Kewaunee Scientific (KEQU) 10-Q 10 Sep 21 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Jul. 31, 2021	Sep. 03, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 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		2,789,873
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
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
	Jul. 31, 2021	Jul. 31, 2020
Income Statement [Abstract]
Net sales	$ 39,493	$ 36,423
Cost of products sold	33,819	30,542
Gross profit	5,674	5,881
Operating expenses	6,765	6,157
Operating loss	(1,091)	(276)
Pension income (expense)	89	(288)
Other income, net	52	54
Interest expense	(106)	(77)
Loss before income taxes	(1,056)	(587)
Income tax expense	251	21
Net loss	(1,307)	(608)
Less: Net earnings (loss) attributable to the non-controlling interest	38	(10)
Net loss attributable to Kewaunee Scientific Corporation	$ (1,345)	$ (598)
Net loss per share attributable to Kewaunee Scientific Corporation stockholders
Basic (in dollars per share)	$ (0.48)	$ (0.22)
Diluted (in dollars per share)	$ (0.48)	$ (0.22)
Weighted average number of common shares outstanding
Basic (in shares)	2,777	2,756
Diluted (in shares)	2,777	2,756

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2021	Jul. 31, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ (1,307)	$ (608)
Other comprehensive loss, net of tax:
Foreign currency translation adjustments	(76)	(13)
Other comprehensive loss	(76)	(13)
Comprehensive loss, net of tax	(1,383)	(621)
Less: Comprehensive income (loss) attributable to the non-controlling interest	38	(10)
Comprehensive loss attributable to Kewaunee Scientific Corporation	$ (1,421)	$ (611)

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 Loss
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 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)
Beginning balance at Apr. 30, 2021	41,241	6,915	3,807	(53)	34,149	(3,577)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to Kewaunee Scientific Corporation	(1,345)				(1,345)
Other comprehensive loss	(76)					(76)
Stock-based compensation	238	67	171
Ending balance at Jul. 31, 2021	$ 40,058	$ 6,982	$ 3,978	$ (53)	$ 32,804	$ (3,653)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jul. 31, 2021	Apr. 30, 2021
Current Assets:
Cash and cash equivalents	$ 4,985	$ 5,206
Restricted cash	482	525
Receivables, less allowance; $618; $636, on each respective date	34,932	34,095
Inventories	17,852	16,517
Income tax receivable	955	955
Prepaid expenses and other current assets	2,763	3,159
Total Current Assets	61,969	60,457
Property, plant and equipment, at cost	59,295	58,804
Accumulated depreciation	(43,523)	(42,822)
Net Property, Plant and Equipment	15,772	15,982
Right of use assets	8,838	9,279
Other assets	3,720	3,666
Total Assets	90,299	89,384
Current Liabilities:
Short-term borrowings	8,854	6,828
Current portion of financing lease liability	22	21
Current portion of operating lease liabilities	1,349	1,348
Accounts payable	17,487	16,780
Employee compensation and amounts withheld	4,593	4,726
Deferred revenue	2,555	3,123
Other accrued expenses	1,400	1,355
Total Current Liabilities	36,260	34,181
Long-term portion of financing lease liability	86	91
Long-term portion of operating lease liabilities	7,423	7,860
Accrued pension and deferred compensation costs	4,611	4,652
Deferred income taxes	344	307
Other non-current liabilities	1,235	806
Total Liabilities	49,959	47,897
Commitments and Contingencies
Stockholders' Equity:
Common stock, $2.50 par value, Authorized – 5,000 shares; Issued – 2,793 shares; 2,766 shares; – Outstanding – 2,790 shares; 2,763 shares, on each respective date	6,982	6,915
Additional paid-in-capital	3,978	3,807
Retained earnings	32,804	34,149
Accumulated other comprehensive loss	(3,653)	(3,577)
Common stock in treasury, at cost, 3 shares, on each date	(53)	(53)
Total Kewaunee Scientific Corporation Stockholders' Equity	40,058	41,241
Non-controlling interest	282	246
Total Stockholders' Equity	40,340	41,487
Total Liabilities and Stockholders' Equity	$ 90,299	$ 89,384

