Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Jan. 31, 2014 | Feb. 25, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Jan-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Registrant Name | 'AMERICAN WOODMARK CORP | ' |
Entity Central Index Key | '0000794619 | ' |
Current Fiscal Year End Date | '--04-30 | ' |
Entity Common Stock, Shares Outstanding | ' | 15,540,389 |
Trading Symbol | 'amwd | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Jan. 31, 2014 | Apr. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $126,053 | $96,971 |
Customer receivables, net | 48,107 | 39,044 |
Inventories | 29,671 | 29,338 |
Prepaid expenses and other | 3,309 | 3,084 |
Deferred income taxes | 7,736 | 9,481 |
Total Current Assets | 214,876 | 177,918 |
Property, plant and equipment, net | 73,480 | 74,064 |
Promotional displays, net | 5,914 | 5,811 |
Deferred income taxes | 26,480 | 29,262 |
Other assets | 7,114 | 6,938 |
TOTAL ASSETS | 327,864 | 293,993 |
Current Liabilities | ' | ' |
Accounts payable | 24,919 | 23,306 |
Current maturities of long-term debt | 1,436 | 1,155 |
Accrued compensation and related expenses | 22,144 | 26,213 |
Accrued marketing expenses | 12,734 | 10,159 |
Other accrued expenses | 10,058 | 8,275 |
Total Current Liabilities | 71,291 | 69,108 |
Long-term debt, less current maturities | 23,311 | 23,594 |
Defined benefit pension liabilities | 51,258 | 53,696 |
Other long-term liabilities | 1,470 | 1,400 |
Shareholders' Equity | ' | ' |
Preferred stock, $1.00 par value; 2,000,000 shares authorized, none issued | 0 | 0 |
Common stock, no par value; 40,000,000 shares authorized; issued and outstanding shares: at January 31, 2014: 15,527,722; at April 30, 2013: 14,822,580 | 126,160 | 107,165 |
Retained earnings | 86,007 | 71,180 |
Accumulated other comprehensive loss - | ' | ' |
Defined benefit pension plans | -31,633 | -32,150 |
Total Shareholders' Equity | 180,534 | 146,195 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $327,864 | $293,993 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Jan. 31, 2014 | Apr. 30, 2013 |
Condensed Consolidated Balance Sheets [Abstract] | ' | ' |
Preferred stock, par value | $1 | $1 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, no par value | ' | ' |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 15,527,722 | 14,822,580 |
Common stock, shares outstanding | 15,527,722 | 14,822,580 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2013 |
Condensed Consolidated Statements Of Income [Abstract] | ' | ' | ' | ' |
Net sales | $169,033 | $151,346 | $537,660 | $459,358 |
Cost of sales and distribution | 143,032 | 127,839 | 445,670 | 389,014 |
Gross Profit | 26,001 | 23,507 | 91,990 | 70,344 |
Selling and marketing expenses | 14,287 | 13,083 | 44,638 | 42,576 |
General and administrative expenses | 6,564 | 6,714 | 22,555 | 18,977 |
Restructuring charges, net | 48 | 118 | 161 | 979 |
Insurance proceeds | 0 | 0 | -94 | -399 |
Operating Income | 5,102 | 3,592 | 24,730 | 8,211 |
Interest expense | 182 | 157 | 554 | 474 |
Other income | -33 | -41 | -90 | -125 |
Income Before Income Taxes | 4,953 | 3,476 | 24,266 | 7,862 |
Income tax expense | 2,052 | 1,419 | 9,439 | 3,294 |
Net Income | $2,901 | $2,057 | $14,827 | $4,568 |
Weighted Average Shares Outstanding | ' | ' | ' | ' |
Basic | 15,475,683 | 14,581,573 | 15,218,558 | 14,498,483 |
Diluted | 15,827,666 | 14,904,524 | 15,595,342 | 14,719,441 |
Net earnings per share | ' | ' | ' | ' |
Basic | $0.19 | $0.14 | $0.97 | $0.32 |
Diluted | $0.18 | $0.14 | $0.95 | $0.31 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2013 |
Condensed Consolidated Statements Of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $2,901 | $2,057 | $14,827 | $4,568 |
Other comprehensive income, net of tax: | ' | ' | ' | ' |
Change in pension benefits, net of deferred tax of $(110) and $(90), and $(330) and $(270), for the three and nine months ended January 31, 2014 and 2013, respectively | 172 | 142 | 517 | 423 |
Total Comprehensive Income | $3,073 | $2,199 | $15,344 | $4,991 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2013 |
Condensed Consolidated Statements Of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Other comprehensive income, deferred tax | ($110) | ($90) | ($330) | ($270) |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 |
