Kewaunee Scientific (KEQU) 10-Q 6 Sep 19 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jul. 31, 2019	Sep. 02, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jul. 31, 2019
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Registrant Name	KEWAUNEE SCIENTIFIC CORP /DE/
Entity Central Index Key	0000055529
Current Fiscal Year End Date	--04-30
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		2,750,143

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jul. 31, 2019	Jul. 31, 2018
Income Statement [Abstract]
Net sales	$ 39,336	$ 42,152
Cost of products sold	32,390	34,569
Gross profit	6,946	7,583
Operating expenses	6,170	5,763
Operating earnings	776	1,820
Other income	56	164
Interest expense, net	(167)	(91)
Earnings before income taxes	665	1,893
Income tax expense	169	395
Net earnings	496	1,498
Less: net earnings attributable to the noncontrolling interest	25	9
Net earnings attributable to Kewaunee Scientific Corporation	$ 471	$ 1,489
Net earnings per share attributable to Kewaunee Scientific Corporation stockholders
Basic (in dollars per share)	$ 0.17	$ 0.54
Diluted (in dollars per share)	$ 0.17	$ 0.53
Weighted average number of common shares outstanding
Basic (in shares)	2,750	2,736
Diluted (in shares)	2,771	2,804

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2019	Jul. 31, 2018
Statement of Comprehensive Income [Abstract]
Net earnings	$ 496	$ 1,498
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	196	(388)
Change in fair value of cash flow hedge	(1)	4
Other comprehensive income (loss)	195	(384)
Comprehensive income, net of tax	691	1,114
Less: comprehensive income attributable to the noncontrolling interest	25	9
Comprehensive income attributable to Kewaunee Scientific Corporation	$ 666	$ 1,105

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning balance at Apr. 30, 2018	$ 47,730	$ 6,841	$ 3,006	$ (53)	$ 43,836	$ (5,900)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings attributable to Kewaunee Scientific Corporation	1,489				1,489
Other comprehensive income	(384)					(384)
Cash dividends paid	(465)				(465)
Stock options exercised, 9,250 shares	0	13	(13)
Stock based compensation	106	7	99
Ending balance at Jul. 31, 2018	48,693	6,861	3,092	(53)	45,077	(6,284)
Beginning balance at Apr. 30, 2019	47,100	6,875	3,133	(53)	43,552	(6,407)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings attributable to Kewaunee Scientific Corporation	471				471
Other comprehensive income	195					195
Cash dividends paid	(522)				(522)
Stock based compensation	60	9	51
Ending balance at Jul. 31, 2019	$ 47,304	$ 6,884	$ 3,184	$ (53)	$ 43,501	$ (6,212)

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Jul. 31, 2019	Jul. 31, 2018
Statement of Stockholders' Equity [Abstract]
Cash dividends paid (in usd per share)	$ 0.19	$ 0.17
Stock options exercised (in shares)		9,250

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jul. 31, 2019	Apr. 30, 2019
Current Assets:
Cash and cash equivalents	$ 11,653	$ 10,647
Restricted cash	928	509
Receivables, less allowance; $395; $361, on each respective date	36,231	33,259
Inventories	16,351	17,206
Prepaid expenses and other current assets	3,839	3,736
Total Current Assets	69,002	65,357
Property, plant and equipment, at cost	57,700	56,676
Accumulated depreciation	(40,839)	(40,214)
Net Property, Plant and Equipment	16,861	16,462
Right of use assets	6,785
Deferred income taxes	1,845	1,829
Other assets	4,048	3,575
Total Other Assets	12,678	5,404
Total Assets	98,541	87,223
Current Liabilities:
Short-term borrowings and interest rate swaps	13,279	9,513
Current portion of long-term debt	972	1,167
Current portion of capital lease liability	18
Current portion of capital lease liability		17
Current portion of operating lease liabilities	1,027
Accounts payable	15,393	15,190
Employee compensation and amounts withheld	3,694	3,737
Deferred revenue	1,523	1,599
Other accrued expenses	2,126	1,510
Total Current Liabilities	38,032	32,733
Long-term debt	0	97
Long-term portion of capital lease liability	127
Long-term portion of capital lease liability		132
Long-term portion of operating lease liabilities	5,638
Accrued pension and deferred compensation costs	6,062	5,878
Income taxes payable	745	680
Total Liabilities	50,604	39,520
Commitments and Contingencies
Stockholders’ Equity:
Common stock, $2.50 par value, Authorized – 5,000 shares; Issued – 2,753 shares; 2,750 shares; – Outstanding – 2,750 shares; 2,747 shares, on each respective date	6,884	6,875
Additional paid-in-capital	3,184	3,133
Retained earnings	43,501	43,552
Accumulated other comprehensive loss	(6,212)	(6,407)
Common stock in treasury, at cost, 3 shares, on each date	(53)	(53)
Total Kewaunee Scientific Corporation Stockholders’ Equity	47,304	47,100
Noncontrolling interest	633	603
Total Stockholders’ Equity	47,937	47,703
Total Liabilities and Stockholders’ Equity	$ 98,541	$ 87,223

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jul. 31, 2019	Apr. 30, 2019
Statement of Financial Position [Abstract]
Allowance for receivables	$ 395	$ 361
Common stock, par value (in dollars per share)	$ 2.50	$ 2.50
Common stock, shares authorized (in shares)	5,000,000	5,000,000
Common stock, shares issued (in shares)	2,753,000	2,750,000
Common stock, shares outstanding (in shares)	2,750,000	2,747,000
Treasury stock, shares (in shares)	3,000	3,000