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jul. 31, 2021	Apr. 30, 2021
Current Assets:
Allowance for receivables	$ 618	$ 636
Stockholders' Equity:
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)	2,793	2,766
Common stock, shares outstanding (in shares)	2,790	2,763
Treasury stock, shares (in shares)	3	3

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2021	Jul. 31, 2020
Cash flows from operating activities:
Net loss	$ (1,307)	$ (608)
Adjustments to reconcile net loss to net cash used by operating activities:
Depreciation	693	687
Bad debt provision	3	8
Stock-based compensation expense	216	112
Deferred income taxes	37	(27)
Change in assets and liabilities:
Receivables	(839)	(2,843)
Inventories	(1,335)	(1,128)
Accounts payable and other accrued expenses	1,048	1,065
Deferred revenue	(568)	(1,076)
Other, net	276	542
Net cash used by operating activities	(1,776)	(3,268)
Cash flows from investing activities:
Capital expenditures	(484)	(922)
Net cash used in investing activities	(484)	(922)
Cash flows from financing activities:
Proceeds from short-term borrowings	12,303	23,885
Repayments on short-term borrowings	(10,277)	(20,080)
Payments on long-term debt and lease obligations	(5)	(5)
Net proceeds from exercise of stock options	0	(15)
Net cash provided by financing activities	2,021	3,785
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(25)	15
Decrease in cash, cash equivalents and restricted cash	(264)	(390)
Cash, cash equivalents and restricted cash, beginning of period	5,731	5,215
Cash, cash equivalents and restricted cash, end of period	$ 5,467	$ 4,825

Financial Information

Financial Information	3 Months Ended
	Jul. 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 ("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 financial statements and should be read in conjunction with the Consolidated Financial Statements and Notes included in the Company's 2021 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, 2021 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 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, 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 July 31, 2021 and April 30, 2021, 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, 2021 April 30, 2021 Cash and cash equivalents $ 4,985 $ 5,206 Restricted cash 482 525 Total cash, cash equivalents and restricted cash $ 5,467 $ 5,731

Revenue Recognition

Revenue Recognition	3 Months Ended
	Jul. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue RecognitionThe 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 July 31, 2021 and July 31, 2020 is as follows (in thousands): Three Months Ended July 31, 2021 July 31, 2020 Domestic International Total Domestic International Total Over Time $ 28,652 $ 9,830 $ 38,482 $ 29,080 $ 6,365 $ 35,445 Point in Time 1,011 — 1,011 978 — 978 Total $ 29,663 $ 9,830 $ 39,493 $ 30,058 $ 6,365 $ 36,423 Contract Balances The closing and opening balances of contract assets included in accounts receivable arising from contracts with customers were $8,677,000 at July 31, 2021 and $6,929,000 at April 30, 2021. The closing and opening balances of contract liabilities included in deferred revenue arising from contracts with customers were $2,555,000 at July 31, 2021 and $3,123,000 at April 30, 2021. 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, 2021 and July 31, 2021 are expected to be recognized as revenue during the respective succeeding 12 months.

Inventories

Inventories	3 Months Ended
	Jul. 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): July 31, 2021 April 30, 2021 Finished products $ 4,070 $ 2,988 Work in process 2,170 1,832 Raw materials 11,612 11,697 Total $ 17,852 $ 16,517 The Company's International subsidiaries' inventories were $2,395,000 at July 31, 2021 and $2,560,000 at April 30, 2021 and are included in the above tables.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Jul. 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, 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 July 31, 2021 and April 30, 2021 (in thousands): July 31, 2021 Financial Assets Level 1 Level 2 Total Trading securities held in non-qualified compensation plans (1) $ 1,319 $ — $ 1,319 Cash surrender value of life insurance policies (1) — 1,474 1,474 Total $ 1,319 $ 1,474 $ 2,793 Financial Liabilities Non-qualified compensation plans (2) $ — $ 3,216 $ 3,216 Total $ — $ 3,216 $ 3,216 April 30, 2021 Financial Assets Level 1 Level 2 Total Trading securities held in non-qualified compensation plans (1) $ 1,299 $ — $ 1,299 Cash surrender value of life insurance policies (1) — 1,458 1,458 Total $ 1,299 $ 1,458 $ 2,757 Financial Liabilities Non-qualified compensation plans (2) $ — $ 3,169 $ 3,169 Total $ — $ 3,169 $ 3,169 (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.