OPERATING ACTIVITIES | ' | ' |
Net income | $14,827 | $4,568 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 10,859 | 10,967 |
Net (gain) loss on disposal of property, plant and equipment | -1 | 107 |
Gain on sales of assets held for sale | 0 | -481 |
Gain on insurance recoveries | -94 | -399 |
Stock-based compensation expense | 2,518 | 2,648 |
Deferred income taxes | 4,427 | 2,994 |
Pension contributions in excess of expense | -1,591 | -4,360 |
Tax benefit from stock-based compensation | -480 | -331 |
Other non-cash items | 982 | 325 |
Changes in operating assets and liabilities: | ' | ' |
Customer receivables | -9,051 | -8,552 |
Inventories | -839 | -5,689 |
Prepaid expenses and other assets | -805 | -835 |
Accounts payable | 1,613 | 3,449 |
Accrued compensation and related expenses | -4,069 | 419 |
Other accrued expenses | 5,248 | -2,593 |
Net Cash Provided by Operating Activities | 23,544 | 2,237 |
INVESTING ACTIVITIES | ' | ' |
Payments to acquire property, plant, and equipment | -5,553 | -7,667 |
Proceeds from sales of property, plant, and equipment | 65 | 75 |
Proceeds from insurance recoveries | 94 | 399 |
Proceeds from sales of assets held for sale | 0 | 6,447 |
Investment in promotional displays | -2,883 | -3,426 |
Net Cash Used by Investing Activities | -8,277 | -4,172 |
FINANCING ACTIVITIES | ' | ' |
Payments of long-term debt | -1,056 | -830 |
Proceeds from issuance of common stock | 14,391 | 1,818 |
Tax benefit from stock-based compensation | 480 | 331 |
Net Cash Provided by Financing Activities | 13,815 | 1,319 |
Net Increase (Decrease) in Cash And Cash Equivalents | 29,082 | -616 |
Cash And Cash Equivalents, Beginning of Period | 96,971 | 66,620 |
Cash And Cash Equivalents, End of Period | $126,053 | $66,004 |
Basis_Of_Presentation
Basis Of Presentation | 9 Months Ended |
Jan. 31, 2014 | |
Basis Of Presentation [Abstract] | ' |
Basis Of Presentation | ' |
NOTE A--BASIS OF PRESENTATION | |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete consolidated financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three- and nine-month periods ended January 31, 2014 are not necessarily indicative of the results that may be expected for the fiscal year ending April 30, 2014. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes in the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2013 filed with the U.S. Securities Exchange Commission (SEC). | |
New_Accounting_Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Jan. 31, 2014 | |
New Accounting Pronouncements [Abstract] | ' |
New Accounting Pronouncements | ' |
NOTE B--NEW ACCOUNTING PRONOUNCEMENTS | |
In February 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2013-02, “Comprehensive Income (Topic 220): Reporting Amounts Reclassified Out of Accumulated Other Comprehensive Income,” which requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. The ASU does not change the current requirements for reporting net income or other comprehensive income in financial statements. The Company adopted this guidance effective May 1, 2013 with no significant impact on the Company’s results of operations or financial position. | |
Net_Earnings_Per_Share
Net Earnings Per Share | 9 Months Ended | ||||||||||||
Jan. 31, 2014 | |||||||||||||
Net Earnings Per Share [Abstract] | ' | ||||||||||||
Net Earnings Per Share | ' | ||||||||||||
NOTE C--NET EARNINGS PER SHARE | |||||||||||||
The following table sets forth the computation of basic and diluted net earnings per share: | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
January 31, | January 31, | ||||||||||||
(in thousands, except per share amounts) | 2014 | 2013 | 2014 | 2013 | |||||||||
Numerator used in basic and diluted net earnings | |||||||||||||
per common share: | |||||||||||||
Net income | $ | 2,901 | $ | 2,057 | $ | 14,827 | $ | 4,568 | |||||
Denominator: | |||||||||||||
Denominator for basic net earnings per common | |||||||||||||
share - weighted-average shares | 15,476 | 14,582 | 15,219 | 14,498 | |||||||||
Effect of dilutive securities: | |||||||||||||
Stock options and restricted stock units | 352 | 323 | 376 | 221 | |||||||||
Denominator for diluted net earnings per common | |||||||||||||
share - weighted-average shares and assumed | |||||||||||||
conversions | 15,828 | 14,905 | 15,595 | 14,719 | |||||||||
