Cover Page
Cover Page - shares | 9 Months Ended | |
Jan. 31, 2021 | Mar. 08, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jan. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 0-5286 | |
Entity Registrant Name | KEWAUNEE SCIENTIFIC CORP /DE/ | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 38-0715562 | |
Entity Address, Address Line One | 2700 West Front Street | |
Entity Address, City or Town | Statesville, | |
Entity Address, State or Province | NC | |
Entity Address, Postal Zip Code | 28677-2927 | |
City Area Code | 704 | |
Local Phone Number | 873-7202 | |
Title of 12(b) Security | Common Stock, $2.50 par value | |
Trading Symbol | KEQU | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 2,762,797 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0000055529 | |
Current Fiscal Year End Date | --04-30 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
Income Statement [Abstract] | ||||
Net sales | $ 33,339 | $ 34,225 | $ 108,762 | $ 113,283 |
Cost of products sold | 27,685 | 28,947 | 90,832 | 94,743 |
Gross profit | 5,654 | 5,278 | 17,930 | 18,540 |
Operating expenses | 6,030 | 7,350 | 18,593 | 19,875 |
Operating loss | (376) | (2,072) | (663) | (1,335) |
Pension expense | (288) | (113) | (865) | (339) |
Other income | 51 | 84 | 171 | 382 |
Interest expense | (105) | (150) | (310) | (452) |
Loss before income taxes | (718) | (2,251) | (1,667) | (1,744) |
Income tax expense (benefit) | (813) | (350) | (989) | 1,822 |
Net earnings (loss) | 95 | (1,901) | (678) | (3,566) |
Less: Net earnings attributable to the noncontrolling interest | 14 | 17 | 19 | 59 |
Net earnings (loss) attributable to Kewaunee Scientific Corporation | $ 81 | $ (1,918) | $ (697) | $ (3,625) |
Net earnings (loss) per share attributable to Kewaunee Scientific Corporation stockholders | ||||
Basic (in dollars per share) | $ 0.03 | $ (0.70) | $ (0.25) | $ (1.32) |
Diluted (in dollars per share) | $ 0.03 | $ (0.70) | $ (0.25) | $ (1.32) |
Weighted average number of common shares outstanding | ||||
Basic (in shares) | 2,762 | 2,750 | 2,759 | 2,750 |
Diluted (in shares) | 2,789 | 2,750 | 2,759 | 2,750 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings (loss) | $ 95 | $ (1,901) | $ (678) | $ (3,566) |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | 31 | (26) | (17) | (9) |
Change in fair value of cash flow hedge | 0 | 0 | 0 | 1 |
Other comprehensive income (loss) | 31 | (26) | (17) | (8) |
Comprehensive income (loss), net of tax | 126 | (1,927) | (695) | (3,574) |
Less: Comprehensive income attributable to the noncontrolling interest | 14 | 17 | 19 | 59 |
Comprehensive income (loss) attributable to Kewaunee Scientific Corporation | $ 112 | $ (1,944) | $ (714) | $ (3,633) |
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 income (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, 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 | (3,625) | |||||
Other comprehensive income (loss) | (8) | |||||
Ending balance at Jan. 31, 2020 | 42,649 | 6,885 | 3,350 | (53) | 38,882 | (6,415) |
Beginning balance at Jul. 31, 2019 | 47,304 | 6,884 | 3,184 | (53) | 43,501 | (6,212) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings (loss) attributable to Kewaunee Scientific Corporation | (2,178) | (2,178) | ||||
Other comprehensive income (loss) | (177) | (177) | ||||
Cash dividends paid | (523) | (523) | ||||
Stock based compensation | 42 | 42 | ||||
Ending balance at Oct. 31, 2019 | 44,468 | 6,884 | 3,226 | (53) | 40,800 | (6,389) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings (loss) attributable to Kewaunee Scientific Corporation | (1,918) | (1,918) | ||||
Other comprehensive income (loss) | (26) | (26) | ||||
Stock options exercised | 0 | 1 | (1) | |||
Stock based compensation | 125 | 125 | ||||
Ending balance at Jan. 31, 2020 | 42,649 | 6,885 | 3,350 | (53) | 38,882 | (6,415) |
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 income (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) |
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 | (697) | |||||
Other comprehensive income (loss) | (17) | |||||
Ending balance at Jan. 31, 2021 | 38,055 | 6,915 | 3,684 | (53) | 37,124 | (9,615) |
Beginning balance at Jul. 31, 2020 | 37,902 | 6,905 | 3,438 | (53) | 37,223 | (9,611) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings (loss) attributable to Kewaunee Scientific Corporation | (180) | (180) | ||||
Other comprehensive income (loss) | (35) | (35) | ||||
Stock based compensation | 143 | 143 | ||||
Ending balance at Oct. 31, 2020 | 37,830 | 6,905 | 3,581 | (53) | 37,043 | (9,646) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings (loss) attributable to Kewaunee Scientific Corporation | 81 | 81 | ||||
Other comprehensive income (loss) | 31 | 31 | ||||
Stock based compensation | 113 | 10 | 103 | |||
Ending balance at Jan. 31, 2021 | $ 38,055 | $ 6,915 | $ 3,684 | $ (53) | $ 37,124 | $ (9,615) |
Condensed Consolidated Statem_4
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | ||
Jan. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends paid (in usd per share) | $ 0.19 | $ 0.19 | |
