Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Jan. 31, 2023 | Mar. 14, 2023 | |
Document Information Line Items | ||
Entity Registrant Name | FREQUENCY ELECTRONICS, INC. | |
Trading Symbol | FEIM | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --04-30 | |
Entity Common Stock, Shares Outstanding | 9,353,440 | |
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, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 1-8061 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 11-1986657 | |
Entity Address, Address Line One | 55 CHARLES LINDBERGH BLVD. | |
Entity Address, City or Town | MITCHEL FIELD | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 11553 | |
City Area Code | 516-794-4500 | |
Local Phone Number | 516-794-4500 | |
Title of 12(b) Security | Common Stock (par value $1.00 per share) | |
Security Exchange Name | NASDAQ | |
Entity Interactive Data Current | Yes |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 31, 2023 | Apr. 30, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 12,854 | $ 11,561 |
Marketable securities | 0 | 9,964 |
Accounts receivable, net of allowance for doubtful accounts of $111 at January 31, 2023 and April 30, 2022 | 5,129 | 4,291 |
Contract assets | 8,266 | 8,857 |
Inventories, net | 20,562 | 19,906 |
Prepaid income taxes | 98 | 269 |
Prepaid expenses and other | 1,056 | 1,162 |
Total current assets | 47,965 | 56,010 |
Property, plant and equipment, at cost, net of accumulated depreciation and amortization | 7,733 | 8,564 |
Goodwill | 617 | 617 |
Cash surrender value of life insurance | 10,295 | 9,855 |
Other assets | 888 | 909 |
Right-of-Use assets – operating leases | 7,745 | 8,805 |
Total assets | 75,243 | 84,760 |
Current liabilities: | ||
Accounts payable – trade | 1,556 | 1,080 |
Accrued liabilities | 3,396 | 3,696 |
Loss provision accrual | 2,678 | 4,243 |
Operating lease liability, current portion | 1,751 | 1,744 |
Contract liabilities | 18,737 | 11,098 |
Total current liabilities | 28,118 | 21,861 |
Deferred compensation | 8,357 | 8,730 |
Deferred taxes | 8 | 8 |
Operating lease liability – non-current | 6,261 | 7,353 |
Other liabilities | 125 | 120 |
Total liabilities | 42,869 | 38,072 |
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, 9,354 shares issued and 9,353 shares outstanding at January 31, 2023; 9,298 shares issued and 9,297 shares outstanding at April 30, 2022 | 9,354 | 9,298 |
Additional paid-in capital | 48,893 | 57,956 |
Accumulated deficit | (25,867) | (20,120) |
Common stock reacquired and held in treasury - at cost (1 share at January 31, 2023 and April 30, 2022) | (6) | (6) |
Accumulated other comprehensive income | 0 | (440) |
Total stockholders’ equity | 32,374 | 46,688 |
Total liabilities and stockholders’ equity | $ 75,243 | $ 84,760 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) shares in Thousands, $ in Thousands | Jan. 31, 2023 | Apr. 30, 2022 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts (in Dollars) | $ 111 | $ 111 |
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 | 9,354 | 9,298 |
Common stock - authorized shares | 20,000 | 20,000 |
Common stock - shares outstanding | 9,353 | 9,297 |
Common stock reacquired and held in treasury - share | 1 | 1 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | |
Income Statement [Abstract] | ||||
Revenues | $ 10,620 | $ 12,245 | $ 27,773 | $ 38,136 |
Cost of revenues | 7,155 | 9,005 | 23,963 | 26,744 |
Gross margin | 3,465 | 3,240 | 3,810 | 11,392 |
Selling and administrative expenses | 2,357 | 2,832 | 6,383 | 9,637 |
Research and development expenses | 783 | 1,129 | 2,492 | 3,861 |
Operating income (loss) | 325 | (721) | (5,065) | (2,106) |
Other income (expense): | ||||
Investment (expense) income, net | (625) | 4 | (600) | 195 |
Interest expense | (18) | (19) | (81) | (59) |
Other income (expense), net | 5 | 2 | 5 | 160 |
Loss before provision for income taxes | (313) | (734) | (5,741) | (1,810) |
Provision for income taxes | 3 | 1 | 6 | 3 |
Net loss | $ (316) | $ (735) | $ (5,747) | $ (1,813) |
Net loss per common share: | ||||
Basic and diluted loss per share (in Dollars per share) | $ (0.03) | $ (0.08) | $ (0.62) | $ (0.2) |
Weighted average shares outstanding: | ||||
Basic and diluted (in Shares) | 9,349,000 | 9,279,000 | 9,328,000 | 9,257,000 |
Condensed Consolidated Statements of Comprehensive Income (Loss) | ||||
Net loss | $ (316) | $ (735) | $ (5,747) | $ (1,813) |
Unrealized gain (loss) on marketable securities: | ||||
Change in market value of marketable securities before reclassification, net of tax | 388 | (211) | (179) | (283) |
Reclassification adjustment for realized gains (losses) included in net income, net of tax | 603 | 2 | 619 | (4) |
Total unrealized gain (loss) on marketable securities, net of tax | 991 | (209) | 440 | (287) |
Comprehensive income (loss) | $ 675 | $ (944) | $ (5,307) | $ (2,100) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Jan. 31, 2023 | Jan. 31, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (5,747) | $ (1,813) |
Non-cash charges to earnings | 2,667 | 2,870 |
Net changes in operating assets and liabilities | 5,028 | 2,913 |
Net cash provided by operating activities | 1,948 | 3,970 |
Cash flows from investing activities: | ||
Proceeds on redemption of marketable securities | 10,967 | 1,739 |
Purchase of marketable securities | (1,382) | (1,846) |
Purchase of fixed assets and other assets | (886) | (1,534) |
Net cash provided by (used in) investing activities | 8,699 | (1,641) |
Cash flows from financing activities: | ||
Payment of Dividend | (9,354) | 0 |
Net cash used in financing activities | (9,354) | 0 |
Net increase in cash and cash equivalents | 1,293 | 2,329 |
Cash and cash equivalents at beginning of period | 11,561 | 9,807 |
Cash and cash equivalents at end of period | 12,854 | 12,136 |
Supplemental disclosures of cash flow information: | ||
Interest | 54 | 59 |
Income taxes | 0 | 15 |
Income taxes | $ 176 | $ 0 |
Condensed Consolidated Statem_3
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, 2021 | $ 9,226 | $ 57,355 | $ (11,457) | $ (6) | $ 291 | $ 55,409 |
Balance (in Shares) at Apr. 30, 2021 | 9,226,268 | 1,375 | ||||
Contribution of stock to 401(k) plan | $ 13 | 117 | 130 | |||
Contribution of stock to 401(k) plan (in Shares) | 13,251 | |||||
Stock-based compensation expense | $ 8 | 61 | 69 | |||
Stock-based compensation expense (in Shares) | 7,500 | |||||
Other comprehensive income (loss), net of tax | 79 | 79 | ||||
Net income (loss) | (1,575) | (1,575) | ||||
Balance at Jul. 31, 2021 | $ 9,247 | 57,533 | (13,032) | $ (6) | 370 | 54,112 |
Balance (in Shares) at Jul. 31, 2021 | 9,247,019 | 1,375 | ||||
Balance at Apr. 30, 2021 | $ 9,226 | 57,355 | (11,457) | $ (6) | 291 | 55,409 |
Balance (in Shares) at Apr. 30, 2021 | 9,226,268 | 1,375 | ||||