Net earnings per share | |||||||||||||
Basic | $ | 0.19 | $ | 0.14 | $ | 0.97 | $ | 0.32 | |||||
Diluted | $ | 0.18 | $ | 0.14 | $ | 0.95 | $ | 0.31 | |||||
Potentially dilutive securities of 0.0 million and 0.7 million shares for the three-month periods ended January 31, 2014 and 2013, respectively, and 0.1 million and 1.3 million shares for the nine-month periods ended January 31, 2014 and 2013, respectively, were excluded from the calculation of net earnings per share, as the effect would be anti-dilutive. | |||||||||||||
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | ||||||||||||
Jan. 31, 2014 | |||||||||||||
Stock-Based Compensation [Abstract] | ' | ||||||||||||
Stock-Based Compensation | ' | ||||||||||||
NOTE D--STOCK-BASED COMPENSATION | |||||||||||||
The Company has various stock-based compensation plans. During the quarter ended January 31, 2014, the Company did not grant any stock-based compensation awards to employees or non-employee directors. During the nine months ended January 31, 2014, the Board of Directors of the Company approved grants of non-statutory stock options and performance-based restricted stock units (RSUs) to key employees and grants of service-based restricted stock units to key employees and non-employee directors. The employee non-statutory stock option grants totaled 60,500 shares of the Company’s common stock with an exercise price of $36.74 per share. The options vest evenly over a three-year period and have a ten-year contractual term. The employee performance-based RSUs totaled 75,600 units and the employee and non-employee director service-based RSUs totaled 36,400 units. The performance-based RSUs entitle the recipients to receive one share of the Company’s common stock per unit granted if applicable performance conditions are met and the recipient remains continuously employed with the Company until the units vest. The service-based RSUs entitle the recipients to receive one share of the Company’s common stock per unit granted if they remain continuously employed with the Company, or on the Board, until the units vest. All of the Company’s RSUs granted to employees cliff-vest three years from the grant date. The service-based RSUs granted to non-employee directors vest daily through the end of a two-year vesting period as long as the recipient continuously remains a member of the Board. | |||||||||||||
For the three- and nine-month periods ended January 31, 2014 and 2013, stock-based compensation expense was allocated as follows: | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
January 31, | January 31, | ||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||
Cost of sales and distribution | $ | 131 | $ | 159 | $ | 373 | $ | 467 | |||||
Selling and marketing expenses | 211 | 224 | 592 | 654 | |||||||||
General and administrative expenses | 446 | 504 | 1,553 | 1,527 | |||||||||
Stock-based compensation expense | $ | 788 | $ | 887 | $ | 2,518 | $ | 2,648 | |||||
During the nine months ended January 31, 2014, the Board of Directors of the Company also approved grants of 9,486 cash-settled performance-based restricted stock tracking units (RSTUs) and 3,264 cash-settled service-based RSTUs for more junior level employees who previously received RSU grants under the Company’s shareholder approved plan. Each performance-based RSTU entitles the recipient to receive a payment in cash equal to the fair market value of a share of our common stock as of the payment date if applicable performance conditions are met and the recipient remains continuously employed with the Company until the units vest. The service-based RSTUs entitle the recipients to receive a payment in cash equal to the fair market value of a share of our common stock as of the payment date if they remain continuously employed with the Company until the units vest. The RSTUs cliff-vest three years from the grant date. Since the RSTUs will be settled in cash, the grant date fair value of these awards is recorded as a liability until the date of payment. The fair value of each cash-settled RSTU award is remeasured at the end of each reporting period and the liability is adjusted, and related expense recorded, based on the new fair value. The Company recognized expense of $26 thousand and $67 thousand related to RSTUs for the three- and nine-month periods ended January 31, 2014, respectively. | |||||||||||||
