658 Other assets 2,850 10 (d) 2,860 Total assets 83,584 593 84,177 LIABILITIES AND STOCKHOLDERS’ EQUITY Accrued liabilities $ 3,416 $ 97 (e) $ 3,513 Total current liabilities 5,257 97 5,354 Deferred rent and other liabilities 1,524 12 (f) 1,536 Total liabilities 20,322 109 20,431 (Accumulated deficit) Retained Earnings (65 ) 484 (g) 419 Total stockholders’ equity 63,262 484 63,746 Total liabilities and stockholders’ equity 83,584 593 84,177 As Reported Adjustments Balances Without Adoption of ASU 2014-09 ASSETS Costs and estimated earnings in excess of billings, net $ 7,047 $ 3,487 (a) $ 3,560 Inventories, net 25,648 (1,994 ) (b) 27,642 Prepaid expenses and other 1,001 46 (c) 955 Total current assets 51,680 1,539 50,141 Other assets 3,628 5 (d) 3,623 Total assets 83,662 1,544 82,118 LIABILITIES AND STOCKHOLDERS’ EQUITY Accrued liabilities $ 3,179 61 (e) 3,118 Total current liabilities 4,252 61 4,191 Deferred rent and other liabilities 1,479 12 (f) 1,467 Total liabilities 19,438 73 19,365 Retained Earnings (Accumulated deficit) 572 1,471 (g) (899 ) Total stockholders’ equity 64,224 1,471 62,753 Total liabilities and stockholders’ equity 83,662 1,544 82,118 Six Months Ended October 31, 2018: As Reported Adjustments Balances Without Adoption of ASU 2014-09 Revenues $ 23,153 $ 2,052 $ 21,101 Cost of revenues 14,860 1,065 13,795 Gross profit 8,293 989 7,304 Selling and administrative expenses 5,182 0 (a) 5,182 Operating profit (loss) (146 ) 988 (1,134 ) Income (loss) before provision for income taxes 130 988 (858 ) Net income (loss) 153 988 (835 ) Three Months Ended October 31, 2018: As Reported Adjustments Balances Without Adoption of ASU 2014-09 Revenues $ 12,142 $ 1,242 $ 10,900 Cost of revenues 8,123 838 7,285 Gross profit 4,019 403 3,616 Selling and administrative expenses 2,642 (9 ) (a) 2,651 Operating profit (loss) (230 ) 413 (643 ) Income (loss) before provision for income taxes 92 413 (321 ) Net income (loss) 122 413 (291 ) |
NOTE B - DISCONTINUED OPERATI_3
NOTE B - DISCONTINUED OPERATIONS (Details) - Gillam Frequency Electronics Inc [Member] | Apr. 26, 2018USD ($) |
NOTE B - DISCONTINUED OPERATIONS (Details) [Line Items] | |
Proceeds from Divestiture of Businesses | $ 1,000,000 |
Notes, Loans and Financing Receivable, Gross, Noncurrent | 1,000,000 |
Discontinued Operation, Provision for Loss (Gain) on Disposal, Net of Tax | $ 359,000 |
NOTE B - DISCONTINUED OPERATI_4
NOTE B - DISCONTINUED OPERATIONS (Details) - Disposal Groups, Including Discontinued Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | |
Disposal Groups, Including Discontinued Operations [Abstract] | ||||
Revenues | $ 943 | $ 1,955 | ||
Cost of Revenues | 674 | 1,390 | ||
Gross Margin | 269 | 565 | ||
Selling and administrative expenses | 346 | 703 | ||
Research and development expenses | 118 | 268 | ||
Operating Loss | (195) | (406) | ||
Other income (expense): | ||||
Other income (expense), net | (2) | (3) | ||
Loss before provision for income taxes | (197) | (409) | ||
Benefit for income taxes | 5 | 1 | ||
Net Loss | $ 0 | $ (192) | $ 0 | $ (408) |
NOTE C - EARNINGS PER SHARE (De
NOTE C - EARNINGS PER SHARE (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | |
Earnings Per Share [Abstract] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 780,000 | 1,353,750 | 968,500 | 1,353,750 |
Weighted Average Number Diluted Shares Outstanding Adjustment | 208,836 | 117,209 | 161,028 | 129,245 |
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, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | |
Weighted average shares outstanding: | ||||
Basic | 8,893,203 | 8,834,945 | 8,884,810 | 8,830,486 |
Effect of dilutive securities | 208,836 | 117,209 | 161,028 | 129,245 |
Diluted | 9,102,039 | 8,834,945 | 9,045,838 | 8,830,486 |
