Frequency Electronics (FEIM) 10-Q 18 Mar 19 2019 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Jan. 31, 2019	Mar. 12, 2019
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	0000039020
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Jan. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Ex Transition Period	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jan. 31, 2019	Apr. 30, 2018
Current assets:
Cash and cash equivalents	$ 2,418	$ 7,869
Marketable securities	8,442	6,149
Accounts receivable, net of allowance for doubtful accounts of $173 at January 31, 2019 and $181 at April 30, 2018	7,312	4,268
Costs and estimated earnings in excess of billings, net	7,282	5,094
Inventories, net	25,065	26,186
Prepaid income taxes	417	1,459
Prepaid expenses and other	877	1,050
Total current assets	51,813	52,075
Property, plant and equipment, at cost, net of accumulated depreciation and amortization	13,783	14,127
Goodwill and other intangible assets	617	617
Cash surrender value of life insurance and cash held in trust	14,419	13,915
Other assets	3,616	2,850
Total assets	84,248	83,584
Current liabilities:
Accounts payable - trade	1,120	1,841
Accrued liabilities	3,444	3,416
Total current liabilities	4,564	5,257
Deferred compensation	13,779	13,541
Deferred rent and other liabilities	1,314	1,524
Total liabilities	19,657	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, 8,955 shares outstanding at January 31, 2019; 8,867 shares outstanding at April 30, 2018	9,164	9,164
Additional paid-in capital	56,696	56,439
Retained earnings (Accumulated deficit)	251	(65)
	66,111	65,538
Common stock reacquired and held in treasury - at cost (209 shares at January 31, 2019 and 297 shares at April 30, 2018)	(960)	(1,361)
Accumulated other comprehensive income	(560)	(915)
Total stockholders’ equity	64,591	63,262
Total liabilities and stockholders’ equity	$ 84,248	$ 83,584

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Jan. 31, 2019	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	8,955	8,867
Treasury stock, shares	209	297

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2019	Jan. 31, 2018
Revenues	$ 13,193	$ 10,572	$ 36,345	$ 31,932
Cost of revenues	9,093	13,424	23,953	28,060
Gross margin	4,100	(2,852)	12,392	3,872
Selling and administrative expenses	2,657	2,749	7,838	7,796
Research and development expense	1,837	1,708	5,094	5,071
Operating loss	(394)	(7,309)	(540)	(8,995)
Other income (expense):
Investment income	52	68	242	1,236
Interest expense	(23)	(19)	(57)	(61)
Other income, net	104	1	225	4
Loss before provision (benefit) for income taxes	(261)	(7,259)	(130)	(7,816)
Provision for income taxes	60	2,848	38	2,750
Net loss from continuing operations	(321)	(10,107)	(168)	(10,566)
Loss from discontinued operations, net of tax	0	(289)	0	(697)
Net loss	$ (321)	$ (10,396)	$ (168)	$ (11,263)
Net loss per common share:
Basic and diluted loss from continued operations (in Dollars per share)	$ (0.04)	$ (1.15)	$ (0.02)	$ (1.20)
Basic and diluted loss from discontinued operations (in Dollars per share)	0	(0.03)	0	(0.07)
Basic and diluted loss per share (in Dollars per share)	$ (0.04)	$ (1.18)	$ (0.02)	$ (1.27)
Weighted average shares outstanding:
Basic (in Shares)	8,927,710	8,846,083	8,899,110	8,835,685
Diluted (in Shares)	8,927,710	8,846,083	8,899,110	8,835,685
Condensed Consolidated Statements of Comprehensive Income (Loss)
Net loss	$ (321)	$ (10,396)	$ (168)	$ (11,263)
Foreign currency translation adjustment	343	48	261	623
Change in market value of marketable securities before reclassification, net of tax of $8 in 2018	150	(76)	95	(54)
Reclassification adjustment for realized gains included in net income, net of tax of $355 in 2018	1	0	(1)	(688)
Total unrealized gain (loss) on marketable securities, net of tax	151	(76)	94	(742)
Total other comprehensive income (loss)	494	(28)	355	(119)
Comprehensive income (loss)	$ 173	$ (10,424)	$ 187	$ (11,382)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Jan. 31, 2019	Jan. 31, 2018
Change in market value of marketable securities before reclassification, tax	$ 39	$ (8)
Reclassification adjustment for realized gains included in net income, tax		$ 355