Customer_Receivables
Customer Receivables | 9 Months Ended | ||||||
Jan. 31, 2014 | |||||||
Customer Receivables [Abstract] | ' | ||||||
Customer Receivables | ' | ||||||
NOTE E--CUSTOMER RECEIVABLES | |||||||
The components of customer receivables were: | |||||||
January 31, | April 30, | ||||||
(in thousands) | 2014 | 2013 | |||||
Gross customer receivables | $ | 50,448 | $ | 41,397 | |||
Less: | |||||||
Allowance for doubtful accounts | -153 | -148 | |||||
Allowance for returns and discounts | -2,188 | -2,205 | |||||
Net customer receivables | $ | 48,107 | $ | 39,044 | |||
Inventories
Inventories | 9 Months Ended | ||||||
Jan. 31, 2014 | |||||||
Inventories [Abstract] | ' | ||||||
Inventories | ' | ||||||
NOTE F--INVENTORIES | |||||||
The components of inventories were: | |||||||
January 31, | April 30, | ||||||
(in thousands) | 2014 | 2013 | |||||
Raw materials | $ | 12,797 | $ | 11,823 | |||
Work-in-process | 16,770 | 17,170 | |||||
Finished goods | 11,087 | 11,318 | |||||
Total FIFO inventories | 40,654 | 40,311 | |||||
Reserve to adjust inventories to LIFO value | -10,983 | -10,973 | |||||
Total LIFO inventories | $ | 29,671 | $ | 29,338 | |||
Interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs. Since these items are estimated, interim results are subject to the final year-end LIFO inventory valuation. | |||||||
Product_Warranty
Product Warranty | 9 Months Ended | ||||||
Jan. 31, 2014 | |||||||
Product Warranty [Abstract] | ' | ||||||
Product Warranty | ' | ||||||
NOTE G--PRODUCT WARRANTY | |||||||
The Company estimates outstanding warranty costs based on the historical relationship between warranty claims and revenues. The warranty accrual is reviewed monthly to verify that it properly reflects the remaining obligation based on the anticipated expenditures over the balance of the obligation period. Adjustments are made when actual warranty claim experience differs from estimates. Warranty claims are generally made within two months of the original shipment date. | |||||||
The following is a reconciliation of the Company’s warranty liability: | |||||||
Nine Months Ended | |||||||
January 31, | |||||||
(in thousands) | 2014 | 2013 | |||||
Beginning balance at May 1 | $ | 1,795 | $ | 1,885 | |||
Accrual | 8,447 | 6,959 | |||||
Settlements | -8,607 | -7,168 | |||||
Ending balance at January 31 | $ | 1,635 | $ | 1,676 | |||
Cash_Flow
Cash Flow | 9 Months Ended | ||||||
Jan. 31, 2014 | |||||||
Cash Flow [Abstract] | ' | ||||||
Cash Flow | ' | ||||||
NOTE H--CASH FLOW | |||||||
Supplemental disclosures of cash flow information: | |||||||
Nine Months Ended | |||||||
January 31, | |||||||
(in thousands) | 2014 | 2013 | |||||
Cash paid during the period for: | |||||||
Interest | $ | 502 | $ | 451 | |||
Income taxes | $ | 3,978 | $ | 268 | |||
Pension_Benefits
Pension Benefits | 9 Months Ended | ||||||||||||
Jan. 31, 2014 | |||||||||||||
Pension Benefits [Abstract] | ' | ||||||||||||
Pension Benefits | ' | ||||||||||||
NOTE I--PENSION BENEFITS | |||||||||||||
Effective April 30, 2012, the Company froze all future benefit accruals under the Company’s hourly and salary defined-benefit pension plans. | |||||||||||||
Net periodic pension cost consisted of the following for the three months and nine months ended January 31, 2014 and 2013: | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
January 31, | January 31, | ||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||
Interest cost | $ | 1,551 | $ | 1,565 | $ | 4,652 | $ | 4,696 | |||||
Expected return on plan assets | -1,778 | -1,641 | -5,335 | -4,923 | |||||||||
Recognized net actuarial loss | 282 | 231 | 847 | 692 | |||||||||
Net periodic pension cost | $ | 55 | $ | 155 | $ | 164 | $ | 465 | |||||
The Company expects to contribute $2.3 million to its pension plans in fiscal 2014, which represents required funding. As of January 31, 2014, $1.8 million of contributions had been made. The Company made contributions of $4.9 million to its pension plans in fiscal 2013. | |||||||||||||
Restructuring_Charges
Restructuring Charges | 9 Months Ended |
Jan. 31, 2014 | |
Restructuring Charges [Abstract] | ' |
Restructuring Charges | ' |
NOTE J--RESTRUCTURING CHARGES | |
