Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Oct. 31, 2023 | Dec. 11, 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 | 9,415,417 | |
Amendment Flag | false | |
Entity Central Index Key | 0000039020 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Oct. 31, 2023 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
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 | |
Local Phone Number | 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 | Oct. 31, 2023 | Apr. 30, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 8,708 | $ 12,049 |
Accounts receivable, net of allowance for doubtful accounts of $111 at October 31, 2023 and April 30, 2023 | 3,781 | 4,622 |
Contract assets | 12,474 | 10,009 |
Inventories | 23,071 | 20,526 |
Prepaid income taxes | 30 | 30 |
Prepaid expenses and other | 1,639 | 1,071 |
Total current assets | 49,703 | 48,307 |
Property, plant, and equipment, net | 6,436 | 7,093 |
Goodwill | 617 | 617 |
Cash surrender value of life insurance | 10,404 | 10,220 |
Other assets | 876 | 877 |
Right-of-use assets – operating leases | 6,693 | 7,382 |
Total assets | 74,729 | 74,496 |
Current liabilities: | ||
Accounts payable | 1,245 | 1,464 |
Accrued liabilities | 4,049 | 3,934 |
Loss provision accrual | 1,481 | 1,544 |
Operating lease liability - current portion | 1,769 | 1,753 |
Contract liabilities | 16,435 | 18,586 |
Total current liabilities | 24,979 | 27,281 |
Deferred compensation | 8,229 | 8,314 |
Deferred taxes | 8 | 8 |
Operating lease liability – non-current portion | 5,126 | 5,883 |
Other liabilities | 131 | 124 |
Total liabilities | 38,473 | 41,610 |
Stockholders’ equity: | ||
Preferred stock - $1.00 par value; authorized 600 shares, no shares issued | ||
Common stock - $1.00 par value; authorized 20,000 shares, 9,404 shares issued and 9,403 shares outstanding at October 31, 2023; 9,374 shares issued and 9,373 shares outstanding at April 30, 2023 | 9,405 | 9,374 |
Additional paid-in capital | 49,636 | 49,136 |
Accumulated deficit | (22,782) | (25,621) |
Common stock reacquired and held in treasury - at cost (1 share at October 31, 2023 and April 30, 2023) | (3) | (3) |
Accumulated other comprehensive income | 0 | 0 |
Total stockholders’ equity | 36,256 | 32,886 |
Total liabilities and stockholders’ equity | $ 74,729 | $ 74,496 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) shares in Thousands, $ in Thousands | Oct. 31, 2023 | Apr. 30, 2023 |
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 | 9,404 | 9,374 |
Common stock - authorized shares | 20,000 | 20,000 |
Common stock - shares outstanding | 9,403 | 9,373 |
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 | 6 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Income Statement [Abstract] | ||||
Revenues | $ 13,575 | $ 8,949 | $ 25,984 | $ 17,153 |
Cost of revenues | 9,245 | 8,599 | 16,786 | 16,808 |
Gross margin | 4,330 | 350 | 9,198 | 345 |
Selling and administrative expenses | 2,552 | 2,034 | 4,853 | 4,026 |
Research and development expenses | 840 | 599 | 1,347 | 1,709 |
Operating income (loss) | 938 | (2,283) | 2,998 | (5,390) |
Other income (expense): | ||||
Investment (expense) income | (106) | (12) | (86) | 24 |
Interest expense | (29) | (18) | (60) | (63) |
Income (loss) before provision for income taxes | 803 | (2,313) | 2,852 | (5,429) |
Provision for income taxes | 6 | 1 | 13 | 2 |
Net income (loss) | $ 797 | $ (2,314) | $ 2,839 | $ (5,431) |
Net income (loss) per common share: | ||||
Basic and diluted income (loss) per share (in Dollars per share) | $ 0.08 | $ (0.25) | $ 0.3 | $ (0.58) |
Weighted average shares outstanding: | ||||
Basic and diluted (in Shares) | 9,399,000 | 9,326,000 | 9,392,000 | 9,317,000 |
Condensed Consolidated Statements of Comprehensive Income (Loss) | ||||
Net income (loss) | $ 797 | $ (2,314) | $ 2,839 | $ (5,431) |
Unrealized loss on marketable securities: | ||||
Change in market value of marketable securities before reclassification, net of tax | 0 | (581) | 0 | (552) |
Reclassification adjustment for realized gains included in net income (loss), net of tax | 0 | 16 | 0 | 1 |
Total unrealized loss on marketable securities, net of tax | 0 | (565) | 0 | (551) |
Comprehensive income (loss) | $ 797 | $ (2,879) | $ 2,839 | $ (5,982) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 2,839 | $ (5,431) |
