Kewaunee Scientific (KEQU) 10-Q 11 Sep 20 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jul. 31, 2020	Sep. 04, 2020
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jul. 31, 2020
Document Fiscal Year Focus	2021
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 Shell 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, 2020	Jul. 31, 2019
Income Statement [Abstract]
Net sales	$ 36,423	$ 39,336
Cost of products sold	30,542	32,390
Gross profit	5,881	6,946
Operating expenses	6,157	6,170
Operating earnings (loss)	(276)	776
Pension Cost (Reversal of Cost)	(288)	(113)
Other income	54	169
Interest expense	(77)	(167)
Earnings (loss) before income taxes	(587)	665
Income tax expense	21	169
Net earnings (loss)	(608)	496
Less: net earnings (loss) attributable to the noncontrolling interest	(10)	25
Net earnings (loss) attributable to Kewaunee Scientific Corporation	$ (598)	$ 471
Net earnings (loss) per share attributable to Kewaunee Scientific Corporation stockholders:
Basic (in dollars per share)	$ (0.22)	$ 0.17
Diluted (in dollars per share)	$ (0.22)	$ 0.17
Weighted average number of common shares outstanding:
Basic (in shares)	2,756	2,750
Diluted (in shares)	2,756	2,771

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2020	Jul. 31, 2019
Statement of Comprehensive Income [Abstract]
Net earnings (loss)	$ (608)	$ 496
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(13)	196
Change in fair value of cash flow hedge	0	(1)
Other comprehensive income (loss)	(13)	195
Comprehensive income (loss), net of tax	(621)	691
Less: comprehensive income (loss) attributable to the noncontrolling interest	(10)	25
Comprehensive income (loss) attributable to Kewaunee Scientific Corporation	$ (611)	$ 666

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, 2019	$ 47,100	$ 6,875	$ 3,133	$ (53)	$ 43,552	$ (6,407)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss) attributable to Kewaunee Scientific Corporation	471				471
Other comprehensive loss	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)
Beginning balance at Apr. 30, 2020	38,415	6,885	3,360	(53)	37,821	(9,598)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss) attributable to Kewaunee Scientific Corporation	(598)				(598)
Other comprehensive loss	(13)					(13)
Stock based compensation	98	20	78
Ending balance at Jul. 31, 2020	$ 37,902	$ 6,905	$ 3,438	$ (53)	$ 37,223	$ (9,611)

Condensed Consolidated Statem_4

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

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jul. 31, 2020	Apr. 30, 2020
Current Assets:
Cash and cash equivalents	$ 3,990	$ 4,365
Restricted cash	835	850
Receivables, less allowance; $612; $606, on each respective date	30,897	28,062
Inventories	16,458	15,330
Prepaid expenses and other current assets	6,298	5,624
Total Current Assets	58,478	54,231
Property, plant and equipment, at cost	58,818	57,859
Accumulated depreciation	(42,310)	(41,587)
Net Property, Plant and Equipment	16,508	16,272
Right of use assets	8,828	9,312
Deferred income taxes	330	336
Other assets	3,034	3,778
Total Assets	87,178	83,929
Current Liabilities:
Short-term borrowings	8,524	4,719
Current portion of capital lease liability	20	19
Current portion of operating lease liabilities	1,256	1,282
Accounts payable	14,091	13,114
Employee compensation and amounts withheld	4,001	4,159
Deferred revenue	1,432	2,508
Other accrued expenses	1,336	1,259
Total Current Liabilities	30,660	27,060
Long-term portion of capital lease liability	108	113
Long-term portion of operating lease liabilities	7,471	7,780
Accrued pension and deferred compensation costs	9,654	9,303
Deferred Income Tax Liabilities, Net	369	401
Other non-current liabilities	735	569
Total Liabilities	48,997	45,226
Commitments and Contingencies
Stockholders’ Equity:
Common stock, $2.50 par value, Authorized – 5,000 shares; Issued – 2,762 shares; 2,754 shares; – Outstanding – 2,759 shares; 2,751 shares, on each respective date	6,905	6,885
Additional paid-in-capital	3,438	3,360
Retained earnings	37,223	37,821
Accumulated other comprehensive loss	(9,611)	(9,598)
Common stock in treasury, at cost, 3 shares, on each date	(53)	(53)
Total Kewaunee Scientific Corporation Stockholders’ Equity	37,902	38,415
Noncontrolling interest	279	288
Total Stockholders’ Equity	38,181	38,703
Total Liabilities and Stockholders’ Equity	$ 87,178	$ 83,929