Net income (loss) | (1,813) | |||||
Balance at Jan. 31, 2022 | $ 9,285 | 57,834 | (13,270) | $ (6) | 4 | 53,847 |
Balance (in Shares) at Jan. 31, 2022 | 9,284,516 | 1,375 | ||||
Balance at Jul. 31, 2021 | $ 9,247 | 57,533 | (13,032) | $ (6) | 370 | 54,112 |
Balance (in Shares) at Jul. 31, 2021 | 9,247,019 | 1,375 | ||||
Contribution of stock to 401(k) plan | $ 11 | 100 | 111 | |||
Contribution of stock to 401(k) plan (in Shares) | 10,779 | |||||
Stock-based compensation expense | 66 | 66 | ||||
Stock-based compensation expense (in Shares) | 250 | |||||
Exercise of stock options and stock appreciation rights - net of shares tendered for exercise price | $ 6 | (6) | ||||
Exercise of stock options and stock appreciation rights - net of shares tendered for exercise price (in Shares) | 6,278 | |||||
Other comprehensive income (loss), net of tax | (157) | (157) | ||||
Net income (loss) | 497 | 497 | ||||
Balance at Oct. 31, 2021 | $ 9,264 | 57,693 | (12,535) | $ (6) | 213 | 54,629 |
Balance (in Shares) at Oct. 31, 2021 | 9,264,326 | 1,375 | ||||
Contribution of stock to 401(k) plan | $ 7 | 63 | 70 | |||
Contribution of stock to 401(k) plan (in Shares) | 7,045 | |||||
Stock-based compensation expense | $ 8 | 83 | 91 | |||
Stock-based compensation expense (in Shares) | 7,953 | |||||
Exercise of stock options and stock appreciation rights - net of shares tendered for exercise price | $ 6 | (5) | 1 | |||
Exercise of stock options and stock appreciation rights - net of shares tendered for exercise price (in Shares) | 5,192 | |||||
Other comprehensive income (loss), net of tax | (209) | (209) | ||||
Net income (loss) | (735) | (735) | ||||
Balance at Jan. 31, 2022 | $ 9,285 | 57,834 | (13,270) | $ (6) | 4 | 53,847 |
Balance (in Shares) at Jan. 31, 2022 | 9,284,516 | 1,375 | ||||
Balance at Apr. 30, 2022 | $ 9,298 | 57,956 | (20,120) | $ (6) | (440) | 46,688 |
Balance (in Shares) at Apr. 30, 2022 | 9,298,178 | 1,375 | ||||
Contribution of stock to 401(k) plan | $ 17 | 105 | 122 | |||
Contribution of stock to 401(k) plan (in Shares) | 16,708 | |||||
Stock-based compensation expense | (25) | (25) | ||||
Other comprehensive income (loss), net of tax | 14 | 14 | ||||
Net income (loss) | (3,117) | (3,117) | ||||
Balance at Jul. 31, 2022 | $ 9,315 | 58,036 | (23,237) | $ (6) | (426) | 43,682 |
Balance (in Shares) at Jul. 31, 2022 | 9,314,886 | 1,375 | ||||
Balance at Apr. 30, 2022 | $ 9,298 | 57,956 | (20,120) | $ (6) | (440) | 46,688 |
Balance (in Shares) at Apr. 30, 2022 | 9,298,178 | 1,375 | ||||
Net income (loss) | (5,747) | |||||
Balance at Jan. 31, 2023 | $ 9,354 | 48,893 | (25,867) | $ (6) | 32,374 | |
Balance (in Shares) at Jan. 31, 2023 | 9,353,941 | 1,375 | ||||
Balance at Jul. 31, 2022 | $ 9,315 | 58,036 | (23,237) | $ (6) | (426) | 43,682 |
Balance (in Shares) at Jul. 31, 2022 | 9,314,886 | 1,375 | ||||
Contribution of stock to 401(k) plan | $ 18 | 89 | 107 | |||
Contribution of stock to 401(k) plan (in Shares) | 18,632 | |||||
Stock-based compensation expense | $ 1 | 28 | 29 | |||
Stock-based compensation expense (in Shares) | 750 | |||||
Other comprehensive income (loss), net of tax | (565) | (565) | ||||
Net income (loss) | (2,314) | (2,314) | ||||
Balance at Oct. 31, 2022 | $ 9,334 | 58,153 | (25,551) | $ (6) | (991) | 40,939 |
Balance (in Shares) at Oct. 31, 2022 | 9,334,268 | 1,375 | ||||
Contribution of stock to 401(k) plan | $ 8 | 46 | 54 | |||
Contribution of stock to 401(k) plan (in Shares) | 7,597 | |||||
Stock-based compensation expense | $ 12 | 48 | 60 | |||
Stock-based compensation expense (in Shares) | 12,076 | |||||
Other comprehensive income (loss), net of tax | $ 991 | 991 | ||||
Dividends paid | (9,354) | (9,354) | ||||
Net income (loss) | (316) | (316) | ||||
Balance at Jan. 31, 2023 | $ 9,354 | $ 48,893 | $ (25,867) | $ (6) | $ 32,374 | |
Balance (in Shares) at Jan. 31, 2023 | 9,353,941 | 1,375 |
CONDENSED CONSOLIDATED FINANCIA
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | 9 Months Ended |
Jan. 31, 2023 | |
Accounting Policies [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 condensed consolidated financial position of the Company as of January 31, 2023 and the results of its operations, changes in stockholders’ equity for the three and nine months ended January 31, 2023 and 2022, and cash flows for the nine months ended January 31, 2023 and 2022. The April 30, 2022 condensed consolidated balance sheet was derived from audited financial statements. These financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP’). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These condensed consolidated interim financial statements should be read in conjunction with the annual consolidated financial statements included in the Company’s Annual Report and Amended Annual Report on Form 10-K and Form 10-K/A for the fiscal year ended April 30, 2022, filed on July 14, 2022 and December 20, 2022, respectively, with the Securities and Exchange Commission (the “Form 10-K” and the “Form 10-K/A”). The results of operations for such interim periods are not necessarily indicative of the operating results for the full fiscal year. COVID-19 Pandemic, and Other Macroeconomic Factors The full impact of the COVID-19 pandemic continues to evolve as of the date of this report. As such, it is uncertain as to the full magnitude that the pandemic may ultimately have on the Company’s financial condition, liquidity, and future financial results. For three and the nine months ended January 31, 2023, the Company has been impacted by employee absenteeism related to direct or indirect effects of the COVID-19 pandemic, delays in the receipt of anticipated new contracts from customers administratively affected by the pandemic and limited availability or delivery delays of parts and materials from vendors affected by the pandemic. FEI-Zyfer’s operations were particularly affected as evidenced by decreases in sales and gross margin during fiscal year 2022, which continued during the three and nine months ended January 31, 2023. Management is actively monitoring the impact of the global situation on its financial condition, liquidity, operations, suppliers, industry, and workforce. Given the continuing changing dynamics of the COVID-19 pandemic the Company is not able to estimate the potential adverse effects on its operations, financial condition, or liquidity for the remainder of fiscal year 2023. The Company has returned to essentially normal operations at its various locations; however, the Company continues to follow federal and state guidelines with an emphasis on employee safety. The Company may continue to face future COVID-19 related risks, and risks resulting from geopolitical conflicts. The Company is dependent on its workforce to design and manufacture