Non-cash charges to earnings | 2,191 | 1,209 |
Net changes in operating assets and liabilities | (8,011) | 3,756 |
Net cash used in operating activities | (2,981) | (466) |
Cash flows from investing activities: | ||
Proceeds on redemption of marketable securities | 0 | 1,137 |
Purchase of marketable securities | 0 | (1,383) |
Purchase of property, plant, and equipment, and other assets | (360) | (729) |
Net cash used in investing activities | (360) | (975) |
Cash flows from financing activities: | ||
Net cash used in financing activities | 0 | 0 |
Net decrease in cash and cash equivalents | (3,341) | (1,441) |
Cash and cash equivalents at beginning of period | 12,049 | 11,561 |
Cash and cash equivalents at end of period | 8,708 | 10,120 |
Supplemental disclosures of cash flow information: | ||
Interest | 60 | 36 |
Income taxes | 9 | 0 |
Cash refunded during the period for: | ||
Income taxes | $ 0 | $ 176 |
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, Common [Member] | AOCI Attributable to Parent [Member] | Total |
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) | (5,431) | |||||
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 | ||||
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 | ||||
Balance at Apr. 30, 2023 | $ 9,374 | 49,136 | (25,621) | $ (3) | 32,886 | |
Balance (in Shares) at Apr. 30, 2023 | 9,373,776 | 741 | ||||
Contribution of stock to 401(k) plan | $ 17 | 96 | 113 | |||
Contribution of stock to 401(k) plan (in Shares) | 17,013 | |||||
Stock-based compensation expense | 128 | 128 | ||||
Net income (loss) | 2,042 | 2,042 | ||||
Balance at Jul. 31, 2023 | $ 9,391 | 49,360 | (23,579) | $ (3) | 35,169 | |
Balance (in Shares) at Jul. 31, 2023 | 9,390,789 | 741 | ||||
Balance at Apr. 30, 2023 | $ 9,374 | 49,136 | (25,621) | $ (3) | $ 32,886 | |
Balance (in Shares) at Apr. 30, 2023 | 9,373,776 | 741 | ||||
Contribution of stock to 401(k) plan (in Shares) | 29,898 | |||||
Net income (loss) | $ 2,839 | |||||
Balance at Oct. 31, 2023 | $ 9,405 | 49,636 | (22,782) | $ (3) | 36,256 | |
Balance (in Shares) at Oct. 31, 2023 | 9,404,424 | 741 | ||||
Balance at Jul. 31, 2023 | $ 9,391 | 49,360 | (23,579) | $ (3) | 35,169 | |
Balance (in Shares) at Jul. 31, 2023 | 9,390,789 | 741 | ||||
Contribution of stock to 401(k) plan | $ 13 | 75 | $ 88 | |||
Contribution of stock to 401(k) plan (in Shares) | 12,885 | 12,885 | ||||
Stock-based compensation expense | $ 1 | 201 | $ 202 | |||
Stock-based compensation expense (in Shares) | 750 | |||||
Net income (loss) | 797 | 797 | ||||
Balance at Oct. 31, 2023 | $ 9,405 | $ 49,636 | $ (22,782) | $ (3) | $ 36,256 | |
Balance (in Shares) at Oct. 31, 2023 | 9,404,424 | 741 |
CONDENSED CONSOLIDATED FINANCIA
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | 6 Months Ended |
Oct. 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 October 31, 2023 and the results of its operations, changes in stockholders’ equity for the three and six months ended October 31, 2023 and 2022, and cash flows for the six months ended October 31, 2023 and 2022. The April 30, 2023 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 on Form 10-K for the fiscal year ended April 30, 2023, filed on July 27, 2023 with the Securities and Exchange Commission (the “Form 10-K”). The results of operations for such interim periods are not necessarily indicative of the operating results for the full fiscal year. |
EARNINGS (LOSS) PER SHARE
EARNINGS (LOSS) PER SHARE | 6 Months Ended |
Oct. 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 income (loss) per share (“EPS”) for the three and six months ended October 31, 2023 and 2022, respectively, were as follows: Periods ended October 31, Three months Six months 2023 2022 2023 2022 Weighted average shares outstanding: Basic EPS shares outstanding (weighted average) 9,399,052 9,326,347 9,391,714 9,317,143 Effect of dilutive securities ** ** ** ** Diluted EPS shares outstanding 9,399,052 9,326,347 9,391,714 9,317,143 ** For the three and six months ended October 31, 2023 and 2022, dilutive securities are excluded from the calculation of EPS since the inclusion of such shares would be antidilutive. The exercisable shares excluded for the three and six months ended October 31, 2023 was 97,000 shares. The exercisable shares excluded for the three and six months ended October 31, 2022 was 243,625 shares. |