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jul. 31, 2020	Apr. 30, 2020
Statement of Financial Position [Abstract]
Allowance for receivables	$ 612	$ 606
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)	2,762,000	2,754,000
Common stock, shares outstanding (in shares)	2,759,000	2,751,000
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, 2020	Jul. 31, 2019
Cash flows from operating activities:
Net earnings (loss)	$ (608)	$ 496
Adjustments to reconcile net earnings (loss) to net cash used in operating activities:
Depreciation and amortization	687	644
Bad debt provision	8	36
Stock based compensation expense	112	74
Deferred income taxes	(27)	(16)
Change in assets and liabilities:
Receivables	(2,843)	(3,008)
Inventories	(1,128)	855
Accounts payable and other accrued expenses	1,065	835
Deferred revenue	(1,076)	(76)
Other, net	542	(247)
Net cash used in operating activities	(3,268)	(407)
Cash flows from investing activities:
Capital expenditures	(922)	(1,183)
Net cash used in investing activities	(922)	(1,183)
Cash flows from financing activities:
Dividends paid	0	(522)
Proceeds from short-term borrowings	23,885	16,650
Repayments on short-term borrowings	(20,080)	(12,884)
Payments on long-term debt and lease obligations	(5)	(296)
Net proceeds from exercise of stock options	(15)	(14)
Net cash provided by financing activities	3,785	2,934
Effect of exchange rate changes on cash and cash equivalents	15	81
Increase (decrease) in cash, cash equivalents and restricted cash	(390)	1,425
Cash, cash equivalents and restricted cash, beginning of period	5,215	11,156
Cash, cash equivalents and restricted cash, end of period	$ 4,825	$ 12,581

Financial Information

Financial Information	3 Months Ended
	Jul. 31, 2020
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 ("U.S. GAAP") 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 consolidated financial statements and should be read in conjunction with the consolidated financial statements and notes included in the Company’s 2020 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, 2020 included in this interim period filing has been derived from the audited consolidated financial statements at that date, but does not include all of the information and related notes required by U.S. 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.

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	3 Months Ended
	Jul. 31, 2020
Cash and Cash Equivalents [Abstract]
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less. During the periods ended July 31, 2020 and April 30, 2020, the Company had cash deposits in excess of FDIC insured limits. The Company has not experienced any losses from such deposits. Restricted cash includes bank deposits of subsidiaries used for performance guarantees against customer orders. The Company includes restricted cash along with the cash balance for presentation in the condensed consolidated statements of cash flows. The reconciliation between the condensed consolidated balance sheet and the condensed consolidated statement of cash flows is as follows: July 31, 2020 April 30, 2020 Cash and cash equivalents $ 3,990 $ 4,365 Restricted cash 835 850 Total cash, cash equivalents and restricted cash $ 4,825 $ 5,215

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, 2020 and July 31, 2019 is as follows (in thousands): Three Months Ended July 31, 2020 Domestic International Total Over Time $ 29,080 $ 6,365 $ 35,445 Point in Time 978 — 978 $ 30,058 $ 6,365 $ 36,423 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 Contract Balances The closing and opening balances of contract assets arising from contracts with customers which were recorded as unbilled receivables were $ 6,996,000 at July 31, 2020 and $ 6,131,000 at April 30, 2020 . The closing and opening balances of contract liabilities arising from contracts with customers were $ 1,432,000 at July 31, 2020 and $2,508,000 at April 30, 2020 . The timing of revenue recognition, billings and cash collections results in accounts receivable, unbilled receivables, and deferred revenue which are disclosed on the condensed consolidated balance sheets and in the notes to the condensed 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 100% of the contract liability balances at April 30, 2020 and July 31, 2020 are expected to be recognized as revenue during the respective succeeding 12 months.

