Kewaunee Scientific (KEQU) 10-Q 9 Mar 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jan. 31, 2018	Mar. 05, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jan. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Trading Symbol	KEQU
Entity Registrant Name	KEWAUNEE SCIENTIFIC CORP /DE/
Entity Central Index Key	55,529
Current Fiscal Year End Date	--04-30
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		2,724,932

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2018	Jan. 31, 2017	Jan. 31, 2018	Jan. 31, 2017
Income Statement [Abstract]
Net sales	$ 38,190	$ 30,371	$ 113,542	$ 103,979
Costs of products sold	29,836	25,339	90,456	84,704
Gross profit	8,354	5,032	23,086	19,275
Operating expenses	5,971	4,590	16,360	14,484
Operating earnings	2,383	442	6,726	4,791
Other income	179	120	524	358
Interest expense	(78)	(71)	(226)	(229)
Earnings before income taxes	2,484	491	7,024	4,920
Income tax expense	1,566	133	3,149	1,695
Net earnings	918	358	3,875	3,225
Less: net earnings attributable to the noncontrolling interest	35	17	120	98
Net earnings attributable to Kewaunee Scientific Corporation	$ 883	$ 341	$ 3,755	$ 3,127
Net earnings per share attributable to Kewaunee Scientific Corporation stockholders
Basic	$ 0.32	$ 0.13	$ 1.38	$ 1.16
Diluted	$ 0.31	$ 0.13	$ 1.35	$ 1.15
Weighted average number of common shares outstanding
Basic	2,722	2,711	2,717	2,703
Diluted	2,784	2,734	2,772	2,724

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2018	Jan. 31, 2017	Jan. 31, 2018	Jan. 31, 2017
Statement of Comprehensive Income [Abstract]
Net earnings	$ 918	$ 358	$ 3,875	$ 3,225
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	203	(63)	49	(232)
Change in fair value of cash flow hedge	12	35	30	53
Other comprehensive income (loss)	215	(28)	79	(179)
Comprehensive income, net of tax	1,133	330	3,954	3,046
Less: comprehensive income attributable to the noncontrolling interest	35	17	120	98
Comprehensive income attributable to Kewaunee Scientific Corporation	$ 1,098	$ 313	$ 3,834	$ 2,948

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Equity - 9 months ended Jan. 31, 2018 - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Balance at Apr. 30, 2017	$ 42,883	$ 6,789	$ 2,695	$ (53)	$ 39,771	$ (6,319)
Net earnings attributable to Kewaunee Scientific Corporation	3,755				3,755
Other comprehensive income	79					79
Cash dividends paid, $0.49 per share	(1,331)				(1,331)
Stock options exercised, 22,600 shares	8	28	(20)
Stock based compensation	276	4	272
Balance at Jan. 31, 2018	$ 45,670	$ 6,821	$ 2,947	$ (53)	$ 42,195	$ (6,240)

Consolidated Statement of Stoc5

Consolidated Statement of Stockholders' Equity (Parenthetical)	9 Months Ended
	Jan. 31, 2018$ / sharesshares
Statement of Stockholders' Equity [Abstract]
Cash dividends paid, per share | $ / shares	$ 0.49
Stock options exercised, shares | shares	22,600

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jan. 31, 2018	Apr. 30, 2017
Current Assets:
Cash and cash equivalents	$ 9,178	$ 12,506
Restricted cash	1,493	1,435
Receivables, less allowance; $224; $191, on each respective date	30,843	29,889
Inventories	17,680	14,935
Prepaid expenses and other current assets	3,083	1,047
Total Current Assets	62,277	59,812
Property, plant and equipment, at cost	53,418	51,568
Accumulated depreciation	(39,588)	(37,541)
Net Property, Plant and Equipment	13,830	14,027
Deferred income taxes	2,519	3,158
Other	4,068	3,919
Total Other Assets	6,587	7,077
Total Assets	82,694	80,916
Current Liabilities:
Short-term borrowings and interest rate swaps	4,778	3,591
Current portion of long-term debt	1,167	918
Accounts payable	12,631	11,995
Employee compensation and amounts withheld	2,848	2,765
Deferred revenue	1,959	5,806
Other accrued expenses	2,667	1,852
Total Current Liabilities	26,050	26,927
Long-term debt	1,556	2,431
Accrued pension and deferred compensation costs	8,509	8,301
Other Non-CurrentLiabilities	486
Total Liabilities	36,601	37,659
Commitments and Contingencies
Stockholders' Equity:
Common Stock, $2.50 par value, Authorized - 5,000 shares; Issued - 2,728 shares; 2,715 shares; - Outstanding - 2,725 shares; 2,712 shares, on each respective date	6,821	6,789
Additional paid-in-capital	2,947	2,695
Retained earnings	42,195	39,771
Accumulated other comprehensive loss	(6,240)	(6,319)
Common stock in treasury, at cost, 3 shares, on each date	(53)	(53)
Total Kewaunee Scientific Corporation Stockholders' Equity	45,670	42,883
Noncontrolling interest	423	374
Total Equity	46,093	43,257
Total Liabilities and Equity	$ 82,694	$ 80,916