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2019	Jan. 31, 2018
Cash flows from operating activities:
Net loss from continuing operations	$ (321)	$ (10,107)	$ (168)	$ (10,566)
Net loss from discontinued operations	0	(289)	0	(697)
Net loss	(321)	(10,396)	(168)	(11,263)
Non-cash charges to earnings			3,303	8,285
Net changes in operating assets and liabilities			(4,420)	5,771
Cash provided by operating activities – continuing operations			(1,285)	2,793
Cash provided by operating activities – discontinued operations			0	1,217
Net cash (used in) provided by operating activities			(1,285)	4,010
Cash flows from investing activities:
Proceeds on redemption of marketable securities			987	6,477
Purchase of marketable securities			(3,200)	(4,961)
Purchase of fixed assets and other assets			(2,175)	(1,032)
Cash (used in) provided by investing activities – continuing operations			(4,388)	484
Cash used in investing activities – discontinued operations			0	(44)
Net (used in) cash provided by investing activities			(4,388)	440
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			(5,673)	4,451
Effect of exchange rate changes on cash and cash equivalents			222	738
Net (decrease) increase in cash and cash equivalents			(5,451)	5,189
Cash and cash equivalents at beginning of period			7,869	2,738
Cash and cash equivalents at end of period	2,418	7,927	2,418	7,927
Less cash and equivalents of discontinued operations at end of period	0	943	0	943
Cash and cash equivalents of continuing operations at end of period	$ 2,418	$ 6,984	2,418	6,984
Supplemental disclosures of cash flow information:
Interest			57	61
Income taxes			$ 2	$ 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, 2017	$ 9,164	$ 55,767	$ 23,712	$ (1,592)	$ 2,281	$ 89,332
Balance (in Shares) at Apr. 30, 2017	9,163,940			347,422
Contribution of stock to 401(k) plan		68		$ 63		131
Contribution of stock to 401(k) plan (in Shares)				(13,740)
Stock-based compensation expense		153		$ 1		154
Stock-based compensation expense (in Shares)				(100)
Exercise of stock options and stock appreciation rights - net of shares tendered for exercise price		(3)		$ 3
Exercise of stock options and stock appreciation rights - net of shares tendered for exercise price (in Shares)				(744)
Other comprehensive income, net of tax					(340)	(340)
Net income (loss)			614			614
Balance at Jul. 31, 2017	$ 9,164	55,985	24,326	$ (1,525)	1,941	89,891
Balance (in Shares) at Jul. 31, 2017	9,163,940			332,838
Balance at Apr. 30, 2017	$ 9,164	55,767	23,712	$ (1,592)	2,281	89,332
Balance (in Shares) at Apr. 30, 2017	9,163,940			347,422
Other comprehensive income, net of tax						(119)
Net income (loss)						(11,263)
Balance at Jan. 31, 2018	$ 9,164	56,289	12,449	$ (1,425)	2,174	78,651
Balance (in Shares) at Jan. 31, 2018	9,163,940			310,954
Balance at Jul. 31, 2017	$ 9,164	55,985	24,326	$ (1,525)	1,941	89,891
Balance (in Shares) at Jul. 31, 2017	9,163,940			332,838
Contribution of stock to 401(k) plan		57		$ 53		110
Contribution of stock to 401(k) plan (in Shares)				(11,530)
Stock-based compensation expense		97				97
Other comprehensive income, net of tax					261	261
Net income (loss)			(1,481)			(1,481)
Balance at Oct. 31, 2017	$ 9,164	56,139	22,845	$ (1,472)	2,202	88,878
Balance (in Shares) at Oct. 31, 2017	9,163,940			321,308
Contribution of stock to 401(k) plan		36		$ 34		70
Contribution of stock to 401(k) plan (in Shares)				(7,487)
Stock-based compensation expense		115		$ 12		127
Stock-based compensation expense (in Shares)				(2,750)
Exercise of stock options and stock appreciation rights - net of shares tendered for exercise price		(1)		$ 1
Exercise of stock options and stock appreciation rights - net of shares tendered for exercise price (in Shares)				(117)
Other comprehensive income, net of tax					(28)	(28)
Net income (loss)			(10,396)			(10,396)
Balance at Jan. 31, 2018	$ 9,164	56,289	12,449	$ (1,425)	2,174	78,651
Balance (in Shares) at Jan. 31, 2018	9,163,940			310,954
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 (loss)			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						355
Net income (loss)						(168)
Balance at Jan. 31, 2019	$ 9,164	56,696	251	$ (960)	(560)	64,591
Balance (in Shares) at Jan. 31, 2019	9,163,940			209,482
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 (loss)			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
Contribution of stock to 401(k) plan		35		$ 27		62
Contribution of stock to 401(k) plan (in Shares)				(5,829)
Stock-based compensation expense		128		$ 4		132
Stock-based compensation expense (in Shares)				(1,100)
Exercise of stock options and stock appreciation rights - net of shares tendered for exercise price		(177)		$ 177
Exercise of stock options and stock appreciation rights - net of shares tendered for exercise price (in Shares)				(38,536)
Other comprehensive income, net of tax					494	494
Net income (loss)			(321)			(321)
Balance at Jan. 31, 2019	$ 9,164	$ 56,696	$ 251	$ (960)	$ (560)	$ 64,591
Balance (in Shares) at Jan. 31, 2019	9,163,940			209,482

NOTE A - CONDENSED CONSOLIDATED

NOTE A - CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	9 Months Ended
	Jan. 31, 2019
Disclosure Text Block [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	NOTE A – CONDENSED CONSOLIDATED FINANCIAL STATEMENTS In the opinion of management of Frequency Electronics, Inc. (the “Company”), the accompanying unaudited condensed consolidated interim financial statements reflect all adjustments (which include only normal recurring adjustments) necessary to present fairly, in all material respects, the consolidated financial position of the Company as of January 31, 2019 and the results of its operations and cash flows for the nine and three months ended January 31, 2019 and January 31, 2018. 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	9 Months Ended
	Jan. 31, 2019
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 Gillam and 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 which is recorded in the caption other assets in the accompanying Condensed Consolidated Balance Sheets. As such Gillam’s results have been classified as discontinued operations in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for fiscal 2018. Summarized operating results for the Gillam discontinued operations, for the nine and three months ended January 31, 2018, were as follows: Nine months Three months (UNAUDITED) (UNAUDITED) (In thousands except par value) Revenues $ 3,018 $ 1,063 Cost of Revenues 2,089 699 Gross Margin 929 364 Selling and administrative expenses 1,285 582 Research and development expenses 334 66 Operating Loss (690 ) (284 ) Other income (expense): Investment (loss) income Other income (expense), net (7 ) (4 ) Loss before provision for income taxes (697 ) (288 ) Provision for income taxes - 1 Net Loss $ (697 ) $ (289 )

NOTE C - EARNINGS PER SHARE

NOTE C - EARNINGS PER SHARE	9 Months Ended
	Jan. 31, 2019
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: Nine months Three months Periods ended January 31, 201 9 201 8 201 9 201 8 Weighted average shares outstanding: Basic 8,899,110 8,835,685 8,927,710 8,846,083 Effect of dilutive securities ** ** ** ** Diluted 8,899,110 8,835,685 8,927,710 8,846,083 ** For the nine and three month periods ended January 31, 2019, 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 as of January 31, 2019 are 1,207,750 options. The effect of dilutive securities for the periods would have been 204,071 options and 289,322 options, for the nine and three month periods ended January 31, 2019, respectively. For the nine and three month periods ended January 31, 2018, 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 as of January 31, 2018 are 1,260,250 options. The effect of dilutive securities for the periods would have been 131,638 options and 136,424 options for the nine and three month periods ended January 31, 2018, respectively.