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2019	Jul. 31, 2018
Cash flows from operating activities:
Net earnings	$ 496	$ 1,498
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation	644	629
Bad debt provision	36	(44)
Stock based compensation expense	74	136
Provision for deferred income taxes	(16)	(11)
Change in assets and liabilities:
Receivables	(3,008)	(3,344)
Inventories	855	2,547
Accounts payable and other accrued expenses	835	(2,175)
Deferred revenue	(76)	(127)
Other, net	(247)	(1,938)
Net cash used in operating activities	(407)	(2,829)
Cash flows from investing activities:
Capital expenditures	(1,183)	(610)
Net cash used in investing activities	(1,183)	(610)
Cash flows from financing activities:
Dividends paid	(522)	(465)
Proceeds from short-term borrowings	16,650	19,789
Repayments on short-term borrowings	(12,884)	(16,146)
Payments on long-term debt and lease obligations	(296)	(292)
Net proceeds from exercise of stock options	(14)	(30)
Net cash provided by financing activities	2,934	2,856
Effect of exchange rate changes on cash and cash equivalents	81	(288)
Increase (decrease) in cash, cash equivalents and restricted cash	1,425	(871)
Cash, cash equivalents and restricted cash, beginning of period	11,156	10,958
Cash, cash equivalents and restricted cash, end of period	$ 12,581	$ 10,087

Financial Information

Financial Information	3 Months Ended
	Jul. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Financial Information	Financial Information The unaudited interim condensed consolidated financial statements of Kewaunee Scientific Corporation (the “Company”) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “Commission”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted, although the Company believes that the disclosures are adequate to make the information presented not misleading. These interim condensed consolidated financial statements include all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of these financial statements and should be read in conjunction with the consolidated financial statements and notes included in the Company’s 2019 Annual Report on Form 10-K. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year. The condensed consolidated balance sheet as of April 30, 2019 included in this interim period filing has been derived from the audited financial statements at that date, but does not include all of the information and related notes required by generally accepted accounting principles (GAAP) for complete financial statements. The preparation of the interim condensed consolidated financial statements requires management to make certain estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Jul. 31, 2019
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition The Company recognizes revenue when control of a good or service promised in a contract (i.e., performance obligation) is transferred to a customer. Control is obtained when a customer has the ability to direct the use of and obtain substantially all of the remaining benefits from that good or service. The majority of the Company’s revenues are recognized over time as the customer receives control as the Company performs work under a contract. However, a portion of the Company’s revenues are recognized at a point-in-time as control is transferred at a distinct point in time per the terms of a contract. Disaggregated Revenue A summary of net sales transferred to customers at a point in time and over time for the periods ended July 31, 2019 and July 31, 2018 is as follows (in thousands): Three Months Ended July 31, 2019 Domestic International Total Over Time $ 28,235 $ 10,049 $ 38,284 Point in Time 1,052 — 1,052 $ 29,287 $ 10,049 $ 39,336 Three Months Ended July 31, 2018 Domestic International Total Over Time $ 34,248 $ 6,082 $ 40,330 Point in Time 1,822 — 1,822 $ 36,070 $ 6,082 $ 42,152 Contract Balances The closing and opening balances of contract assets arising from contracts with customers which were recorded as unbilled receivables were $ 2,952,000 at July 31, 2019 and $ 4,589,000 at April 30, 2019 . The closing and opening balances of contract liabilities arising from contracts with customers were $ 1,523,000 at July 31, 2019 and $1,599,000 at April 30, 2019 . The timing of revenue recognition, billings and cash collections results in accounts receivable, unbilled receivables, and deferred revenue which are disclosed on the consolidated balance sheets and in the notes to the consolidated financial statements. In general, the Company receives payments from customers based on a billing schedule established in its contracts. Unbilled receivables represent amounts earned which have not yet been billed in accordance with contractually stated billing terms. Accounts receivable are recorded when the right to consideration becomes unconditional and the Company has a right to invoice the customer. Deferred revenue relates to payments received in advance of performance under the contract. Deferred revenue is recognized as revenue as (or when) the Company performs under the contract. Approximately all of the contract liability balances at April 30, 2019 and July 31, 2019 are expected to be recognized as revenue during the respective succeeding 12 months.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Jul. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments The Company records derivatives on the condensed consolidated balance sheets at fair value and establishes criteria for designation and effectiveness of hedging relationships. The nature of the Company’s business activities involves the management of various financial and market risks, including those related to changes in interest rates. The Company does not enter into derivative instruments for speculative purposes. In May 2013, the Company entered into an interest rate swap agreement whereby the interest rate payable by the Company on $3,450,000 of outstanding long-term debt was effectively converted to a fixed interest rate of 4.875% for the period beginning May 1, 2013 and ending August 1, 2017 . In May 2013, the Company entered into an interest rate swap agreement whereby the interest rate payable by the Company on $2,600,000 of outstanding long-term debt was effectively converted to a fixed interest rate of 4.37% for the period beginning August 1, 2017 and ending May 1, 2020 . In May 2013, the Company entered into an interest rate swap agreement whereby the interest rate payable by the Company on $1,218,000 of outstanding long-term debt was effectively converted to a fixed interest rate of 3.07% for the period beginning November 3, 2014 and ending May 1, 2020 . The Company entered into these interest rate swap arrangements to mitigate future interest rate risk associated with its long-term debt and has designated these as cash flow hedges.

