Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Apr. 30, 2014 | Jun. 16, 2014 | Oct. 31, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 30-Apr-14 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'AMERICAN WOODMARK CORP | ' | ' |
Entity Central Index Key | '0000794619 | ' | ' |
Trading Symbol | 'amwd | ' | ' |
Current Fiscal Year End Date | '--04-30 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 15,514,527 | ' |
Entity Public Float | ' | ' | $419,419,782 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Apr. 30, 2014 | Apr. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $135,700 | $96,971 |
Customer receivables, net | 46,475 | 39,044 |
Inventories | 31,523 | 29,338 |
Prepaid expenses and other | 3,862 | 3,084 |
Deferred income taxes | 7,856 | 9,481 |
Total Current Assets | 225,416 | 177,918 |
Property, plant and equipment, net | 74,049 | 74,064 |
Promotional displays, net | 5,571 | 5,811 |
Deferred income taxes | 19,194 | 29,262 |
Other assets | 5,834 | 6,938 |
TOTAL ASSETS | 330,064 | 293,993 |
Current Liabilities | ' | ' |
Accounts payable | 29,175 | 23,306 |
Current maturities of long-term debt | 1,146 | 1,155 |
Accrued compensation and related expenses | 28,156 | 26,213 |
Accrued marketing expenses | 8,089 | 10,159 |
Other accrued expenses | 9,853 | 8,275 |
Total Current Liabilities | 76,419 | 69,108 |
Long-term debt, less current maturities | 20,453 | 23,594 |
Defined benefit pension liabilities | 41,543 | 53,696 |
Other long-term liabilities | 1,104 | 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 April 30, 2014: 15,476,298, at April 30, 2013: 14,822,580 | 127,371 | 107,165 |
Retained earnings | 89,154 | 71,180 |
Accumulated other comprehensive loss - | ' | ' |
Defined benefit pension plans | -25,980 | -32,150 |
Total Shareholders' Equity | 190,545 | 146,195 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $330,064 | $293,993 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Apr. 30, 2014 | Apr. 30, 2013 |
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 | $0 | $0 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 15,476,298 | 14,822,580 |
Common stock, shares outstanding | 15,476,298 | 14,822,580 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 |
Consolidated Statements Of Operations [Abstract] | ' | ' | ' |
Net sales | $726,515 | $630,437 | $515,814 |
Cost of sales and distribution | 602,338 | 527,781 | 449,339 |
Gross Profit | 124,177 | 102,656 | 66,475 |
Selling and marketing expenses | 59,536 | 57,402 | 58,271 |
General and administrative expenses | 30,881 | 27,575 | 25,329 |
Restructuring charges, net | -234 | 1,433 | 16,321 |
Insurance proceeds | -94 | -975 | 0 |
Operating Income (Loss) | 34,088 | 17,221 | -33,446 |
Interest expense | 728 | 643 | 527 |
Other income | -310 | -162 | -685 |
Income (Loss) Before Income Taxes | 33,670 | 16,740 | -33,288 |
Income tax expense (benefit) | 13,209 | 6,982 | -12,502 |
Net Income (Loss) | $20,461 | $9,758 | ($20,786) |
Earnings (loss) per share | ' | ' | ' |
Basic | $1.34 | $0.67 | ($1.45) |
Diluted | $1.31 | $0.66 | ($1.45) |
Cash dividends per share | $0 | $0 | $0.09 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 |
Consolidated Statements Of Comprehensive Income (Loss) [Abstract] | ' | ' | ' |
Net income (loss) | $20,461 | $9,758 | ($20,786) |
Other comprehensive income (loss), net of tax: | ' | ' | ' |
Change in pension benefits, net of deferred taxes of $3,944, $2,905 and $3,624, respectively | 6,170 | -4,543 | -5,669 |
Total Comprehensive Income (Loss) | $26,631 | $5,215 | ($26,455) |
Consolidated_Statements_Of_Com1
Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 |
Consolidated Statements Of Comprehensive Income (Loss) [Abstract] | ' | ' | ' |
Other comprehensive income (loss) | $3,944 | ($2,905) | ($3,624) |
Consolidated_Statements_Of_Sha
Consolidated Statements Of Shareholders' Equity (USD $) | Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Total |
In Thousands, except Share data | ||||
Balance at Apr. 30, 2011 | $92,408 | $83,495 | ($21,938) | $153,965 |
Balance, Shares at Apr. 30, 2011 | 14,295,540 | ' | ' | ' |
Net income (loss) | ' | -20,786 | ' | -20,786 |
Other comprehensive loss, net of tax | ' | ' | -5,669 | -5,669 |
Stock-based compensation | 3,413 | ' | ' | 3,413 |
Adjustments to excess tax benefit from stock-based compensation | -859 | ' | ' | -859 |