CONTRACT (LIABILITIES) ASSETS
CONTRACT (LIABILITIES) ASSETS | 6 Months Ended |
Oct. 31, 2023 | |
Contractors [Abstract] | |
Long-Term Contracts or Programs Disclosure [Text Block] | NOTE C – CONTRACT (LIABILITIES) ASSETS At October 31, 2023 and April 30, 2023, contract assets and contract liabilities, consisted of the following (in thousands): October 31, 2023 April 30, 2023 Contract assets $ 12,474 $ 10,009 Contract liabilities (16,435 ) (18,586 ) Contract assets represent revenue recognized on long-term contracts that have not been billed at the balance sheet dates, and contract liabilities 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 over time using the percentage-of-completion (“POC”) method. Fluctuations of contract assets and contract liabilities are due to the timing of funding, amounts billed and revenue recorded. Contract assets increased $2.5 million during the six months ended October 31, 2023, primarily due to revenue recognized during the six months ended October 31, 2023 for which we have not yet billed our customers. Contract liabilities decreased $2.2 million during the six months ended October 31, 2023, primarily due to revenue recognized on these performance obligations. During the three and six months ended October 31, 2023, we recognized $4.4 million and $8.1 million, respectively, of our contract liabilities at April 30, 2023 as revenue. During the three and six months ended October 31, 2022, we recognized $1.9 million and $4.4 million, respectively, of our contract liabilities at April 30, 2022 as revenue. During the three and six months ended October 31, 2023, revenue recognized under POC contracts was approximately $12.3 million and $24.0 million, respectively. During the three and six months ended October 31, 2022, revenue recognized under POC contracts was approximately $8.7 million and $16.6 million, respectively. If contract losses are anticipated, a loss provision is recorded for the full amount of such losses when they are determinable. Total contract losses, recorded in cost of revenue, for the three and six months ended October 31, 2023 were approximately $1.4 million and $1.5 million, respectively. Total contract losses, recorded in cost of revenue, for the three and six months ended October 31, 2022 were approximately $0.7 million and $2.0 million, respectively. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 6 Months Ended |
Oct. 31, 2023 | |
Disclosure Text Block Supplement [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | NOTE D – EMPLOYEE BENEFIT PLANS During the three and six months ended October 31, 2023, the Company made contributions of 12,885 and 29,898 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. Deferred compensation expense charged to selling and administrative expenses during the three and six months ended October 31, 2023, was approximately $109,000 and $217,000, respectively. Payments made related to deferred compensation, inclusive of approximately $29,000 and $60,000, respectively, of interest expense, were approximately $175,000 and $361,000 for the same periods. Deferred compensation expense charged to selling and administrative expenses during the three and six months ended October 31, 2022, was approximately $109,000 and $218,000, respectively. Payments made related to deferred compensation, inclusive of approximately $18,000 and $36,000, respectively, of interest expense were approximately $159,000 and $320,000 for the same periods. |
INVENTORIES
INVENTORIES | 6 Months Ended |
Oct. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | NOTE E – INVENTORIES Inventories, which are reported at the lower of cost and net realizable value, consisted of the following (in thousands): October 31, 2023 April 30, 2023 Raw materials and component parts $ 14,193 $ 12,460 Work in progress 8,336 7,547 Finished goods 542 519 $ 23,071 $ 20,526 |
RIGHT-OF-USE ASSETS AND LEASE L
RIGHT-OF-USE ASSETS AND LEASE LIABILITIES | 6 Months Ended |