Long-term Debt and Other Credit

Long-term Debt and Other Credit Arrangements	3 Months Ended
	Jul. 31, 2019
Debt Disclosure [Abstract]
Long-term Debt and Other Credit Arrangements	Long-term Debt and Other Credit Arrangements At July 31, 2019 , advances of $ 13.3 million were outstanding under the Company’s bank revolving credit facility, compared to advances of $ 9.5 million outstanding as of April 30, 2019 . The Company had standby letters of credit outstanding of $ 210,000 at July 31, 2019 compared to standby letters of credit outstanding of $ 5.2 million at April 30, 2019 . Amounts available under the $ 20 million revolving credit facility were $ 6.5 million and $ 5.3 million at July 31, 2019 and April 30, 2019 , respectively. At April 30, 2019 , the Company was not in compliance with all of the financial covenants. The Company received a waiver from its lender for this noncompliance pursuant to a waiver letter executed on June 19, 2019 ("the Waiver Letter"). In connection with the Waiver Letter, the Company entered into a Security Agreement pursuant to which the Company granted a security interest in substantially all of its assets to secure its obligations under the Loan Agreement. On July 9, 2019 , the Company entered into an agreement to amend the Loan Agreement and the Line of Credit to effect a change in the financial covenants set forth in the Loan Agreement. The amendment does not change the amount of availability provided by Company’s Line of Credit. At July 31, 2019, the Company was in compliance with all the financial covenants under its revolving credit facility.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Jul. 31, 2019
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per share is based on the weighted average number of common shares outstanding during the year. Diluted earnings per share reflects the assumed exercise of outstanding options and the conversion of restricted stock units (“RSUs”) under the Company’s various stock compensation plans, except when RSUs and options have an antidilutive effect. There were 30,360 antidilutive RSUs and options outstanding at July 31, 2019 . There were no antidilutive RSUs or options outstanding at July 31, 2018 . The following is a reconciliation of basic to diluted weighted average common shares outstanding at July 31 (in thousands): 2019 2018 Basic 2,750 2,736 Dilutive effect of stock options and RSUs 21 68 Weighted average common shares outstanding - diluted 2,771 2,804

Inventories

Inventories	3 Months Ended
	Jul. 31, 2019
Inventory Disclosure [Abstract]
Inventories	Inventories The Company measures inventory using the first-in, first-out ("FIFO") method at the lower of cost and net realizable value. Inventories consisted of the following (in thousands): July 31, 2019 April 30, 2019 Finished products $ 3,657 $ 4,139 Work in process 2,185 2,179 Raw materials 10,509 10,888 $ 16,351 $ 17,206 The Company’s International subsidiaries’ inventories were $2,128,000 at July 31, 2019 and $1,863,000 at April 30, 2019 , measured using the FIFO method at the lower of cost and net realizable value and are included in the above tables.

Segment Information

Segment Information	3 Months Ended
	Jul. 31, 2019
Segment Reporting [Abstract]
Segment Information	Segment Information The Company’s operations are classified into two business segments: Domestic and International. The Domestic business segment principally designs, manufactures, and installs scientific and technical furniture, including steel and wood laboratory cabinetry, fume hoods, laminate casework, flexible systems, worksurfaces, workstations, workbenches, and computer enclosures. The International business segment, which consists of the Company’s foreign subsidiaries, provides products and services, including facility design, detailed engineering, construction, and project management from the planning stage through testing and commissioning of laboratories. Intersegment transactions are recorded at normal profit margins. All intercompany balances and transactions have been eliminated. Certain corporate expenses shown below have not been allocated to the business segments. The following tables provide financial information by business segments for the three months ended July 31, 2019 and 2018 (in thousands): Domestic Operations International Operations Corporate / Eliminations Total Three months ended July 31, 2019 Revenues from external customers $ 29,287 $ 10,049 $ — $ 39,336 Intersegment revenues 2,179 842 (3,021 ) — Earnings (loss) before income taxes $ 1,560 $ 608 $ (1,503 ) $ 665 Three months ended July 31, 2018 Revenues from external customers $ 36,070 $ 6,082 $ — $ 42,152 Intersegment revenues 462 726 (1,188 ) — Earnings (loss) before income taxes $ 3,108 $ 449 $ (1,664 ) $ 1,893

Defined Benefit Pension Plans

Defined Benefit Pension Plans	3 Months Ended
	Jul. 31, 2019
Retirement Benefits [Abstract]
Defined Benefit Pension Plans	Defined Benefit Pension Plans The Company has non-contributory defined benefit pension plans covering substantially all domestic salaried and hourly employees. These plans were amended as of April 30, 2005; no further benefits have been, or will be, earned under the plans, subsequent to the amendment date, and no additional participants will be added to the plans. There were no Company contributions paid to the plans during the three months ended July 31, 2019 , and the Company does not expect any contributions to be paid during the remainder of the fiscal year. Contributions of $1,000,000 were paid to the plans during the three months ended July 31, 2018 . The Company assumed an expected long-term rate of return of 7.75% for the periods ended July 31, 2019 and July 31, 2018 . Pension expense consisted of the following (in thousands): Three Months Ended July 31, 2019 Three Months Ended July 31, 2018 Service cost $ 0 $ 0 Interest cost 208 215 Expected return on plan assets (355 ) (362 ) Recognition of net loss 260 221 Net periodic pension expense $ 113 $ 74