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jan. 31, 2018	Apr. 30, 2017
Statement of Financial Position [Abstract]
Allowance for receivables	$ 224	$ 191
Common stock, par value	$ 2.50	$ 2.50
Common stock, shares authorized	5,000	5,000
Common stock, shares issued	2,728	2,715
Common stock, shares outstanding	2,725	2,712
Treasury stock, shares	3	3

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Jan. 31, 2018	Jan. 31, 2017
Cash flows from operating activities:
Net earnings	$ 3,875	$ 3,225
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:
Depreciation	2,104	1,960
Bad debt provision	71	(42)
Stock based compensation expense	276	150
Expense (benefit) for deferred income taxes	639	(12)
Change in assets and liabilities:
Increase (decrease) in receivables	(1,025)	2,090
Increase in inventories	(2,745)	(105)
Increase (decrease) in accounts payable and other accrued expenses	2,020	(1,189)
Decrease in deferred revenue	(3,847)	(237)
Other, net	(2,013)	11
Net cash (used in) provided by operating activities	(645)	5,851
Cash flows from investing activities:
Capital expenditures	(1,907)	(2,190)
Decrease (increase) in restricted cash	(58)	129
Net cash used in investing activities	(1,965)	(2,061)
Cash flows from financing activities:
Dividends paid	(1,331)	(1,163)
Dividends paid to holders of noncontrolling interest in subsidiaries	(74)
Proceeds from short-term borrowings	44,639	39,804
Repayments on short-term borrowings	(43,452)	(38,943)
Payments on long-term debt	(626)	(316)
Net proceeds from exercise of stock options	8	141
Net cash used in financing activities	(836)	(477)
Effect of exchange rate changes on cash and cash equivalents	118	(281)
(Decrease) increase in cash and cash equivalents	(3,328)	3,032
Cash and cash equivalents, beginning of period	12,506	5,222
Cash and cash equivalents, end of period	$ 9,178	$ 8,254

Financial Information

Financial Information	9 Months Ended
	Jan. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Financial Information	A. Financial Information The unaudited interim 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 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 2017 Annual Report to Stockholders. 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 consolidated balance sheet as of April 30, 2017 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 consolidated financial statements requires management to make certain estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Jan. 31, 2018
Text Block [Abstract]
Revenue Recognition	B. Revenue Recognition Product sales and installation revenue are recognized when all of the following criteria have been met: (1) products have been shipped, or customers have purchased and accepted title to the goods, but because of construction delays, have requested that the Company temporarily store the finished goods on the customer’s behalf; service revenue for installation of products sold is recognized as the installation services are performed, (2) persuasive evidence of an arrangement exists, (3) the price to the customer is fixed, and (4) collectability is reasonably assured. The Company utilizes either the percentage of completion or completed contract method based on facts and circumstances of individual contracts. Deferred revenue consists of customer deposits and advance billings of the Company’s products where sales have not yet been recognized. Shipping and handling costs are included in costs of product sales. Because of the nature and quality of the Company’s products, any warranty issues are determined in a relatively short period after the sale and are infrequent in nature, and as such, warranty costs are immaterial to the Company’s consolidated financial position and results of operations and are expensed as incurred. Product sales resulting from fixed-price construction contracts involve a signed contract for a fixed price to provide the Company’s laboratory furniture and fume hoods for a construction project. In these instances, the Company is usually in the role of a subcontractor, but in some cases may enter into a contract directly with the end-user Product sales resulting from purchase orders involve a purchase order received by the Company from its dealers or stocking distributor. This category includes product sales for standard products, as well as products which require some customization. Any customization requirements are approved by the customer prior to manufacture of the customized product. Sales from purchase orders are recognized under the terms of the purchase order which generally are freight on board (“FOB”) shipping point and do not include rights of return. Accordingly, these sales are recognized at the time of shipment.