its products. If significant portions of the Company’s workforce are unable to work effectively, or if the U.S. Government, and/or other customers or supplier operations are curtailed due to illness, quarantines, government actions, facility closures, or other restrictions, the Company’s operations may be negatively impacted. If faced with any of these factors, the Company may be unable to perform fully on its contracts and costs may increase. These cost increases may not be fully recoverable or adequately covered by insurance. For example, in the latter part of fiscal year 2021, the Company experienced some operation disruptions due to the need to vacate certain areas of the facilities for cleaning and disinfecting resulting from employees being potentially exposed to COVID-19 or following positive COVID-19 test results. Also, certain Company vendors have been unable to deliver materials on time due to COVID-19 related impacts to their workforces or their supply chains. These delays impacted the Company’s production costs and schedules. Vendor delivery performance is being closely monitored and alternate sources of supply are generally available and, in some cases, are being established. In addition to the impacts of the COVID-19 pandemic, the Company’s financial condition, liquidity, and future financial results may also be affected by other macroeconomic factors. For example, due to continuing geopolitical circumstances resulting in increased inflation, energy and commodity prices may continue escalating which may adversely affect the Company’s financial results. |
EARNINGS (LOSS) PER SHARE
EARNINGS (LOSS) PER SHARE | 9 Months Ended |
Jan. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | NOTE B – EARNINGS (LOSS) PER SHARE Reconciliation of the weighted average shares outstanding for basic and diluted earnings (loss) per share (“EPS”) for the three and nine months ended January 31, 2023 and 2022, respectively, were as follows: Periods ended January 31, Three months Nine months 2023 2022 2023 2022 Weighted average shares outstanding: Basic EPS Shares outstanding (weighted average) 9,349,198 9,278,840 9,327,828 9,257,107 Effect of Dilutive Securities ** ** ** ** Diluted EPS Shares outstanding 9,349,198 9,278,840 9,327,828 9,257,107 ** For the three and nine months ended January 31, 2023 and 2022, dilutive securities are excluded from the calculation of earnings per share since the inclusion of such shares would be antidilutive due to the net loss for those periods. The exercisable shares excluded for the three and nine months ended January 31, 2023 was 243,625 options, respectively. The exercisable shares excluded for the three and nine months ended January 31, 2022 was 223,000 options, respectively. |
CONTRACT (LIABILITIES) ASSETS,
CONTRACT (LIABILITIES) ASSETS, NET | 9 Months Ended |
Jan. 31, 2023 | |
Contractors [Abstract] | |
Long-Term Contracts or Programs Disclosure [Text Block] | NOTE C – CONTRACT (LIABILITIES) ASSETS, NET At January 31, 2023 and April 30, 2022, contract (liabilities) assets, net, consisted of the following: January 31, 2023 April 30, 2022 (As Revised) (In thousands) Contract Assets $ 8,266 $ 8,857 Contract Liabilities (18,737 ) (11,098 ) Net (liability) asset $ (10,471 ) $ (2,241 ) Such amounts represent revenue recognized on long-term contracts that have 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. In general, the recorded amounts will be billed and collected or revenue recognized within twelve months of the balance sheet dates. Revenue on these long-term contracts are accounted for on the percentage-of-completion (“POC”) basis. During the three and nine months ended January 31, 2023, revenue recognized under POC contracts was approximately $10.2 million and $26.8 million, respectively. During the three and nine months ended January 31, 2022, revenue recognized under POC contracts was approximately $11.8 million and $36.4 million, respectively. If contract losses are anticipated, a loss provision is recorded for the full amount of such losses when they are determinable. Contract losses of approximately $537,000, offset by a loss reduction of approximately $1.0 million, mostly related to additional funding, were recorded for the three months ended January 31, 2023. Contract losses of approximately $1.5 million were recorded for the nine months ended January 31, 2023. Contract losses of approximately $171,000 and $218,000 were recorded for the three and nine months ended January 31, 2022, respectively. |
STOCK TRANSACTIONS
STOCK TRANSACTIONS | 9 Months Ended |
Jan. 31, 2023 | |
Disclosure Text Block Supplement [Abstract] | |
Shareholders' Equity and Share-Based Payments [Text Block] | NOTE D –STOCK TRANSACTIONS During the three and nine-month periods ended January 31, 2023, the Company made contributions of 7,597 and 42,937 shares, respectively, of its common stock 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. On December 20, 2022, the Board of Directors of the Company declared a special cash dividend of $1.00 per share of common stock. The dividend was paid on January 26, 2023, to stockholders of record as of the close of business on January 6, 2023. The total amount of the special dividend payment was $9.4 million. |
INVENTORIES, NET
INVENTORIES, NET | 9 Months Ended |
Jan. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | NOTE E – INVENTORIES, NET Inventories, which are reported at the lower of cost and net realizable value, consisted of the following: January 31, 2023 April 30, 2022 (In thousands) Raw materials and component parts $ 12,264 $ 11,683 Work in progress 7,675 7,746 Finished goods 623 477 $ 20,562 $ 19,906 Inventory reserves included in inventory were $8.0 million and $7.5 million as of January 31, 2023 and April 30, 2022, respectively. Reserve amounts relate to raw materials and component parts and work in progress. |
RIGHT-OF-USE ASSETS AND LEASE L
RIGHT-OF-USE ASSETS AND LEASE LIABILITIES | 9 Months Ended |
Jan. 31, 2023 | |
Disclosure Text Block [Abstract] | |