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Jul. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company’s financial instruments consist primarily of cash and equivalents, mutual funds, cash surrender value of life insurance policies, term loans and short-term borrowings. The carrying value of these assets and liabilities approximate their fair value. The following tables summarize the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of July 31, 2019 and April 30, 2019 (in thousands): July 31, 2019 Financial Assets Level 1 Level 2 Total Trading securities held in non-qualified compensation plans (1) $ 3,116 $ — $ 3,116 Cash surrender value of life insurance policies (1) — 76 76 Total $ 3,116 $ 76 $ 3,192 Financial Liabilities Non-qualified compensation plans (2) $ — $ 3,591 $ 3,591 Interest rate swap derivatives — 2 2 Total $ — $ 3,593 $ 3,593 April 30, 2019 Financial Assets Level 1 Level 2 Total Trading securities held in non-qualified compensation plans (1) $ 3,057 $ — $ 3,057 Cash surrender value of life insurance policies (1) — 76 76 Total $ 3,057 $ 76 $ 3,133 Financial Liabilities Non-qualified compensation plans (2) $ — $ 3,519 $ 3,519 Interest rate swap derivatives — 1 1 Total $ — $ 3,520 $ 3,520 (1) The Company maintains two non-qualified compensation plans which include investment assets in a rabbi trust. These assets consist of marketable securities, which are valued using quoted market prices multiplied by the number of shares owned, and life insurance policies, which are valued at their cash surrender value. (2) Plan liabilities are equal to the individual participants’ account balances and other earned retirement benefits.

Stock Options and Share-based C

Stock Options and Share-based Compensation	3 Months Ended
	Jul. 31, 2019
Equity [Abstract]
Stock Options and Share-based Compensation	Stock Options and Share-based Compensation Compensation costs related to stock options and other stock awards granted by the Company are charged against operating expenses during their vesting period, under ASC 718, “Compensation-Stock Compensation”. The Company granted 36,534 restricted stock units (“RSUs”) under the 2017 Omnibus Incentive Plan in June 2019. The RSUs include both a service and a performance component, vesting over a three year period. The recognized expense is based upon the vesting period for service criteria and estimated attainment of the performance criteria at the end of the three year period based on the ratio of cumulative days incurred, to total days over the three year period. The Company recorded share-based compensation expense during the three months ended July 31, 2019 of $24,000 for this issuance with the remaining estimated share-based compensation expense of $575,000 to be recorded over the remaining three year period.

Income Taxes

Income Taxes	3 Months Ended
	Jul. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income tax expense of $ 169,000 and $ 395,000 was recorded for the three months ended July 31, 2019 and 2018 , respectively. The effective tax rates were 25.4% and 20.9% for the three months ended July 31, 2019 and 2018 , respectively. The increase in the effective tax rate for the three-month period reflects the impact of increased foreign operations which are taxed at different rates than the U.S. tax rate of 21% and also results in an additional Global Intangible Low-Taxed Income ("GILTI") inclusion in the U.S.

Reclassifications

Reclassifications	3 Months Ended
	Jul. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reclassifications	Reclassifications During the second quarter of fiscal year 2019, the Company changed its method of accounting for its Domestic segment’s inventory from the LIFO method to the FIFO method. The Company reclassified certain amounts in the condensed consolidated statements of operations, the condensed consolidated statements of comprehensive income, the condensed consolidated statements of stockholders’ equity and the condensed consolidated statements of cash flows for the three-month period ended July 31, 2018 to conform to the current period format.