Cash dividends | ' | -1,287 | ' | -1,287 |
Exercise of stock-based compensation awards, shares | 19,410 | ' | ' | ' |
Exercise of stock-based compensation awards | 12 | ' | ' | 12 |
Employee benefit plan contributions, shares | 80,323 | ' | ' | ' |
Employee benefit plan contributions | 1,231 | ' | ' | 1,231 |
Balance at Apr. 30, 2012 | 96,205 | 61,422 | -27,607 | 130,020 |
Balance, Shares at Apr. 30, 2012 | 14,395,273 | ' | ' | ' |
Net income (loss) | ' | 9,758 | ' | 9,758 |
Other comprehensive loss, net of tax | ' | ' | -4,543 | -4,543 |
Stock-based compensation | 3,509 | ' | ' | 3,509 |
Adjustments to excess tax benefit from stock-based compensation | -650 | ' | ' | -650 |
Exercise of stock-based compensation awards, shares | 328,490 | ' | ' | ' |
Exercise of stock-based compensation awards | 5,768 | ' | ' | 5,768 |
Employee benefit plan contributions, shares | 98,817 | ' | ' | ' |
Employee benefit plan contributions | 2,333 | ' | ' | 2,333 |
Balance at Apr. 30, 2013 | 107,165 | 71,180 | -32,150 | 146,195 |
Balance, Shares at Apr. 30, 2013 | 14,822,580 | ' | ' | 14,822,580 |
Net income (loss) | ' | 20,461 | ' | 20,461 |
Other comprehensive loss, net of tax | ' | ' | 6,170 | 6,170 |
Stock-based compensation | 3,295 | ' | ' | 3,295 |
Adjustments to excess tax benefit from stock-based compensation | 600 | ' | ' | 600 |
Exercise of stock-based compensation awards, shares | 643,558 | ' | ' | ' |
Exercise of stock-based compensation awards | 13,122 | ' | ' | 13,122 |
Stock repurchases, shares | -100,000 | ' | ' | ' |
Stock repurchases | -654 | -2,487 | ' | -3,141 |
Employee benefit plan contributions, shares | 110,160 | ' | ' | ' |
Employee benefit plan contributions | 3,843 | ' | ' | 3,843 |
Balance at Apr. 30, 2014 | $127,371 | $89,154 | ($25,980) | $190,545 |
Balance, Shares at Apr. 30, 2014 | 15,476,298 | ' | ' | 15,476,298 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 |
OPERATING ACTIVITIES | ' | ' | ' |
Net income (loss) | $20,461 | $9,758 | ($20,786) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 14,545 | 14,431 | 23,387 |
Net loss on disposal of property, plant and equipment | 123 | 231 | 180 |
Impairment loss related to restructuring activities | 0 | 270 | 7,913 |
(Gain) loss on sales of assets held for sale | -323 | -481 | 111 |
Gain on insurance recoveries | -94 | -975 | 0 |
Stock-based compensation expense | 3,295 | 3,509 | 3,413 |
Deferred income taxes | 7,978 | 5,789 | -12,290 |
Pension contributions (in excess of) less than expense | -2,039 | -4,299 | 4,528 |
Tax benefit from stock-based compensation | -854 | -18 | 0 |
Other non-cash items | 1,209 | 944 | 867 |
Changes in operating assets and liabilities: | ' | ' | ' |
Customer receivables | -7,546 | -6,825 | -1,533 |
Inventories | -2,875 | -7,068 | 115 |
Prepaid expenses and other assets | -1,236 | -1,669 | -320 |
Accounts payable | 5,869 | 3,814 | 923 |
Accrued compensation, marketing and other accrued expenses | 2,022 | 7,116 | 9,545 |
Net Cash Provided by Operating Activities | 40,535 | 24,527 | 16,053 |
INVESTING ACTIVITIES | ' | ' | ' |
Payments to acquire property, plant, and equipment | -7,903 | -8,860 | -6,679 |
Proceeds from sales of property, plant, and equipment | 81 | 80 | 15 |
Proceeds from sales of assets held for sale | 1,644 | 6,447 | 56 |
Proceeds from insurance recoveries | 94 | 975 | 0 |
Investment in promotional displays | -3,499 | -4,759 | -3,310 |
Net Cash Used by Investing Activities | -9,583 | -6,117 | -9,918 |
FINANCING ACTIVITIES | ' | ' | ' |
Payments of long-term debt | -4,516 | -1,019 | -1,021 |
Change in restricted cash | 0 | 7,064 | 7,355 |
Tax benefit from stock-based compensation | 854 | 18 | 0 |
Proceeds from issuance of common stock | 15,330 | 5,878 | 18 |
Repurchase of common stock | -3,141 | 0 | 0 |
Notes receivable, net | -750 | 0 | 0 |
Payment of dividends | 0 | 0 | -1,287 |
Net Cash Provided by Financing Activities | 7,777 | 11,941 | 5,065 |
Net Increase in Cash And Cash Equivalents | 38,729 | 30,351 | 11,200 |
Cash And Cash Equivalents, Beginning of Year | 96,971 | 66,620 | 55,420 |
Cash And Cash Equivalents, End of Year | $135,700 | $96,971 | $66,620 |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended |
Apr. 30, 2014 | |
Summary Of Significant Accounting Policies [Abstract] | ' |
Summary Of Significant Accounting Policies | ' |