Lessee, Operating Leases [Text Block] | NOTE F – RIGHT-OF-USE ASSETS AND LEASE LIABILITIES The Company’s leases primarily represent offices, warehouses, vehicles, and manufacturing and Research and Development (“R&D”) facilities which expire at various times through 2029 and are operating leases. Contractual arrangements are evaluated at inception to determine if the agreement contains a lease. Certain lease agreements contain renewal options, rent abatement, and escalation clauses that are factored into our determination of lease payments when appropriate. Right-of-use (“ROU”) assets and lease liabilities are recorded based on the present value of future lease payments which will factor in certain qualifying initial direct costs incurred as well as any lease incentives that may have been received. Lease expenses for operating lease payments are recognized on a straight-line basis over the lease term. Lease terms may factor in options to extend or terminate the lease. The Company elected the practical expedient for short-term leases which allows leases with terms of 12 months or less to be recorded on a straight-line basis over the lease term without being recognized on the consolidated balance sheets. The table below presents ROU assets and liabilities recorded on the respective consolidated balance sheets as follows: Classification January 31, 2023 April 30, 2022 (unaudited) Assets Operating lease ROU assets Right-of-Use assets leases $ 7,745 $ 8,805 Liabilities Operating lease liabilities (short-term) Lease liability, current 1,751 1,744 Operating lease liabilities (long-term) Lease liability, non-current 6,261 7,353 Total lease liabilities $ 8,012 $ 9,097 Total operating lease expense was $472,000 and $1.4 million for the three and nine months ended January 31, 2023, respectively, the majority of which is included in cost of revenues and the remaining amount in selling and administrative expenses on the unaudited condensed consolidated statements of operations. Total operating lease expense was $500,000 and $1.5 million for the three and nine months ended January 31, 2022, respectively, the majority of which is included in cost of revenues and the remaining amount in selling and administrative expenses in the condensed consolidated statements of operations. The table below reconciles the undiscounted cash flows for each of the first four fiscal years and total of the remaining fiscal years to the operating lease liabilities recorded on the unaudited condensed consolidated balance sheet as of January 31, 2023: Fiscal Year Ending April 30, ( ) Remainder of 2023 $ 312 2024 1,993 2025 1,832 2026 1,317 2027 937 Thereafter 3,238 Total lease payments 9,629 Less imputed interest (1,617) Present value of future lease payments 8,012 Less current obligations under leases (1,751) Long-term lease obligations $ 6,261 As of January 31, 2023, the weighted-average remaining lease term for all operating leases was 5.79 years. The Company does not generally have access to the rate implicit in the leases and therefore utilized the Company’s borrowing rate as the discount rate. The Company selected a rate that is reflective of companies with similar credit ratings for secured debt. The weighted average discount rate for operating leases as of January 31, 2023 was 6.21%. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 9 Months Ended |
Jan. 31, 2023 | |
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 subsidiary, FEI-Elcom. FEI-Elcom, in addition to its own product line, provides design and technical support for the FEI-NY segment’s communication satellite business. (2) FEI-Zyfer – operates out of California and its products incorporate Global Positioning System (GPS) technologies into systems and subsystems for secure communications, both government and commercial, and other locator applications. This segment also provides sales and support for the Company’s wireline telecommunications family of products, including US5G, which are sold in the U.S. market. The Company 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 accounting policies of the two segments are the same as those described in the “Summary of Accounting Policies” in the fiscal year-end financial statements included in the Form 10-K/A. The Company evaluates the performance of its segments and allocates resources to them based on operating profit (loss), which is defined as income before investment (expense) income, interest expense, other income (expense), and taxes. All acquired assets, including intangible assets, are included in the assets of both reporting segments. The tables below present information about reported segments with reconciliation of segment amounts to consolidated amounts as reported in the condensed consolidated statements of operations or the consolidated balance sheets for each of the periods (in thousands): Periods ended January 31, Three months Nine months 2023 2022 2023 2022 Revenues: FEI-NY $ 8,420 $ 10,855 $ 22,954 $ 31,399 FEI-Zyfer 2,480 1,558 5,772 7,341 less intersegment revenues (280 ) (168 ) (953 ) (604 ) Consolidated revenues $ 10,620 $ 12,245 $ 27,773 $ 38,136 Operating income (loss): FEI-NY $ 288 $ 670 $ (3,690 ) $ (1,051 ) FEI-Zyfer 105 (674 ) (1,125 ) (773 ) less intersegment revenues - (646 ) - (20 ) Corporate (68 ) (71 ) (250 ) (262 ) Consolidated operating income (loss) $ 325 $ (721 ) $ (5,065 ) $ (2,106 ) January 31, 2022 April 30, 2022 (As Revised) Identifiable assets: FEI-NY $ 39,899 $ 40,888 FEI-Zyfer 10,492 10,522 less intersegment balances (126 ) (126 ) Corporate 24,978 33,476 Consolidated identifiable assets $ 75,243 $ 84,760 Total revenue recognized over time as POC and Passage of Title (“POT”) was approximately $10.2 million and $0.4 million, respectively, of the $10.6 million reported for the three months ended January 31, 2023. Total revenue recognized over time as POC and POT was approximately $26.8 million and $1.0 million, respectively, of the $27.8 million reported for the nine months ended January 31, 2023. Total revenue recognized over time as POC and POT was approximately $11.8 million and $0.5 million, respectively, of the $12.2 million reported for the three months ended January 31, 2022. Total revenue recognized over time as POC and POT was approximately $36.4 million and $1.7 million, respectively, of the $38.1 million reported for the nine months ended January 31, 2022. The amounts by segment and product line were as follows: Three Months Ended January 31, 2023 2022 (In thousands) (In thousands) POC POT Total POC POT Revenue Total Revenue Revenue Revenue Revenue Revenue Revenue FEI-NY $ 7,830 $ 590 $ 8,420 $ 10,462 $ 393 $ 10,855 FEI-Zyfer 2,387 93 2,480 1,316 242 1,558 Intersegment - (280 ) (280 ) (1 ) (167 ) (168 ) Revenue $ 10,217 $ 403 $ 10,620 $ 11,777 $ 468 $ 12,245 Nine Months Ended January 31, 2023 2022 (In thousands) (In thousands) POC POT Total POC POT Total Revenue Revenue Revenue Revenue Revenue Revenue FEI-NY $ 21,281 $ 1,673 $ 22,954 $ 29,991 $ 1,408 $ 31,399 FEI-Zyfer 5,542 230 5,772 6,416 925 7,341 Intersegment - (953 ) (953 ) (1 ) (603 ) (604 ) Revenue $ 26,823 $ 950 $ 27,773 $ 36,406 $ 1,730 $ 38,136 Periods ended January 31, (in thousands) Three months Nine months 2023 2022 2023 2022 Revenues by Product Line: Satellite Revenue $ 4,990 $ 7,525 $ 12,799 $ 20,868 Government Non-Space Revenue 4,978 4,315 12,961 14,905 Other Commercial & Industrial Revenue 652 405 2,013 2,363 Consolidated revenues $ 10,620 $ 12,245 $ 27,773 $ 38,136 |
INVESTMENT IN MORION, INC.