In the third quarter of fiscal 2012, the Company announced a restructuring initiative (“2012 Restructuring Plan”) that committed to the closing of two of the Company’s manufacturing plants located in Hardy County, West Virginia and Hazard, Kentucky, offering its previously idled plant in Tahlequah, Oklahoma for sale, and realigning its retirement program, including freezing the Company’s defined benefit pension plans. Operations ceased at the Hazard plant in April 2012 and at the Hardy County plant in May 2012. The 2012 Restructuring Plan was adopted to reduce costs and increase the Company’s capacity utilization rates. | |
During fiscal 2013 and fiscal 2012, the Company recognized aggregate pre-tax restructuring charges of $17.3 million related to the 2012 Restructuring Plan. During the nine months ended January 31, 2014, the Company recognized pre-tax restructuring charges of $0.2 million related to the 2012 Restructuring Plan. In addition, the Company recognized recurring operating costs for the closed facilities of $0.2 million for the nine months ended January 31, 2014, which are expected to continue until the plants are sold. | |
As of January 31, 2014, the Company had two manufacturing plants classified as held for sale, which were closed in connection with the 2012 Restructuring Plan. During the second quarter of fiscal 2013, the Company sold its closed plant located in Tahlequah, Oklahoma. The Company believes that the remaining $2.7 million net book value of the two properties classified as held for sale is fully recoverable. These assets are included in Other Assets on the Company’s balance sheet at January 31, 2014. | |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||
Jan. 31, 2014 | |||||||||
Fair Value Measurements [Abstract] | ' | ||||||||
Fair Value Measurements | ' | ||||||||
NOTE K--FAIR VALUE MEASUREMENTS | |||||||||
The Company utilizes the hierarchy of fair value measurements to classify certain of its assets and liabilities based upon the following definitions: | |||||||||
Level 1- Investments with quoted prices in active markets for identical assets or liabilities. The Company’s cash equivalents are invested in money market funds and mutual funds. The Company’s mutual fund investment assets represent contributions made and invested on behalf of the Company’s executive officers in a supplementary employee retirement plan. | |||||||||
Level 2- Investments with observable inputs other than Level 1 prices, such as: quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. The Company has no Level 2 assets or liabilities. | |||||||||
Level 3- Investments with unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company has no Level 3 assets or liabilities. | |||||||||
The following table summarizes the fair values of assets that are recorded in the Company’s unaudited condensed consolidated financial statements as of January 31, 2014 and April 30, 2013 at fair value on a recurring basis (in thousands): | |||||||||
Fair Value Measurements | |||||||||
As of January 31, 2014 | |||||||||
Level 1 | Level 2 | Level 3 | |||||||
ASSETS: | |||||||||
Money market funds | $ | 38,877 | $ | 0 | $ | 0 | |||
Mutual funds | 1,392 | 0 | 0 | ||||||
Total assets at fair value | $ | 40,269 | $ | 0 | $ | 0 | |||
As of April 30, 2013 | |||||||||
Level 1 | Level 2 | Level 3 | |||||||
ASSETS: | |||||||||
Money market funds | $ | 38,875 | $ | 0 | $ | 0 | |||
Mutual funds | 1,311 | 0 | 0 | ||||||
Total assets at fair value | $ | 40,186 | $ | 0 | $ | 0 | |||
Other_Information
Other Information | 9 Months Ended |
Jan. 31, 2014 | |
Other Information [Abstract] | ' |
Other Information | ' |
NOTE L--OTHER INFORMATION | |
The Company is involved in suits and claims in the normal course of business, including without limitation product liability and general liability claims and claims pending before the Equal Employment Opportunity Commission. On at least a quarterly basis, the Company consults with its legal counsel to ascertain the reasonable likelihood that such claims may result in a loss. As required by FASB Accounting Standards Codification Topic 450, “Contingencies,” (ASC 450), the Company categorizes the various suits and claims into three categories according to their likelihood for resulting in potential loss: those that are probable, those that are reasonably possible, and those that are deemed to be remote. The Company accounts for these loss contingencies in accordance with ASC 450. Where losses are deemed to be probable and estimable, accruals are made. Where losses are deemed to be reasonably possible or remote, a range of loss estimates is determined and considered for disclosure. In determining these loss range estimates, the Company considers known values of similar claims and consults with independent counsel. | |