Note A -- Summary of Significant Accounting Policies | |
The Company manufactures and distributes kitchen cabinets and vanities for the remodeling and new home construction markets. The Company's products are sold across the United States through a network of independent dealers and distributors and directly to home centers and major builders. | |
The following is a description of the Company’s significant accounting policies: | |
Principles of Consolidation and Basis of Presentation: The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. Significant inter-company accounts and transactions have been eliminated in consolidation. | |
Revenue Recognition: The Company recognizes revenue when product is delivered to the customer and title has passed. Revenue is based on invoice price less allowances for sales returns, cash discounts and other deductions. | |
Cost of Sales and Distribution: Cost of sales and distribution includes all costs associated with the manufacture and distribution of the Company’s products including the costs of shipping and handling. | |
Advertising Costs: Advertising costs are expensed as incurred. Advertising expenses for fiscal years 2014, 2013 and 2012 were $30.4 million, $36.5 million and $37.4 million, respectively. | |
Cash and Cash Equivalents: Cash in excess of operating requirements is invested in money market accounts which are carried at cost (which approximates fair value). The Company considers all highly liquid short-term investments with an original maturity of three months or less when purchased to be cash equivalents. Cash equivalents were $38.9 million at both April 30, 2014 and 2013. | |
Inventories: Inventories are stated at lower of cost or market. Inventory costs are determined by the last-in, first-out (LIFO) method. | |
The LIFO cost reserve is determined in the aggregate for inventory and is applied as a reduction to inventories determined on the first-in, first-out method (FIFO). FIFO inventory cost approximates replacement cost. | |
Property, Plant and Equipment: Property, plant and equipment is stated on the basis of cost less accumulated depreciation. Depreciation is provided by the straight-line method over the estimated useful lives of the related assets, which range from 15 to 30 years for buildings and improvements and 3 to 10 years for machinery and equipment. Assets under capital leases are amortized over the shorter of their estimated useful lives or the term of the related lease. | |
Impairment of Long-Lived Assets: The Company reviews its long-lived assets for impairment when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. During fiscal years 2014, 2013 and 2012, the Company concluded no impairment existed, except for impairments related to restructuring activities. | |
Promotional Displays: The Company invests in promotional displays in retail stores to demonstrate product features, product and quality specifications and serve as a training tool for retail kitchen designers. The Company invests in these long-lived productive assets to provide the aforementioned benefits. The Company's investment in promotional displays is carried at cost less applicable amortization. Amortization is provided by the straight-line method on an individual display basis over periods of 30 to 36 months (the estimated period of benefit). Promotional display amortization expense for fiscal years 2014, 2013 and 2012 was $3.7 million, $4.0 million and $5.6 million, respectively, and is included in selling and marketing expenses. | |
Income Taxes: The Company accounts for deferred income taxes utilizing the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the tax effects of temporary differences between the financial statement amounts and the tax basis of assets and liabilities, using enacted tax rates in effect for the year in which these items are expected to reverse. At each reporting date, the Company evaluates the need for a valuation allowance to adjust deferred tax assets and liabilities to an amount that more likely than not will be realized. | |