INVESTMENT IN MORION, INC. | 9 Months Ended |
Jan. 31, 2023 | |
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 has also licensed certain technology to Morion. During the three and nine months ended January 31, 2023, the Company acquired product from Morion in the aggregate amount of approximately $55,000 and $86,000, respectively. During the three and nine months ended January 31, 2022, the Company acquired product from Morion in the aggregate amount of approximately $95,000 and $215,000, respectively. During the nine months ended January 31, 2022, the Company received dividends from Morion in the amount of approximately $123,000, which is included in other income, net in the condensed consolidated statements of operations as part of the FEI-NY segment. 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. Morion is a less than wholly owned subsidiary of Gazprombank, a state-owned Russian bank. The U.S. Ukraine-related sanctions regime has since 2014 included a list of sectoral sanctions identifications (“SSI”) pursuant to Executive Order 13662, which prohibits certain transactions, including certain extensions of credit, with an entity designated as an SSI or certain affiliates of an entity designated as an SSI. On July 16, 2014, after the Company’s investment in Morion, Gazprombank was designated as an SSI. Due to the current Russia-Ukraine conflict and resulting sanctions, the future status of the Company’s equity investment in Morion is uncertain. In response to these conditions, in connection with the preparation of the audited financial statements included in the Form 10-K/A, the Company impaired its investment in Morion in full. The impairment of $796,000 is included in other income (expense), net, in the consolidated statements of operations for the fiscal year ended April 30, 2022. The likelihood of future sales to, purchases from, and dividend payments from Morion is questionable. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 9 Months Ended |
Jan. 31, 2023 | |
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, 2023 and April 30, 2022, respectively, were as follows (in thousands): January 31, 2023 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Fixed income securities $ - $ - $ - $ - April 30, 2022 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Fixed income securities $ 10,403 $ 23 $ (462 ) $ 9,964 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 Fair Value Unrealized Fair Value Unrealized January 31, 2023 Fixed Income Securities $ - $ - $ - $ - $ - $ - April 30, 2022 Fixed Income Securities $ 2,349 $ (146 ) $ 5,573 $ (316 ) $ 7,922 $ (462 ) The Company liquidated all holdings related to Marketable Securities during the three months ended January 31, 2023. During the three and nine months ended January 31, 2023, the Company sold or redeemed available-for-sale securities of approximately $9.8 million and $11.0 million, respectively, realizing losses of approximately $763,000 and $784,000, respectively, during the respective periods ended January 31, 2023. 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 levels of the fair value hierarchy are described below: Level 1 Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access. Level 2 Inputs to the valuation methodology include: -Quoted prices for similar assets or liabilities in active markets; -Quoted prices for identical or similar assets or liabilities in inactive markets; -Inputs other than quoted prices that are observable for the asset or liability; and -Inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The asset 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. The Company’s money market, business account, and U.S. securities were valued on a Level 1 basis. The Company’s fixed income corporate debt securities and certificates of deposit were valued on a Level 2 basis. Level 2 securities are valued at the closing prices and are consistent with quoted prices of similar assets reported in active markets. |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
Jan. 31, 2023 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | NOTE J – RECENT ACCOUNTING PRONOUNCEMENTS In January 2017, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2017-04, Intangibles Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment |
CREDIT FACILITY
CREDIT FACILITY | 9 Months Ended |
Jan. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | NOTE K – CREDIT FACILITY As of January 31, 2023, the Company retired its credit facility with UBS Bank USA. The Company is considering a new facility, but has sufficient cash to fund its operations. |
DEFERRED INCOME TAXES
DEFERRED INCOME TAXES | 9 Months Ended |
Jan. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | NOTE L –DEFERRED INCOME TAXES 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. As required by the authoritative guidance on accounting for income taxes, we evaluate the realization of deferred tax assets on a jurisdictional basis at each reporting date. 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. Accounting for income taxes requires that a valuation allowance be established when it is more likely than not that all or a portion of the deferred tax assets will not be realized. In circumstances where there is sufficient negative evidence indicating that the deferred tax assets will not be realizable, we establish a valuation allowance. As of January 31, 2023, and April 30, 2022, the Company maintained a full valuation allowance against its deferred tax assets. 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. |
EARNINGS (LOSS) PER SHARE (Tabl
EARNINGS (LOSS) PER SHARE (Tables) | 9 Months Ended |
Jan. 31, 2023 | |