Inventories

Inventories	3 Months Ended
	Jul. 31, 2019
Inventory Disclosure [Abstract]
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, 2020 April 30, 2020 Finished products $ 2,781 $ 2,455 Work in process 2,004 1,921 Raw materials 11,673 10,954 $ 16,458 $ 15,330 The Company’s International subsidiaries’ inventories were $2,012,000 at July 31, 2020 and $2,136,000 at April 30, 2020 and are included in the above tables.

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, 2020 and April 30, 2020 (in thousands): July 31, 2020 Financial Assets Level 1 Level 2 Total Trading securities held in non-qualified compensation plans (1) $ 2,512 $ — $ 2,512 Cash surrender value of life insurance policies (1) — 87 87 Total $ 2,512 $ 87 $ 2,599 Financial Liabilities Non-qualified compensation plans (2) $ — $ 2,961 $ 2,961 Total $ — $ 2,961 $ 2,961 April 30, 2020 Financial Assets Level 1 Level 2 Total Trading securities held in non-qualified compensation plans (1) $ 2,485 $ — $ 2,485 Cash surrender value of life insurance policies (1) — 87 87 Total $ 2,485 $ 87 $ 2,572 Financial Liabilities Non-qualified compensation plans (2) $ — $ 2,899 $ 2,899 Total $ — $ 2,899 $ 2,899 (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.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Jul. 31, 2020
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 certain interest rate swap arrangements to mitigate future interest rate risk associated with its long-term debt and designated these as cash flow hedges. These interest rates swaps were terminated in conjunction with the payoff of the outstanding long-term debt in September 2019.

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, 2020 , advances of $ 8.5 million were outstanding under the Company’s bank revolving credit facility, compared to advances of $ 4.7 million outstanding as of April 30, 2020 . The Company had standby letters of credit outstanding of $ 512,000 at July 31, 2020 , unchanged from April 30, 2020 . Amounts available under the revolving credit facility were $ 6.0 million and $ 8.7 million at July 31, 2020 and April 30, 2020 , respectively. At April 30, 2020 , the Company was not in compliance with all of the financial covenants under the revolving credit facility. On July 20, 2020, the Company entered into an amendment to the Loan Agreement and Line of Credit which effected changes in certain financial covenants set forth in the Loan Agreement and included a waiver of the non-compliance described above. This amendment did not change the amount of availability provided by the Company's Line of Credit. At July 31, 2020, the Company was in compliance with all the financial covenants under its revolving credit facility.