NOTE C - EARNINGS PER SHARE _2
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, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Abstract] | ||||
Outstanding options and SARS excluded | 780,000 | 1,353,750 | 968,500 | 1,353,750 |
NOTE D - COSTS AND ESTIMATED _3
NOTE D - COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | |
Contracts Accounted for under Percentage of Completion [Member] | ||||
NOTE D - COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Details) [Line Items] | ||||
Revenues | $ 11.2 | $ 10.9 | $ 20.4 | $ 4.5 |
NOTE D - COSTS AND ESTIMATED _4
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, 2018 | Apr. 30, 2018 |
Costs and Estimated Earnings in Excess of Billings, Net [Abstract] | ||
Costs and estimated earnings in excess of billings | $ 8,433 | $ 5,266 |
Billings in excess of costs and estimated earnings | (1,386) | (172) |
Net asset | $ 7,047 | $ 5,094 |
NOTE E - TREASURY STOCK TRANS_2
NOTE E - TREASURY STOCK TRANSACTIONS (Details) - shares | 3 Months Ended | 6 Months Ended |
Oct. 31, 2018 | Oct. 31, 2018 | |
Disclosure Text Block Supplement [Abstract] | ||
Defined Contribution Plan, Employer Discretionary Contribution, Shares | 10,089 | 24,428 |
NOTE F - INVENTORIES (Details)
NOTE F - INVENTORIES (Details) - USD ($) $ in Millions | Oct. 31, 2018 | Apr. 30, 2018 |
UNITED STATES | ||
NOTE F - INVENTORIES (Details) [Line Items] | ||
Inventory, Net | $ 24.9 | $ 25.2 |
CHINA | ||
NOTE F - INVENTORIES (Details) [Line Items] | ||
Inventory, Net | $ 0.8 | $ 1 |
NOTE F - INVENTORIES (Details)
NOTE F - INVENTORIES (Details) - Schedule of Inventory, Current - USD ($) $ in Thousands | Oct. 31, 2018 | Apr. 30, 2018 |
Schedule of Inventory, Current [Abstract] | ||
Raw Materials and Component Parts | $ 13,618 | $ 16,206 |
Work in Progress | 9,840 | 8,216 |
Finished Goods | 2,190 | 1,764 |
$ 25,648 | $ 26,186 |
NOTE G - SEGMENT INFORMATION (D
NOTE G - SEGMENT INFORMATION (Details) | 6 Months Ended |
Oct. 31, 2018 | |
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, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | |
Revenues: | ||||
Revenues | $ 12,142 | $ 9,337 | $ 23,153 | $ 21,360 |
Frequency Electronics Inc New York [Member] | ||||
Revenues: | ||||
Revenues | 9,745 | 6,579 | 18,322 | 15,740 |
Frequency Electronics Inc Zyfer [Member] | ||||
Revenues: | ||||
Revenues | 2,542 | 3,593 | 5,103 | 7,865 |
Inter Segment [Member] | ||||
Revenues: | ||||
Revenues | $ (145) | $ (835) | $ (272) | $ (2,245) |
NOTE G - SEGMENT INFORMATION _2
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, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | |
Operating loss: | ||||
Operating profit (loss) | $ (230) | $ (1,866) | $ (146) | $ (1,686) |
Frequency Electronics Inc New York [Member] | ||||
Operating loss: | ||||
Operating profit (loss) | (185) | (2,358) | (402) | (2,758) |
Frequency Electronics Inc Zyfer [Member] | ||||
Operating loss: | ||||
Operating profit (loss) | 72 | 584 | 458 | 1,275 |
Corporate Segment [Member] | ||||
Operating loss: | ||||
Operating profit (loss) | $ (117) | $ (92) | $ (202) | $ (203) |
NOTE G - SEGMENT INFORMATION _3
NOTE G - SEGMENT INFORMATION (Details) - Schedule of Reconciliation of Assets from Segment to Consolidated - USD ($) $ in Thousands | Oct. 31, 2018 | Apr. 30, 2018 |
Identifiable assets: | ||
Identifiable Assets | $ 83,662 | $ 83,584 |
Frequency Electronics Inc New York [Member] | ||
Identifiable assets: | ||
Identifiable Assets | 56,634 | 55,181 |
Frequency Electronics Inc Zyfer [Member] | ||
Identifiable assets: | ||
Identifiable Assets | 8,885 | 8,168 |
Inter Segment [Member] | ||
Identifiable assets: | ||
Identifiable Assets | (11,334) | (11,888) |
Corporate Segment [Member] | ||
Identifiable assets: | ||