Oct. 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, manufacturing facilities 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. New York lease. California lease New Jersey 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 (in thousands): Classification October 31, 2023 April 30, 2023 Assets Operating lease ROU assets ROU assets - operating leases $ 6,693 $ 7,382 Liabilities Operating lease liabilities (short-term) Operating lease liability - current portion 1,769 1,753 Operating lease liabilities (long-term) Operating lease liability - non-current portion 5,126 5,883 Total lease liabilities $ 6,895 $ 7,636 Total operating lease expense was $466,000 and $921,000 for the three and six months ended October 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 $481,000 and $962,000 for the three and six months ended October 31, 2022, 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. 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 October 31, 2023: Fiscal Year Ending April 30, (in thousands) Remainder of 2024 $ 815 2025 1,844 2026 1,328 2027 937 2028 1,262 Thereafter 1,976 Total lease payments 8,162 Less imputed interest (1,267 ) Present value of future lease payments 6,895 Less current obligations under leases (1,769 ) Long-term lease obligations 5,126 As of October 31, 2023 and 2022, the weighted-average remaining lease term for all operating leases was 5.27 years and 5.97 years, respectively. The Company does not generally have access to the rate implicit in the leases and therefore selected a rate that is reflective of companies with similar credit ratings for secured debt as the discount rate. The weighted average discount rate for operating leases as of October 31, 2023 and 2022, was 6.28% and 6.19%, respectively. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 6 Months Ended |
Oct. 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 “Note 1. Summary of Accounting Policies” to the consolidated financial statements included in the Form 10-K. 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 the applicable reporting segment. 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 October 31, Three months Six months 2023 2022 2023 2022 Revenues: FEI-NY $ 9,271 $ 7,680 $ 18,762 $ 14,534 FEI-Zyfer 4,756 1,561 8,023 3,292 less intersegment revenues (452 ) (292 ) (801 ) (673 ) Consolidated revenues $ 13,575 $ 8,949 $ 25,984 $ 17,153 Operating income (loss): FEI-NY $ (231 ) $ (1,389 ) $ 1,249 $ (3,978 ) FEI-Zyfer 1,484 (792 ) 2,163 (1,230 ) less intersegment profit (79 ) - (140 ) - Corporate (236 ) (102 ) (274 ) (182 ) Consolidated operating income (loss) $ 938 $ (2,283 ) $ 2,998 $ (5,390 ) October 31, 2023 April 30, 2023 Identifiable assets: FEI-NY $ 37,315 $ 39,005 FEI-Zyfer 13,369 10,699 less intersegment balances (198 ) (58 ) Corporate 24,243 24,850 Consolidated identifiable assets $ 74,729 $ 74,496 Total revenue recognized over time as POC and Passage of Title (“POT”) was approximately $12.3 million and $1.3 million, respectively, of the $13.6 million reported for the three months ended October 31, 2023. Total revenue recognized over time as POC and POT was approximately $24.0 million and $2.0 million, respectively, of the $26.0 million reported for the six months ended October 31, 2023. Total revenue recognized over time as POC and POT was approximately $8.7 million and $0.3 million, respectively, of the $9.0 million reported for the three months ended October 31, 2022. Total revenue recognized over time as POC and POT was approximately $16.6 million and $0.5 million, respectively, of the $17.2 million reported for the six months ended October 31, 2022. The amounts by segment and product line were as follows (in thousands): Three Months Ended October 31, 2023 2022 POC Revenue POT Total POC Revenue POT Total FEI-NY $ 7,894 $ 1,377 $ 9,271 $ 7,173 $ 507 $ 7,680 FEI-Zyfer 4,402 354 4,756 1,481 80 1,561 Intersegment - (452 ) (452 ) - (292 ) (292 ) Revenues $ 12,296 $ 1,279 $ 13,575 $ 8,654 $ 295 $ 8,949 Six Months Ended October 31, 2023 2022 POC POT Total POC POT Total Revenue Revenue Revenue Revenue Revenue Revenue FEI-NY $ 16,569 $ 2,193 $ 18,762 $ 13,451 $ 1,083 $ 14,534 FEI-Zyfer 7,449 574 8,023 3,156 136 3,292 Intersegment - (801 ) (801 ) - (673 ) (673 ) Revenues $ 24,018 $ 1,966 $ 25,984 $ 16,607 $ 546 $ 17,153 Periods ended October 31, Three months Six months 2023 2022 2023 2022 Revenues by product line: Satellite revenue $ 4,664 $ 4,333 $ 9,522 $ 7,808 Government non-space revenue 8,201 3,918 15,080 7,983 Other commercial & industrial revenue 710 698 1,382 1,362 Consolidated revenues $ 13,575 $ 8,949 $ 25,984 $ 17,153 |
INVESTMENT IN MORION, INC.