The Company believes that the aggregate range of loss stemming from the various suits and asserted and unasserted claims which were deemed to be either probable or reasonably possible was not material as of January 31, 2014. | |
Net_Earnings_Per_Share_Tables
Net Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||
Jan. 31, 2014 | |||||||||||||
Net Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule Of Earnings Per Share, Basic And Diluted | ' | ||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
January 31, | January 31, | ||||||||||||
(in thousands, except per share amounts) | 2014 | 2013 | 2014 | 2013 | |||||||||
Numerator used in basic and diluted net earnings | |||||||||||||
per common share: | |||||||||||||
Net income | $ | 2,901 | $ | 2,057 | $ | 14,827 | $ | 4,568 | |||||
Denominator: | |||||||||||||
Denominator for basic net earnings per common | |||||||||||||
share - weighted-average shares | 15,476 | 14,582 | 15,219 | 14,498 | |||||||||
Effect of dilutive securities: | |||||||||||||
Stock options and restricted stock units | 352 | 323 | 376 | 221 | |||||||||
Denominator for diluted net earnings per common | |||||||||||||
share - weighted-average shares and assumed | |||||||||||||
conversions | 15,828 | 14,905 | 15,595 | 14,719 | |||||||||
Net earnings per share | |||||||||||||
Basic | $ | 0.19 | $ | 0.14 | $ | 0.97 | $ | 0.32 | |||||
Diluted | $ | 0.18 | $ | 0.14 | $ | 0.95 | $ | 0.31 | |||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||||||
Jan. 31, 2014 | |||||||||||||
Stock-Based Compensation [Abstract] | ' | ||||||||||||
Stock-Based Compensation Expense Allocated | ' | ||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
January 31, | January 31, | ||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||
Cost of sales and distribution | $ | 131 | $ | 159 | $ | 373 | $ | 467 | |||||
Selling and marketing expenses | 211 | 224 | 592 | 654 | |||||||||
General and administrative expenses | 446 | 504 | 1,553 | 1,527 | |||||||||
Stock-based compensation expense | $ | 788 | $ | 887 | $ | 2,518 | $ | 2,648 | |||||
Customer_Receivables_Tables
Customer Receivables (Tables) | 9 Months Ended | ||||||
Jan. 31, 2014 | |||||||
Customer Receivables [Abstract] | ' | ||||||
Components Of Customer Receivables | ' | ||||||
January 31, | April 30, | ||||||
(in thousands) | 2014 | 2013 | |||||
Gross customer receivables | $ | 50,448 | $ | 41,397 | |||
Less: | |||||||
Allowance for doubtful accounts | -153 | -148 | |||||
Allowance for returns and discounts | -2,188 | -2,205 | |||||
Net customer receivables | $ | 48,107 | $ | 39,044 | |||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||
Jan. 31, 2014 | |||||||
Inventories [Abstract] | ' | ||||||
Components Of Inventories | ' | ||||||
January 31, | April 30, | ||||||
(in thousands) | 2014 | 2013 | |||||
Raw materials | $ | 12,797 | $ | 11,823 | |||
Work-in-process | 16,770 | 17,170 | |||||
Finished goods | 11,087 | 11,318 | |||||
Total FIFO inventories | 40,654 | 40,311 | |||||
Reserve to adjust inventories to LIFO value | -10,983 | -10,973 | |||||
Total LIFO inventories | $ | 29,671 | $ | 29,338 | |||
Product_Warranty_Tables
Product Warranty (Tables) | 9 Months Ended | ||||||
Jan. 31, 2014 | |||||||
Product Warranty [Abstract] | ' | ||||||
Schedule Of Warranty Liability | ' | ||||||
Nine Months Ended | |||||||
January 31, | |||||||
(in thousands) | 2014 | 2013 | |||||
Beginning balance at May 1 | $ | 1,795 | $ | 1,885 | |||
Accrual | 8,447 | 6,959 | |||||
Settlements | -8,607 | -7,168 | |||||
Ending balance at January 31 | $ | 1,635 | $ | 1,676 | |||
Cash_Flow_Tables
Cash Flow (Tables) | 9 Months Ended | ||||||
Jan. 31, 2014 | |||||||
Cash Flow [Abstract] | ' | ||||||
Supplemental Disclosures Of Cash Flow Information | ' | ||||||
Nine Months Ended | |||||||
January 31, | |||||||