Identifiable Assets | $ 29,477 | $ 32,123 |
NOTE G - SEGMENT INFORMATION _4
NOTE G - SEGMENT INFORMATION (Details) - Schedule of Reconciliation of Assets from Segment to Consolidated (Parentheticals) - USD ($) $ in Millions | Oct. 31, 2018 | Apr. 30, 2018 |
CHINA | Frequency Electronics Inc New York [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Identifiable assets | $ 1.3 | $ 1.7 |
NOTE H - INVESTMENT IN MORION_2
NOTE H - INVESTMENT IN MORION, INC. (Details) - Morion Inc [Member] - USD ($) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | |
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 | $ 78,000 | $ 106,000 | $ 145,000 | $ 170,000 |
Revenue from Related Parties | 2,000 | $ 182,000 | 2,000 | 182,000 |
Accounts Payable, Related Parties, Current | $ 5,000 | 5,000 | ||
Proceeds from Dividends Received | $ 105,000 | $ 51,000 |
NOTE I - FAIR VALUE OF FINANC_3
NOTE I - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Proceeds from Sale of Debt Securities, Available-for-sale | $ 325,110 | $ 204,000 | $ 947,110 | $ 6,500,000 |
Available-for-sale Securities, Gross Realized Gains | $ 2,000 | $ 4,000 | $ 2,000 | $ 1,000,000 |
NOTE I - FAIR VALUE OF FINANC_4
NOTE I - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Schedule of Available-for-sale Securities Reconciliation - Fixed Income Securities [Member] - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Oct. 31, 2018 | Apr. 30, 2018 | |
NOTE I - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Schedule of Available-for-sale Securities Reconciliation [Line Items] | ||
Cost | $ 7,522 | $ 6,274 |
Gross Unrealized Gains | 3 | 10 |
Gross Unrealized Losses | (184) | (135) |
Fair Market Value | $ 7,341 | $ 6,149 |
NOTE I - FAIR VALUE OF FINANC_5
NOTE I - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value - Fixed Income Securities [Member] - USD ($) $ in Thousands | Oct. 31, 2018 | Apr. 30, 2018 |
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 | $ 6,023 | $ 5,334 |
Unrealized Losses, Less than 12 months | (177) | (135) |
Fair Value, 12 Months or more | 0 | 0 |
Unrealized Losses, 12 Months or more | 0 | 0 |
Fair Value | 6,023 | 5,334 |
Unrealized Losses | $ (177) | $ (135) |
NOTE I - FAIR VALUE OF FINANC_6
NOTE I - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Investments Classified by Contractual Maturity Date - Fixed Income Securities [Member] $ in Thousands | Oct. 31, 2018USD ($) |
NOTE I - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Investments Classified by Contractual Maturity Date [Line Items] | |
Current | $ 1,114 |
Due after one year through five years | 2,898 |
Due after five years through ten years | 3,510 |
$ 7,522 |
NOTE J - RECENTLY ISSUED ACCO_3
NOTE J - RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | May 01, 2018 | |
NOTE J - RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS (Details) [Line Items] | |||||
Contract with Customer, Liability, Revenue Recognized | $ 11,200,000 | $ 20,400,000 | |||
Revenues | 12,142,000 | $ 9,337,000 | 23,153,000 | $ 21,360,000 | |
Accounting Standards Update 2014-09 [Member] | |||||
NOTE J - RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS (Details) [Line Items] | |||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 484,000 | 484,000 | |||
Revenues | $ 1,242,000 | $ 2,052,000 | |||
Assets [Member] | Accounting Standards Update 2014-09 [Member] | |||||
NOTE J - RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS (Details) [Line Items] | |||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 87,000 | ||||
Liabilities, Total [Member] | Accounting Standards Update 2014-09 [Member] | |||||
NOTE J - RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS (Details) [Line Items] | |||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 109,000 | ||||