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 (loss) per share (“EPS”) for the three and nine months ended January 31, 2023 and 2022, respectively, were as follows: Periods ended January 31, Three months Nine months 2023 2022 2023 2022 Weighted average shares outstanding: Basic EPS Shares outstanding (weighted average) 9,349,198 9,278,840 9,327,828 9,257,107 Effect of Dilutive Securities ** ** ** ** Diluted EPS Shares outstanding 9,349,198 9,278,840 9,327,828 9,257,107 ** For the three and nine months ended January 31, 2023 and 2022, dilutive securities are excluded from the calculation of earnings per share since the inclusion of such shares would be antidilutive due to the net loss for those periods. The exercisable shares excluded for the three and nine months ended January 31, 2023 was 243,625 options, respectively. The exercisable shares excluded for the three and nine months ended January 31, 2022 was 223,000 options, respectively. |
CONTRACT (LIABILITIES) ASSETS_2
CONTRACT (LIABILITIES) ASSETS, NET (Tables) | 9 Months Ended |
Jan. 31, 2023 | |
Contractors [Abstract] | |
Costs and Estimated Earnings in Excess of Billings, Net [Table Text Block] | At January 31, 2023 and April 30, 2022, contract (liabilities) assets, net, consisted of the following: January 31, 2023 April 30, 2022 (As Revised) (In thousands) Contract Assets $ 8,266 $ 8,857 Contract Liabilities (18,737 ) (11,098 ) Net (liability) asset $ (10,471 ) $ (2,241 ) |
INVENTORIES, NET (Tables)
INVENTORIES, NET (Tables) | 9 Months Ended |
Jan. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories, which are reported at the lower of cost and net realizable value, consisted of the following: January 31, 2023 April 30, 2022 (In thousands) Raw materials and component parts $ 12,264 $ 11,683 Work in progress 7,675 7,746 Finished goods 623 477 $ 20,562 $ 19,906 |
RIGHT-OF-USE ASSETS AND LEASE_2
RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Tables) | 9 Months Ended |
Jan. 31, 2023 | |
Disclosure Text Block [Abstract] | |
Lease, Cost [Table Text Block] | The table below presents ROU assets and liabilities recorded on the respective consolidated balance sheets as follows: Classification January 31, 2023 April 30, 2022 (unaudited) Assets Operating lease ROU assets Right-of-Use assets leases $ 7,745 $ 8,805 Liabilities Operating lease liabilities (short-term) Lease liability, current 1,751 1,744 Operating lease liabilities (long-term) Lease liability, non-current 6,261 7,353 Total lease liabilities $ 8,012 $ 9,097 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | The table below reconciles the undiscounted cash flows for each of the first four fiscal years and total of the remaining fiscal years to the operating lease liabilities recorded on the unaudited condensed consolidated balance sheet as of January 31, 2023: Fiscal Year Ending April 30, ( ) Remainder of 2023 $ 312 2024 1,993 2025 1,832 2026 1,317 2027 937 Thereafter 3,238 Total lease payments 9,629 Less imputed interest (1,617) Present value of future lease payments 8,012 Less current obligations under leases (1,751) Long-term lease obligations $ 6,261 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 9 Months Ended |
Jan. 31, 2023 | |
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 condensed consolidated statements of operations or the consolidated balance sheets for each of the periods (in thousands): Periods ended January 31, Three months Nine months 2023 2022 2023 2022 Revenues: FEI-NY $ 8,420 $ 10,855 $ 22,954 $ 31,399 FEI-Zyfer 2,480 1,558 5,772 7,341 less intersegment revenues (280 ) (168 ) (953 ) (604 ) Consolidated revenues $ 10,620 $ 12,245 $ 27,773 $ 38,136 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Operating income (loss): FEI-NY $ 288 $ 670 $ (3,690 ) $ (1,051 ) FEI-Zyfer 105 (674 ) (1,125 ) (773 ) less intersegment revenues - (646 ) - (20 ) Corporate (68 ) (71 ) (250 ) (262 ) Consolidated operating income (loss) $ 325 $ (721 ) $ (5,065 ) $ (2,106 ) |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | January 31, 2022 April 30, 2022 (As Revised) Identifiable assets: FEI-NY $ 39,899 $ 40,888 FEI-Zyfer 10,492 10,522 less intersegment balances (126 ) (126 ) Corporate 24,978 33,476 Consolidated identifiable assets $ 75,243 $ 84,760 |
Disaggregation of Revenue [Table Text Block] | The amounts by segment and product line were as follows: Three Months Ended January 31, 2023 2022 (In thousands) (In thousands) POC POT Total POC POT Revenue Total Revenue Revenue Revenue Revenue Revenue Revenue FEI-NY $ 7,830 $ 590 $ 8,420 $ 10,462 $ 393 $ 10,855 FEI-Zyfer 2,387 93 2,480 1,316 242 1,558 Intersegment - (280 ) (280 ) (1 ) (167 ) (168 ) Revenue $ 10,217 $ 403 $ 10,620 $ 11,777 $ 468 $ 12,245 Nine Months Ended January 31, 2023 2022 (In thousands) (In thousands) POC POT Total POC POT Total Revenue Revenue Revenue Revenue Revenue Revenue FEI-NY $ 21,281 $ 1,673 $ 22,954 $ 29,991 $ 1,408 $ 31,399 FEI-Zyfer 5,542 230 5,772 6,416 925 7,341 Intersegment - (953 ) (953 ) (1 ) (603 ) (604 ) Revenue $ 26,823 $ 950 $ 27,773 $ 36,406 $ 1,730 $ 38,136 |
Revenue from External Customers by Products and Services [Table Text Block] | Periods ended January 31, (in thousands) Three months Nine months 2023 2022 2023 2022 Revenues by Product Line: Satellite Revenue $ 4,990 $ 7,525 $ 12,799 $ 20,868 Government Non-Space Revenue 4,978 4,315 12,961 14,905 Other Commercial & Industrial Revenue 652 405 2,013 2,363 Consolidated revenues $ 10,620 $ 12,245 $ 27,773 $ 38,136 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended |
Jan. 31, 2023 | |
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, 2023 and April 30, 2022, respectively, were as follows (in thousands): January 31, 2023 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Fixed income securities $ - $ - $ - $ - April 30, 2022 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Fixed income securities $ 10,403 $ 23 $ (462 ) $ 9,964 |
Debt Securities, Available-for-Sale, 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 Fair Value Unrealized Fair Value Unrealized January 31, 2023 Fixed Income Securities $ - $ - $ - $ - $ - $ - April 30, 2022 Fixed Income Securities $ 2,349 $ (146 ) $ 5,573 $ (316 ) $ 7,922 $ (462 ) |