NOTE D - COSTS AND ESTIMATED EA

NOTE D - COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET	9 Months Ended
	Jan. 31, 2019
Contractors [Abstract]
Long-term Contracts or Programs Disclosure [Text Block]	NOTE D – COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET At January 31, 2019 and April 30, 2018, costs and estimated earnings in excess of billings, net, consisted of the following: January 31, 201 9 April 30, 201 8 (In thousands) Costs and estimated earnings in excess of billings $ 8,962 $ 5,266 Billings in excess of costs and estimated earnings (1,680 ) (172 ) Net asset $ 7,282 $ 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. In general, the recorded amounts will be billed and collected or revenue recognized within twelve months of the balance sheet date. Revenue on these long-term contracts is accounted for on the percentage of completion basis. During the nine and three months ended January 31, 2019, revenue recognized under percentage of completion contracts was approximately $33.3 million and $12.9 million, respectively. During the nine and three months ended January 31, 2018, revenue recognized under percentage of completion contracts was approximately $13.7 million and $2.8 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	9 Months Ended
	Jan. 31, 2019
Disclosure Text Block Supplement [Abstract]
Treasury Stock [Text Block]	NOTE E – TREASURY STOCK TRANSACTIONS During the nine and three months period ended January 31, 2019, the Company made contributions of 30,257 shares and 5,829 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.

NOTE F - INVENTORIES

NOTE F - INVENTORIES	9 Months Ended
	Jan. 31, 2019
Inventory Disclosure [Abstract]
Inventory Disclosure [Text Block]	NOTE F – INVENTORIES Inventories, which are reported at the lower of cost or market, consisted of the following: January 31, 201 9 April 30, 201 8 (In thousands) Raw Materials and Component Parts $ 13,135 $ 16,206 Work in Progress 8,884 8,216 Finished Goods 3,046 1,764 $ 25,065 $ 26,186 As of January 31, 2019 and April 30, 2018, approximately $24.2 million and $25.2 million, respectively, of total inventory was located in the United States and $0.9 million and $1.0 million, respectively, was located in China.

NOTE G - SEGMENT INFORMATION

NOTE G - SEGMENT INFORMATION	9 Months Ended
	Jan. 31, 2019
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: 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 for third parties as a contract manufacturer. FEI-Elcom, in addition to its own product line, provides design and technical support the FEI-NY segment’s satellite business. (2) FEI-Zyfer – operates out of California and its products incorporate timing synchronization and distribution technologies into systems and subsystems for secure communications, both government 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 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): Nine months Three months Periods ended January 31, 201 9 201 8 201 9 201 8 Revenues: FEI-NY $ 28,076 $ 22,184 $ 9,754 $ 6,444 FEI-Zyfer 8,746 12,378 3,644 4,514 less intersegment revenues (477 ) (2,630 ) (205 ) (386 ) Consolidated revenues $ 36,345 $ 31,932 $ 13,193 $ 10,572 Operating loss: FEI-NY $ (1,745 ) $ (11,312 ) $ (939 ) $ (8,554 ) FEI-Zyfer 1,305 2,629 847 1,354 Corporate (100 ) (312 ) (302 ) (109 ) Consolidated operating loss $ (540 ) $ (8,995 ) $ (394 ) $ (7,309 ) January 31, 201 9 April 30, 201 8 Identifiable assets: FEI-NY (approximately $1.4 and $1.7 million, respectively in China) $ 56,969 $ 55,181 FEI-Zyfer 9,998 8,168 less intersegment balances (11,577 ) (11,888 ) Corporate 28,858 32,123 Consolidated identifiable assets $ 84,248 $ 83,584

NOTE H - INVESTMENT IN MORION,

NOTE H - INVESTMENT IN MORION, INC.	9 Months Ended
	Jan. 31, 2019
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 nine months ended January 31, 2019 and 2018, the Company acquired product from Morion in the aggregate amount of approximately $291,000 and $279,000, respectively, and the Company sold product and training services to Morion in the aggregate amount of approximately $2,000 and $192,000, respectively, included in revenues in the statement of operations as part of the FEI-NY segment. During the three months ended January 31, 2019 and 2018, the Company acquired product from Morion in the aggregate amount of approximately $145,000 and $108,000, respectively, and the Company sold product and training services to Morion in the aggregate amount of approximately $9,000 for the same period in 2018, included in revenues in the statement of operations as part of the FEI-NY segment. At January 31, 2019 there was no payable nor receivable related to Morion. During the nine months ended January 31, 2019 and 2018, the Company received a dividend from Morion in the amount of approximately $105,000 and $85,000, 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	9 Months Ended
	Jan. 31, 2019
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 January 31, 2019 and April 30, 2018, respectively, were as follows (in thousands): January 31, 201 9 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Fixed income securities $ 8,473 $ 42 $ (73 ) $ 8,442 April 30, 201 8 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 January 31, 2019 Fixed Income Securities $ 1,695 $ (15 ) $ 4,546 $ (58 ) $ 6,241 $ (73 ) 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 January 31, 2019 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 nine months ended January 31, 2019, the Company sold or redeemed available-for-sale securities of approximately $987,000, realizing gains of approximately $2,000. During the nine months ended January 31, 2018, the Company sold or redeemed available-for-sale securities in the amounts of approximately $6.5 million, realizing gains of approximately $1 million. Maturities of fixed income securities classified as available-for-sale at January 31, 2019 were as follows, at cost (in thousands): Current $ 1,572 Due after one year through five years 3,997 Due after five years through ten years 2,904 $ 8,473 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. The Company believes that the fair value of its financial instruments comprising notes receivable approximate the carrying amount.