Leases

Leases	3 Months Ended
	Jul. 31, 2019
Leases [Abstract]
Leases	Leases On May 1, 2019, the Company adopted ASU No. 2016-02, Leases, and all subsequently issued clarifying guidance. Under the new guidance, lessees are required to recognize lease assets and lease liabilities for the rights and obligations created by leased assets previously classified as operating leases. In July 2018, the FASB issued ASU No. 2018-11, which permitted entities to record the impact of adoption using a modified retrospective method with any cumulative effect as an adjustment to retained earnings (accumulated deficit) as opposed to restating comparative periods for the effects of applying the new standard. The Company elected this transition approach; therefore, the Company’s prior period reported results are not restated to include the impact of this adoption. In addition, the Company elected the package of three transition practical expedients which alleviate the requirements to reassess embedded leases, lease classification and initial direct costs for leases that commenced prior to the adoption date. The Company has elected to use the short-term lease recognition exemption for all asset classes. This means, for those leases that qualify, the Company will not recognize right-of-use ("ROU") assets or lease liabilities, and this includes not recognizing ROU assets or lease liabilities for existing short-term leases of those assets. The adoption of this standard did not affect the Condensed Consolidated Statements of Operations and therefore, no cumulative effect adjustment was recorded. The adoption of this standard also did not materially affect the Condensed Consolidated Statements of Cash Flows. The Company has operating type leases for real estate and equipment in both the U.S. and internationally and a financing lease for a truck in the U.S. At July 31, 2019 , ROU assets totaled $ 6,785,000 . Included in the ROU assets was a finance lease with a net value of $ 140,000 with accumulated amortization totaling $ 19,000 . Operating cash paid to settle lease liabilities was $ 314,000 for the period ended July 31, 2019. The Company’s leases have remaining lease terms of up to 10 years, some of which may include options to extend the leases for up to 5 years or options to terminate the leases within 1 year. Operating lease expense was $ 549,000 for the three months ended July 31, 2019 , inclusive of period cost for short-term leases, not included in lease liabilities, of $ 235,000 for the three months ended July 31, 2019 . The Company is in the process of expanding one of its current leased warehouse spaces, which is expected to be completed in late calendar 2019. Upon completion of the warehouse expansion, the Company will enter into a 10 year lease and it is estimated that the right of use assets and lease liabilities will increase by approximately $ 2,000,000 . At July 31, 2019 , the weighted average remaining lease term for the capitalized operating leases was 8.1 years and the weighted average discount rate was 4.1% . For finance leases, the weighted average remaining lease term was 6.1 years and the weighted average discount rate was 10.0% . As most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company uses the implicit rate when readily determinable. Future minimum lease payments of non-cancelable leases as of July 31, 2019 : Operating Financing Remainder of fiscal 2020 $ 942 $ 26 2021 1,064 32 2022 1,000 32 2023 985 32 2024 692 31 Thereafter 3,366 42 Total Minimum Lease Payments $ 8,049 $ 195 Imputed Interest (1,384 ) (50 ) Total $ 6,665 $ 145
Leases	Leases On May 1, 2019, the Company adopted ASU No. 2016-02, Leases, and all subsequently issued clarifying guidance. Under the new guidance, lessees are required to recognize lease assets and lease liabilities for the rights and obligations created by leased assets previously classified as operating leases. In July 2018, the FASB issued ASU No. 2018-11, which permitted entities to record the impact of adoption using a modified retrospective method with any cumulative effect as an adjustment to retained earnings (accumulated deficit) as opposed to restating comparative periods for the effects of applying the new standard. The Company elected this transition approach; therefore, the Company’s prior period reported results are not restated to include the impact of this adoption. In addition, the Company elected the package of three transition practical expedients which alleviate the requirements to reassess embedded leases, lease classification and initial direct costs for leases that commenced prior to the adoption date. The Company has elected to use the short-term lease recognition exemption for all asset classes. This means, for those leases that qualify, the Company will not recognize right-of-use ("ROU") assets or lease liabilities, and this includes not recognizing ROU assets or lease liabilities for existing short-term leases of those assets. The adoption of this standard did not affect the Condensed Consolidated Statements of Operations and therefore, no cumulative effect adjustment was recorded. The adoption of this standard also did not materially affect the Condensed Consolidated Statements of Cash Flows. The Company has operating type leases for real estate and equipment in both the U.S. and internationally and a financing lease for a truck in the U.S. At July 31, 2019 , ROU assets totaled $ 6,785,000 . Included in the ROU assets was a finance lease with a net value of $ 140,000 with accumulated amortization totaling $ 19,000 . Operating cash paid to settle lease liabilities was $ 314,000 for the period ended July 31, 2019. The Company’s leases have remaining lease terms of up to 10 years, some of which may include options to extend the leases for up to 5 years or options to terminate the leases within 1 year. Operating lease expense was $ 549,000 for the three months ended July 31, 2019 , inclusive of period cost for short-term leases, not included in lease liabilities, of $ 235,000 for the three months ended July 31, 2019 . The Company is in the process of expanding one of its current leased warehouse spaces, which is expected to be completed in late calendar 2019. Upon completion of the warehouse expansion, the Company will enter into a 10 year lease and it is estimated that the right of use assets and lease liabilities will increase by approximately $ 2,000,000 . At July 31, 2019 , the weighted average remaining lease term for the capitalized operating leases was 8.1 years and the weighted average discount rate was 4.1% . For finance leases, the weighted average remaining lease term was 6.1 years and the weighted average discount rate was 10.0% . As most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company uses the implicit rate when readily determinable. Future minimum lease payments of non-cancelable leases as of July 31, 2019 : Operating Financing Remainder of fiscal 2020 $ 942 $ 26 2021 1,064 32 2022 1,000 32 2023 985 32 2024 692 31 Thereafter 3,366 42 Total Minimum Lease Payments $ 8,049 $ 195 Imputed Interest (1,384 ) (50 ) Total $ 6,665 $ 145

New Accounting Standards

New Accounting Standards	3 Months Ended
	Jul. 31, 2019
Accounting Changes and Error Corrections [Abstract]
New Accounting Standards	New Accounting Standards In February 2016, the FASB issued ASU 2016-2, “Leases.” This guidance establishes a ROU model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. The Company adopted this standard effective May 1, 2019. See Note G for a discussion of the impact of adoption of this standard. In August 2018, the Commission adopted final rules pursuant to Commission Release No. 33-10532, “Disclosure Update and Simplification,” amending certain disclosure requirements that were redundant, duplicative, overlapping, outdated or superseded. In addition, the amendments expanded the disclosure requirements relating to the analysis of stockholders’ equity for interim financial statements. Under the amendments, an analysis of changes in each caption of stockholders’ equity presented in the balance sheet must be provided in a note or separate statement. The analysis should present a reconciliation of the beginning balance to the ending balance of each period for which a statement of income is required to be filed. This final rule became effective on November 5, 2018. The Company adopted this final rule effective for the second quarter of fiscal 2019. The adoption of this standard did not have a significant impact on the Company’s consolidated financial position or results of operations. In February 2018, the FASB issued ASU 2018-2, “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” This guidance provides the Company with an option to reclassify stranded tax effects resulting from the Tax Cuts and Jobs Act (the "2017 Tax Act") from accumulated other comprehensive income to retained earnings. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. The Company adopted this standard effective May 1, 2019 and did not elect to reclassify tax effects as a result of tax reform; therefore, the adoption did not have a significant impact on the Company’s consolidated financial position or results of operations. In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments,” which replaces the current incurred loss method used for determining credit losses on financial assets, including trade receivables, with an expected credit loss method. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. The Company will adopt this standard in fiscal year 2021. The Company does not expect the adoption of this standard to have a significant impact on the Company’s consolidated financial position or results of operations.