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Jan. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	C. Derivative Financial Instruments The Company records derivatives on the consolidated balance sheet at fair value and establishes criteria for designation and effectiveness of hedging relationships. The nature of the Company’s business activities involves the management of various financial and market risks, including those related to changes in interest rates. The Company does not enter into derivative instruments for speculative purposes. In May 2013, the Company entered into an interest rate swap agreement whereby the interest rate payable by the Company on $3,450,000 of outstanding long-term debt was effectively converted to a fixed interest rate of 4.875% for the period beginning May 1, 2013 and ending August 1, 2017. In May 2013, the Company entered into an interest rate swap agreement whereby the interest rate payable by the Company on $2,600,000 of outstanding long-term debt was effectively converted to a fixed interest rate of 4.37% for the period beginning August 1, 2017 and ending May 1, 2020. In May 2013, the Company entered into an interest rate swap agreement whereby the interest rate payable by the Company on $1,218,000 of outstanding long-term debt was effectively converted to a fixed interest rate of 3.07% for the period beginning November 3, 2014 and ending May 1, 2020. The Company entered into these interest rate swap arrangements to mitigate future interest rate risk associated with its long-term debt and has designated these as cash flow hedges.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Jan. 31, 2018
Earnings Per Share [Abstract]
Earnings Per Share	D. Earnings Per Share Basic earnings per share is based on the weighted average number of common shares outstanding during the three and nine month periods. Diluted earnings per share reflects the assumed exercise and conversion of restricted stock units and outstanding stock options under the Company’s Omnibus Incentive Plan, except when such awards have an anti-dilutive effect. There were no antidilutive awards outstanding at January 31, 2018. Stock options to purchase 39,200 shares were not included in the computation of diluted earnings per share for the three and nine month periods ended January 31, 2017, because the option exercise prices were greater than the average market price of the common shares during the quarter, and accordingly, such stock options would have an antidilutive effect.

Inventories

Inventories	9 Months Ended
	Jan. 31, 2018
Inventory Disclosure [Abstract]
Inventories	E. Inventories Inventories consisted of the following (in thousands): January 31, 2018 April 30, 2017 Finished products $ 3,778 $ 3,179 Work in process 2,133 1,950 Raw materials 11,769 9,806 $ 17,680 $ 14,935 The Company uses the last-in, first-out year-end year-end first-in, first-out

Segment Information

Segment Information	9 Months Ended
	Jan. 31, 2018
Segment Reporting [Abstract]
Segment Information	F. 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 table provides financial information by business segments for the three and nine months ended January 31, 2018 and 2017 (in thousands): Domestic Operations International Operations Corporate / Total Three months ended January 31, 2018 Revenues from external customers $ 29,734 $ 8,456 $ — $ 38,190 Intersegment revenues 1,145 1,361 (2,506 ) — Earnings (loss) before income taxes 2,959 1,363 (1,838 ) 2,484 Three months ended January 31, 2017 Revenues from external customers $ 25,313 $ 5,058 $ — $ 30,371 Intersegment revenues 344 538 (882 ) — Earnings (loss) before income taxes 563 943 (1,015 ) 491 Domestic Operations International Operations Corporate/ Eliminations Total Nine months ended January 31, 2018 Revenues from external customers $ 80,420 $ 33,122 $ — $ 113,542 Intersegment revenues 10,298 3,291 (13,589 ) — Earnings (loss) before income taxes 7,720 4,019 (4,715 ) 7,024 Nine months ended January 31, 2017 Revenues from external customers $ 83,161 $ 20,818 $ — $ 103,979 Intersegment revenues 3,781 2,936 (6,717 ) — Earnings (loss) before income taxes 5,580 3,010 (3,670 ) 4,920