Pensions: The Company has two non-contributory defined benefit pension plans covering many of the Company’s employees hired before April 30, 2012. Both defined benefit pension plans were frozen effective April 30, 2012. The Company recognizes the overfunded or underfunded status of its defined benefit pension plans, measured as the difference between the fair value of plan assets and the benefit obligation, in its consolidated balance sheets. The Company also recognizes the actuarial gains and losses and the prior service costs, credits and transition costs as a component of other comprehensive income (loss), net of tax. | |
Stock-Based Compensation: The Company recognizes stock-based compensation expense based on the grant date fair value over the requisite service period. | |
Recent 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. | |
Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during each reporting period. Actual results could differ from those estimates. | |
Reclassifications: Certain reclassifications have been made to prior period balances to conform to the current year presentation, including between components of property, plant and equipment. | |
Customer_Receivables
Customer Receivables | 12 Months Ended | |||||
Apr. 30, 2014 | ||||||
Customer Receivables [Abstract] | ' | |||||
Customer Receivables | ' | |||||
Note B -- Customer Receivables | ||||||
The components of customer receivables were: | ||||||
30-Apr | ||||||
(in thousands) | 2014 | 2013 | ||||
Gross customer receivables | $ | 48,943 | $ | 41,397 | ||
Less: | ||||||
Allowance for doubtful accounts | -102 | -148 | ||||
Allowance for returns and discounts | -2,366 | -2,205 | ||||
Net customer receivables | $ | 46,475 | $ | 39,044 | ||
Inventories
Inventories | 12 Months Ended | |||||
Apr. 30, 2014 | ||||||
Inventories [Abstract] | ' | |||||
Inventories | ' | |||||
Note C -- Inventories | ||||||
The components of inventories were: | ||||||
30-Apr | ||||||
(in thousands) | 2014 | 2013 | ||||
Raw materials | $ | 13,756 | $ | 11,823 | ||
Work-in-process | 19,179 | 17,170 | ||||
Finished goods | 13,439 | 11,318 | ||||
Total FIFO inventories | 46,374 | 40,311 | ||||
Reserve to adjust inventories to LIFO value | -14,851 | -10,973 | ||||
Total LIFO inventories | $ | 31,523 | $ | 29,338 | ||
There was no liquidation of LIFO based inventories in fiscal 2014 and 2013 to impact net income. After tax losses were impacted by $125,000 in fiscal year 2012 as a result of liquidation of LIFO based inventories. | ||||||
Property_Plant_And_Equipment
Property, Plant And Equipment | 12 Months Ended | |||||
Apr. 30, 2014 | ||||||
Property, Plant And Equipment [Abstract] | ' | |||||
Property, Plant And Equipment | ' | |||||
Note D -- Property, Plant and Equipment | ||||||
The components of property, plant and equipment were: | ||||||
30-Apr | ||||||
(in thousands) | 2014 | 2013 | ||||
Land | $ | 5,929 | $ | 5,929 | ||
Buildings and improvements | 68,224 | 67,444 | ||||
Buildings and improvements - capital leases | 11,202 | 11,202 | ||||
Machinery and equipment | 155,162 | 152,154 | ||||
Machinery and equipment - capital leases | 28,111 | 26,966 | ||||
Construction in progress | 2,461 | 1,481 | ||||
271,089 | 265,176 | |||||
Less accumulated amortization and depreciation | -197,040 | -191,112 | ||||
Total | $ | 74,049 | $ | 74,064 | ||
Amortization and depreciation expense on property, plant and equipment amounted to $9.5 million, $9.2 million and $16.8 million in fiscal years 2014, 2013 and 2012, respectively. Accumulated amortization on capital leases included in the above table amounted to $27.5 million and $26.6 million as of April 30, 2014 and 2013, respectively. | ||||||
Loans_Payable_And_LongTerm_Deb
Loans Payable And Long-Term Debt | 12 Months Ended | ||||||||||||||||||||
Apr. 30, 2014 | |||||||||||||||||||||
Loans Payable And Long-Term Debt [Abstract] | ' | ||||||||||||||||||||
Loans Payable And Long-Term Debt | ' | ||||||||||||||||||||
Note E -- Loans Payable and Long-Term Debt | |||||||||||||||||||||
Maturities of long-term debt are as follows: | |||||||||||||||||||||
FISCAL YEARS ENDING APRIL 30 | |||||||||||||||||||||
(in thousands) | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 AND THERE- AFTER | TOTAL OUTSTAND- ING | ||||||||||||||
Revolving credit facility | $ | 0 | $ | 10,000 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 10,000 | |||||||
Economic development loans | 0 | 0 | 0 | 0 | 2,190 | 1,290 | 3,480 | ||||||||||||||
Capital lease obligations | 1,146 | 1,185 | 1,116 | 781 | 593 | 3,298 | 8,119 | ||||||||||||||
Total | $ | 1,146 | $ | 11,185 | $ | 1,116 | $ | 781 | $ | 2,783 | $ | 4,588 | $ | 21,599 | |||||||