EARNINGS (LOSS) PER SHARE (Deta
EARNINGS (LOSS) PER SHARE (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | |
Earnings Per Share [Abstract] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 243,625 | 223,000 | 243,625 | 223,000 |
EARNINGS (LOSS) PER SHARE (De_2
EARNINGS (LOSS) PER SHARE (Details) - Schedule of Earnings Per Share, Basic and Diluted - shares | 3 Months Ended | 9 Months Ended | |||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | ||
Weighted average shares outstanding: | |||||
Basic EPS Shares outstanding (weighted average) | 9,349,198 | 9,278,840 | 9,327,828 | 9,257,107 | |
Effect of Dilutive Securities | [1] | ||||
Diluted EPS Shares outstanding | 9,349,198 | 9,278,840 | 9,327,828 | 9,257,107 | |
[1]For the three and nine months ended January 31, 2023 and 2022, dilutive securities are excluded from the calculation of earnings per share since the inclusion of such shares would be antidilutive due to the net loss for those periods. The exercisable shares excluded for the three and nine months ended January 31, 2023 was 243,625 options, respectively. The exercisable shares excluded for the three and nine months ended January 31, 2022 was 223,000 options, respectively. |
CONTRACT (LIABILITIES) ASSETS_3
CONTRACT (LIABILITIES) ASSETS, NET (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | |
CONTRACT (LIABILITIES) ASSETS, NET (Details) [Line Items] | ||||
Revenues | $ 10,620,000 | $ 12,245,000 | $ 27,773,000 | $ 38,136,000 |
Loss on Contracts | 537,000 | 171,000 | 1,500,000 | 218,000 |
Contract Loss Reduction | 1,000,000 | |||
Contracts Accounted for under Percentage of Completion [Member] | ||||
CONTRACT (LIABILITIES) ASSETS, NET (Details) [Line Items] | ||||
Revenues | $ 10,200,000 | $ 11,800,000 | $ 26,800,000 | $ 36,400,000 |
CONTRACT (LIABILITIES) ASSETS_4
CONTRACT (LIABILITIES) ASSETS, NET (Details) - Costs and Estimated Earnings in Excess of Billings, Net - USD ($) $ in Thousands | Jan. 31, 2023 | Apr. 30, 2022 |
Costs And Estimated Earnings In Excess Of Billings Net Abstract | ||
Contract Assets | $ 8,266 | $ 8,857 |
Contract Liabilities | (18,737) | (11,098) |
Net (liability) asset | $ (10,471) | $ (2,241) |
STOCK TRANSACTIONS (Details)
STOCK TRANSACTIONS (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | |
Dec. 20, 2022 | Jan. 31, 2023 | Jan. 31, 2023 | |
Disclosure Text Block Supplement [Abstract] | |||
Stock Issued During Period, Shares, Treasury Stock Reissued | 7,597 | 42,937 | |
Common Stock, Dividends, Per Share, Cash Paid | $ 1 | ||
Dividends, Cash | $ 9.4 | ||
Dividends Payable, Date to be Paid | Jan. 26, 2023 | ||
Dividends Payable, Date Declared | Dec. 20, 2022 | ||
Dividends Payable, Date of Record | Jan. 06, 2023 |
INVENTORIES, NET (Details)
INVENTORIES, NET (Details) - USD ($) $ in Millions | Jan. 31, 2023 | Apr. 30, 2022 |
UNITED STATES | ||
INVENTORIES, NET (Details) [Line Items] | ||
Inventory Valuation Reserves | $ 8 | $ 7.5 |
INVENTORIES, NET (Details) - Sc
INVENTORIES, NET (Details) - Schedule of Inventory, Current - USD ($) $ in Thousands | Jan. 31, 2023 | Apr. 30, 2022 |
Schedule Of Inventory Current Abstract | ||
Raw materials and component parts | $ 12,264 | $ 11,683 |
Work in progress | 7,675 | 7,746 |
Finished goods | 623 | 477 |
$ 20,562 | $ 19,906 |
RIGHT-OF-USE ASSETS AND LEASE_3
RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | |
Disclosure Text Block [Abstract] | ||||
Operating Lease, Expense | $ 472,000 | $ 500,000 | $ 1,400,000 | $ 1,500,000 |
Operating Lease, Weighted Average Remaining Lease Term | 5 years 9 months 14 days | 5 years 9 months 14 days | ||
Operating Lease, Weighted Average Discount Rate, Percent | 6.21% | 6.21% |
RIGHT-OF-USE ASSETS AND LEASE_4
RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Details) - Lease, Cost - USD ($) $ in Thousands | Jan. 31, 2023 | Apr. 30, 2022 |
Assets | ||
Operating lease ROU assets | $ 7,745 | $ 8,805 |
Liabilities | ||
Operating lease liabilities (short-term) | 1,751 | 1,744 |
Operating lease liabilities (long-term) | 6,261 | 7,353 |
Total lease liabilities | $ 8,012 | $ 9,097 |
RIGHT-OF-USE ASSETS AND LEASE_5
RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Details) - Lessee, Operating Lease, Liability, Maturity - USD ($) $ in Thousands | Jan. 31, 2023 | Apr. 30, 2022 |
Lessee Operating Lease Liability Maturity Abstract | ||
Remainder of 2023 | $ 312 | |
2024 | 1,993 | |
2025 | 1,832 | |
2026 | 1,317 | |
2027 | 937 | |
Thereafter | 3,238 | |
Total lease payments | 9,629 | |
Less imputed interest | (1,617) | |
Present value of future lease payments | 8,012 | $ 9,097 |
Less current obligations under leases | (1,751) | (1,744) |
Long-term lease obligations | $ 6,261 | $ 7,353 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2023 USD ($) | Jan. 31, 2022 USD ($) | Jan. 31, 2023 USD ($) | Jan. 31, 2022 USD ($) | |
SEGMENT INFORMATION (Details) [Line Items] | ||||
Number of Reportable Segments | 2 | |||
Revenues | $ 10,620 | $ 12,245 | $ 27,773 | $ 38,136 |
Frequency Electronics Inc New York [Member] | ||||
SEGMENT INFORMATION (Details) [Line Items] | ||||
Number Of Principal Markets | 3 | 3 | ||
Revenues | $ 8,420 | 10,855 | $ 22,954 | 31,399 |
POC Revenue [Member] | ||||
SEGMENT INFORMATION (Details) [Line Items] | ||||
Revenues | 10,217 | 11,777 | 26,823 | 36,406 |
POC Revenue [Member] | Frequency Electronics Inc New York [Member] | ||||
SEGMENT INFORMATION (Details) [Line Items] | ||||
Revenues | 7,830 | 10,462 | 21,281 | 29,991 |
POT Revenue [Member] | ||||
SEGMENT INFORMATION (Details) [Line Items] | ||||
Revenues | 403 | 468 | 950 | 1,730 |
POT Revenue [Member] | Frequency Electronics Inc New York [Member] | ||||
SEGMENT INFORMATION (Details) [Line Items] | ||||
Revenues | $ 590 | $ 393 | $ 1,673 | $ 1,408 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) - Reconciliation of Revenue from Segments to Consolidated - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | $ 10,620 | $ 12,245 | $ 27,773 | $ 38,136 |