Retained Earnings [Member] | Accounting Standards Update 2014-09 [Member] | |||||
NOTE J - RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS (Details) [Line Items] | |||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 22,000 |
NOTE J - RECENTLY ISSUED ACCO_4
NOTE J - RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS (Details) - Disaggregation of Revenue - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 12,142 | $ 9,337 | $ 23,153 | $ 21,360 |
Topic 606 (POC) Revenue [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 11,148 | 20,396 | ||
POT Revenue [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 994 | 2,757 | ||
Frequency Electronics Inc New York [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 9,745 | 6,579 | 18,322 | 15,740 |
Frequency Electronics Inc New York [Member] | Topic 606 (POC) Revenue [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 9,120 | 17,199 | ||
Frequency Electronics Inc New York [Member] | POT Revenue [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 625 | 1,123 | ||
Frequency Electronics Inc Zyfer [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2,542 | 3,593 | 5,103 | 7,865 |
Frequency Electronics Inc Zyfer [Member] | Topic 606 (POC) Revenue [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2,058 | 3,233 | ||
Frequency Electronics Inc Zyfer [Member] | POT Revenue [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 484 | 1,870 | ||
Inter Segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | (145) | $ (835) | (272) | $ (2,245) |
Inter Segment [Member] | Topic 606 (POC) Revenue [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | (30) | (36) | ||
Inter Segment [Member] | POT Revenue [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ (115) | $ (236) |
NOTE J - RECENTLY ISSUED ACCO_5
NOTE J - RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS (Details) - Revenue from External Customers by Products and Services - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | |
Revenue from External Customer [Line Items] | ||||
Revenue | $ 12,142 | $ 9,337 | $ 23,153 | $ 21,360 |
Satellite Revenue [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenue | 5,768 | 3,799 | 11,302 | 8,998 |
Government Non-Space Revenue [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenue | 5,639 | 3,158 | 10,420 | 7,706 |
Other Commercial & Industrial Revenue [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenue | $ 735 | $ 2,380 | $ 1,431 | $ 4,656 |
NOTE J - RECENTLY ISSUED ACCO_6
NOTE J - RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS (Details) - Schedule of New Accounting Pronouncements and Changes in Accounting Principles - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Oct. 31, 2018 | Jul. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | May 01, 2018 | Apr. 30, 2018 | ||
ASSETS | ||||||||
Costs and estimated earnings in excess of billings, net | $ 7,047 | $ 7,047 | $ 5,094 | |||||
Inventories, net | 25,648 | 25,648 | 26,186 | |||||
Prepaid expenses and other | 1,001 | 1,001 | 1,050 | |||||
Total current assets | 51,680 | 51,680 | 52,075 | |||||
Other assets | 3,628 | 3,628 | 2,850 | |||||
Total assets | 83,662 | 83,662 | 83,584 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Accrued liabilities | 3,179 | 3,179 | 3,416 | |||||
Total current liabilities | 4,252 | 4,252 | 5,257 | |||||
Deferred rent and other liabilities | 1,479 | 1,479 | 1,524 | |||||
Total liabilities | 19,438 | 19,438 | 20,322 | |||||
Accumulated deficit | 572 | 572 | (65) | |||||
Total stockholders’ equity | 64,224 | $ 63,970 | 64,224 | $ 63,746 | 63,262 | |||
Total liabilities and stockholders’ equity | 83,662 | 83,662 | 83,584 | |||||
Revenues | 12,142 | $ 9,337 | 23,153 | $ 21,360 | ||||
Cost of revenues | 8,123 | 7,134 | 14,860 | 14,636 | ||||