Leases

Leases	3 Months Ended
	Jul. 31, 2020
Leases [Abstract]
Leases	Leases In accordance with ASC 842, "ASU No. 2016-02 Leases", the Company is required to recognize lease assets and lease liabilities reflecting the rights and obligations created by leased assets previously classified as operating leases. 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, 2020 and April 30, 2020 , right-of-use assets totaled $ 8,828,000 and $ 9,312,000 , respectively. Operating cash paid to settle lease liabilities was $ 410,000 and $ 314,000 for the periods ended July 31, 2020 and July 31, 2019, respectively. 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 $ 632,000 and $ 549,000 for the three months ended July 31, 2020 and July 31, 2019, respectively, inclusive of period cost for short-term leases, not included in lease liabilities, of $ 222,000 and $ 235,000 for the three months ended July 31, 2020 and July 31, 2019 , respectively. At July 31, 2020 , the weighted average remaining lease term for the capitalized operating leases was 7.7 years and the weighted average discount rate was 4.0% . For the financing lease, the weighted average remaining lease term was 5.2 years and the weighted average discount rate was 10.0% . The Company uses the implicit rate in determining the present value of the lease payments when available, however, most of the Company's leases do not provide an implicit rate so for those leases the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Future minimum lease payments under non-cancelable leases as of July 31, 2020 : Operating Financing Remainder of fiscal 2021 $ 1,132 $ 24 2022 1,528 32 2023 1,498 32 2024 1,217 32 2025 1,173 32 Thereafter 3,898 11 Total Minimum Lease Payments $ 10,446 $ 163 Imputed Interest (1,720 ) (36 ) Total $ 8,726 $ 127
Leases	Leases In accordance with ASC 842, "ASU No. 2016-02 Leases", the Company is required to recognize lease assets and lease liabilities reflecting the rights and obligations created by leased assets previously classified as operating leases. 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, 2020 and April 30, 2020 , right-of-use assets totaled $ 8,828,000 and $ 9,312,000 , respectively. Operating cash paid to settle lease liabilities was $ 410,000 and $ 314,000 for the periods ended July 31, 2020 and July 31, 2019, respectively. 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 $ 632,000 and $ 549,000 for the three months ended July 31, 2020 and July 31, 2019, respectively, inclusive of period cost for short-term leases, not included in lease liabilities, of $ 222,000 and $ 235,000 for the three months ended July 31, 2020 and July 31, 2019 , respectively. At July 31, 2020 , the weighted average remaining lease term for the capitalized operating leases was 7.7 years and the weighted average discount rate was 4.0% . For the financing lease, the weighted average remaining lease term was 5.2 years and the weighted average discount rate was 10.0% . The Company uses the implicit rate in determining the present value of the lease payments when available, however, most of the Company's leases do not provide an implicit rate so for those leases the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Future minimum lease payments under non-cancelable leases as of July 31, 2020 : Operating Financing Remainder of fiscal 2021 $ 1,132 $ 24 2022 1,528 32 2023 1,498 32 2024 1,217 32 2025 1,173 32 Thereafter 3,898 11 Total Minimum Lease Payments $ 10,446 $ 163 Imputed Interest (1,720 ) (36 ) Total $ 8,726 $ 127

Earnings Per Share

Earnings Per Share	3 Months Ended
	Jul. 31, 2020
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 118,696 and 30,360 antidilutive RSUs and options outstanding at July 31, 2020 and July 31, 2019 , respectively. The following is a reconciliation of basic to diluted weighted average common shares outstanding at July 31 (in thousands): 2020 2019 Basic 2,756 2,750 Dilutive effect of stock options and RSUs — 21 Weighted average common shares outstanding - diluted 2,756 2,771

Stock Options and Share-based C

Stock Options and Share-based Compensation	3 Months Ended
	Jul. 31, 2020
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.” In May 2020, the Company granted 12,045 RSUs under the 2017 Omnibus Incentive Plan ("2017 Plan"). These RSUs include a service component that vests over a one -year period. The Company granted 83,816 RSUs under the 2017 Plan in June 2020. These 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 of service to total days over the three -year period. The Company recorded share-based compensation expense during the three months ended July 31, 2020 and 2019 of $59,000 and $ 21,000 , respectively. The remaining estimated share-based compensation expense of $ 1,131,000 and $696,000 , respectively, will be recorded over the remaining vesting periods.

Income Taxes

Income Taxes	3 Months Ended
	Jul. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income tax expense of $ 21,000 and $ 169,000 was recorded for the three months ended July 31, 2020 and 2019 , respectively. The effective tax rates were (3.6)% and 25.4% for the three months ended July 31, 2020 and 2019 , respectively. The change in the effective tax rate for the three-month period is primarily due to the impact of foreign operations which are taxed at different rates than the U.S. tax rate of 21% . In addition, the change in the U.S. effective tax rate for the three months ended July 31, 2020 was unfavorably impacted by the recording of a valuation allowance against the deferred tax asset which resulted in the elimination of any income tax benefit.