Frequency Electronics Inc New York [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 8,420 | 10,855 | 22,954 | 31,399 |
Frequency Electronics Inc Zyfer [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 2,480 | 1,558 | 5,772 | 7,341 |
Inter Segment [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | $ (280) | $ (168) | $ (953) | $ (604) |
SEGMENT INFORMATION (Details_2
SEGMENT INFORMATION (Details) - Reconciliation of Operating Profit (Loss) from Segments to Consolidated - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Consolidated operating income (loss) | $ 325 | $ (721) | $ (5,065) | $ (2,106) |
Frequency Electronics Inc New York [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Consolidated operating income (loss) | 288 | 670 | (3,690) | (1,051) |
Frequency Electronics Inc Zyfer [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Consolidated operating income (loss) | 105 | (674) | (1,125) | (773) |
Inter Segment [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Consolidated operating income (loss) | 0 | (646) | 0 | (20) |
Corporate Segment [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Consolidated operating income (loss) | $ (68) | $ (71) | $ (250) | $ (262) |
SEGMENT INFORMATION (Details_3
SEGMENT INFORMATION (Details) - Schedule of Reconciliation of Assets from Segment to Consolidated - USD ($) $ in Thousands | Jan. 31, 2023 | Apr. 30, 2022 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Identifiable Assets | $ 75,243 | $ 84,760 |
Frequency Electronics Inc New York [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Identifiable Assets | 39,899 | 40,888 |
Frequency Electronics Inc Zyfer [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Identifiable Assets | 10,492 | 10,522 |
Inter Segment [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Identifiable Assets | (126) | (126) |
Corporate Segment [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Identifiable Assets | $ 24,978 | $ 33,476 |
SEGMENT INFORMATION (Details_4
SEGMENT INFORMATION (Details) - Disaggregation of Revenue - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 10,620 | $ 12,245 | $ 27,773 | $ 38,136 |
Frequency Electronics Inc New York [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 8,420 | 10,855 | 22,954 | 31,399 |
Frequency Electronics Inc Zyfer [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2,480 | 1,558 | 5,772 | 7,341 |
POC Revenue [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 10,217 | 11,777 | 26,823 | 36,406 |
POC Revenue [Member] | Frequency Electronics Inc New York [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 7,830 | 10,462 | 21,281 | 29,991 |
POC Revenue [Member] | Frequency Electronics Inc Zyfer [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2,387 | 1,316 | 5,542 | 6,416 |
POT Revenue [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 403 | 468 | 950 | 1,730 |
POT Revenue [Member] | Frequency Electronics Inc New York [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 590 | 393 | 1,673 | 1,408 |
POT Revenue [Member] | Frequency Electronics Inc Zyfer [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 93 | 242 | 230 | 925 |
Intersegment Eliminations [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | (280) | (168) | (953) | (604) |
Intersegment Eliminations [Member] | POC Revenue [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | (1) | 0 | (1) |
Intersegment Eliminations [Member] | POT Revenue [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ (280) | $ (167) | $ (953) | $ (603) |
SEGMENT INFORMATION (Details_5
SEGMENT INFORMATION (Details) - Revenue from External Customers by Products and Services - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | |
Revenue from External Customer [Line Items] | ||||
Revenue | $ 10,620 | $ 12,245 | $ 27,773 | $ 38,136 |
Satellite Revenue [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenue | 4,990 | 7,525 | 12,799 | 20,868 |
Government Non-Space Revenue [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenue | 4,978 | 4,315 | 12,961 | 14,905 |
Other Commercial & Industrial Revenue [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenue | $ 652 | $ 405 | $ 2,013 | $ 2,363 |
INVESTMENT IN MORION, INC. (Det
INVESTMENT IN MORION, INC. (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | Apr. 30, 2022 | |
INVESTMENT IN MORION, INC. (Details) [Line Items] | |||||
Related Party Transaction, Purchases from Related Party | $ 55,000 | $ 95,000 | $ 86,000 | $ 215,000 | |
Proceeds from Dividends Received | $ 123,000 | ||||
Other than Temporary Impairment Losses, Investments | $ 796,000 | ||||
Morion Inc [Member] | |||||
INVESTMENT IN MORION, INC. (Details) [Line Items] | |||||
Cost Method Investment Ownership Percentage | 4.60% | 4.60% |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) | 3 Months Ended | 9 Months Ended |
Jan. 31, 2023 | Jan. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds from Sale of Debt Securities, Available-for-Sale | $ 9,800,000 | $ 11,000,000 |
Debt Securities, Realized Gain (Loss) | $ (763,000) | $ (784,000) |
FAIR VALUE OF FINANCIAL INSTR_4
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, 2023 | Apr. 30, 2022 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Schedule of Available-for-sale Securities Reconciliation [Line Items] | ||
Cost | $ 0 | $ 10,403 |
Gross Unrealized Gains | 0 | 23 |
Gross Unrealized Losses | 0 | (462) |
Fair Market Value | $ 0 | $ 9,964 |
FAIR VALUE OF FINANCIAL INSTR_5
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value - Fixed Income Securities [Member] - USD ($) $ in Thousands | Jan. 31, 2023 | Apr. 30, 2022 |
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value [Line Items] | ||
Fair Value, Less than 12 months | $ 0 | $ 2,349 |
Unrealized Losses, Less than 12 months | 0 | (146) |
Fair Value, 12 Months or more | 0 | 5,573 |
Unrealized Losses, 12 Months or more | 0 | (316) |
Fair Value | 0 | 7,922 |
Unrealized Losses | $ 0 | $ (462) |