Stock options exercised (in shares) | 2,300 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jan. 31, 2021 | Apr. 30, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 5,563 | $ 4,365 |
Restricted cash | 540 | 850 |
Receivables, less allowance; $669; $606, on each respective date | 30,091 | 28,062 |
Inventories | 15,615 | 15,330 |
Income tax receivable | 4,205 | 2,717 |
Prepaid expenses and other current assets | 4,109 | 2,907 |
Total Current Assets | 60,123 | 54,231 |
Property, plant and equipment, at cost | 59,640 | 57,859 |
Accumulated depreciation | (43,429) | (41,587) |
Net Property, Plant and Equipment | 16,211 | 16,272 |
Right of use assets | 9,715 | 9,312 |
Deferred income taxes | 0 | 336 |
Other assets | 3,560 | 3,778 |
Total Assets | 89,609 | 83,929 |
Current Liabilities: | ||
Short-term borrowings | 4,493 | 4,719 |
Current portion of capital lease liability | 21 | 19 |
Current portion of operating lease liabilities | 1,352 | 1,282 |
Accounts payable | 15,996 | 13,114 |
Employee compensation and amounts withheld | 4,546 | 4,159 |
Deferred revenue | 3,642 | 2,508 |
Other accrued expenses | 1,563 | 1,259 |
Total Current Liabilities | 31,613 | 27,060 |
Long-term portion of capital lease liability | 97 | 113 |
Long-term portion of operating lease liabilities | 8,276 | 7,780 |
Accrued pension and deferred compensation costs | 10,298 | 9,303 |
Deferred income taxes | 225 | 401 |
Other non-current liabilities | 838 | 569 |
Total Liabilities | 51,347 | 45,226 |
Commitments and Contingencies | ||
Stockholders’ Equity: | ||
Common stock, $2.50 par value, Authorized – 5,000 shares; Issued – 2,766 shares; 2,754 shares; – Outstanding – 2,763 shares; 2,751 shares, on each respective date | 6,915 | 6,885 |
Additional paid-in-capital | 3,684 | 3,360 |
Retained earnings | 37,124 | 37,821 |
Accumulated other comprehensive loss | (9,615) | (9,598) |
Common stock in treasury, at cost, 3 shares, on each date | (53) | (53) |
Total Kewaunee Scientific Corporation Stockholders’ Equity | 38,055 | 38,415 |
Noncontrolling interest | 207 | 288 |
Total Stockholders’ Equity | 38,262 | 38,703 |
Total Liabilities and Stockholders’ Equity | $ 89,609 | $ 83,929 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Jan. 31, 2021 | Apr. 30, 2020 |
Statement of Financial Position [Abstract] | ||
Allowance for receivables | $ 669 | $ 606 |
Common stock, par value (in dollars per share) | $ 2.50 | $ 2.50 |
Common stock, shares authorized (in shares) | 5,000 | 5,000 |
Common stock, shares issued (in shares) | 2,766 | 2,754 |
Common stock, shares outstanding (in shares) | 2,763 | 2,751 |
Treasury stock, shares (in shares) | 3 | 3 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (678) | $ (3,566) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation | 2,005 | 1,927 |
Bad debt provision | 60 | 321 |
Stock based compensation expense | 385 | 241 |
Deferred income taxes | 159 | 1,056 |
Change in assets and liabilities: | ||
Receivables | (2,089) | 5,530 |
Inventories | (285) | 1,959 |
Income tax receivable | (1,488) | 0 |
Accounts payable and other accrued expenses | 3,843 | (2,512) |
Deferred revenue | 1,134 | 201 |
Other, net | 61 | (546) |
Net cash provided by operating activities | 3,107 | 4,611 |
Cash flows from investing activities: | ||
Capital expenditures | (1,944) | (1,371) |
Net cash used in investing activities | (1,944) | (1,371) |
Cash flows from financing activities: | ||
Dividends paid | 0 | (1,045) |
Dividends paid to noncontrolling interest in subsidiaries | (108) | (324) |
Proceeds from short-term borrowings | 49,298 | 44,958 |
Repayments on short-term borrowings | (49,524) | (50,454) |
Payments on long-term debt and lease obligations | (14) | (1,277) |
Net proceeds from exercise of stock options | (31) | (14) |
Net cash used in financing activities | (379) | (8,156) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 104 | (177) |
Increase (decrease) in cash, cash equivalents and restricted cash | 888 | (5,093) |
Cash, cash equivalents and restricted cash, beginning of period | 5,215 | 11,156 |
Cash, cash equivalents and restricted cash, end of period | $ 6,103 | $ 6,063 |
Financial Information
Financial Information | 9 Months Ended |
Jan. 31, 2021 | |
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 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 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. |
Cash, Cash Equivalents and Rest
Cash, Cash Equivalents and Restricted Cash | 9 Months Ended |
Jan. 31, 2021 | |
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 January 31, 2021 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: January 31, 2021 April 30, 2020 Cash and cash equivalents $ 5,563 $ 4,365 Restricted cash 540 850 Total cash, cash equivalents and restricted cash $ 6,103 $ 5,215 |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Jan. 31, 2021 | |