Defined Benefit Pension Plans

Defined Benefit Pension Plans	3 Months Ended
	Jul. 31, 2020
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, 2020 , and July 31, 2019 . The Company currently expects to contribute $30,000 to the plans during the remainder of the fiscal year. The Company assumed an expected long-term rate of return of 7.75% for the periods ended July 31, 2020 and July 31, 2019 . Pension expense consisted of the following (in thousands): Three Months Ended July 31, 2020 Three Months Ended July 31, 2019 Service cost $ 0 $ 0 Interest cost 181 208 Expected return on plan assets (321 ) (355 ) Recognition of net loss 428 260 Net periodic pension expense $ 288 $ 113

Segment Information

Segment Information	3 Months Ended
	Jul. 31, 2020
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, 2020 and 2019 (in thousands): Domestic Operations International Operations Corporate / Eliminations Total Three months ended July 31, 2020 Revenues from external customers $ 30,058 $ 6,365 $ — $ 36,423 Intersegment revenues 651 811 (1,462 ) — Earnings (loss) before income taxes $ 993 $ 135 $ (1,715 ) $ (587 ) 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

New Accounting Standards

New Accounting Standards	3 Months Ended
	Jul. 31, 2020
Accounting Policies [Abstract]
New Accounting Standards	New Accounting Standards 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, 2022. The Company will adopt this standard in fiscal year 2024. 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. In January 2017, the FASB issued ASU 2017-04, “Simplifying the Test for Goodwill Impairment,” which eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. The Company adopted this standard effective May 1, 2020. The adoption of this standard did not have a significant impact on the Company’s consolidated financial position or results of operations. In August 2018, the FASB issued ASU 2018-13, "Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement," which removes, modifies, and adds certain disclosure requirements related to fair value measurements in ASC Topic 820. The Company adopted this standard effective May 1, 2020. The adoption of this standard did not have a significant impact on the Company’s consolidated financial position or results of operations. In August 2018, the FASB issued ASU 2018-14, “Compensation -Retirement Benefits -Defined Benefit Plans -General (Subtopic 715-20) - Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans" ("ASU 2018-14"). The amendments in this update remove defined benefit plan disclosures that are no longer considered cost-beneficial, clarify the specific requirements of disclosures, and add disclosure requirements identified as relevant. ASU 2018-14 is effective for fiscal years ending after December 15, 2020. Early adoption is permitted. The Company adopted this standard effective May 1, 2020. The adoption of this standard did not have a significant impact on the Company’s consolidated financial position or results of operations. In December 2019, the FASB issued ASU No. 2019-12 , "Income Taxes ("Topic 740"): Simplifying the Accounting for Income Taxes." This update simplifies the accounting for income taxes through certain targeted improvements to various subtopics within Topic 740. The amendments in this update are effective for fiscal years and interim periods beginning after December 15, 2020. The Company expects to adopt this guidance when effective and is currently evaluating the effect that the updated standard will have on its consolidated financial statements and related disclosures.

New Accounting Standards (Polic

New Accounting Standards (Policies)	3 Months Ended
	Jul. 31, 2020
Accounting Policies [Abstract]
New Accounting Standards	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, 2022. The Company will adopt this standard in fiscal year 2024. 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. In January 2017, the FASB issued ASU 2017-04, “Simplifying the Test for Goodwill Impairment,” which eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. The Company adopted this standard effective May 1, 2020. The adoption of this standard did not have a significant impact on the Company’s consolidated financial position or results of operations. In August 2018, the FASB issued ASU 2018-13, "Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement," which removes, modifies, and adds certain disclosure requirements related to fair value measurements in ASC Topic 820. The Company adopted this standard effective May 1, 2020. The adoption of this standard did not have a significant impact on the Company’s consolidated financial position or results of operations. In August 2018, the FASB issued ASU 2018-14, “Compensation -Retirement Benefits -Defined Benefit Plans -General (Subtopic 715-20) - Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans" ("ASU 2018-14"). The amendments in this update remove defined benefit plan disclosures that are no longer considered cost-beneficial, clarify the specific requirements of disclosures, and add disclosure requirements identified as relevant. ASU 2018-14 is effective for fiscal years ending after December 15, 2020. Early adoption is permitted. The Company adopted this standard effective May 1, 2020. The adoption of this standard did not have a significant impact on the Company’s consolidated financial position or results of operations. In December 2019, the FASB issued ASU No. 2019-12 , "Income Taxes ("Topic 740"): Simplifying the Accounting for Income Taxes." This update simplifies the accounting for income taxes through certain targeted improvements to various subtopics within Topic 740. The amendments in this update are effective for fiscal years and interim periods beginning after December 15, 2020. The Company expects to adopt this guidance when effective and is currently evaluating the effect that the updated standard will have on its consolidated financial statements and related disclosures.