(in thousands) | 2014 | 2013 | |||||
Cash paid during the period for: | |||||||
Interest | $ | 502 | $ | 451 | |||
Income taxes | $ | 3,978 | $ | 268 | |||
Pension_Benefits_Tables
Pension Benefits (Tables) | 9 Months Ended | ||||||||||||
Jan. 31, 2014 | |||||||||||||
Pension Benefits [Abstract] | ' | ||||||||||||
Net Periodic Pension Cost | ' | ||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
January 31, | January 31, | ||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||
Interest cost | $ | 1,551 | $ | 1,565 | $ | 4,652 | $ | 4,696 | |||||
Expected return on plan assets | -1,778 | -1,641 | -5,335 | -4,923 | |||||||||
Recognized net actuarial loss | 282 | 231 | 847 | 692 | |||||||||
Net periodic pension cost | $ | 55 | $ | 155 | $ | 164 | $ | 465 | |||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||
Jan. 31, 2014 | |||||||||
Fair Value Measurements [Abstract] | ' | ||||||||
Fair Value Of Assets On Recurring Basis | ' | ||||||||
Fair Value Measurements | |||||||||
As of January 31, 2014 | |||||||||
Level 1 | Level 2 | Level 3 | |||||||
ASSETS: | |||||||||
Money market funds | $ | 38,877 | $ | 0 | $ | 0 | |||
Mutual funds | 1,392 | 0 | 0 | ||||||
Total assets at fair value | $ | 40,269 | $ | 0 | $ | 0 | |||
As of April 30, 2013 | |||||||||
Level 1 | Level 2 | Level 3 | |||||||
ASSETS: | |||||||||
Money market funds | $ | 38,875 | $ | 0 | $ | 0 | |||
Mutual funds | 1,311 | 0 | 0 | ||||||
Total assets at fair value | $ | 40,186 | $ | 0 | $ | 0 | |||
Net_Earnings_Per_Share_Narrati
Net Earnings Per Share (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2013 |
Net Earnings Per Share [Abstract] | ' | ' | ' | ' |
Potentially dilutive securities | 0 | 0.7 | 0.1 | 1.3 |
Net_Earnings_Per_Share_Schedul
Net Earnings Per Share (Schedule Of Earnings Per Share, Basic And Diluted) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2013 |
Net Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net income | $2,901 | $2,057 | $14,827 | $4,568 |
Denominator for basic net earnings per common share - weighted-average shares | 15,475,683 | 14,581,573 | 15,218,558 | 14,498,483 |
Stock options and restricted stock units | 352,000 | 323,000 | 376,000 | 221,000 |
Denominator for diluted net earnings per common share - weighted-average shares and assumed conversions | 15,827,666 | 14,904,524 | 15,595,342 | 14,719,441 |
Basic | $0.19 | $0.14 | $0.97 | $0.32 |
Diluted | $0.18 | $0.14 | $0.95 | $0.31 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Granted non-statutory stock options to key employees | ' | ' | 60,500 | ' |
Non-statutory stock options, weighted average exercise price | ' | ' | $36.74 | ' |
Vesting period, years | ' | ' | '3 years | ' |
Contractual terms, years | ' | ' | '10 years | ' |
Stock-based compensation expense | $788 | $887 | $2,518 | $2,648 |
Employee And Non Employee Director Service Based Restricted Stock Units [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Awarded in period | 0 | ' | 36,400 | ' |
Common stock issuable per RSU granted | ' | ' | 1 | ' |
Employee Performance Based Restricted Stock Units [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Awarded in period | ' | ' | 75,600 | ' |
Common stock issuable per RSU granted | ' | ' | 1 | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Vesting period, years | ' | ' | '3 years | ' |
Non-Employee Directors Service-Based Restricted Stock Units [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Vesting period, years | ' | ' | '2 years | ' |
Employee Performance Based Restricted Stock Tracking Units [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Restricted stock units non vested grants | ' | ' | 9,486 | ' |
Employee Service Based Restricted Stock Tracking Units [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Restricted stock units non vested grants | ' | ' | 3,264 | ' |
Restricted Stock Tracking Units RSTU [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Vesting period, years | ' | ' | '3 years | ' |
Stock-based compensation expense | $26 | ' | $67 | ' |
StockBased_Compensation_StockB
Stock-Based Compensation (Stock-Based Compensation Expense Allocated) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | $788 | $887 | $2,518 | $2,648 |
Cost Of Sales And Distribution [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | 131 | 159 | 373 | 467 |