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 over time and at a point in time for the periods ended January 31, 2021 and January 31, 2020 is as follows (in thousands): Three Months Ended January 31, 2021 Three Months Ended January 31, 2020 Domestic International Total Domestic International Total Over Time $ 24,198 $ 8,273 $ 32,471 $ 25,107 $ 7,526 $ 32,633 Point in Time 868 — 868 1,592 — 1,592 $ 25,066 $ 8,273 $ 33,339 $ 26,699 $ 7,526 $ 34,225 Nine Months Ended January 31, 2021 Nine Months Ended January 31, 2020 Domestic International Total Domestic International Total Over Time $ 81,206 $ 24,866 $ 106,072 $ 83,292 $ 25,713 $ 109,005 Point in Time 2,690 — 2,690 4,278 — 4,278 $ 83,896 $ 24,866 $ 108,762 $ 87,570 $ 25,713 $ 113,283 Contract Balances The closing and opening balances of contract assets arising from contracts with customers which were recorded as unbilled receivables were $8,539,000 at January 31, 2021 and $6,131,000 at April 30, 2020. The closing and opening balances of contract liabilities arising from contracts with customers were $3,642,000 at January 31, 2021 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 in 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 and are included in receivables on the condensed consolidated balance sheets. Receivables 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 January 31, 2021 are expected to be recognized as revenue during the respective succeeding 12 months. |
Inventories
Inventories | 9 Months Ended |
Jan. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories The Company measures inventory using the first-in, first-out ("FIFO") method at the lower of cost or net realizable value. Inventories consisted of the following (in thousands): January 31, 2021 April 30, 2020 Finished products $ 2,712 $ 2,455 Work in process 1,826 1,921 Raw materials 11,077 10,954 $ 15,615 $ 15,330 The Company’s International subsidiaries’ inventories were $1,915,000 at January 31, 2021 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 | 9 Months Ended |
Jan. 31, 2021 | |
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 approximates 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 January 31, 2021 and April 30, 2020 (in thousands): January 31, 2021 Financial Assets Level 1 Level 2 Total Trading securities held in non-qualified compensation plans (1) $ 2,547 $ — $ 2,547 Cash surrender value of life insurance policies (1) — 87 87 Total $ 2,547 $ 87 $ 2,634 Financial Liabilities Non-qualified compensation plans (2) $ — $ 3,059 $ 3,059 Total $ — $ 3,059 $ 3,059 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 | 9 Months Ended |
Jan. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial InstrumentsThe 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 | 9 Months Ended |
Jan. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-term Debt and Other Credit Arrangements | Long-term Debt and Other Credit ArrangementsAt January 31, 2021, advances of $4.5 million were outstanding under the Company’s 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 January 31, 2021, unchanged from April 30, 2020. Amounts available under the revolving credit facility were $8.6 million and $8.7 million at January 31, 2021 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 which effected changes in certain financial covenants and included a waiver of the non-compliance. On January 28, 2021, the Company entered into another amendment which effected changes (i) extending the maturity date under the Credit Agreement and Revolving Note from February 1, 2021 to May 3, 2021; (ii) establishing a minimum EBITDA covenant for the fiscal quarter ending April 30, 2021 of $1,000,000, determined for the four-quarter period then ending; and (iii) revising the covenant regarding delivery of financial projections to the Bank to, among other things, provide projections for the next succeeding fiscal year. These amendments did not change the amount of availability under the revolving credit facility. At January 31, 2021, the Company was in compliance with all the financial covenants under its revolving credit facility. |
Leases
Leases | 9 Months Ended |
Jan. 31, 2021 | |
Leases [Abstract] | |
Leases | LeasesIn 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 January 31, 2021 and April 30, 2020, right-of-use assets totaled $9,715,000 and $9,312,000, respectively. Operating cash paid to settle lease liabilities was $1,299,000 and $1,154,000 for the nine months ended January 31, 2021 and January 31, 2020, respectively. The Company’s leases have remaining lease terms of up to 10 years. In addition, some of the leases may include options to extend the leases for up to 5 years or options to terminate the leases within 1 year. Operating lease expenses were $718,000 and $645,000 for the three months ended January 31, 2021 and 2020, respectively, inclusive of period cost for short-term leases, not included in lease liabilities, of $267,000 and $215,000, respectively. Operating lease expenses were $2,032,000 and $1,770,000 for the nine months ended January 31, 2021 and 2020, respectively, inclusive of period cost for short-term leases, not included in lease liabilities, of $733,000 and $673,000, respectively. At January 31, 2021, the weighted average remaining lease term for the capitalized operating leases was 6.1 years and the weighted average discount rate was 4.1%. For the financing lease, the remaining lease term was 4.6 years and the 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 those lease payments. The Company uses the implicit rate when readily determinable. Future minimum lease payments under non-cancelable leases as of January 31, 2021 were as follows: Operating Financing Remainder of fiscal 2021 $ 492 $ 8 2022 2,023 32 2023 1,839 32 2024 1,480 32 2025 1,436 32 Thereafter 4,101 12 Total Minimum Lease Payments $ 11,371 $ 148 Imputed Interest (1,742) (30) Total $ 9,629 $ 118 |