Defined Benefit Pension Plans

Defined Benefit Pension Plans	9 Months Ended
	Jan. 31, 2018
Retirement Benefits [Abstract]
Defined Benefit Pension Plans	G. Defined Benefit Pension Plans The Company has non-contributory Three months ended January 31, 2018 Three months ended January 31, 2017 Service cost $ -0- $ -0- Interest cost 219 232 Expected return on plan assets (328 ) (311 ) Recognition of net loss 283 314 Net periodic pension expense $ 174 $ 235 Nine months ended January 31, 2018 Nine months ended January 31, 2017 Service cost $ -0- $ -0- Interest cost 687 695 Expected return on plan assets (984 ) (932 ) Recognition of net loss 849 942 Net periodic pension expense $ 522 $ 705

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Jan. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	H. Fair Value of Financial Instruments The Company’s financial instruments consist primarily of cash and equivalents, mutual funds, cash surrender value of life insurance policies, term loans and short-term borrowings. The carrying value of these assets and liabilities approximate their fair value. The following tables summarize the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of January 31, 2018 and April 30, 2017 (in thousands): January 31, 2018 Level 1 Level 2 Total Financial Assets Trading securities held in non-qualified $ 3,994 $ — $ 3,994 Cash surrender value of life insurance policies (1) — 75 75 Total $ 3,994 $ 75 $ 4,069 Financial Liabilities Non-qualified $ — $ 4,472 $ 4,472 Interest rate swap derivatives — 14 14 Total $ — $ 4,486 $ 4,486 April 30, 2017 Level 1 Level 2 Total Financial Assets Trading securities held in non-qualified $ 3,748 $ — $ 3,748 Cash surrender value of life insurance policies (1) — 75 75 Total $ 3,748 $ 75 $ 3,823 Financial Liabilities Non-qualified $ — $ 4,186 $ 4,186 Interest rate swap derivatives — 62 62 Total $ — $ 4,248 $ 4,248 (1) The Company maintains two non-qualified (2) Plan liabilities are equal to the individual participants’ account balances and other earned retirement benefits.

Share-based Compensation

Share-based Compensation	9 Months Ended
	Jan. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based Compensation	I. Share-based Compensation The stockholders approved the 2017 Omnibus Incentive Plan (“2017 Plan”) on August 30, 2017, which enables the Company to grant a broad range of equity, equity-related, and non-equity The Company issued restricted stock units (“RSUs”) under the 2017 Plan and recorded stock-based compensation expense of $60,000 and $100,000 during the three and nine months ended January 31, 2018 in accordance with ASC 718, “Compensation—Stock Compensation.” The RSUs include both a service and 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 cumulative days incurred and remaining over the three year period. The remaining estimated compensation expense of $510,000 will be recorded over the remaining three year period.