Cash, Cash Equivalents and Re_2

Cash, Cash Equivalents and Restricted Cash (Tables)	3 Months Ended
	Jul. 31, 2020
Cash and Cash Equivalents [Abstract]
Schedule of Cash, Cash Equivalents and Restricted Cash	The reconciliation between the condensed consolidated balance sheet and the condensed consolidated statement of cash flows is as follows: July 31, 2020 April 30, 2020 Cash and cash equivalents $ 3,990 $ 4,365 Restricted cash 835 850 Total cash, cash equivalents and restricted cash $ 4,825 $ 5,215

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Jul. 31, 2020
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, 2020 and July 31, 2019 is as follows (in thousands): Three Months Ended July 31, 2020 Domestic International Total Over Time $ 29,080 $ 6,365 $ 35,445 Point in Time 978 — 978 $ 30,058 $ 6,365 $ 36,423 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

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, 2020 April 30, 2020 Finished products $ 2,781 $ 2,455 Work in process 2,004 1,921 Raw materials 11,673 10,954 $ 16,458 $ 15,330

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, 2020 and April 30, 2020 (in thousands): July 31, 2020 Financial Assets Level 1 Level 2 Total Trading securities held in non-qualified compensation plans (1) $ 2,512 $ — $ 2,512 Cash surrender value of life insurance policies (1) — 87 87 Total $ 2,512 $ 87 $ 2,599 Financial Liabilities Non-qualified compensation plans (2) $ — $ 2,961 $ 2,961 Total $ — $ 2,961 $ 2,961 April 30, 2020 Financial Assets Level 1 Level 2 Total Trading securities held in non-qualified compensation plans (1) $ 2,485 $ — $ 2,485 Cash surrender value of life insurance policies (1) — 87 87 Total $ 2,485 $ 87 $ 2,572 Financial Liabilities Non-qualified compensation plans (2) $ — $ 2,899 $ 2,899 Total $ — $ 2,899 $ 2,899 (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, 2020
Leases [Abstract]
Schedule of Operating Lease Maturity	Future minimum lease payments under non-cancelable leases as of July 31, 2020 : Operating Financing Remainder of fiscal 2021 $ 1,132 $ 24 2022 1,528 32 2023 1,498 32 2024 1,217 32 2025 1,173 32 Thereafter 3,898 11 Total Minimum Lease Payments $ 10,446 $ 163 Imputed Interest (1,720 ) (36 ) Total $ 8,726 $ 127
Schedule of Finance Lease Maturity	Future minimum lease payments under non-cancelable leases as of July 31, 2020 : Operating Financing Remainder of fiscal 2021 $ 1,132 $ 24 2022 1,528 32 2023 1,498 32 2024 1,217 32 2025 1,173 32 Thereafter 3,898 11 Total Minimum Lease Payments $ 10,446 $ 163 Imputed Interest (1,720 ) (36 ) Total $ 8,726 $ 127

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Jul. 31, 2020
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): 2020 2019 Basic 2,756 2,750 Dilutive effect of stock options and RSUs — 21 Weighted average common shares outstanding - diluted 2,756 2,771

Defined Benefit Pension Plans (

Defined Benefit Pension Plans (Tables)	3 Months Ended
	Jul. 31, 2020
Retirement Benefits [Abstract]
Pension Expenses	Pension expense consisted of the following (in thousands): Three Months Ended July 31, 2020 Three Months Ended July 31, 2019 Service cost $ 0 $ 0 Interest cost 181 208 Expected return on plan assets (321 ) (355 ) Recognition of net loss 428 260 Net periodic pension expense $ 288 $ 113