Leases | LeasesIn 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 January 31, 2021 and April 30, 2020, right-of-use assets totaled $9,715,000 and $9,312,000, respectively. Operating cash paid to settle lease liabilities was $1,299,000 and $1,154,000 for the nine months ended January 31, 2021 and January 31, 2020, respectively. The Company’s leases have remaining lease terms of up to 10 years. In addition, some of the leases may include options to extend the leases for up to 5 years or options to terminate the leases within 1 year. Operating lease expenses were $718,000 and $645,000 for the three months ended January 31, 2021 and 2020, respectively, inclusive of period cost for short-term leases, not included in lease liabilities, of $267,000 and $215,000, respectively. Operating lease expenses were $2,032,000 and $1,770,000 for the nine months ended January 31, 2021 and 2020, respectively, inclusive of period cost for short-term leases, not included in lease liabilities, of $733,000 and $673,000, respectively. At January 31, 2021, the weighted average remaining lease term for the capitalized operating leases was 6.1 years and the weighted average discount rate was 4.1%. For the financing lease, the remaining lease term was 4.6 years and the 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 those lease payments. The Company uses the implicit rate when readily determinable. Future minimum lease payments under non-cancelable leases as of January 31, 2021 were as follows: Operating Financing Remainder of fiscal 2021 $ 492 $ 8 2022 2,023 32 2023 1,839 32 2024 1,480 32 2025 1,436 32 Thereafter 4,101 12 Total Minimum Lease Payments $ 11,371 $ 148 Imputed Interest (1,742) (30) Total $ 9,629 $ 118 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Jan. 31, 2021 | |
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 83,910 and 95,906 antidilutive RSUs and options outstanding at January 31, 2021 and January 31, 2020, respectively. The following is a reconciliation of basic to diluted weighted average common shares outstanding (in thousands): Three Months Ended January 31, Nine Months Ended January 31, 2021 2020 2021 2020 Basic 2,762 2,750 2,759 2,750 Dilutive effect of stock options and RSUs 27 — — — Weighted average common shares outstanding - diluted 2,789 2,750 2,759 2,750 |
Stock Options and Share-based C
Stock Options and Share-based Compensation | 9 Months Ended |
Jan. 31, 2021 | |
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 Omnibus Incentive 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 and nine months ended January 31, 2021 of $129,000 and $344,000, respectively, with the remaining estimated share-based compensation expense of $805,000 to be recorded over the remaining vesting periods. The Company recorded share-based compensation expense during the three and nine months ended January 31, 2020 of $126,000 and $208,000, respectively. Directors' fees paid with shares of common stock in lieu of cash in accordance with Director compensation guidelines were $41,000 for each of the nine month periods ended January 31, 2021 and January 31, 2020 and were included in the share-based compensation on the condensed consolidated statements of cash flows. |
Income Taxes
Income Taxes | 9 Months Ended |
Jan. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | . Income TaxesIncome tax benefits of $813,000 and $350,000 were recorded for the three months ended January 31, 2021 and 2020, respectively. An income tax benefit of $989,000 and an income tax expense of $1,822,000 were recorded for the nine months ended January 31, 2021 and 2020, respectively. The effective tax rates were 113.2% and 15.5% for the three months ended January 31, 2021 and 2020, respectively. The effective tax rates were 59.3% and 104.5% for the nine months ended January 31, 2021 and 2020, respectively. The change in the effective tax rate for the three and nine-month periods is primarily due to the revocation of the Company's indefinite reinvestment of foreign unremitted earnings position (discussed below) and 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 effective tax rates for the three and nine months ended January 31, 2021 was impacted by the recording of a Domestic income tax benefit as a result of the Company's current Domestic net loss position. This loss is permitted to be carried back and used to offset Domestic taxable income incurred in previous tax filing periods as allowed by the Coronavirus Aid, Relief and Economic Security Act ("CARES Act"). The Company recorded income tax receivables of $4,205,000 and $2,717,000 as of January 31, 2021 and April 30, 2020, respectively, which