Long-term Debt and Other Credit

Long-term Debt and Other Credit Arrangements	3 Months Ended
	Jul. 31, 2021
Debt Disclosure [Abstract]
Long-term Debt and Other Credit Arrangements	Long-term Debt and Other Credit Arrangements At July 31, 2021, advances of $8.9 million were outstanding under the Company's revolving credit facility, compared to advances of $6.8 million outstanding as of April 30, 2021. The Company had standby letters of credit outstanding of $704,000 at July 31, 2021, unchanged from April 30, 2021. Amounts available under the revolving credit facility were $5.6 million and $7.5 million at July 31, 2021 and April 30, 2021, respectively. On July 30, 2021, the Company entered into a Twelfth Amendment to Credit and Security Agreement (the “Amendment”) with Wells Fargo Bank, National Association (the “Bank”). The Amendment made certain changes to the Credit and Security Agreement, dated as of May 6, 2013, as amended (the “Credit Agreement”), between the Company and the Bank, and to the Revolving Line of Credit Note, dated May 6, 2013, made by the Company and payable to the order of the Bank, as amended (the “Revolving Note”). The changes included (i) extending the maturity date under the Credit Agreement and Revolving Note from July 30, 2021 to April 30, 2022; (ii) removing the minimum EBITDA covenant; (iii) in addition to the existing Minimum Monthly Liquidity requirement as of the end of each calendar month of not less than $2,000,000, adding an additional covenant that the Company will maintain Supplemental Liquidity (as defined in the amended Credit Agreement) as of the first day of each calendar month not less than (a) during the period from August 1, 2021 through December 31, 2021, $1,000,000 and (b) thereafter $1,500,000; and (iv) restating the amended Credit Agreement to reflect all amendments to date.

Leases

Leases	3 Months Ended
	Jul. 31, 2021
Leases [Abstract]
Leases	Leases In accordance with ASC 842, "Leases," the Company recognizes lease assets and lease liabilities reflecting the rights and obligations created by 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, 2021 and April 30, 2021, right-of-use assets totaled $8,838,000 and $9,279,000, respectively. Operating cash paid to settle lease liabilities was $500,000 and $410,000 for the three months ended July 31, 2021 and July 31, 2020, respectively. The Company's leases have remaining lease terms of up to 9 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 $847,000 and $632,000 for the three months ended July 31, 2021 and 2020, respectively, inclusive of period cost for short-term leases, not included in lease liabilities, of $347,000 and $222,000, respectively. At July 31, 2021, the weighted average remaining lease term for the capitalized operating leases was 5.8 years and the weighted average discount rate was 4.1%. For the financing lease, the remaining lease term was 4.1 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 July 31, 2021 were as follows: Operating Financing Remainder of fiscal 2022 $ 1,831 $ 24 2023 1,473 32 2024 1,429 32 2025 1,218 32 2026 1,003 12 Thereafter 3,362 — Total Minimum Lease Payments 10,316 132 Imputed Interest (1,543) (24) Total $ 8,773 $ 108
Leases	Leases In accordance with ASC 842, "Leases," the Company recognizes lease assets and lease liabilities reflecting the rights and obligations created by 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, 2021 and April 30, 2021, right-of-use assets totaled $8,838,000 and $9,279,000, respectively. Operating cash paid to settle lease liabilities was $500,000 and $410,000 for the three months ended July 31, 2021 and July 31, 2020, respectively. The Company's leases have remaining lease terms of up to 9 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 $847,000 and $632,000 for the three months ended July 31, 2021 and 2020, respectively, inclusive of period cost for short-term leases, not included in lease liabilities, of $347,000 and $222,000, respectively. At July 31, 2021, the weighted average remaining lease term for the capitalized operating leases was 5.8 years and the weighted average discount rate was 4.1%. For the financing lease, the remaining lease term was 4.1 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 July 31, 2021 were as follows: Operating Financing Remainder of fiscal 2022 $ 1,831 $ 24 2023 1,473 32 2024 1,429 32 2025 1,218 32 2026 1,003 12 Thereafter 3,362 — Total Minimum Lease Payments 10,316 132 Imputed Interest (1,543) (24) Total $ 8,773 $ 108