NOTE J - RECENTLY ISSUED ACCOUN

NOTE J - RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS	9 Months Ended
	Jan. 31, 2019
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 ASU 2014-09 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 ASU 2019-09, 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 $33.3 million of the $36.4 million reported for the nine months ended January 31, 2019, and $12.9 million of the $13.2 million reported for the three months ended January 31, 2019. The amounts by segment and product line were as follows: Nine Months Ended January 31, 201 9 (In thousands) POC Revenue POT Revenue Total Revenue FEI-NY $ 26,611 $ 1,465 $ 28,076 FEI-Zyfer 6,680 2,066 8,746 Intersegment (25 ) (452 ) (477 ) Revenue $ 33,266 $ 3,079 $ 36,345 Three Months Ended January 31, 201 9 (In thousands) POC Revenue POT Revenue Total Revenue FEI-NY $ 9,412 $ 342 $ 9,754 FEI-Zyfer 3,447 197 3,644 Intersegment 11 (216 ) (205 ) Revenue $ 12,870 $ 323 $ 13,193 Periods ended January 31, Nine months Three months 201 9 201 8 201 9 201 8 (In thousands) Revenue by Product Line: Satellite Revenue $ 17,289 $ 11,448 $ 5,987 $ 2,450 Government Non-Space Revenue 17,058 13,928 6,639 6,222 Other Commercial & Industrial Revenue 1,998 6,556 567 1,900 Consolidated revenues $ 36,345 $ 31,932 $ 13,193 $ 10,572 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 ASU 2019-09. (b) Adjustment for additional allocated inventory costs related to additional revenue recognized due to adoption of ASU 2019-09. (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 ASU 2019-09 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 nine and three months ended January 31, 2019 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 $ 7,282 $ 4,286 (a) $ 2,996 Inventories, net 25,065 (3,115 ) (b) 28,180 Prepaid expenses and other 877 35 (c) 842 Total current assets 51,813 1,206 50,607 Other assets 3,616 15 (d) 3,601 Total assets 84,248 1,221 83,027 LIABILITIES AND STOCKHOLDERS’ EQUITY Accrued liabilities $ 3,444 39 (e) 3,405 Total current liabilities 4,564 39 4,525 Deferred rent and other liabilities 1,314 12 (f) 1,302 Total liabilities 19,657 51 19,606 Retained Earnings (Accumulated deficit) 251 1,170 (g) (919 ) Total stockholders’ equity 64,591 1,170 63,421 Total liabilities and stockholders’ equity 84,248 1,221 83,027 Notes: (a) Cumulative adjustment to unbilled accounts receivable for additional revenue recognized for which amounts have not been invoiced due to adoption of ASU 2019-09. (b) Cumulative adjustment for additional allocated inventory costs related to additional revenue recognized due to adoption of ASU 2019-09. (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 ASU 2019-09 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 Nine Months Ended January 31, 201 9 : As Reported Adjustments Balances Without Adoption of ASU 2014-09 Revenues $ 36,345 $ 2,861 $ 33,484 Cost of revenues 23,953 2,186 21,767 Gross profit 12,392 677 11,715 Selling and administrative expenses 7,838 (10 ) (a) 7,848 Operating loss (540 ) 686 (1,226 ) Loss before provision for income taxes (130 ) 686 (816 ) Net loss (168 ) 686 (854 ) Note: (a) Additional expense related the amortization of sales commissions due to the adoptions of ASC 340-40. Three Months Ended January 31, 201 9 : As Reported Adjustments Balances Without Adoption of ASU 2014-09 Revenues $ 13,193 $ 809 $ 12,384 Cost of revenues 9,093 1,121 7,972 Gross profit 4,100 (312 ) 4,412 Selling and administrative expenses 2,657 (10 ) (a) 2,667 Operating loss (394 ) (302 ) (92 ) (Loss) income before provision for income taxes (261 ) (302 ) 41 Net loss (321 ) (302 ) (19 ) 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	9 Months Ended
	Jan. 31, 2019
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	NOTE K – CREDIT FACILITY As of January 30, 2019, 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	9 Months Ended
	Jan. 31, 2019
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 in applying ASC Topic 740, Income Taxes As of the period ended April 30, 2018, the Company’s accounting for certain elements of the TCJA was incomplete. The Company recorded a provisional noncash charge to income tax expense of $5.3 million related to the revaluation of our deferred tax assets at the lower federal corporate tax rate of 21%. During the quarter ended January 31, 2019, the Company finalized the accounting for the tax effects of TCJA with no material changes to the provisional estimate recorded in prior periods.