Income Taxes

Income Taxes	9 Months Ended
	Jan. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	J. Income Taxes On December 22, 2017, the Tax Cuts and Jobs Act (the “2017 Tax Act”) was signed into law. The 2017 Tax Act includes a broad range of tax reform provisions affecting businesses, including lower corporate tax rates, changes in business deductions, and international tax provisions. In response to the 2017 Tax Act, the U.S. Securities and Exchange Commission staff issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address the application of U.S. GAAP in situations where a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the 2017 Tax Act. SAB 118 provides that the measurement period is complete when a company’s accounting is complete and that the measurement period shall not extend beyond one year from the enactment date. SAB 118 provides guidance for registrants under three scenarios: (i) measurement of certain income tax effects is complete, (ii) measurement of certain income tax effects can be reasonably estimated, and (iii) measurement of certain income tax effects cannot be reasonably estimated. The 2017 Tax Act lowered the federal statutory tax rate from 35% to 21%. As the Company has a fiscal year ending April 30, it is subject to a blended tax rate for the current fiscal year. Therefore, a blended rate of 29.73% was computed as the federal statutory rate for this year. The Company has analyzed the income tax effects of the 2017 Tax Act and determined that (ii) measurement of the income tax effects can be reasonably estimated, and, as such, provisional amounts have been recorded. The Company believes that all provisional amounts reflected in its financial statements are based on the best estimates that can be made at this time. The Company will continue to analyze all impacts of the 2017 Tax Act and will update provisional amounts as required. The Company recognized income tax expense of $1,566,000 and $3,149,000 for the three and nine months ended January 31, 2018. The effective tax rate is 63.0% and 44.8% for the three and nine months ended January 31, 2018. In accordance with ASC 740, ”Income Taxes”, which requires deferred taxes to be re-measured The Company revalued the U.S. deferred tax balances based on the tax rates effective for the following fiscal year at the new federal rate of 21% for amounts that are not expected to reverse during the current fiscal year and revalued the deferred tax balances expected to reverse in the current fiscal year at the Company’s current fiscal year blended rate of 29.73%. The Company has not yet completed the revaluation of the deferred tax balances due to estimates which are being used during interim periods until finalization of the balances can occur at the Company’s fiscal year end. The 2017 Tax Act also includes a one-time one-time non-current The Company is currently in the process of evaluating the new Global Intangible Low-Taxed The Company anticipates future impacts at a U.S., state and local tax level related to the 2017 Tax Act as statutory and interpretive guidance is not available from applicable tax authorities needed to reasonably estimate the impact. Consequently, the Company has not recorded provisional amounts for this statutory and interpretive guidance and have continued to apply ASC 740 based on the provisions of the tax laws that were in effect immediately prior to the 2017 Tax Act enactment.

Reclassifications

Reclassifications	9 Months Ended
	Jan. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reclassifications	K. Reclassifications Certain 2017 amounts have been reclassified to conform to the 2018 presentation in the consolidated statements of cash flows. Such reclassifications had no impact on net earnings.

New Accounting Standards

New Accounting Standards	9 Months Ended
	Jan. 31, 2018
Accounting Changes and Error Corrections [Abstract]
New Accounting Standards	L. New Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2014-09, 2014-09”). 2014-09 2014-09. 2014-09 2014-09 2014-09 2014-09 In July 2015, the FASB issued ASU 2015-11, In March 2016, the FASB issued ASU 2016-9,

New Accounting Standards (Polic

New Accounting Standards (Policies)	9 Months Ended
	Jan. 31, 2018
Accounting Changes and Error Corrections [Abstract]
New Accounting Standards	In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2014-09, 2014-09”). 2014-09 2014-09. 2014-09 2014-09 2014-09 2014-09 In July 2015, the FASB issued ASU 2015-11, In March 2016, the FASB issued ASU 2016-9,

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Jan. 31, 2018
Inventory Disclosure [Abstract]
Summary of Inventories	Inventories consisted of the following (in thousands): January 31, 2018 April 30, 2017 Finished products $ 3,778 $ 3,179 Work in process 2,133 1,950 Raw materials 11,769 9,806 $ 17,680 $ 14,935

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Jan. 31, 2018
Segment Reporting [Abstract]
Segment Information	The following table provides financial information by business segments for the three and nine months ended January 31, 2018 and 2017 (in thousands): Domestic Operations International Operations Corporate / Total Three months ended January 31, 2018 Revenues from external customers $ 29,734 $ 8,456 $ — $ 38,190 Intersegment revenues 1,145 1,361 (2,506 ) — Earnings (loss) before income taxes 2,959 1,363 (1,838 ) 2,484 Three months ended January 31, 2017 Revenues from external customers $ 25,313 $ 5,058 $ — $ 30,371 Intersegment revenues 344 538 (882 ) — Earnings (loss) before income taxes 563 943 (1,015 ) 491 Domestic Operations International Operations Corporate/ Eliminations Total Nine months ended January 31, 2018 Revenues from external customers $ 80,420 $ 33,122 $ — $ 113,542 Intersegment revenues 10,298 3,291 (13,589 ) — Earnings (loss) before income taxes 7,720 4,019 (4,715 ) 7,024 Nine months ended January 31, 2017 Revenues from external customers $ 83,161 $ 20,818 $ — $ 103,979 Intersegment revenues 3,781 2,936 (6,717 ) — Earnings (loss) before income taxes 5,580 3,010 (3,670 ) 4,920