Earnings Per Share

Earnings Per Share	3 Months Ended
	Jul. 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 128,701 and 118,696 antidilutive RSUs and options outstanding at July 31, 2021 and July 31, 2020, respectively. The following is a reconciliation of basic to diluted weighted average common shares outstanding (in thousands): Three Months Ended July 31, 2021 July 31, 2020 Basic 2,777 2,756 Dilutive effect of stock options and RSUs — — Weighted average common shares outstanding - diluted 2,777 2,756

Stock Options and Stock-based C

Stock Options and Stock-based Compensation	3 Months Ended
	Jul. 31, 2021
Equity [Abstract]
Stock Options and Stock-based Compensation	Stock Options and Stock-based Compensation Under ASC 718, "Compensation-Stock Compensation," compensation costs related to stock options and other stock awards granted by the Company are charged against operating expenses during their vesting period. In June 2021, the Company granted 5,500 RSUs under the 2017 Omnibus Incentive Plan ("2017 Plan"). These RSUs include a service component that vests over a two-year period. The Company also granted 51,471 RSUs under the 2017 Omnibus Incentive Plan in June 2021 that include a service component that vests over a three-year period. The recognized expense is based upon the vesting period for service criteria. The Company recorded stock-based compensation expense during the three months ended July 31, 2021 of $194,000, with the remaining estimated stock-based compensation expense of $1,325,000 to be recorded over the remaining vesting periods. The Company recorded stock-based compensation expense during the three months ended July 31, 2020 of $59,000. Directors' fees paid with shares of common stock in lieu of cash in accordance with

Income Taxes

Income Taxes	3 Months Ended
	Jul. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	. Income Taxes Income tax expense of $251,000 and $21,000 was recorded for the three months ended July 31, 2021 and 2020, respectively. The effective tax rates were (23.8)% and (3.6)% for the three months ended July 31, 2021 and 2020, respectively. The change in the effective tax rate for the three-month periods is primarily due to the impact of foreign operations which are taxed at different rates than the U.S. tax rate of 21% and the recording of a valuation allowance against the deferred tax asset which resulted in the elimination of any U.S. income tax benefit. 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 has a deferred tax liability of $826,000 and $776,000 for the withholding tax related to Kewaunee Labway India Pvt. Ltd. as of July 31, 2021 and April 30, 2021, respectively. The Company recorded all deferred tax assets and liabilities related to its outside basis differences in its foreign subsidiaries consistent with ASC 740.

Defined Benefit Pension Plans

Defined Benefit Pension Plans	3 Months Ended
	Jul. 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. There were no Company contributions paid to the plans for the three months ended July 31, 2021 and July 31, 2020. The Company assumed an expected long-term rate of return of 7.75% for the periods ended July 31, 2021 and July 31, 2020. Pension (income) / expense consisted of the following (in thousands): Three Months Ended July 31, 2021 July 31, 2020 Service cost $ 0 $ 0 Interest cost 177 181 Expected return on plan assets (401) (321) Recognition of net loss 135 428 Net periodic pension (income) expense $ (89) $ 288

Segment Information

Segment Information	3 Months Ended
	Jul. 31, 2021
Segment Reporting [Abstract]
Segment Information	Segment InformationThe 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 July 31, 2021 and 2020 (in thousands): Domestic International Corporate / Total Three months ended July 31, 2021 Revenues from external customers $ 29,663 $ 9,830 $ — $ 39,493 Intersegment revenues 175 565 (740) — Earnings (loss) before income taxes (209) 664 (1,511) (1,056) 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)

New Accounting Standards

New Accounting Standards	3 Months Ended
	Jul. 31, 2021
Accounting Policies [Abstract]
New Accounting Standards	New Accounting StandardsIn 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 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 adopted this standard effective May 1, 2021. The adoption of this standard did not have a significant impact on the Company's consolidated financial position or results of operations.