NOTE B - DISCONTINUED OPERATI_2

NOTE B - DISCONTINUED OPERATIONS (Tables)	9 Months Ended
	Jan. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations [Table Text Block]	Summarized operating results for the Gillam discontinued operations, for the nine and three months ended January 31, 2018, were as follows: Nine months Three months (UNAUDITED) (UNAUDITED) (In thousands except par value) Revenues $ 3,018 $ 1,063 Cost of Revenues 2,089 699 Gross Margin 929 364 Selling and administrative expenses 1,285 582 Research and development expenses 334 66 Operating Loss (690 ) (284 ) Other income (expense): Investment (loss) income Other income (expense), net (7 ) (4 ) Loss before provision for income taxes (697 ) (288 ) Provision for income taxes - 1 Net Loss $ (697 ) $ (289 )

NOTE C - EARNINGS PER SHARE (Ta

NOTE C - EARNINGS PER SHARE (Tables)	9 Months Ended
	Jan. 31, 2019
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: Nine months Three months Periods ended January 31, 201 9 201 8 201 9 201 8 Weighted average shares outstanding: Basic 8,899,110 8,835,685 8,927,710 8,846,083 Effect of dilutive securities ** ** ** ** Diluted 8,899,110 8,835,685 8,927,710 8,846,083 ** For the nine and three month periods ended January 31, 2019, 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 as of January 31, 2019 are 1,207,750 options. The effect of dilutive securities for the periods would have been 204,071 options and 289,322 options, for the nine and three month periods ended January 31, 2019, respectively. For the nine and three month periods ended January 31, 2018, 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 as of January 31, 2018 are 1,260,250 options. The effect of dilutive securities for the periods would have been 131,638 options and 136,424 options for the nine and three month periods ended January 31, 2018, respectively.

NOTE D - COSTS AND ESTIMATED _2

NOTE D - COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Tables)	9 Months Ended
	Jan. 31, 2019
Contractors [Abstract]
Costs and Estimated Earnings in Excess of Billings, Net [Table Text Block]	At January 31, 2019 and April 30, 2018, costs and estimated earnings in excess of billings, net, consisted of the following: January 31, 201 9 April 30, 201 8 (In thousands) Costs and estimated earnings in excess of billings $ 8,962 $ 5,266 Billings in excess of costs and estimated earnings (1,680 ) (172 ) Net asset $ 7,282 $ 5,094

NOTE F - INVENTORIES (Tables)

NOTE F - INVENTORIES (Tables)	9 Months Ended
	Jan. 31, 2019
Inventory Disclosure [Abstract]
Schedule of Inventory, Current [Table Text Block]	Inventories, which are reported at the lower of cost or market, consisted of the following: January 31, 201 9 April 30, 201 8 (In thousands) Raw Materials and Component Parts $ 13,135 $ 16,206 Work in Progress 8,884 8,216 Finished Goods 3,046 1,764 $ 25,065 $ 26,186

NOTE G - SEGMENT INFORMATION (T

NOTE G - SEGMENT INFORMATION (Tables)	9 Months Ended
	Jan. 31, 2019
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): Nine months Three months Periods ended January 31, 201 9 201 8 201 9 201 8 Revenues: FEI-NY $ 28,076 $ 22,184 $ 9,754 $ 6,444 FEI-Zyfer 8,746 12,378 3,644 4,514 less intersegment revenues (477 ) (2,630 ) (205 ) (386 ) Consolidated revenues $ 36,345 $ 31,932 $ 13,193 $ 10,572
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]	Operating loss: FEI-NY $ (1,745 ) $ (11,312 ) $ (939 ) $ (8,554 ) FEI-Zyfer 1,305 2,629 847 1,354 Corporate (100 ) (312 ) (302 ) (109 ) Consolidated operating loss $ (540 ) $ (8,995 ) $ (394 ) $ (7,309 )
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	January 31, 201 9 April 30, 201 8 Identifiable assets: FEI-NY (approximately $1.4 and $1.7 million, respectively in China) $ 56,969 $ 55,181 FEI-Zyfer 9,998 8,168 less intersegment balances (11,577 ) (11,888 ) Corporate 28,858 32,123 Consolidated identifiable assets $ 84,248 $ 83,584

NOTE I - FAIR VALUE OF FINANC_2

NOTE I - FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Jan. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Schedule of Available-for-sale Securities Reconciliation [Table Text Block]	The cost, gross unrealized gains, gross unrealized losses, and fair market value of available-for-sale securities at January 31, 2019 and April 30, 2018, respectively, were as follows (in thousands): January 31, 201 9 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Fixed income securities $ 8,473 $ 42 $ (73 ) $ 8,442 April 30, 201 8 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 January 31, 2019 Fixed Income Securities $ 1,695 $ (15 ) $ 4,546 $ (58 ) $ 6,241 $ (73 ) 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 January 31, 2019 were as follows, at cost (in thousands): Current $ 1,572 Due after one year through five years 3,997 Due after five years through ten years 2,904 $ 8,473