INVESTMENT IN MORION, INC. | 6 Months Ended |
Oct. 31, 2023 | |
Schedule of Investments [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 six months ended October 31, 2023, the Company did not acquire any product from Morion. During the three and six months ended October 31, 2022, the Company acquired product from Morion in the aggregate amount of approximately $31,000 for both periods. 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 for the fiscal year ended April 30, 2022, as amended, the Company impaired its investment in Morion in full. The likelihood of future sales to, purchases from, and dividend payments from Morion is remote. |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 6 Months Ended |
Oct. 31, 2023 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | NOTE I – RECENT ACCOUNTING PRONOUNCEMENTS In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures |
CREDIT FACILITY
CREDIT FACILITY | 6 Months Ended |
Oct. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | NOTE J – CREDIT FACILITY As of October 31, 2023, the Company neither had any borrowings nor any borrowing capacity pursuant to a credit facility. As of April 30, 2023, the Company retired its advisory credit arrangement with UBS Bank USA. Prior to retiring the advisory credit arrangement, no borrowings were made during fiscal 2023. |
DEFERRED INCOME TAXES
DEFERRED INCOME TAXES | 6 Months Ended |
Oct. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | NOTE K – 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 October 31, 2023, and April 30, 2023, 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) | 6 Months Ended |
Oct. 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 income (loss) per share (“EPS”) for the three and six months ended October 31, 2023 and 2022, respectively, were as follows: Periods ended October 31, Three months Six months 2023 2022 2023 2022 Weighted average shares outstanding: Basic EPS shares outstanding (weighted average) 9,399,052 9,326,347 9,391,714 9,317,143 Effect of dilutive securities ** ** ** ** Diluted EPS shares outstanding 9,399,052 9,326,347 9,391,714 9,317,143 ** For the three and six months ended October 31, 2023 and 2022, dilutive securities are excluded from the calculation of EPS since the inclusion of such shares would be antidilutive. The exercisable shares excluded for the three and six months ended October 31, 2023 was 97,000 shares. The exercisable shares excluded for the three and six months ended October 31, 2022 was 243,625 shares. |
CONTRACT (LIABILITIES) ASSETS (
CONTRACT (LIABILITIES) ASSETS (Tables) | 6 Months Ended |
Oct. 31, 2023 | |
Contractors [Abstract] | |
Costs and Estimated Earnings in Excess of Billings, Net [Table Text Block] | At October 31, 2023 and April 30, 2023, contract assets and contract liabilities, consisted of the following (in thousands): October 31, 2023 April 30, 2023 Contract assets $ 12,474 $ 10,009 Contract liabilities (16,435 ) (18,586 ) |
INVENTORIES (Tables)
INVENTORIES (Tables) | 6 Months Ended |
Oct. 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 (in thousands): October 31, 2023 April 30, 2023 Raw materials and component parts $ 14,193 $ 12,460 Work in progress 8,336 7,547 Finished goods 542 519 $ 23,071 $ 20,526 |
RIGHT-OF-USE ASSETS AND LEASE_2
RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Tables) | 6 Months Ended |
Oct. 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 (in thousands): Classification October 31, 2023 April 30, 2023 Assets Operating lease ROU assets ROU assets - operating leases $ 6,693 $ 7,382 Liabilities Operating lease liabilities (short-term) Operating lease liability - current portion 1,769 1,753 Operating lease liabilities (long-term) Operating lease liability - non-current portion 5,126 5,883 Total lease liabilities $ 6,895 $ 7,636 |
Lessee, Operating Lease, Liability, to be Paid, 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 October 31, 2023: Fiscal Year Ending April 30, (in thousands) Remainder of 2024 $ 815 2025 1,844 2026 1,328 2027 937 2028 1,262 Thereafter 1,976 Total lease payments 8,162 Less imputed interest (1,267 ) Present value of future lease payments 6,895 Less current obligations under leases (1,769 ) Long-term lease obligations 5,126 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 6 Months Ended |