Selling And Marketing Expense [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | 211 | 224 | 592 | 654 |
General And Administrative Expense [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | $446 | $504 | $1,553 | $1,527 |
Customer_Receivables_Component
Customer Receivables (Components Of Customer Receivables ) (Details) (USD $) | Jan. 31, 2014 | Apr. 30, 2013 |
In Thousands, unless otherwise specified | ||
Customer Receivables [Abstract] | ' | ' |
Gross customer receivables | $50,448 | $41,397 |
Allowance for doubtful accounts | -153 | -148 |
Allowance for returns and discounts | -2,188 | -2,205 |
Net customer receivables | $48,107 | $39,044 |
Inventories_Components_Of_Inve
Inventories (Components Of Inventories) (Details) (USD $) | Jan. 31, 2014 | Apr. 30, 2013 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Raw materials | $12,797 | $11,823 |
Work-in-process | 16,770 | 17,170 |
Finished goods | 11,087 | 11,318 |
Total FIFO inventories | 40,654 | 40,311 |
Reserve to adjust inventories to LIFO value | -10,983 | -10,973 |
Total LIFO inventories | $29,671 | $29,338 |
Product_Warranty_Schedule_Of_W
Product Warranty (Schedule Of Warranty Liability) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 |
Product Warranty [Abstract] | ' | ' |
Beginning balance at May 1 | $1,795 | $1,885 |
Accrual | 8,447 | 6,959 |
Settlements | -8,607 | -7,168 |
Ending balance at January 31 | $1,635 | $1,676 |
Cash_Flow_Supplemental_Disclos
Cash Flow (Supplemental Disclosures Of Cash Flow Information) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 |
Cash Flow [Abstract] | ' | ' |
Interest | $502 | $451 |
Income taxes | $3,978 | $268 |
Pension_Benefits_Narrative_Det
Pension Benefits (Narrative) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jan. 31, 2014 | Apr. 30, 2013 |
Pension Benefits [Abstract] | ' | ' |
Expected company contributions to pension plan in 2014 | $2.30 | ' |
Pension contribution | $1.80 | $4.90 |
Pension_Benefits_Net_Periodic_
Pension Benefits (Net Periodic Pension Cost) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2013 |
Pension Benefits [Abstract] | ' | ' | ' | ' |
Interest cost | $1,551 | $1,565 | $4,652 | $4,696 |
Expected return on plan assets | -1,778 | -1,641 | -5,335 | -4,923 |
Recognized net actuarial loss | 282 | 231 | 847 | 692 |
Net periodic pension cost | $55 | $155 | $164 | $465 |
Restructuring_Charges_Narrativ
Restructuring Charges (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | |
site | 2012 Restructuring Plan [Member] | 2012 Restructuring Plan [Member] | 2012 Restructuring Plan [Member] | |||||
site | ||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Plants committed to close | ' | ' | 2 | ' | ' | ' | ' | ' |
Pre-tax restructuring charges | $48,000 | $118,000 | ' | $161,000 | $979,000 | $200,000 | $17,300,000 | $17,300,000 |
Recognized recurring operating costs for closed facilities | ' | ' | ' | 200,000 | ' | ' | ' | ' |
Number of manufacturing plants held for sale | ' | ' | ' | ' | ' | 2 | ' | ' |
Net book value of plants recoverable | $2,700,000 | ' | ' | $2,700,000 | ' | ' | ' | ' |
Fair_Value_Measurements_Fair_V
Fair Value Measurements (Fair Value Of Assets On Recurring Basis) (Details) (USD $) | Jan. 31, 2014 | Apr. 30, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Measurements Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value | $40,269 | $40,186 |
Fair Value Measurements Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value | 0 | 0 |
Fair Value Measurements Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value | 0 | 0 |
Money Market Funds [Member] | Fair Value Measurements Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value | 38,877 | 38,875 |
Money Market Funds [Member] | Fair Value Measurements Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value | 0 | 0 |
Money Market Funds [Member] | Fair Value Measurements Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value | 0 | 0 |
Mutual Funds [Member] | Fair Value Measurements Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value | 1,392 | 1,311 |
Mutual Funds [Member] | Fair Value Measurements Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value | 0 | 0 |
Mutual Funds [Member] | Fair Value Measurements Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets at fair value | $0 | $0 |