New Accounting Standards Signif

New Accounting Standards Significant Accounting Policies (Policies)	3 Months Ended
	Jul. 31, 2019
Accounting Policies [Abstract]
New Accounting Standards	In February 2016, the FASB issued ASU 2016-2, “Leases.” This guidance establishes a ROU model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. The Company adopted this standard effective May 1, 2019. See Note G for a discussion of the impact of adoption of this standard. In August 2018, the Commission adopted final rules pursuant to Commission Release No. 33-10532, “Disclosure Update and Simplification,” amending certain disclosure requirements that were redundant, duplicative, overlapping, outdated or superseded. In addition, the amendments expanded the disclosure requirements relating to the analysis of stockholders’ equity for interim financial statements. Under the amendments, an analysis of changes in each caption of stockholders’ equity presented in the balance sheet must be provided in a note or separate statement. The analysis should present a reconciliation of the beginning balance to the ending balance of each period for which a statement of income is required to be filed. This final rule became effective on November 5, 2018. The Company adopted this final rule effective for the second quarter of fiscal 2019. The adoption of this standard did not have a significant impact on the Company’s consolidated financial position or results of operations. In February 2018, the FASB issued ASU 2018-2, “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” This guidance provides the Company with an option to reclassify stranded tax effects resulting from the Tax Cuts and Jobs Act (the "2017 Tax Act") from accumulated other comprehensive income to retained earnings. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. The Company adopted this standard effective May 1, 2019 and did not elect to reclassify tax effects as a result of tax reform; therefore, the adoption did not have a significant impact on the Company’s consolidated financial position or results of operations. In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments,” which replaces the current incurred loss method used for determining credit losses on financial assets, including trade receivables, with an expected credit loss method. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. The Company will adopt this standard in fiscal year 2021. The Company does not expect the adoption of this standard to have a significant impact on the Company’s consolidated financial position or results of operations.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Jul. 31, 2019
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	A summary of net sales transferred to customers at a point in time and over time for the periods ended July 31, 2019 and July 31, 2018 is as follows (in thousands): Three Months Ended July 31, 2019 Domestic International Total Over Time $ 28,235 $ 10,049 $ 38,284 Point in Time 1,052 — 1,052 $ 29,287 $ 10,049 $ 39,336 Three Months Ended July 31, 2018 Domestic International Total Over Time $ 34,248 $ 6,082 $ 40,330 Point in Time 1,822 — 1,822 $ 36,070 $ 6,082 $ 42,152

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Jul. 31, 2019
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following is a reconciliation of basic to diluted weighted average common shares outstanding at July 31 (in thousands): 2019 2018 Basic 2,750 2,736 Dilutive effect of stock options and RSUs 21 68 Weighted average common shares outstanding - diluted 2,771 2,804

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Jul. 31, 2019
Inventory Disclosure [Abstract]
Summary of Inventories	Inventories consisted of the following (in thousands): July 31, 2019 April 30, 2019 Finished products $ 3,657 $ 4,139 Work in process 2,185 2,179 Raw materials 10,509 10,888 $ 16,351 $ 17,206

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Jul. 31, 2019
Segment Reporting [Abstract]
Segment Information	The following tables provide financial information by business segments for the three months ended July 31, 2019 and 2018 (in thousands): Domestic Operations International Operations Corporate / Eliminations Total Three months ended July 31, 2019 Revenues from external customers $ 29,287 $ 10,049 $ — $ 39,336 Intersegment revenues 2,179 842 (3,021 ) — Earnings (loss) before income taxes $ 1,560 $ 608 $ (1,503 ) $ 665 Three months ended July 31, 2018 Revenues from external customers $ 36,070 $ 6,082 $ — $ 42,152 Intersegment revenues 462 726 (1,188 ) — Earnings (loss) before income taxes $ 3,108 $ 449 $ (1,664 ) $ 1,893

Defined Benefit Pension Plans (

Defined Benefit Pension Plans (Tables)	3 Months Ended
	Jul. 31, 2019
Retirement Benefits [Abstract]
Pension Expenses	Pension expense consisted of the following (in thousands): Three Months Ended July 31, 2019 Three Months Ended July 31, 2018 Service cost $ 0 $ 0 Interest cost 208 215 Expected return on plan assets (355 ) (362 ) Recognition of net loss 260 221 Net periodic pension expense $ 113 $ 74

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Jul. 31, 2019
Fair Value Disclosures [Abstract]
Summary of Fair Value Hierarchy for Financial Assets and Liabilities Measured Recurring Basis	The following tables summarize the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of July 31, 2019 and April 30, 2019 (in thousands): July 31, 2019 Financial Assets Level 1 Level 2 Total Trading securities held in non-qualified compensation plans (1) $ 3,116 $ — $ 3,116 Cash surrender value of life insurance policies (1) — 76 76 Total $ 3,116 $ 76 $ 3,192 Financial Liabilities Non-qualified compensation plans (2) $ — $ 3,591 $ 3,591 Interest rate swap derivatives — 2 2 Total $ — $ 3,593 $ 3,593 April 30, 2019 Financial Assets Level 1 Level 2 Total Trading securities held in non-qualified compensation plans (1) $ 3,057 $ — $ 3,057 Cash surrender value of life insurance policies (1) — 76 76 Total $ 3,057 $ 76 $ 3,133 Financial Liabilities Non-qualified compensation plans (2) $ — $ 3,519 $ 3,519 Interest rate swap derivatives — 1 1 Total $ — $ 3,520 $ 3,520 (1) The Company maintains two non-qualified compensation plans which include investment assets in a rabbi trust. These assets consist of marketable securities, which are valued using quoted market prices multiplied by the number of shares owned, and life insurance policies, which are valued at their cash surrender value. (2) Plan liabilities are equal to the individual participants’ account balances and other earned retirement benefits.