Oct. 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 October 31, Three months Six months 2023 2022 2023 2022 Revenues: FEI-NY $ 9,271 $ 7,680 $ 18,762 $ 14,534 FEI-Zyfer 4,756 1,561 8,023 3,292 less intersegment revenues (452 ) (292 ) (801 ) (673 ) Consolidated revenues $ 13,575 $ 8,949 $ 25,984 $ 17,153 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Operating income (loss): FEI-NY $ (231 ) $ (1,389 ) $ 1,249 $ (3,978 ) FEI-Zyfer 1,484 (792 ) 2,163 (1,230 ) less intersegment profit (79 ) - (140 ) - Corporate (236 ) (102 ) (274 ) (182 ) Consolidated operating income (loss) $ 938 $ (2,283 ) $ 2,998 $ (5,390 ) |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | October 31, 2023 April 30, 2023 Identifiable assets: FEI-NY $ 37,315 $ 39,005 FEI-Zyfer 13,369 10,699 less intersegment balances (198 ) (58 ) Corporate 24,243 24,850 Consolidated identifiable assets $ 74,729 $ 74,496 |
Disaggregation of Revenue [Table Text Block] | The amounts by segment and product line were as follows (in thousands): Three Months Ended October 31, 2023 2022 POC Revenue POT Total POC Revenue POT Total FEI-NY $ 7,894 $ 1,377 $ 9,271 $ 7,173 $ 507 $ 7,680 FEI-Zyfer 4,402 354 4,756 1,481 80 1,561 Intersegment - (452 ) (452 ) - (292 ) (292 ) Revenues $ 12,296 $ 1,279 $ 13,575 $ 8,654 $ 295 $ 8,949 Six Months Ended October 31, 2023 2022 POC POT Total POC POT Total Revenue Revenue Revenue Revenue Revenue Revenue FEI-NY $ 16,569 $ 2,193 $ 18,762 $ 13,451 $ 1,083 $ 14,534 FEI-Zyfer 7,449 574 8,023 3,156 136 3,292 Intersegment - (801 ) (801 ) - (673 ) (673 ) Revenues $ 24,018 $ 1,966 $ 25,984 $ 16,607 $ 546 $ 17,153 |
Revenue from External Customers by Products and Services [Table Text Block] | Periods ended October 31, Three months Six months 2023 2022 2023 2022 Revenues by product line: Satellite revenue $ 4,664 $ 4,333 $ 9,522 $ 7,808 Government non-space revenue 8,201 3,918 15,080 7,983 Other commercial & industrial revenue 710 698 1,382 1,362 Consolidated revenues $ 13,575 $ 8,949 $ 25,984 $ 17,153 |
EARNINGS (LOSS) PER SHARE (Deta
EARNINGS (LOSS) PER SHARE (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Earnings Per Share [Abstract] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 97,000 | 243,625 | 97,000 | 243,625 |
EARNINGS (LOSS) PER SHARE (De_2
EARNINGS (LOSS) PER SHARE (Details) - Schedule of Earnings Per Share, Basic and Diluted - shares | 3 Months Ended | 6 Months Ended | |||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | ||
Weighted average shares outstanding: | |||||
Basic EPS shares outstanding (weighted average) | 9,399,052 | 9,326,347 | 9,391,714 | 9,317,143 | |
Effect of dilutive securities | [1] | ||||
Diluted EPS shares outstanding | 9,399,052 | 9,326,347 | 9,391,714 | 9,317,143 | |
[1]For the three and six months ended October 31, 2023 and 2022, dilutive securities are excluded from the calculation of EPS since the inclusion of such shares would be antidilutive. The exercisable shares excluded for the three and six months ended October 31, 2023 was 97,000 shares. The exercisable shares excluded for the three and six months ended October 31, 2022 was 243,625 shares. |
CONTRACT (LIABILITIES) ASSETS_2
CONTRACT (LIABILITIES) ASSETS (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
CONTRACT (LIABILITIES) ASSETS (Details) [Line Items] | ||||
Increase (Decrease) in Contract with Customer, Asset | $ 2,500 | |||
Increase (Decrease) in Contract with Customer, Liability | (2,200) | |||
Revenues | $ 13,575 | $ 8,949 | 25,984 | $ 17,153 |
Loss on Contracts | 1,400 | 700 | 1,500 | 2,000 |
Contract Liabilities [Member] | ||||
CONTRACT (LIABILITIES) ASSETS (Details) [Line Items] | ||||
Revenues | 4,400 | 1,900 | 8,100 | 4,400 |
Contracts Accounted for under Percentage of Completion [Member] | ||||
CONTRACT (LIABILITIES) ASSETS (Details) [Line Items] | ||||
Revenues | $ 12,300 | $ 8,700 | $ 24,000 | $ 16,600 |
CONTRACT (LIABILITIES) ASSETS_3