Gross profit | 4,019 | 2,203 | 8,293 | 6,724 | ||||
Selling and administrative expenses | 2,642 | 2,335 | 5,182 | 5,046 | ||||
Operating profit (loss) | (230) | (1,866) | (146) | (1,686) | ||||
Income (loss) before provision for income taxes | 92 | 130 | ||||||
Net income (loss) | 122 | $ 31 | $ (1,481) | 153 | $ (867) | |||
Accounting Standards Update 2014-09 [Member] | ||||||||
ASSETS | ||||||||
Costs and estimated earnings in excess of billings, net | [1] | 3,487 | 3,487 | 1,435 | ||||
Inventories, net | [2] | (1,994) | (1,994) | (929) | ||||
Prepaid expenses and other | [3] | 46 | 46 | 77 | ||||
Total current assets | 1,539 | 1,539 | 583 | |||||
Other assets | [4] | 5 | 5 | 10 | ||||
Total assets | 1,544 | 1,544 | 593 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Accrued liabilities | [5] | 61 | 61 | 97 | ||||
Total current liabilities | 61 | 61 | 97 | |||||
Deferred rent and other liabilities | [6] | 12 | 12 | 12 | ||||
Total liabilities | 73 | 73 | 109 | |||||
Accumulated deficit | [7] | 1,471 | 1,471 | 484 | ||||
Total stockholders’ equity | 1,471 | 1,471 | 484 | |||||
Total liabilities and stockholders’ equity | 1,544 | 1,544 | 593 | |||||
Revenues | 1,242 | 2,052 | ||||||
Cost of revenues | 838 | 1,065 | ||||||
Gross profit | 403 | 989 | ||||||
Selling and administrative expenses | [1] | (9) | 0 | |||||
Operating profit (loss) | 413 | 988 | ||||||
Income (loss) before provision for income taxes | 413 | 988 | ||||||
Net income (loss) | 413 | 988 | ||||||
Balances Without Adoption [Member] | ||||||||
ASSETS | ||||||||
Costs and estimated earnings in excess of billings, net | 3,560 | 3,560 | 6,529 | |||||
Inventories, net | 27,642 | 27,642 | 25,257 | |||||
Prepaid expenses and other | 955 | 955 | 1,127 | |||||
Total current assets | 50,141 | 50,141 | 52,658 | |||||
Other assets | 3,623 | 3,623 | 2,860 | |||||
Total assets | 82,118 | 82,118 | 84,177 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Accrued liabilities | 3,118 | 3,118 | 3,513 | |||||
Total current liabilities | 4,191 | 4,191 | 5,354 | |||||
Deferred rent and other liabilities | 1,467 | 1,467 | 1,536 | |||||
Total liabilities | 19,365 | 19,365 | 20,431 | |||||
Accumulated deficit | (899) | (899) | 419 | |||||
Total stockholders’ equity | 62,753 | 62,753 | 63,746 | |||||
Total liabilities and stockholders’ equity | 82,118 | 82,118 | $ 84,177 | |||||
Revenues | 10,900 | 21,101 | ||||||
Cost of revenues | 7,285 | 13,795 | ||||||
Gross profit | 3,616 | 7,304 | ||||||
Selling and administrative expenses | 2,651 | 5,182 | ||||||
Operating profit (loss) | (643) | (1,134) | ||||||
Income (loss) before provision for income taxes | (321) | (858) | ||||||
Net income (loss) | $ (291) | $ (835) | ||||||
[1] | Adjustment to unbilled accounts receivable for additional revenue recognized for which amounts have not been invoiced due to adoption of Topic 606 | |||||||
[2] | Adjustment for additional allocated inventory costs related to additional revenue recognized due to adoption of Topic 606 | |||||||
[3] | Adjustment for short-term capitalization of sales commissions, net of amortized amounts, due to adoption of ASC 340-40 | |||||||
[4] | Adjustment for long-term capitalization of sales commissions, net of amortized amounts, due to adoption of ASC 340-40 | |||||||
[5] | Adjustment to record short-term liability of sales commissions, net of amounts paid, due to adoption of ASC 340-40 | |||||||
[6] | Adjustment to record long-term liability of sales commissions, net of amounts paid, due to adoption of ASC 340-40 | |||||||
[7] | The cumulative effect of initially adopting Topic 606 and ASC 340-40 using the modified-retrospective method as an adjustment to the beginning balance of (Accumulated deficit) Retained earnings. |