includes Domestic income tax benefits attributable to the carryback claims for the applied Research and Development tax credit for the year ended April 30, 2018, the taxable losses generated during the year ended April 30, 2020 and the nine months ended January 31, 2021. In August 2019, the Company revoked its indefinite reinvestment of foreign unremitted earnings position in compliance with ASC 740 "Income Taxes" and terminated its indefinite reinvestment of unremitted earnings assertion for the Singapore, China, and Kewaunee Labway India Pvt. Ltd. international subsidiaries. The Company recognized a tax withholding expense, for the dividends paid to the US and Singapore shareholders, imposed by the India Income Tax Department in accordance with international tax treaties between India and the U.S. and Singapore governments, at a rate of 10.0% and 15.0%, respectively. The Company recognized a withholding tax expense of $18,000 and $99,000 for the three and nine months ended January 31, 2021, respectively, related to the unremitted earnings of the subsidiaries listed above. The Company recognized a withholding tax expense of $50,000 and $2,214,000 for the three and nine months ended January 31, 2020 related to the unremitted earnings position of the subsidiaries listed above. The Company has a deferred tax liability of $647,000 and $785,000 for the withholding tax related to Kewaunee Labway India Pvt. Ltd. as of January 31, 2021 and April 30, 2020, respectively. The Company recorded all deferred tax assets and liabilities related to its outside basis differences in its foreign subsidiaries consistent with ASC 740. In July 2020, the U.S. Department of the Treasury issued final tax regulations (proposed regulations were originally published in 2019) with respect to global intangible low-taxed income (''GILTI''.) Among other changes, these regulations now permit an election to exclude, from the GILTI calculation, items of income which are subject to a high effective foreign tax rate. The Company excluded certain items, as permitted by these final regulations, in the current fiscal year and reflected the benefit in the estimated annual effective tax rate. |
Defined Benefit Pension Plans
Defined Benefit Pension Plans | 9 Months Ended |
Jan. 31, 2021 | |
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. The Company contributed $30,000 to the plans during the three and nine months ended January 31, 2021. There were no Company contributions paid to the plans during the three and nine months ended January 31, 2020. The Company assumed an expected long-term rate of return of 7.75% for the periods ended January 31, 2021 and January 31, 2020. Pension expense consisted of the following (in thousands): Three Months Ended January 31, 2021 Three Months Ended January 31, 2020 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 Nine Months Ended January 31, 2021 Nine Months Ended January 31, 2020 Service cost $ 0 $ 0 Interest cost 543 624 Expected return on plan assets (963) (1,065) Recognition of net loss 1,285 780 Net periodic pension expense $ 865 $ 339 |
Segment Information
Segment Information | 9 Months Ended |
Jan. 31, 2021 | |
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 periods ended January 31, 2021 and 2020 (in thousands): Domestic International Corporate / Total Three months ended January 31, 2021 Revenues from external customers $ 25,066 $ 8,273 $ — $ 33,339 Intersegment revenues 463 550 (1,013) — Earnings (loss) before income taxes $ 206 $ 689 $ (1,613) $ (718) Three months ended January 31, 2020 Revenues from external customers $ 26,699 $ 7,526 $ — $ 34,225 Intersegment revenues 302 659 (961) — Earnings (loss) before income taxes $ (867) $ 513 $ (1,897) $ (2,251) Domestic International Corporate / Total Nine months ended January 31, 2021 Revenues from external customers $ 83,896 $ 24,866 $ — $ 108,762 Intersegment revenues 1,715 2,460 (4,175) — Earnings (loss) before income taxes $ 1,794 $ 1,610 $ (5,071) $ (1,667) Nine months ended January 31, 2020 Revenues from external customers $ 87,570 $ 25,713 $ — $ 113,283 Intersegment revenues 3,388 2,142 (5,530) — Earnings (loss) before income taxes $ 1,439 $ 1,622 $ (4,805) $ (1,744) |
Reclassifications
Reclassifications | 9 Months Ended |
Jan. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Reclassifications | ReclassificationsThe Company reclassified certain amounts in the condensed consolidated balance sheet for the period ended April 30, 2020 and the condensed consolidated statements of cash flows for the nine-month period ended January 31, 2021 to conform to the current period presentation. |
New Accounting Standards
New Accounting Standards | 9 Months Ended |
Jan. 31, 2021 | |
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 within those years, 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. In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting" ("ASU 2020-04"). This guidance provides practical expedients for contract modifications and certain hedging relationships associated with the expected market transition from London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. The ASU can be adopted after its issuance date through December 31, 2022. The Company is evaluating the optional expedients and exceptions in the guidance but does not expect the adoption of this standard to have a material impact on its consolidated financial statements. |