NOTE J - RECENTLY ISSUED ACCO_2

NOTE J - RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS (Tables)	9 Months Ended
	Jan. 31, 2019
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 $33.3 million of the $36.4 million reported for the nine months ended January 31, 2019, and $12.9 million of the $13.2 million reported for the three months ended January 31, 2019. The amounts by segment and product line were as follows: Nine Months Ended January 31, 201 9 (In thousands) POC Revenue POT Revenue Total Revenue FEI-NY $ 26,611 $ 1,465 $ 28,076 FEI-Zyfer 6,680 2,066 8,746 Intersegment (25 ) (452 ) (477 ) Revenue $ 33,266 $ 3,079 $ 36,345 Three Months Ended January 31, 201 9 (In thousands) POC Revenue POT Revenue Total Revenue FEI-NY $ 9,412 $ 342 $ 9,754 FEI-Zyfer 3,447 197 3,644 Intersegment 11 (216 ) (205 ) Revenue $ 12,870 $ 323 $ 13,193
Revenue from External Customers by Products and Services [Table Text Block]	Periods ended January 31, Nine months Three months 201 9 201 8 201 9 201 8 (In thousands) Revenue by Product Line: Satellite Revenue $ 17,289 $ 11,448 $ 5,987 $ 2,450 Government Non-Space Revenue 17,058 13,928 6,639 6,222 Other Commercial & Industrial Revenue 1,998 6,556 567 1,900 Consolidated revenues $ 36,345 $ 31,932 $ 13,193 $ 10,572
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 $ 7,282 $ 4,286 (a) $ 2,996 Inventories, net 25,065 (3,115 ) (b) 28,180 Prepaid expenses and other 877 35 (c) 842 Total current assets 51,813 1,206 50,607 Other assets 3,616 15 (d) 3,601 Total assets 84,248 1,221 83,027 LIABILITIES AND STOCKHOLDERS’ EQUITY Accrued liabilities $ 3,444 39 (e) 3,405 Total current liabilities 4,564 39 4,525 Deferred rent and other liabilities 1,314 12 (f) 1,302 Total liabilities 19,657 51 19,606 Retained Earnings (Accumulated deficit) 251 1,170 (g) (919 ) Total stockholders’ equity 64,591 1,170 63,421 Total liabilities and stockholders’ equity 84,248 1,221 83,027 Nine Months Ended January 31, 201 9 : As Reported Adjustments Balances Without Adoption of ASU 2014-09 Revenues $ 36,345 $ 2,861 $ 33,484 Cost of revenues 23,953 2,186 21,767 Gross profit 12,392 677 11,715 Selling and administrative expenses 7,838 (10 ) (a) 7,848 Operating loss (540 ) 686 (1,226 ) Loss before provision for income taxes (130 ) 686 (816 ) Net loss (168 ) 686 (854 ) Three Months Ended January 31, 201 9 : As Reported Adjustments Balances Without Adoption of ASU 2014-09 Revenues $ 13,193 $ 809 $ 12,384 Cost of revenues 9,093 1,121 7,972 Gross profit 4,100 (312 ) 4,412 Selling and administrative expenses 2,657 (10 ) (a) 2,667 Operating loss (394 ) (302 ) (92 ) (Loss) income before provision for income taxes (261 ) (302 ) 41 Net loss (321 ) (302 ) (19 ) (a) Adjustment to unbilled accounts receivable for additional revenue recognized for which amounts have not been invoiced due to adoption of ASU 2019-09. (b) Adjustment for additional allocated inventory costs related to additional revenue recognized due to adoption of ASU 2019-09. (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 ASU 2019-09 and ASC 340-40 using the modified-retrospective method as an adjustment to the beginning balance of (Accumulated deficit) Retained Earnings. (a) Cumulative adjustment to unbilled accounts receivable for additional revenue recognized for which amounts have not been invoiced due to adoption of ASU 2019-09. (b) Cumulative adjustment for additional allocated inventory costs related to additional revenue recognized due to adoption of ASU 2019-09. (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 ASU 2019-09 and ASC 340-40 using the modified-retrospective method as an adjustment to the balance of Retained earnings (Accumulated deficit). (a) Additional expense related the amortization of sales commissions due to the adoptions of ASC 340-40. (a) Additional expense related the amortization of sales commissions due to the adoptions of ASC 340-40.

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		9 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2019	Jan. 31, 2018
Disposal Groups, Including Discontinued Operations [Abstract]
Revenues		$ 1,063		$ 3,018
Cost of Revenues		699		2,089
Gross Margin		364		929
Selling and administrative expenses		582		1,285
Research and development expenses		66		334
Operating Loss		(284)		(690)
Other income (expense), net		(4)		(7)
Loss before provision for income taxes		(288)		(697)
Provision for income taxes		1		0
Net Loss	$ 0	$ (289)	$ 0	$ (697)

NOTE C - EARNINGS PER SHARE (De

NOTE C - EARNINGS PER SHARE (Details) - shares	3 Months Ended		9 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2019	Jan. 31, 2018
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount			1,207,750	1,260,250
Weighted Average Number Diluted Shares Outstanding Adjustment	289,322	136,424	204,071	131,638

NOTE C - EARNINGS PER SHARE (D

NOTE C - EARNINGS PER SHARE (Details) - Schedule of Earnings Per Share, Basic and Diluted - shares	3 Months Ended		9 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2019	Jan. 31, 2018
Weighted average shares outstanding:
Basic	8,927,710	8,846,083	8,899,110	8,835,685
Diluted	8,927,710	8,846,083	8,899,110	8,835,685

NOTE D - COSTS AND ESTIMATED _3

NOTE D - COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2019	Jan. 31, 2018
Contracts Accounted for under Percentage of Completion [Member]
NOTE D - COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Details) [Line Items]
Revenues	$ 12.9	$ 2.8	$ 33.3	$ 13.7

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	Jan. 31, 2019	Apr. 30, 2018
Costs and Estimated Earnings in Excess of Billings, Net [Abstract]
Costs and estimated earnings in excess of billings	$ 8,962	$ 5,266
Billings in excess of costs and estimated earnings	(1,680)	(172)
Net asset	$ 7,282	$ 5,094

NOTE E - TREASURY STOCK TRANS_2

NOTE E - TREASURY STOCK TRANSACTIONS (Details) - shares	3 Months Ended	9 Months Ended
	Jan. 31, 2019	Jan. 31, 2019
Disclosure Text Block Supplement [Abstract]
Defined Contribution Plan, Employer Discretionary Contribution, Shares	5,829	30,257

NOTE F - INVENTORIES (Details)