New Accounting Standards Signif

New Accounting Standards Significant Accounting Policies (Policies)	3 Months Ended
	Jul. 31, 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 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 adopted this standard effective May 1, 2021. The adoption of this standard did not have a significant impact on the Company's consolidated financial position or results of operations.

Cash, Cash Equivalents and Re_2

Cash, Cash Equivalents and Restricted Cash (Tables)	3 Months Ended
	Jul. 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: July 31, 2021 April 30, 2021 Cash and cash equivalents $ 4,985 $ 5,206 Restricted cash 482 525 Total cash, cash equivalents and restricted cash $ 5,467 $ 5,731

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Jul. 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 July 31, 2021 and July 31, 2020 is as follows (in thousands): Three Months Ended July 31, 2021 July 31, 2020 Domestic International Total Domestic International Total Over Time $ 28,652 $ 9,830 $ 38,482 $ 29,080 $ 6,365 $ 35,445 Point in Time 1,011 — 1,011 978 — 978 Total $ 29,663 $ 9,830 $ 39,493 $ 30,058 $ 6,365 $ 36,423

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Jul. 31, 2021
Inventory Disclosure [Abstract]
Summary of Inventories	Inventories consisted of the following (in thousands): July 31, 2021 April 30, 2021 Finished products $ 4,070 $ 2,988 Work in process 2,170 1,832 Raw materials 11,612 11,697 Total $ 17,852 $ 16,517

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Jul. 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 July 31, 2021 and April 30, 2021 (in thousands): July 31, 2021 Financial Assets Level 1 Level 2 Total Trading securities held in non-qualified compensation plans (1) $ 1,319 $ — $ 1,319 Cash surrender value of life insurance policies (1) — 1,474 1,474 Total $ 1,319 $ 1,474 $ 2,793 Financial Liabilities Non-qualified compensation plans (2) $ — $ 3,216 $ 3,216 Total $ — $ 3,216 $ 3,216 April 30, 2021 Financial Assets Level 1 Level 2 Total Trading securities held in non-qualified compensation plans (1) $ 1,299 $ — $ 1,299 Cash surrender value of life insurance policies (1) — 1,458 1,458 Total $ 1,299 $ 1,458 $ 2,757 Financial Liabilities Non-qualified compensation plans (2) $ — $ 3,169 $ 3,169 Total $ — $ 3,169 $ 3,169 (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, 2021
Leases [Abstract]
Schedule of Operating Lease Maturity	Future minimum lease payments under non-cancelable leases as of July 31, 2021 were as follows: Operating Financing Remainder of fiscal 2022 $ 1,831 $ 24 2023 1,473 32 2024 1,429 32 2025 1,218 32 2026 1,003 12 Thereafter 3,362 — Total Minimum Lease Payments 10,316 132 Imputed Interest (1,543) (24) Total $ 8,773 $ 108
Schedule of Finance Lease Maturity	Future minimum lease payments under non-cancelable leases as of July 31, 2021 were as follows: Operating Financing Remainder of fiscal 2022 $ 1,831 $ 24 2023 1,473 32 2024 1,429 32 2025 1,218 32 2026 1,003 12 Thereafter 3,362 — Total Minimum Lease Payments 10,316 132 Imputed Interest (1,543) (24) Total $ 8,773 $ 108

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Jul. 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 July 31, 2021 July 31, 2020 Basic 2,777 2,756 Dilutive effect of stock options and RSUs — — Weighted average common shares outstanding - diluted 2,777 2,756

Defined Benefit Pension Plans (

Defined Benefit Pension Plans (Tables)	3 Months Ended
	Jul. 31, 2021
Retirement Benefits [Abstract]
Pension Expenses	Pension (income) / expense consisted of the following (in thousands): Three Months Ended July 31, 2021 July 31, 2020 Service cost $ 0 $ 0 Interest cost 177 181 Expected return on plan assets (401) (321) Recognition of net loss 135 428 Net periodic pension (income) expense $ (89) $ 288