Defined Benefit Pension Plans (

Defined Benefit Pension Plans (Tables)	9 Months Ended
	Jan. 31, 2018
Retirement Benefits [Abstract]
Pension Expenses	Pension expense consisted of the following (in thousands): Three months ended January 31, 2018 Three months ended January 31, 2017 Service cost $ -0- $ -0- Interest cost 219 232 Expected return on plan assets (328 ) (311 ) Recognition of net loss 283 314 Net periodic pension expense $ 174 $ 235 Nine months ended January 31, 2018 Nine months ended January 31, 2017 Service cost $ -0- $ -0- Interest cost 687 695 Expected return on plan assets (984 ) (932 ) Recognition of net loss 849 942 Net periodic pension expense $ 522 $ 705

Fair Value of Financial Instr25

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Jan. 31, 2018
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, 2018 and April 30, 2017 (in thousands): January 31, 2018 Level 1 Level 2 Total Financial Assets Trading securities held in non-qualified $ 3,994 $ — $ 3,994 Cash surrender value of life insurance policies (1) — 75 75 Total $ 3,994 $ 75 $ 4,069 Financial Liabilities Non-qualified $ — $ 4,472 $ 4,472 Interest rate swap derivatives — 14 14 Total $ — $ 4,486 $ 4,486 April 30, 2017 Level 1 Level 2 Total Financial Assets Trading securities held in non-qualified $ 3,748 $ — $ 3,748 Cash surrender value of life insurance policies (1) — 75 75 Total $ 3,748 $ 75 $ 3,823 Financial Liabilities Non-qualified $ — $ 4,186 $ 4,186 Interest rate swap derivatives — 62 62 Total $ — $ 4,248 $ 4,248 (1) The Company maintains two non-qualified (2) Plan liabilities are equal to the individual participants’ account balances and other earned retirement benefits.

Derivative Financial Instrume26

Derivative Financial Instruments - Additional Information (Detail) - Interest Rate Swap Derivatives [Member]	May 31, 2013USD ($)
4.875% [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Outstanding long-term debt	$ 3,450,000
Fixed rate percentage	4.875%
4.37% [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Outstanding long-term debt	$ 2,600,000
Fixed rate percentage	4.37%
3.07% [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Outstanding long-term debt	$ 1,218,000
Fixed rate percentage	3.07%

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended		9 Months Ended
	Jan. 31, 2018	Jan. 31, 2017	Jan. 31, 2018	Jan. 31, 2017
Earnings Per Share [Abstract]
Anti-dilutive options exclude from computation of earning per share	0	39,200	0	39,200

Inventories - Summary of Invent

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Jan. 31, 2018	Apr. 30, 2017
Inventory Disclosure [Abstract]
Finished products	$ 3,778	$ 3,179
Work in process	2,133	1,950
Raw materials	11,769	9,806
Total inventories	$ 17,680	$ 14,935

Inventories - Additional Inform

Inventories - Additional Information (Detail) - USD ($)	Jan. 31, 2018	Apr. 30, 2017
Inventories [Line Items]
LIFO inventory amount	$ 15,833,000	$ 12,730,000
International Subsidiaries [Member]
Inventories [Line Items]
Inventories measured using FIFO method	$ 1,847,000	$ 2,205,000

Segment Information - Additiona

Segment Information - Additional Information (Detail)	9 Months Ended
	Jan. 31, 2018Segment
Segment Reporting [Abstract]
Number of business segment	2

Segment Information - Segment I

Segment Information - Segment Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2018	Jan. 31, 2017	Jan. 31, 2018	Jan. 31, 2017
Segment Reporting Information [Line Items]
Revenues from external customers	$ 38,190	$ 30,371	$ 113,542	$ 103,979
Earnings (loss) before income taxes	2,484	491	7,024	4,920
Corporate / Eliminations [Member]
Segment Reporting Information [Line Items]
Intersegment revenues	(2,506)	(882)	(13,589)	(6,717)
Earnings (loss) before income taxes	(1,838)	(1,015)	(4,715)	(3,670)
Domestic [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues from external customers	29,734	25,313	80,420	83,161
Intersegment revenues	1,145	344	10,298	3,781
Earnings (loss) before income taxes	2,959	563	7,720	5,580
International [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues from external customers	8,456	5,058	33,122	20,818
Intersegment revenues	1,361	538	3,291	2,936
Earnings (loss) before income taxes	$ 1,363	$ 943	$ 4,019	$ 3,010