NOTE F - INVENTORIES (Details) - USD ($) $ in Millions	Jan. 31, 2019	Apr. 30, 2018
UNITED STATES
NOTE F - INVENTORIES (Details) [Line Items]
Inventory, Net	$ 24.2	$ 25.2
CHINA
NOTE F - INVENTORIES (Details) [Line Items]
Inventory, Net	$ 0.9	$ 1

NOTE F - INVENTORIES (Details)

NOTE F - INVENTORIES (Details) - Schedule of Inventory, Current - USD ($) $ in Thousands	Jan. 31, 2019	Apr. 30, 2018
Schedule of Inventory, Current [Abstract]
Raw Materials and Component Parts	$ 13,135	$ 16,206
Work in Progress	8,884	8,216
Finished Goods	3,046	1,764
	$ 25,065	$ 26,186

NOTE G - SEGMENT INFORMATION (D

NOTE G - SEGMENT INFORMATION (Details)	9 Months Ended
	Jan. 31, 2019
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		9 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2019	Jan. 31, 2018
Revenues:
Revenues	$ 13,193	$ 10,572	$ 36,345	$ 31,932
Frequency Electronics Inc New York [Member]
Revenues:
Revenues	9,754	6,444	28,076	22,184
Frequency Electronics Inc Zyfer [Member]
Revenues:
Revenues	3,644	4,514	8,746	12,378
Inter Segment [Member]
Revenues:
Revenues	$ (205)	$ (386)	$ (477)	$ (2,630)

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		9 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2019	Jan. 31, 2018
Operating loss:
Operating profit (loss)	$ (394)	$ (7,309)	$ (540)	$ (8,995)
Frequency Electronics Inc New York [Member]
Operating loss:
Operating profit (loss)	(939)	(8,554)	(1,745)	(11,312)
Frequency Electronics Inc Zyfer [Member]
Operating loss:
Operating profit (loss)	847	1,354	1,305	2,629
Corporate Segment [Member]
Operating loss:
Operating profit (loss)	$ (302)	$ (109)	$ (100)	$ (312)

NOTE G - SEGMENT INFORMATION _3

NOTE G - SEGMENT INFORMATION (Details) - Schedule of Reconciliation of Assets from Segment to Consolidated - USD ($) $ in Thousands	Jan. 31, 2019	Apr. 30, 2018
Identifiable assets:
Identifiable Assets	$ 84,248	$ 83,584
Frequency Electronics Inc New York [Member]
Identifiable assets:
Identifiable Assets	56,969	55,181
Frequency Electronics Inc Zyfer [Member]
Identifiable assets:
Identifiable Assets	9,998	8,168
Inter Segment [Member]
Identifiable assets:
Identifiable Assets	(11,577)	(11,888)
Corporate Segment [Member]
Identifiable assets:
Identifiable Assets	$ 28,858	$ 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	Jan. 31, 2019	Apr. 30, 2018
CHINA | Frequency Electronics Inc New York [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Identifiable assets	$ 1.4	$ 1.7

NOTE H - INVESTMENT IN MORION_2

NOTE H - INVESTMENT IN MORION, INC. (Details) - Morion Inc [Member] - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2019	Jan. 31, 2018
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	$ 145,000	$ 108,000	$ 291,000	$ 279,000
Revenue from Related Parties	$ 9,000		2,000	192,000
Proceeds from Dividends Received			$ 105,000	$ 85,000

NOTE I - FAIR VALUE OF FINANC_3

NOTE I - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($)	9 Months Ended
	Jan. 31, 2019	Jan. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Proceeds from Sale of Debt Securities, Available-for-sale	$ 987,000	$ 6,500,000
Available-for-sale Securities, Gross Realized Gains	$ 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	9 Months Ended	12 Months Ended
	Jan. 31, 2019	Apr. 30, 2018
NOTE I - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Schedule of Available-for-sale Securities Reconciliation [Line Items]
Cost	$ 8,473	$ 6,274
Gross Unrealized Gains	42	10
Gross Unrealized Losses	(73)	(135)
Fair Market Value	$ 8,442	$ 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	Jan. 31, 2019	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	$ 1,695	$ 5,334
Unrealized Losses, Less than 12 months	(15)	(135)
Fair Value, 12 Months or more	4,546	0
Unrealized Losses, 12 Months or more	(58)	0
Fair Value	6,241	5,334
Unrealized Losses	$ (73)	$ (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	Jan. 31, 2019USD ($)
NOTE I - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Investments Classified by Contractual Maturity Date [Line Items]
Current	$ 1,572
Due after one year through five years	3,997
Due after five years through ten years	2,904
	$ 8,473

NOTE J - RECENTLY ISSUED ACCO_3

NOTE J - RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2019	Jan. 31, 2018	May 01, 2018
NOTE J - RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS (Details) [Line Items]
Contract with Customer, Liability, Revenue Recognized	$ 12,900,000		$ 33,300,000
Revenues	13,193,000	$ 10,572,000	36,345,000	$ 31,932,000
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	$ 809,000		$ 2,861,000
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		9 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2019	Jan. 31, 2018
Disaggregation of Revenue [Line Items]
Revenue	$ 13,193	$ 10,572	$ 36,345	$ 31,932
Topic 606 (POC) Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenue	12,870		33,266
POT Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenue	323		3,079
Frequency Electronics Inc New York [Member]
Disaggregation of Revenue [Line Items]
Revenue	9,754	6,444	28,076	22,184
Frequency Electronics Inc New York [Member] | Topic 606 (POC) Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenue	9,412		26,611
Frequency Electronics Inc New York [Member] | POT Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenue	342		1,465
Frequency Electronics Inc Zyfer [Member]
Disaggregation of Revenue [Line Items]
Revenue	3,644	4,514	8,746	12,378
Frequency Electronics Inc Zyfer [Member] | Topic 606 (POC) Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenue	3,447		6,680
Frequency Electronics Inc Zyfer [Member] | POT Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenue	197		2,066
Inter Segment [Member]
Disaggregation of Revenue [Line Items]
Revenue	(205)	$ (386)	(477)	$ (2,630)
Inter Segment [Member] | Topic 606 (POC) Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenue	11		(25)
Inter Segment [Member] | POT Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ (216)		$ (452)