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Jul. 31, 2020
Segment Reporting [Abstract]
Segment Information	The following tables provide financial information by business segments for the three months ended July 31, 2020 and 2019 (in thousands): Domestic Operations International Operations Corporate / Eliminations Total Three months ended July 31, 2020 Revenues from external customers $ 30,058 $ 6,365 $ — $ 36,423 Intersegment revenues 651 811 (1,462 ) — Earnings (loss) before income taxes $ 993 $ 135 $ (1,715 ) $ (587 ) 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

Cash, Cash Equivalents and Re_3

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jul. 31, 2020	Apr. 30, 2020	Jul. 31, 2019	Apr. 30, 2019
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 3,990	$ 4,365
Restricted cash	835	850
Total cash, cash equivalents and restricted cash	$ 4,825	$ 5,215	$ 12,581	$ 11,156

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, 2020	Jul. 31, 2019
Disaggregation of Revenue [Line Items]
Net sales transferred to customers	$ 36,423	$ 39,336
Over Time
Disaggregation of Revenue [Line Items]
Net sales transferred to customers	35,445	38,284
Point in Time
Disaggregation of Revenue [Line Items]
Net sales transferred to customers	978	1,052
Domestic
Disaggregation of Revenue [Line Items]
Net sales transferred to customers	30,058	29,287
Domestic | Over Time
Disaggregation of Revenue [Line Items]
Net sales transferred to customers	29,080	28,235
Domestic | Point in Time
Disaggregation of Revenue [Line Items]
Net sales transferred to customers	978	1,052
International
Disaggregation of Revenue [Line Items]
Net sales transferred to customers	6,365	10,049
International | Over Time
Disaggregation of Revenue [Line Items]
Net sales transferred to customers	6,365	10,049
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, 2020	Apr. 30, 2020
Revenue from Contract with Customer [Abstract]
Contract assets	$ 6,996	$ 6,131
Contract liabilities	$ 1,432	$ 2,508

Inventories - Summary of Invent

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Jul. 31, 2020	Apr. 30, 2020
Inventory Disclosure [Abstract]
Finished products	$ 2,781	$ 2,455
Work in process	2,004	1,921
Raw materials	11,673	10,954
Total inventories	$ 16,458	$ 15,330

Inventories - Additional Inform

Inventories - Additional Information (Detail) - USD ($) $ in Thousands	Jul. 31, 2020	Apr. 30, 2020
International Subsidiaries
Inventory [Line Items]
Inventories measured using FIFO method	$ 2,012	$ 2,136

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, 2020	Apr. 30, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Assets	$ 2,599	$ 2,572
Financial Liabilities	2,961	2,899
Non Qualified Compensation Plans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Liabilities	2,961	2,899
Trading Securities Held in Non-Qualified Compensation Plans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Assets	2,512	2,485
Cash Surrender Value of Life Insurance Policies
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Assets	87	87
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Assets	2,512	2,485
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	2,512	2,485
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	87	87
Financial Liabilities	2,961	2,899
Level 2 | Non Qualified Compensation Plans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Liabilities	2,961	2,899
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	$ 87	$ 87

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, 2020CompensationPlan
Fair Value Disclosures [Abstract]
Number of non-qualified compensation plans maintained	2

Long-term Debt and Other Cred_2

Long-term Debt and Other Credit Arrangements (Details) - USD ($) $ in Thousands	Jul. 31, 2020	Apr. 30, 2020
Debt Instrument [Line Items]
Unused and available credit facility	$ 6,000	$ 8,700
Advance Amount One
Debt Instrument [Line Items]
Outstanding advances under the long-term debt	8,500	4,700
Advance Amount Two
Debt Instrument [Line Items]
Outstanding advances under the long-term debt	$ 512	$ 512

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Apr. 30, 2020
Lessee, Lease, Description [Line Items]
Right of use assets	$ 8,828		$ 9,312
Operating cash paid to settle lease liabilities	410	$ 314
Remaining lease term		10 years
Option to extend, term		5 years
Option to terminate, term		1 year
Operating lease, expense	632	$ 549
Operating lease, short term, expense	$ 222	$ 235
Weighted average remaining lease term, operating lease	7 years 8 months 15 days
Weighted average discount rate, operating lease	4.00%
Weighted average remaining lease term, finance lease	5 years 2 months 1 day
Weighted average discount rate, finance lease	10.00%
Pro Forma
Lessee, Lease, Description [Line Items]
Increase in operating lease liability