Less current maturities | $ | 1,146 | |||||||||||||||||||
Total long-term debt | $ | 20,453 | |||||||||||||||||||
The Company’s primary loan agreement is a $35 million secured revolving credit facility which expires on December 31, 2015 with Wells Fargo Bank, N.A. (Wells Fargo). At April 30, 2014 and 2013, $10 million of loans were outstanding under this facility, and the Company had additional borrowing base availability of $25.0 million. The Company incurs a fee for amounts not used under the revolving credit facility. Fees paid by the Company related to non-usage of its current and former credit facilities have been included in interest expense and were $62,730, $61,000 and $54,158 for fiscal years 2014, 2013 and 2012, respectively. | |||||||||||||||||||||
The Company’s outstanding indebtedness and other obligations to Wells Fargo are secured by substantially all of the Company’s assets. The Company can borrow under the revolving credit facility up to the lesser of $35 million or the maximum borrowing base (which equals 75% of eligible accounts receivable, 50% of eligible pre bill reserves and up to $20 million for equipment value, each as defined in the agreement) less any outstanding loan balance. Any outstanding loan balance bears interest at the London Interbank Offered Rate (LIBOR) (0.25% at April 30, 2014) plus 2.37%. Under the terms of the revolving credit facility, the Company must: (1) maintain at the end of each fiscal quarter a ratio of total liabilities to tangible net worth of not greater than 1.4 to 1.0; (2) maintain at the end of each fiscal quarter a ratio of cash flow to fixed charges of not less than 1.25 to 1.0 measured on a rolling four-quarter basis; and (3) comply with other customary affirmative and negative covenants. | |||||||||||||||||||||
The Company was in compliance with all covenants specified in the amended revolving credit facility as of April 30, 2014, including as follows: (1) the Company’s ratio of total liabilities to tangible net worth at April 30, 2014 was 0.73 to 1.0; and (2) cash flow to fixed charges for its most recent four quarters was 3.43 to 1.0. | |||||||||||||||||||||
The revolving credit facility does not limit the Company’s ability to pay dividends or repurchase its common stock as long as the Company is in compliance with these covenants. | |||||||||||||||||||||
In 2009, the Company entered into a loan agreement with the Board of County Commissioners of Garrett County as part of the Company’s capital investment in land located in Garrett County, Maryland. This loan agreement is secured by a Deed of Trust on the property and bears interest at a fixed rate of 3%. The agreement defers principal and interest during the term of the obligation and forgives any outstanding balance at December 31, 2019, if the Company complies with certain employment levels. The outstanding balance as of April 30, 2014 and 2013 was $1,290,000. | |||||||||||||||||||||
In 2005, the Company entered into two separate loan agreements with the Maryland Economic Development Corporation and the County Commissioners of Allegany County as part of the Company’s capital investment and operations at the Allegany County, Maryland site. These loan agreements were amended in 2013 and 2008. The aggregate balance of these loan agreements was $2,190,000 as of April 30, 2014 and 2013. The loan agreements expire at December 31, 2018 and bear interest at a fixed rate of 3% per annum. These loan agreements are secured by mortgages on the manufacturing facility constructed in Allegany County, Maryland. These loan agreements defer principal and interest during the term of the obligation and forgive any outstanding balance at December 31, 2018, if the Company complies with certain employment levels at the facility. | |||||||||||||||||||||
In 2002, the Company entered into a loan agreement with the Perry, Harlan, Leslie, Breathitt Regional Industrial Authority (a.k.a. Coalfields Regional Industrial Authority, Inc.) as part of the Company’s capital investment and operations at the Hazard, Kentucky site. This debt facility was a $6 million term loan, which was scheduled to expire November 13, 2017, and bore interest at a fixed rate of 2% per annum. It was secured by a mortgage on the manufacturing facility constructed in Hazard, Kentucky. The loan required annual debt service payments consisting of principal and interest with a fixed balloon payment of $1.6 million at loan expiration. This loan was paid off during the fourth quarter of fiscal 2014. The outstanding amount owed as of April 30, 2013 was $3,530,000. | |||||||||||||||||||||