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		9 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2019	Jan. 31, 2018
Revenue from External Customer [Line Items]
Revenue	$ 13,193	$ 10,572	$ 36,345	$ 31,932
Satellite Revenue [Member]
Revenue from External Customer [Line Items]
Revenue	5,987	2,450	17,289	11,448
Government Non-Space Revenue [Member]
Revenue from External Customer [Line Items]
Revenue	6,639	6,222	17,058	13,928
Other Commercial & Industrial Revenue [Member]
Revenue from External Customer [Line Items]
Revenue	$ 567	$ 1,900	$ 1,998	$ 6,556

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						9 Months Ended
		Jan. 31, 2019	Oct. 31, 2018	Jul. 31, 2018	Jan. 31, 2018	Oct. 31, 2017	Jul. 31, 2017	Jan. 31, 2019	Jan. 31, 2018	May 01, 2018	Apr. 30, 2018	Apr. 30, 2017
ASSETS
Costs and estimated earnings in excess of billings, net		$ 7,282						$ 7,282			$ 5,094
Inventories, net		25,065						25,065			26,186
Prepaid expenses and other		877						877			1,050
Total current assets		51,813						51,813			52,075
Other assets		3,616						3,616			2,850
Total assets		84,248						84,248			83,584
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accrued liabilities		3,444						3,444			3,416
Total current liabilities		4,564						4,564			5,257
Deferred rent and other liabilities		1,314						1,314			1,524
Total liabilities		19,657						19,657			20,322
Accumulated deficit		251						251			(65)
Total stockholders’ equity		64,591	$ 64,224	$ 63,970	$ 78,651	$ 88,878	$ 89,891	64,591	$ 78,651	$ 63,746	63,262	$ 89,332
Total liabilities and stockholders’ equity		84,248						84,248			83,584
Revenues		13,193			10,572			36,345	31,932
Cost of revenues		9,093			13,424			23,953	28,060
Gross profit		4,100			(2,852)			12,392	3,872
Selling and administrative expenses		2,657			2,749			7,838	7,796
Operating profit (loss)		(394)			(7,309)			(540)	(8,995)
Income (loss) before provision for income taxes		(261)						(130)
Net income (loss)		(321)	$ 122	$ 31	$ (10,396)	$ (1,481)	$ 614	(168)	$ (11,263)
Accounting Standards Update 2014-09 [Member]
ASSETS
Costs and estimated earnings in excess of billings, net	[1]	4,286						4,286			1,435
Inventories, net	[2]	(3,115)						(3,115)			(929)
Prepaid expenses and other	[3]	35						35			77
Total current assets		1,206						1,206			583
Other assets	[4]	15						15			10
Total assets		1,221						1,221			593
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accrued liabilities	[5]	39						39			97
Total current liabilities		39						39			97
Deferred rent and other liabilities	[6]	12						12			12
Total liabilities		51						51			109
Accumulated deficit	[7]	1,170						1,170			484
Total stockholders’ equity		1,170						1,170			484
Total liabilities and stockholders’ equity		1,221						1,221			593
Revenues		809						2,861
Cost of revenues		1,121						2,186
Gross profit		(312)						677
Selling and administrative expenses	[1]	(10)						(10)
Operating profit (loss)		(302)						686
Income (loss) before provision for income taxes		(302)						686
Net income (loss)		(302)						686
Balances Without Adoption [Member]
ASSETS
Costs and estimated earnings in excess of billings, net		2,996						2,996			6,529
Inventories, net		28,180						28,180			25,257
Prepaid expenses and other		842						842			1,127
Total current assets		50,607						50,607			52,658
Other assets		3,601						3,601			2,860
Total assets		83,027						83,027			84,177
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accrued liabilities		3,405						3,405			3,513
Total current liabilities		4,525						4,525			5,354
Deferred rent and other liabilities		1,302						1,302			1,536
Total liabilities		19,606						19,606			20,431
Accumulated deficit		(919)						(919)			419
Total stockholders’ equity		63,421						63,421			63,746
Total liabilities and stockholders’ equity		83,027						83,027			$ 84,177
Revenues		12,384						33,484
Cost of revenues		7,972						21,767
Gross profit		4,412						11,715
Selling and administrative expenses		2,667						7,848
Operating profit (loss)		(92)						(1,226)
Income (loss) before provision for income taxes		41						(816)
Net income (loss)		$ (19)						$ (854)
[1]	Adjustment to unbilled accounts receivable for additional revenue recognized for which amounts have not been invoiced due to adoption of ASU 2019-09.
[2]	Adjustment for additional allocated inventory costs related to additional revenue recognized due to adoption of ASU 2019-09.
[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 ASU 2019-09 and ASC 340-40 using the modified-retrospective method as an adjustment to the beginning balance of (Accumulated deficit) Retained Earnings.

NOTE L - VALUATION ALLOWANCE _2

NOTE L - VALUATION ALLOWANCE ON DEFERRED TAX ASSETS (Details) $ in Millions	9 Months Ended
	Jan. 31, 2019USD ($)
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount	$ 5.3
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%