Leases - Schedule of Operating

Leases - Schedule of Operating and Finance Lease Maturity (Details) $ in Thousands	Jul. 31, 2020USD ($)
Operating Leases, After Adoption of 842:
Remainder of fiscal 2021	$ 1,132
2021	1,528
2022	1,498
2023	1,217
2024	1,173
Thereafter	3,898
Total Minimum Lease Payments	10,446
Imputed Interest	(1,720)
Total	8,726
Finance Leases, After Adoption of 842:
Remainder of fiscal 2021	24
2021	32
2022	32
2023	32
2024	32
Thereafter	11
Total Minimum Lease Payments	163
Imputed Interest	(36)
Total	$ 127

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended
	Jul. 31, 2020	Jul. 31, 2019
Earnings Per Share [Abstract]
Anti-dilutive options exclude from computation of earning per share (in shares)	118,696	30,360

Earnings Per Share Schedule of

Earnings Per Share Schedule of Earnings Per Common Share (Details) - shares shares in Thousands	3 Months Ended
	Jul. 31, 2020	Jul. 31, 2019
Weighted average number of common shares outstanding:
Basic (in shares)	2,756	2,750
Dilutive effect of stock options and RSUs (in shares)	0	21
Weighted average common shares outstanding-diluted (in shares)	2,756	2,771

Stock Options and Share-Based_2

Stock Options and Share-Based Compensation - Additional Information (Detail) - 2017 Plan - Restricted Stock Units (RSUs) - USD ($)	1 Months Ended		3 Months Ended
	May 31, 2020	Jun. 30, 2019	Jul. 31, 2020	Jul. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units granted (in shares)	12,045	83,816
Vesting period				3 years
Stock-based compensation expense			$ 59,000	$ 21,000
Remaining estimated compensation expense			$ 1,131,000	$ 696,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2020	Jul. 31, 2019
Income Tax Disclosure [Abstract]
Income tax expense	$ 21	$ 169
Effective income tax rate	(3.60%)	25.40%

Defined Benefit Pension Plans -

Defined Benefit Pension Plans - Additional Information (Detail) - USD ($)	3 Months Ended
	Jul. 31, 2020	Jul. 31, 2019
Retirement Benefits [Abstract]
Employer contributions	$ 30,000	$ 0
Employer contributions paid during the remainder of fiscal year	$ 0
Assumed as expected long-term rate of return		7.75%

Defined Benefit Pension Plans_2

Defined Benefit Pension Plans - Pension Expenses (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2020	Jul. 31, 2019
Retirement Benefits [Abstract]
Service cost	$ 0	$ 0
Interest cost	181	208
Expected return on plan assets	(321)	(355)
Recognition of net loss	428	260
Net periodic pension expense	$ 288	$ 113

Segment Information - Additiona

Segment Information - Additional Information (Detail)	3 Months Ended
	Jul. 31, 2020Segment
Segment Reporting [Abstract]
Number of business segment	2

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2020	Jul. 31, 2019
Segment Reporting Information [Line Items]
Revenues from external customers	$ 36,423	$ 39,336
Intersegment revenues	0	0
Earnings (loss) before income taxes	(587)	665
Corporate / Eliminations
Segment Reporting Information [Line Items]
Revenues from external customers	0	0
Intersegment revenues	(1,462)	(3,021)
Earnings (loss) before income taxes	(1,715)	(1,503)
Domestic Operations | Operating Segments
Segment Reporting Information [Line Items]
Revenues from external customers	30,058	29,287
Intersegment revenues	651	2,179
Earnings (loss) before income taxes	993	1,560
International Operations | Operating Segments
Segment Reporting Information [Line Items]
Revenues from external customers	6,365	10,049
Intersegment revenues	811	842
Earnings (loss) before income taxes	$ 135	$ 608