Leases (Tables)

Leases (Tables)	3 Months Ended
	Jul. 31, 2019
Leases [Abstract]
Schedule of Operating Lease Maturity	Future minimum lease payments of non-cancelable leases as of July 31, 2019 : Operating Financing Remainder of fiscal 2020 $ 942 $ 26 2021 1,064 32 2022 1,000 32 2023 985 32 2024 692 31 Thereafter 3,366 42 Total Minimum Lease Payments $ 8,049 $ 195 Imputed Interest (1,384 ) (50 ) Total $ 6,665 $ 145
Schedule of Finance Lease Maturity	Future minimum lease payments of non-cancelable leases as of July 31, 2019 : Operating Financing Remainder of fiscal 2020 $ 942 $ 26 2021 1,064 32 2022 1,000 32 2023 985 32 2024 692 31 Thereafter 3,366 42 Total Minimum Lease Payments $ 8,049 $ 195 Imputed Interest (1,384 ) (50 ) Total $ 6,665 $ 145

Revenue Recognition - Summary o

Revenue Recognition - Summary of Net Sales Transferred to Customers at a Point in Time and Over Time (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2019	Jul. 31, 2018
Disaggregation of Revenue [Line Items]
Net sales transferred to customers	$ 39,336	$ 42,152
Over Time
Disaggregation of Revenue [Line Items]
Net sales transferred to customers	38,284	40,330
Point in Time
Disaggregation of Revenue [Line Items]
Net sales transferred to customers	1,052	1,822
Domestic
Disaggregation of Revenue [Line Items]
Net sales transferred to customers	29,287	36,070
Domestic | Over Time
Disaggregation of Revenue [Line Items]
Net sales transferred to customers	28,235	34,248
Domestic | Point in Time
Disaggregation of Revenue [Line Items]
Net sales transferred to customers	1,052	1,822
International
Disaggregation of Revenue [Line Items]
Net sales transferred to customers	10,049	6,082
International | Over Time
Disaggregation of Revenue [Line Items]
Net sales transferred to customers	10,049	6,082
International | Point in Time
Disaggregation of Revenue [Line Items]
Net sales transferred to customers	$ 0	$ 0

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Detail) - USD ($) $ in Thousands	Jul. 31, 2019	Apr. 30, 2019
Revenue from Contract with Customer [Abstract]
Contract assets	$ 2,952	$ 4,589
Contract liabilities	$ 1,523	$ 1,599

Derivative Financial Instrume_2

Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2019	May 31, 2013
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Outstanding advances under the long-term debt	$ 13,300
May 1, 2013 to August 1, 2017
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Outstanding advances under the long-term debt		$ 3,450
Interest rate swap, conversion rate	4.875%
Interest rate swap, beginning date of conversion	May 1, 2013
Interest rate swap, ending date of conversion	Aug. 1, 2017
August 1, 2017 to May 1, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Outstanding advances under the long-term debt		2,600
Interest rate swap, conversion rate	4.37%
Interest rate swap, beginning date of conversion	Aug. 1, 2017
Interest rate swap, ending date of conversion	May 1, 2020
November 3, 2014 to May 1, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Outstanding advances under the long-term debt		$ 1,218
Interest rate swap, conversion rate	3.07%
Interest rate swap, beginning date of conversion	Nov. 3, 2014
Interest rate swap, ending date of conversion	May 1, 2020

Long-term Debt and Other Cred_2

Long-term Debt and Other Credit Arrangements (Details) - USD ($)	Jul. 31, 2019	Apr. 30, 2019	May 06, 2013
Debt Instrument [Line Items]
Outstanding advances under the long-term debt	$ 13,300,000
Loan agreement			$ 20,000,000
Unused and available credit facility	6,500,000	$ 5,300,000
Advance Amount One
Debt Instrument [Line Items]
Outstanding advances under the long-term debt		9,500,000
Advance Amount Two
Debt Instrument [Line Items]
Outstanding advances under the long-term debt	$ 210,000	$ 5,200,000

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended
	Jul. 31, 2019	Jul. 31, 2018
Earnings Per Share [Abstract]
Anti-dilutive options exclude from computation of earning per share (in shares)	30,360	0

Earnings Per Share Schedule of

Earnings Per Share Schedule of Earnings Per Common Share (Details) - shares shares in Thousands	3 Months Ended
	Jul. 31, 2019	Jul. 31, 2018
Weighted average number of common shares outstanding
Basic (in shares)	2,750	2,736
Dilutive effect of stock options and RSUs (in shares)	21	68
Weighted average common shares outstanding-diluted (in shares)	2,771	2,804

Inventories - Summary of Invent

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Jul. 31, 2019	Apr. 30, 2019
Inventory Disclosure [Abstract]
Finished products	$ 3,657	$ 4,139
Work in process	2,185	2,179
Raw materials	10,509	10,888
Total inventories	$ 16,351	$ 17,206

Inventories - Additional Inform

Inventories - Additional Information (Detail) - USD ($) $ in Thousands	Jul. 31, 2019	Apr. 30, 2019
International Subsidiaries
Inventory [Line Items]
Inventories measured using FIFO method	$ 2,128	$ 1,863

Segment Information - Additiona

Segment Information - Additional Information (Detail)	3 Months Ended
	Jul. 31, 2019Segment
Segment Reporting [Abstract]
Number of business segment	2