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Jul. 31, 2021
Segment Reporting [Abstract]
Segment Information	The following tables provide financial information by business segments for the periods ended July 31, 2021 and 2020 (in thousands): Domestic International Corporate / Total Three months ended July 31, 2021 Revenues from external customers $ 29,663 $ 9,830 $ — $ 39,493 Intersegment revenues 175 565 (740) — Earnings (loss) before income taxes (209) 664 (1,511) (1,056) 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)

Cash, Cash Equivalents and Re_3

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jul. 31, 2021	Apr. 30, 2021	Jul. 31, 2020	Apr. 30, 2020
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 4,985	$ 5,206
Restricted cash	482	525
Total cash, cash equivalents and restricted cash	$ 5,467	$ 5,731	$ 4,825	$ 5,215

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, 2021	Jul. 31, 2020
Disaggregation of Revenue [Line Items]
Total	$ 39,493	$ 36,423
Over Time
Disaggregation of Revenue [Line Items]
Total	38,482	35,445
Point in Time
Disaggregation of Revenue [Line Items]
Total	1,011	978
Domestic
Disaggregation of Revenue [Line Items]
Total	29,663	30,058
Domestic | Over Time
Disaggregation of Revenue [Line Items]
Total	28,652	29,080
Domestic | Point in Time
Disaggregation of Revenue [Line Items]
Total	1,011	978
International
Disaggregation of Revenue [Line Items]
Total	9,830	6,365
International | Over Time
Disaggregation of Revenue [Line Items]
Total	9,830	6,365
International | Point in Time
Disaggregation of Revenue [Line Items]
Total	$ 0	$ 0

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jul. 31, 2021	Apr. 30, 2021
Revenue from Contract with Customer [Abstract]
Contract assets	$ 8,677	$ 6,929
Contract liabilities	$ 2,555	$ 3,123
Contract liability recognized as revenue percentage	100.00%	100.00%

Inventories - Summary of Invent

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Jul. 31, 2021	Apr. 30, 2021
Inventory Disclosure [Abstract]
Finished products	$ 4,070	$ 2,988
Work in process	2,170	1,832
Raw materials	11,612	11,697
Total	$ 17,852	$ 16,517

Inventories - Additional Inform

Inventories - Additional Information (Detail) - USD ($) $ in Thousands	Jul. 31, 2021	Apr. 30, 2021
Inventory [Line Items]
Inventories	$ 17,852	$ 16,517
International Subsidiaries
Inventory [Line Items]
Inventories	$ 2,395	$ 2,560

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) $ in Thousands	Jul. 31, 2021USD ($)CompensationPlan	Apr. 30, 2021USD ($)CompensationPlan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Assets	$ 2,793	$ 2,757
Financial Liabilities	$ 3,216	$ 3,169
Number of non-qualified compensation plans maintained | CompensationPlan	2	2
Non-qualified compensation plans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Liabilities	$ 3,216	$ 3,169
Trading securities held in non-qualified compensation plans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Assets	1,319	1,299
Cash surrender value of life insurance policies
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Assets	1,474	1,458
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Assets	1,319	1,299
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	1,319	1,299
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	1,474	1,458
Financial Liabilities	3,216	3,169
Level 2 | Non-qualified compensation plans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Liabilities	3,216	3,169
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	$ 1,474	$ 1,458

Long-term Debt and Other Cred_2

Long-term Debt and Other Credit Arrangements (Details) - USD ($) $ in Thousands	Jul. 31, 2021	Jul. 30, 2021	Apr. 30, 2021
Debt Instrument [Line Items]
Remaining borrowing capacity	$ 5,600		$ 7,500
Minimum monthly liquidity covenant requirement		$ 2,000
Minimum Supplemental Liquidity covenant requirement, through calendar year 2021		1,000
Minimum Supplemental Liquidity covenant requirement, thereafter calendar year 2021		$ 1,500
Advance Amount One
Debt Instrument [Line Items]
Outstanding advances under the long-term debt	8,900		6,800
Advance Amount Two
Debt Instrument [Line Items]
Outstanding advances under the long-term debt	$ 704		$ 704