CONTRACT (LIABILITIES) ASSETS (Details) - Costs and Estimated Earnings in Excess of Billings, Net - USD ($) $ in Thousands | Oct. 31, 2023 | Apr. 30, 2023 |
Costs And Estimated Earnings In Excess Of Billings Net Abstract | ||
Contract Assets | $ 12,474 | $ 10,009 |
Contract Liabilities | $ (16,435) | $ (18,586) |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
EMPLOYEE BENEFIT PLANS (Details) [Line Items] | ||||
Stock Issued During Period, Shares, Employee Benefit Plan (in Shares) | 12,885 | 29,898 | ||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 109,000 | $ 109,000 | $ 217,000 | $ 218,000 |
Deferred Compensation Arrangement with Individual, Distribution Paid | 175,000 | 159,000 | 361,000 | 320,000 |
Interest Expense [Member] | ||||
EMPLOYEE BENEFIT PLANS (Details) [Line Items] | ||||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 29,000 | $ 18,000 | $ 60,000 | $ 36,000 |
INVENTORIES (Details) - Schedul
INVENTORIES (Details) - Schedule of Inventory, Current - USD ($) $ in Thousands | Oct. 31, 2023 | Apr. 30, 2023 |
Schedule Of Inventory Current Abstract | ||
Raw materials and component parts | $ 14,193 | $ 12,460 |
Work in progress | 8,336 | 7,547 |
Finished goods | 542 | 519 |
$ 23,071 | $ 20,526 |
RIGHT-OF-USE ASSETS AND LEASE_3
RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure Text Block [Abstract] | ||||
Operating Lease, Expense | $ 466,000 | $ 481,000 | $ 921,000 | $ 962,000 |
Operating Lease, Weighted Average Remaining Lease Term | 5 years 3 months 7 days | 5 years 11 months 19 days | 5 years 3 months 7 days | 5 years 11 months 19 days |
Operating Lease, Weighted Average Discount Rate, Percent | 6.28% | 6.19% | 6.28% | 6.19% |
RIGHT-OF-USE ASSETS AND LEASE_4
RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Details) - Lease, Cost - USD ($) $ in Thousands | Oct. 31, 2023 | Apr. 30, 2023 |
Assets | ||
Operating lease ROU assets | $ 6,693 | $ 7,382 |
Liabilities | ||
Operating lease liabilities (short-term) | 1,769 | 1,753 |
Operating lease liabilities (long-term) | 5,126 | 5,883 |
Total lease liabilities | $ 6,895 | $ 7,636 |
RIGHT-OF-USE ASSETS AND LEASE_5
RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Details) - Lessee, Operating Lease, Liability, Maturity - USD ($) $ in Thousands | Oct. 31, 2023 | Apr. 30, 2023 |
Lessee Operating Lease Liability Maturity Abstract | ||
Remainder of 2024 | $ 815 | |
2025 | 1,844 | |
2026 | 1,328 | |
2027 | 937 | |
2028 | 1,262 | |
Thereafter | 1,976 | |
Total lease payments | 8,162 | |
Less imputed interest | (1,267) | |
Present value of future lease payments | 6,895 | $ 7,636 |
Less current obligations under leases | (1,769) | (1,753) |
Long-term lease obligations | $ 5,126 | $ 5,883 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2023 USD ($) | Oct. 31, 2022 USD ($) | Oct. 31, 2023 USD ($) | Oct. 31, 2022 USD ($) | |
SEGMENT INFORMATION (Details) [Line Items] | ||||
Number of Reportable Segments | 2 | |||
Number Of Principal Markets | 3 | 3 | ||
Revenues | $ 13,575 | $ 8,949 | $ 25,984 | $ 17,153 |
POC Revenue [Member] | ||||
SEGMENT INFORMATION (Details) [Line Items] | ||||
Revenues | 12,296 | 8,654 | 24,018 | 16,607 |
POT Revenue [Member] | ||||
SEGMENT INFORMATION (Details) [Line Items] | ||||
Revenues | $ 1,279 | $ 295 | $ 1,966 | $ 546 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) - Reconciliation of Revenue from Segments to Consolidated - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | $ 13,575 | $ 8,949 | $ 25,984 | $ 17,153 |
Frequency Electronics Inc New York [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 9,271 | 7,680 | 18,762 | 14,534 |
Frequency Electronics Inc Zyfer [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 4,756 | 1,561 | 8,023 | 3,292 |
Inter Segment [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | $ (452) | $ (292) | $ (801) | $ (673) |
SEGMENT INFORMATION (Details_2
SEGMENT INFORMATION (Details) - Reconciliation of Operating Profit (Loss) from Segments to Consolidated - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Consolidated operating income (loss) | $ 938 | $ (2,283) | $ 2,998 | $ (5,390) |