New Accounting Standards Signif
New Accounting Standards Significant Accounting Policies (Policies) | 9 Months Ended |
Jan. 31, 2021 | |
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 within those years, 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. In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting" ("ASU 2020-04"). This guidance provides practical expedients for contract modifications and certain hedging relationships associated with the expected market transition from London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. The ASU can be adopted after its issuance date through December 31, 2022. The Company is evaluating the optional expedients and exceptions in the guidance but does not expect the adoption of this standard to have a material impact on its consolidated financial statements. |
Cash, Cash Equivalents and Re_2
Cash, Cash Equivalents and Restricted Cash (Tables) | 9 Months Ended |
Jan. 31, 2021 | |
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: January 31, 2021 April 30, 2020 Cash and cash equivalents $ 5,563 $ 4,365 Restricted cash 540 850 Total cash, cash equivalents and restricted cash $ 6,103 $ 5,215 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Jan. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | A summary of net sales transferred to customers over time and at a point in time for the periods ended January 31, 2021 and January 31, 2020 is as follows (in thousands): Three Months Ended January 31, 2021 Three Months Ended January 31, 2020 Domestic International Total Domestic International Total Over Time $ 24,198 $ 8,273 $ 32,471 $ 25,107 $ 7,526 $ 32,633 Point in Time 868 — 868 1,592 — 1,592 $ 25,066 $ 8,273 $ 33,339 $ 26,699 $ 7,526 $ 34,225 Nine Months Ended January 31, 2021 Nine Months Ended January 31, 2020 Domestic International Total Domestic International Total Over Time $ 81,206 $ 24,866 $ 106,072 $ 83,292 $ 25,713 $ 109,005 Point in Time 2,690 — 2,690 4,278 — 4,278 $ 83,896 $ 24,866 $ 108,762 $ 87,570 $ 25,713 $ 113,283 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Jan. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | Inventories consisted of the following (in thousands): January 31, 2021 April 30, 2020 Finished products $ 2,712 $ 2,455 Work in process 1,826 1,921 Raw materials 11,077 10,954 $ 15,615 $ 15,330 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Jan. 31, 2021 | |
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 January 31, 2021 and April 30, 2020 (in thousands): January 31, 2021 Financial Assets Level 1 Level 2 Total Trading securities held in non-qualified compensation plans (1) $ 2,547 $ — $ 2,547 Cash surrender value of life insurance policies (1) — 87 87 Total $ 2,547 $ 87 $ 2,634 Financial Liabilities Non-qualified compensation plans (2) $ — $ 3,059 $ 3,059 Total $ — $ 3,059 $ 3,059 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) | 9 Months Ended |
Jan. 31, 2021 | |
Leases [Abstract] | |
Schedule of Operating Lease Maturity | Future minimum lease payments under non-cancelable leases as of January 31, 2021 were as follows: Operating Financing Remainder of fiscal 2021 $ 492 $ 8 2022 2,023 32 2023 1,839 32 2024 1,480 32 2025 1,436 32 Thereafter 4,101 12 Total Minimum Lease Payments $ 11,371 $ 148 Imputed Interest (1,742) (30) Total $ 9,629 $ 118 |
Schedule of Finance Lease Maturity | Future minimum lease payments under non-cancelable leases as of January 31, 2021 were as follows: Operating Financing Remainder of fiscal 2021 $ 492 $ 8 2022 2,023 32 2023 1,839 32 2024 1,480 32 2025 1,436 32 Thereafter 4,101 12 Total Minimum Lease Payments $ 11,371 $ 148 Imputed Interest (1,742) (30) Total $ 9,629 $ 118 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Jan. 31, 2021 | |
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 (in thousands): Three Months Ended January 31, Nine Months Ended January 31, 2021 2020 2021 2020 Basic 2,762 2,750 2,759 2,750 Dilutive effect of stock options and RSUs 27 — — — Weighted average common shares outstanding - diluted 2,789 2,750 2,759 2,750 |
Defined Benefit Pension Plans (
Defined Benefit Pension Plans (Tables) | 9 Months Ended |
Jan. 31, 2021 | |
Retirement Benefits [Abstract] | |