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2021	Jul. 31, 2020	Apr. 30, 2021
Leases [Abstract]
Right of use assets	$ 8,838		$ 9,279
Operating cash paid to settle lease liabilities	$ 500	$ 410
Remaining lease term (in years)	9 years
Option to extend, term (in years)	5 years
Option to terminate, term (in years)	1 year
Operating lease, expense	$ 847	632
Operating lease, short term, expense	$ 347	$ 222
Weighted average remaining lease term, operating lease (in years)	5 years 9 months 18 days
Weighted average discount rate, operating lease	4.10%
Weighted average remaining lease term, finance lease (in years)	4 years 1 month 6 days
Weighted average discount rate, finance lease	10.00%

Leases - Schedule of Operating

Leases - Schedule of Operating and Finance Lease Maturity (Details) $ in Thousands	Jul. 31, 2021USD ($)
Operating Leases, After Adoption of 842:
Remainder of fiscal 2022	$ 1,831
2023	1,473
2024	1,429
2025	1,218
2026	1,003
Thereafter	3,362
Total Minimum Lease Payments	10,316
Imputed Interest	(1,543)
Total	8,773
Financing Leases, After Adoption of 842:
Remainder of fiscal 2022	24
2023	32
2024	32
2025	32
2026	12
Thereafter	0
Total Minimum Lease Payments	132
Imputed Interest	(24)
Total	$ 108

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended
	Jul. 31, 2021	Jul. 31, 2020
Earnings Per Share [Abstract]
Anti-dilutive options exclude from computation of earning per share (in shares)	128,701	118,696

Earnings Per Share Schedule of

Earnings Per Share Schedule of Earnings Per Common Share (Details) - shares shares in Thousands	3 Months Ended
	Jul. 31, 2021	Jul. 31, 2020
Weighted average number of common shares outstanding
Basic (in shares)	2,777	2,756
Dilutive effect of stock options and RSUs (in shares)	0	0
Weighted average common shares outstanding - diluted (in shares)	2,777	2,756

Stock Options and Stock-Based_2

Stock Options and Stock-Based Compensation - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended
	Jun. 30, 2021	Jul. 31, 2021	Jul. 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]
Stock-based compensation expense		194,000	$ 59,000
Remaining estimated compensation expense		$ 1,325,000
2017 Plan | Restricted Stock Units (RSUs) | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units granted (in shares)	5,500
Vesting period (in years)	2 years
2017 Plan | Restricted Stock Units (RSUs) | Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units granted (in shares)	51,471
Vesting period (in years)	3 years

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2021	Jul. 31, 2020	Apr. 30, 2021
Income Tax Disclosure [Abstract]
Income tax expense	$ 251	$ 21
Effective income tax rate	(23.80%)	(3.60%)
Deferred tax liability, global tax exposure for unremitted earnings of international subsidiaries	$ 826		$ 776

Defined Benefit Pension Plans -

Defined Benefit Pension Plans - Additional Information (Detail) - USD ($)	3 Months Ended
	Jul. 31, 2021	Jul. 31, 2020
Retirement Benefits [Abstract]
Employer contributions	$ 0	$ 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
	Jul. 31, 2021	Jul. 31, 2020
Retirement Benefits [Abstract]
Service cost	$ 0	$ 0
Interest cost	177	181
Expected return on plan assets	(401)	(321)
Recognition of net loss	135	428
Net periodic pension (income) expense	$ (89)	$ 288

Segment Information - Additiona

Segment Information - Additional Information (Detail)	3 Months Ended
	Jul. 31, 2021Segment
Segment Reporting [Abstract]
Number of business segments	2

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2021	Jul. 31, 2020
Segment Reporting Information [Line Items]
Net sales	$ 39,493	$ 36,423
Intersegment revenues	0	0
Earnings (loss) before income taxes	(1,056)	(587)
Corporate / Eliminations
Segment Reporting Information [Line Items]
Net sales	0	0
Intersegment revenues	(740)	(1,462)
Earnings (loss) before income taxes	(1,511)	(1,715)
Domestic Operations | Operating Segments
Segment Reporting Information [Line Items]
Net sales	29,663	30,058
Intersegment revenues	175	651
Earnings (loss) before income taxes	(209)	993
International Operations | Operating Segments
Segment Reporting Information [Line Items]
Net sales	9,830	6,365
Intersegment revenues	565	811
Earnings (loss) before income taxes	$ 664	$ 135