Defined Benefit Pension Plans -

Defined Benefit Pension Plans - Additional Information (Detail) - USD ($)	9 Months Ended
	Jan. 31, 2018	Jan. 31, 2017
Retirement Benefits [Abstract]
Employer contributions	$ 600,000	$ 555,000
Company expected contributions remainder of fiscal year	$ 0
Assumed as expected long-term rate of return	7.75%	8.00%

Defined Benefit Pension Plans33

Defined Benefit Pension Plans - Pension Expenses (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2018	Jan. 31, 2017	Jan. 31, 2018	Jan. 31, 2017
Retirement Benefits [Abstract]
Service cost	$ 0	$ 0	$ 0	$ 0
Interest cost	219	232	687	695
Expected return on plan assets	(328)	(311)	(984)	(932)
Recognition of net loss	283	314	849	942
Net periodic pension expense	$ 174	$ 235	$ 522	$ 705

Fair Value of Financial Instr34

Fair Value of Financial Instruments - Summary of Fair Value Hierarchy for Financial Assets and Liabilities Measured Recurring Basis (Detail) - USD ($) $ in Thousands	Jan. 31, 2018	Apr. 30, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Assets	$ 4,069	$ 3,823
Financial Liabilities	4,486	4,248
Trading Securities Held in Non-Qualified Compensation Plans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Assets	3,994	3,748
Cash Surrender Value of Life Insurance Policies [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Assets	75	75
Non Qualified Compensation Plans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Liabilities	4,472	4,186
Interest Rate Swap Derivatives [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Liabilities	14	62
Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Assets	3,994	3,748
Level 1 [Member] | Trading Securities Held in Non-Qualified Compensation Plans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Assets	3,994	3,748
Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Assets	75	75
Financial Liabilities	4,486	4,248
Level 2 [Member] | Cash Surrender Value of Life Insurance Policies [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Assets	75	75
Level 2 [Member] | Non Qualified Compensation Plans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Liabilities	4,472	4,186
Level 2 [Member] | Interest Rate Swap Derivatives [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Liabilities	$ 14	$ 62

Fair Value of Financial Instr35

Fair Value of Financial Instruments - Summary of Fair Value Hierarchy for Financial Assets and Liabilities Measured Recurring Basis (Parenthetical) (Detail)	Oct. 31, 2017CompensationPlan
Regulatory Assets [Abstract]
Number of non-qualified compensation plans maintained	2

Share-based Compensation - Addi

Share-based Compensation - Additional Information (Detail) - USD ($)	3 Months Ended	9 Months Ended
	Jan. 31, 2018	Jan. 31, 2018	Jan. 31, 2017	Aug. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 276,000	$ 150,000
2010 and 2008 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance				280,100
2010 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted		0
2008 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted		0
2017 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase in number of shares available under stock option plan		0
2017 Plan [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 60,000	$ 100,000
Vesting period		3 years
Remaining estimated compensation expense	$ 510,000	$ 510,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended			9 Months Ended
	Apr. 30, 2018	Jan. 31, 2018	Jan. 31, 2017	Apr. 30, 2018	Jan. 31, 2018	Jan. 31, 2017
Income Taxes [Line Items]
Effective tax rate					35.00%
Income tax expense		$ 1,566,000	$ 133,000		$ 3,149,000	$ 1,695,000
Effective tax rate		63.00%			44.80%
Discrete deferred income tax expense		$ 587,000
Tax Cuts and Jobs Act, transition tax for accumulated unrepatriated foreign earnings, provisional income tax expense		528,000
Tax Cuts and Jobs Act, transition tax for accumulated unrepatriated foreign earnings, provisional income tax liability		$ 486,000			$ 486,000
Tax Cuts and Jobs Act, transition tax for accumulated unrepatriated foreign earnings, payment period		8 years
Scenario, Forecast [Member]
Income Taxes [Line Items]
Effective tax rate	21.00%			29.73%