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2019	Jul. 31, 2018
Segment Reporting Information [Line Items]
Revenues from external customers	$ 39,336	$ 42,152
Intersegment revenues	0	0
Earnings (loss) before income taxes	665	1,893
Corporate / Eliminations
Segment Reporting Information [Line Items]
Revenues from external customers	0	0
Intersegment revenues	(3,021)	(1,188)
Earnings (loss) before income taxes	(1,503)	(1,664)
Domestic Operations | Operating Segments
Segment Reporting Information [Line Items]
Revenues from external customers	29,287	36,070
Intersegment revenues	2,179	462
Earnings (loss) before income taxes	1,560	3,108
International Operations | Operating Segments
Segment Reporting Information [Line Items]
Revenues from external customers	10,049	6,082
Intersegment revenues	842	726
Earnings (loss) before income taxes	$ 608	$ 449

Defined Benefit Pension Plans -

Defined Benefit Pension Plans - Additional Information (Detail) - USD ($)	3 Months Ended
	Jul. 31, 2019	Jul. 31, 2018
Retirement Benefits [Abstract]
Employer contributions	$ 0	$ 1,000,000
Employer contributions paid during the remainder of fiscal year	$ 0
Assumed as expected long-term rate of return	7.75%	7.75%

Defined Benefit Pension Plans_2

Defined Benefit Pension Plans - Pension Expenses (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2019	Jul. 31, 2018
Retirement Benefits [Abstract]
Service cost	$ 0	$ 0
Interest cost	208	215
Expected return on plan assets	(355)	(362)
Recognition of net loss	260	221
Net periodic pension expense	$ 113	$ 74

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Summary of Fair Value Hierarchy for Financial Assets and Liabilities Measured Recurring Basis (Detail) - USD ($) $ in Thousands	Jul. 31, 2019	Apr. 30, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Assets	$ 3,192	$ 3,133
Financial Liabilities	3,593	3,520
Interest rate swap derivatives
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Liabilities	2	1
Non Qualified Compensation Plans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Liabilities	3,591	3,519
Trading Securities Held in Non-Qualified Compensation Plans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Assets	3,116	3,057
Cash Surrender Value of Life Insurance Policies
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Assets	76	76
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Assets	3,116	3,057
Financial Liabilities	0	0
Level 1 | Interest rate swap derivatives
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Liabilities	0	0
Level 1 | Non Qualified Compensation Plans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Liabilities	0	0
Level 1 | Trading Securities Held in Non-Qualified Compensation Plans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Assets	3,116	3,057
Level 1 | Cash Surrender Value of Life Insurance Policies
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Assets	0	0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Assets	76	76
Financial Liabilities	3,593	3,520
Level 2 | Interest rate swap derivatives
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Liabilities	2	1
Level 2 | Non Qualified Compensation Plans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Liabilities	3,591	3,519
Level 2 | Trading Securities Held in Non-Qualified Compensation Plans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Assets	0	0
Level 2 | Cash Surrender Value of Life Insurance Policies
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Assets	$ 76	$ 76

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Summary of Fair Value Hierarchy for Financial Assets and Liabilities Measured Recurring Basis, Phantom (Detail)	Apr. 30, 2019CompensationPlan
Fair Value Disclosures [Abstract]
Number of non-qualified compensation plans maintained	2

Stock Options and Share-Based_2

Stock Options and Share-Based Compensation - Additional Information (Detail) - 2017 Plan - Restricted Stock Units (RSUs) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Jun. 30, 2019	Jul. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units granted (in shares)	36,534
Vesting period		3 years
Stock-based compensation expense		$ 24
Remaining estimated compensation expense		$ 575

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2019	Jul. 31, 2018
Income Tax Disclosure [Abstract]
Income tax expense	$ 169	$ 395
Effective income tax rate	25.40%	20.90%

Leases - Additional Information

Leases - Additional Information (Details)	3 Months Ended
	Jul. 31, 2019USD ($)
Lessee, Lease, Description [Line Items]
Right of use assets	$ 6,785,000
Finance lease, net value	140,000
Finance lease, accumulated amortization	19,000
Operating cash paid to settle lease liabilities	$ 314,000
Remaining lease term	10 years
Option to extend, term	5 years
Option to terminate, term	1 year
Operating lease, expense	$ 549,000
Operating lease, short term, expense	$ 235,000
Weighted average remaining lease term, operating lease	8 years 1 month 6 days
Weighted average discount rate, operating lease	4.10%
Weighted average remaining lease term, finance lease	6 years 1 month 6 days
Weighted average discount rate, finance lease	10.00%
Pro Forma
Lessee, Lease, Description [Line Items]
Remaining lease term	10 years
Increase in operating lease, right of use asset	$ 2,000,000
Increase in operating lease liability	$ 2,000,000

Leases - Schedule of Operating

Leases - Schedule of Operating and Finance Lease Maturity (Details) $ in Thousands	Jul. 31, 2019USD ($)
Operating Leases, After Adoption of 842:
Remainder of fiscal 2020	$ 942
2021	1,064
2022	1,000
2023	985
2024	692
Thereafter	3,366
Total Minimum Lease Payments	8,049
Imputed Interest	(1,384)
Total	6,665
Finance Leases, After Adoption of 842:
Remainder of fiscal 2020	26
2021	32
2022	32
2023	32
2024	31
Thereafter	42
Total Minimum Lease Payments	195
Imputed Interest	(50)
Total	$ 145

Uncategorized Items - kequ-2019

Label	Element	Value
Accounting Standards Update 2014-09 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 217,000
Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 217,000