Pension Expenses | Pension expense consisted of the following (in thousands): Three Months Ended January 31, 2021 Three Months Ended January 31, 2020 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 Nine Months Ended January 31, 2021 Nine Months Ended January 31, 2020 Service cost $ 0 $ 0 Interest cost 543 624 Expected return on plan assets (963) (1,065) Recognition of net loss 1,285 780 Net periodic pension expense $ 865 $ 339 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Jan. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | The following tables provide financial information by business segments for the periods ended January 31, 2021 and 2020 (in thousands): Domestic International Corporate / Total Three months ended January 31, 2021 Revenues from external customers $ 25,066 $ 8,273 $ — $ 33,339 Intersegment revenues 463 550 (1,013) — Earnings (loss) before income taxes $ 206 $ 689 $ (1,613) $ (718) Three months ended January 31, 2020 Revenues from external customers $ 26,699 $ 7,526 $ — $ 34,225 Intersegment revenues 302 659 (961) — Earnings (loss) before income taxes $ (867) $ 513 $ (1,897) $ (2,251) Domestic International Corporate / Total Nine months ended January 31, 2021 Revenues from external customers $ 83,896 $ 24,866 $ — $ 108,762 Intersegment revenues 1,715 2,460 (4,175) — Earnings (loss) before income taxes $ 1,794 $ 1,610 $ (5,071) $ (1,667) Nine months ended January 31, 2020 Revenues from external customers $ 87,570 $ 25,713 $ — $ 113,283 Intersegment revenues 3,388 2,142 (5,530) — Earnings (loss) before income taxes $ 1,439 $ 1,622 $ (4,805) $ (1,744) |
Cash, Cash Equivalents and Re_3
Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Jan. 31, 2021 | Apr. 30, 2020 | Jan. 31, 2020 | Apr. 30, 2019 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 5,563 | $ 4,365 | ||
Restricted cash | 540 | 850 | ||
Total cash, cash equivalents and restricted cash | $ 6,103 | $ 5,215 | $ 6,063 | $ 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 | 9 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Net sales transferred to customers | $ 33,339 | $ 34,225 | $ 108,762 | $ 113,283 |
Over Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales transferred to customers | 32,471 | 32,633 | 106,072 | 109,005 |
Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales transferred to customers | 868 | 1,592 | 2,690 | 4,278 |
Domestic | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales transferred to customers | 25,066 | 26,699 | 83,896 | 87,570 |
Domestic | Over Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales transferred to customers | 24,198 | 25,107 | 81,206 | 83,292 |
Domestic | Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales transferred to customers | 868 | 1,592 | 2,690 | 4,278 |
International | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales transferred to customers | 8,273 | 7,526 | 24,866 | 25,713 |
International | Over Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales transferred to customers | 8,273 | 7,526 | 24,866 | 25,713 |
International | Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales transferred to customers | $ 0 | $ 0 | $ 0 | $ 0 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Jan. 31, 2021 | Apr. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | ||
Contract assets | $ 8,539 | $ 6,131 |
Contract liabilities | $ 3,642 | $ 2,508 |
Contract liability recognized as revenue percentage | 100.00% | 100.00% |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands | Jan. 31, 2021 | Apr. 30, 2020 |
Inventory Disclosure [Abstract] | ||
Finished products | $ 2,712 | $ 2,455 |
Work in process | 1,826 | 1,921 |
Raw materials | 11,077 | 10,954 |
Total inventories | $ 15,615 | $ 15,330 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Thousands | Jan. 31, 2021 | Apr. 30, 2020 |
Inventory [Line Items] | ||
Inventories | $ 15,615 | $ 15,330 |
International Subsidiaries | ||
Inventory [Line Items] | ||
Inventories | $ 1,915 | $ 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 | Jan. 31, 2021 | Apr. 30, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Assets | $ 2,634 | $ 2,572 |
Financial Liabilities | 3,059 | 2,899 |
Non Qualified Compensation Plans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities | 3,059 | 2,899 |
Trading Securities Held in Non-Qualified Compensation Plans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Assets | 2,547 | 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 | 2,547 | 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 | 2,547 | 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 | 3,059 | 2,899 |
Level 2 | Non Qualified Compensation Plans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities | 3,059 | 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) - CompensationPlan | Jan. 31, 2021 | Apr. 30, 2020 |
Fair Value Disclosures [Abstract] | ||
Number of non-qualified compensation plans maintained | 2 | 2 |
Long-term Debt and Other Cred_2
Long-term Debt and Other Credit Arrangements (Details) - USD ($) $ in Thousands | Jan. 31, 2021 | Apr. 30, 2020 |
Debt Instrument [Line Items] | ||
Remaining borrowing capacity | $ 8,600 | $ 8,700 |
Minimum EBITDA covenant requirement | 1,000 | |
Advance Amount One | ||
Debt Instrument [Line Items] | ||
Outstanding advances under the long-term debt | 4,500 | 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 | 9 Months Ended | |||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | Apr. 30, 2020 | |
Leases [Abstract] | |||||
Right of use assets | $ 9,715 | $ 9,715 | $ 9,312 | ||
Operating cash paid to settle lease liabilities | $ 1,299 | $ 1,154 | |||
Remaining lease term (in years) | 10 years | ||||
Option to extend, term (in years) | 5 years | ||||
Option to terminate, term (in years) | 1 year | ||||