From 2012 through 2014, the Company entered into a total of ten capitalized lease agreements in the aggregate amount of $1,526,000 with First American Financial Bancorp related to financing computer equipment. Each lease has a term of 48 months and an interest rate of 6.5%. The leases require quarterly rental payments. The aggregate outstanding amount under all of these leases as of April 30, 2014 and 2013 was $1,163,000 and $545,000, respectively. | |||||||||||||||||||||
In 2014 and 2013, the Company entered into a total of nine capitalized lease agreements in the aggregate amount of $1,034,000 with e-Plus Group related to financing computer equipment. Each lease has a term of 51 months and an interest rate of 6.5%. The leases require monthly rental payments. The aggregate outstanding amount under all of these leases as of April 30, 2014 and 2013 was $825,000 and $529,000, respectively. | |||||||||||||||||||||
In 2004, the Company entered into a lease agreement with the West Virginia Economic Development Authority as part of the Company’s capital investment and operations at the South Branch plant located in Hardy County, West Virginia. This capital lease agreement is a $10 million term obligation, which expires June 30, 2024, bearing interest at a fixed rate of 2% per annum. The lease requires monthly rental payments. The outstanding amounts owed as of April 30, 2014 and 2013 were $6,131,000 and $6,665,000, respectively. | |||||||||||||||||||||
Certain of the Company's loan agreements limit the amount and type of indebtedness the Company can incur and require the Company to maintain specified financial ratios measured on a quarterly basis. In addition to the assets previously discussed, certain of the Company’s property, plant and equipment are pledged as collateral under a loan agreement and the capital lease arrangements. The Company was in compliance with all covenants contained in its loan agreements and capital leases at April 30, 2014. | |||||||||||||||||||||
Interest paid under the Company’s loan agreements and capital leases during fiscal years 2014, 2013 and 2012 was $669,000, $576,000 and $453,000, respectively. | |||||||||||||||||||||
Earnings_Loss_Per_Share
Earnings (Loss) Per Share | 12 Months Ended | ||||||||
Apr. 30, 2014 | |||||||||
Earnings (Loss) Per Share [Abstract] | ' | ||||||||
Earnings (Loss) Per Share | ' | ||||||||
Note F -- Earnings (Loss) Per Share | |||||||||
The following table summarizes the computations of basic and diluted earnings (loss) per share: | |||||||||
FISCAL YEARS ENDED APRIL 30 | |||||||||
(in thousands, except per share amounts) | 2014 | 2013 | 2012 | ||||||
Numerator used in basic and diluted earnings (loss) per common share: | |||||||||
Net income (loss) | $ | 20,461 | $ | 9,758 | $ | -20,786 | |||
Denominator: | |||||||||
Denominator for basic earnings (loss) per common share - | |||||||||
weighted-average shares | 15,299 | 14,563 | 14,344 | ||||||
Effect of dilutive securities: | |||||||||
Stock options and restricted stock units | 354 | 270 | 0 | ||||||
Denominator for diluted earnings (loss) per common share - | |||||||||
weighted-average shares and assumed conversions | 15,653 | 14,833 | 14,344 | ||||||
Net earnings (loss) per share | |||||||||
Basic | $ | 1.34 | $ | 0.67 | $ | -1.45 | |||
Diluted | $ | 1.31 | $ | 0.66 | $ | -1.45 | |||
Potentially dilutive shares of 0.1 million, 1.0 million and 1.8 million issuable under the Company’s stock incentive plans have been excluded from the calculation of net earnings (loss) per share for the fiscal years ended April 30, 2014, 2013 and 2012, respectively, as the effect would be anti-dilutive. | |||||||||
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | |||||||||||
Apr. 30, 2014 | ||||||||||||
Stock-Based Compensation [Abstract] | ' | |||||||||||
Stock-Based Compensation | ' | |||||||||||
Note G – Stock-Based Compensation | ||||||||||||