Frequency Electronics Inc New York [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Consolidated operating income (loss) | (231) | (1,389) | 1,249 | (3,978) |
Frequency Electronics Inc Zyfer [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Consolidated operating income (loss) | 1,484 | (792) | 2,163 | (1,230) |
Inter Segment [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Consolidated operating income (loss) | (79) | 0 | (140) | 0 |
Corporate Segment [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Consolidated operating income (loss) | $ (236) | $ (102) | $ (274) | $ (182) |
SEGMENT INFORMATION (Details_3
SEGMENT INFORMATION (Details) - Schedule of Reconciliation of Assets from Segment to Consolidated - USD ($) $ in Thousands | Oct. 31, 2023 | Apr. 30, 2023 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Identifiable Assets | $ 74,729 | $ 74,496 |
Frequency Electronics Inc New York [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Identifiable Assets | 37,315 | 39,005 |
Frequency Electronics Inc Zyfer [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Identifiable Assets | 13,369 | 10,699 |
Inter Segment [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Identifiable Assets | (198) | (58) |
Corporate Segment [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Identifiable Assets | $ 24,243 | $ 24,850 |
SEGMENT INFORMATION (Details_4
SEGMENT INFORMATION (Details) - Disaggregation of Revenue - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 13,575 | $ 8,949 | $ 25,984 | $ 17,153 |
Frequency Electronics Inc New York [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 9,271 | 7,680 | 18,762 | 14,534 |
Frequency Electronics Inc Zyfer [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 4,756 | 1,561 | 8,023 | 3,292 |
Inter Segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | (452) | (292) | (801) | (673) |
POC Revenue [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 12,296 | 8,654 | 24,018 | 16,607 |
POC Revenue [Member] | Frequency Electronics Inc New York [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 7,894 | 7,173 | 16,569 | 13,451 |
POC Revenue [Member] | Frequency Electronics Inc Zyfer [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 4,402 | 1,481 | 7,449 | 3,156 |
POC Revenue [Member] | Inter Segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
POT Revenue [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,279 | 295 | 1,966 | 546 |
POT Revenue [Member] | Frequency Electronics Inc New York [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,377 | 507 | 2,193 | 1,083 |
POT Revenue [Member] | Frequency Electronics Inc Zyfer [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 354 | 80 | 574 | 136 |
POT Revenue [Member] | Inter Segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ (452) | $ (292) | $ (801) | $ (673) |
SEGMENT INFORMATION (Details_5
SEGMENT INFORMATION (Details) - Revenue from External Customers by Products and Services - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Revenue from External Customer [Line Items] | ||||
Revenue | $ 13,575 | $ 8,949 | $ 25,984 | $ 17,153 |
Satellite Revenue [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenue | 4,664 | 4,333 | 9,522 | 7,808 |
Government Non-Space Revenue [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenue | 8,201 | 3,918 | 15,080 | 7,983 |
Other Commercial & Industrial Revenue [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenue | $ 710 | $ 698 | $ 1,382 | $ 1,362 |
INVESTMENT IN MORION, INC. (Det
INVESTMENT IN MORION, INC. (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2022 | Oct. 31, 2023 | |
INVESTMENT IN MORION, INC. (Details) [Line Items] | |||
Revenue from Contract with Customer, Including Assessed Tax | $ 31,000 | ||
Cost Method Investment Ownership Percentage | 4.60% | ||
Morion Inc [Member] | |||
INVESTMENT IN MORION, INC. (Details) [Line Items] | |||
Revenue from Contract with Customer, Including Assessed Tax | $ 31,000 | ||
Morion Inc [Member] | |||
INVESTMENT IN MORION, INC. (Details) [Line Items] | |||
Cost Method Investment Ownership Percentage | 4.60% | 4.60% |