Operating lease, expense | 718 | $ 645 | $ 2,032 | 1,770 | |
Operating lease, short term, expense | $ 267 | $ 215 | $ 733 | $ 673 | |
Weighted average remaining lease term, operating lease (in years) | 6 years 1 month 6 days | 6 years 1 month 6 days | |||
Weighted average discount rate, operating lease | 4.10% | 4.10% | |||
Weighted average remaining lease term, finance lease (in years) | 4 years 7 months 6 days | 4 years 7 months 6 days | |||
Weighted average discount rate, finance lease | 10.00% | 10.00% |
Leases - Schedule of Operating
Leases - Schedule of Operating and Finance Lease Maturity (Details) $ in Thousands | Jan. 31, 2021USD ($) |
Operating Leases, After Adoption of 842: | |
Remainder of fiscal 2021 | $ 492 |
2022 | 2,023 |
2023 | 1,839 |
2024 | 1,480 |
2025 | 1,436 |
Thereafter | 4,101 |
Total Minimum Lease Payments | 11,371 |
Imputed Interest | (1,742) |
Total | 9,629 |
Finance Leases, After Adoption of 842: | |
Remainder of fiscal 2021 | 8 |
2022 | 32 |
2023 | 32 |
2024 | 32 |
2025 | 32 |
Thereafter | 12 |
Total Minimum Lease Payments | 148 |
Imputed Interest | (30) |
Total | $ 118 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 9 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Anti-dilutive options exclude from computation of earning per share (in shares) | 83,910 | 95,906 |
Earnings Per Share Schedule of
Earnings Per Share Schedule of Earnings Per Common Share (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
Weighted average number of common shares outstanding | ||||
Basic (in shares) | 2,762 | 2,750 | 2,759 | 2,750 |
Dilutive effect of stock options and RSUs (in shares) | 27 | 0 | 0 | 0 |
Weighted average common shares outstanding - diluted (in shares) | 2,789 | 2,750 | 2,759 | 2,750 |
Stock Options and Share-Based_2
Stock Options and Share-Based Compensation - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2020 | May 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Directors' fees paid with shares of common stock in lieu of cash in accordance with Director compensation guidelines | $ 41,000 | $ 41,000 | ||||
2017 Plan | Restricted Stock Units (RSUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted stock units granted (in shares) | 83,816 | 12,045 | ||||
Vesting period (in years) | 3 years | |||||
Stock-based compensation expense | $ 129,000 | $ 126,000 | $ 344,000 | $ 208,000 | ||
Remaining estimated compensation expense | $ 805,000 | $ 805,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | Apr. 30, 2020 | |
Income Tax Contingency [Line Items] | |||||
Income tax expense (benefit) | $ (813) | $ (350) | $ (989) | $ 1,822 | |
Effective income tax rate | 113.20% | 15.50% | 59.30% | 104.50% | |
Deferred tax liability, global tax exposure for unremitted earnings of international subsidiaries | $ 647 | $ 647 | $ 785 | ||
Income tax receivable | 4,205 | 4,205 | $ 2,717 | ||
Kewaunee Labway India | Ministry of Finance, India | |||||
Income Tax Contingency [Line Items] | |||||
Dividend distribution tax withholding | $ 18 | $ 50 | $ 99 | $ 2,214 | |
Kewaunee Labway India | Ministry of Finance, India | U.S. government | |||||
Income Tax Contingency [Line Items] | |||||
Effective income tax rate | 10.00% | ||||
Kewaunee Labway India | Ministry of Finance, India | Singapore government | |||||
Income Tax Contingency [Line Items] | |||||
Effective income tax rate | 15.00% |
Defined Benefit Pension Plans -
Defined Benefit Pension Plans - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
Retirement Benefits [Abstract] | ||||
Employer contributions | $ 30,000 | $ 0 | $ 30,000 | $ 0 |
Assumed as expected long-term rate of return (as a percent) | 7.75% | 7.75% |
Defined Benefit Pension Plans_2
Defined Benefit Pension Plans - Pension Expenses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
Retirement Benefits [Abstract] | ||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost | 181 | 208 | 543 | 624 |
Expected return on plan assets | (321) | (355) | (963) | (1,065) |
Recognition of net loss | 428 | 260 | 1,285 | 780 |
Net periodic pension expense | $ 288 | $ 113 | $ 865 | $ 339 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 9 Months Ended |
Jan. 31, 2021Segment | |
Segment Reporting [Abstract] | |
Number of business segments | 2 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 33,339 | $ 34,225 | $ 108,762 | $ 113,283 |
Intersegment revenues | 0 | 0 | 0 | 0 |
Earnings (loss) before income taxes | (718) | (2,251) | (1,667) | (1,744) |
Corporate / Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Intersegment revenues | (1,013) | (961) | (4,175) | (5,530) |
Earnings (loss) before income taxes | (1,613) | (1,897) | (5,071) | (4,805) |
Domestic Operations | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 25,066 | 26,699 | 83,896 | 87,570 |
Intersegment revenues | 463 | 302 | 1,715 | 3,388 |
Earnings (loss) before income taxes | 206 | (867) | 1,794 | 1,439 |
International Operations | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 8,273 | 7,526 | 24,866 | 25,713 |
Intersegment revenues | 550 | 659 | 2,460 | 2,142 |
Earnings (loss) before income taxes | $ 689 | $ 513 | $ 1,610 | $ 1,622 |