The Company has two types of stock-based compensation awards in effect for its employees and directors. The Company has issued stock options since 1986 and restricted stock units (RSUs) since fiscal 2010. Total compensation expense related to stock-based awards for the fiscal years ended April 30, 2014, 2013 and 2012 was $3.3 million, $3.5 million and $3.4 million, respectively. The Company recognizes stock-based compensation costs net of an estimated forfeiture rate for those shares expected to vest on a straight-line basis over the requisite service period of the award. The Company estimates the forfeiture rates based upon its historical experience. | ||||||||||||
Stock Incentive Plans | ||||||||||||
At April 30, 2014, the Company had stock option and RSU awards outstanding under four different plans: (1) 1999 stock option plan for employees; (2) second amended and restated 2004 stock incentive plan for employees; (3) 2006 non-employee directors equity ownership plan; and (4) 2011 non-employee directors equity ownership plan. As of April 30, 2014, there were 1,075,350 shares of common stock available for future stock-based compensation awards under the Company’s stock incentive plans. | ||||||||||||
Methodology Assumptions | ||||||||||||
For purposes of valuing stock option grants, the Company has identified one employee group and one non-employee director group, based upon observed option exercise patterns. The Company uses the Black-Scholes option-pricing model to value the Company’s stock options for each of the groups. Using this option-pricing model, the fair value of each stock option award is estimated on the date of grant. The fair value of the Company’s stock option awards is expensed on a straight-line basis over the vesting period of the stock options. The expected volatility assumption is based on the historical volatility of the Company’s stock over a term equal to the expected term of the option granted. The expected term of stock option awards granted is derived from the Company’s historical exercise experience and represents the period of time that stock option awards granted are expected to be outstanding for each of the identified groups. The expected term assumption incorporates the contractual term of an option grant, which is generally ten years for employees and from four to ten years for non-employee directors, as well as the vesting period of an award, which is typically three years. The risk-free interest rate is based on the implied yield on a U.S. Treasury constant maturity with a remaining term equal to the expected term of the option granted. | ||||||||||||
For purposes of determining the fair value of RSUs, the Company uses the closing stock price of its common stock as reported on the NASDAQ Global Select Market on the date of grant, reduced by the discounted value of future expected dividend payments during the vesting period, since the recipients are not entitled to dividends during the vesting period. The fair value of the Company’s RSU awards is expensed on a straight-line basis over the vesting period of the RSUs to the extent the Company believes it is probable the related performance criteria, if any, will be met. The risk-free interest rate is based on the implied yield on a U.S. Treasury constant maturity with a remaining term equal to the vesting period of the RSU grant. | ||||||||||||
The weighted-average assumptions and valuation of the Company’s stock options were as follows: | ||||||||||||
FISCAL YEARS ENDED APRIL 30 | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Weighted-average fair value of grants | $ | 14.46 | $ | 7.39 | $ | 5.43 | ||||||
Expected volatility | 38.2 | % | 42.5 | % | 35.1 | % | ||||||
Expected term in years | 6.1 | 6.1 | 6.0 | |||||||||
Risk-free interest rate | 1.59 | % | 1.09 | % | 2.24 | % | ||||||
Expected dividend yield | 0.0 | % | 0.0 | % | 2.0 | % | ||||||
Stock Option Activity | ||||||||||||
Stock options granted and outstanding under each of the Company’s plans vest evenly over a three-year period and have contractual terms of ten years. The exercise price of all stock options granted is equal to the fair market value of the Company’s common stock on the option grant date. | ||||||||||||
The following table presents a summary of the Company’s stock option activity for the fiscal years ended April 30, 2014, 2013 and 2012 (remaining contractual term in years and exercise prices are weighted-averages): | ||||||||||||
NUMBER OF OPTIONS | REMAINING CONTRACTUAL TERM | WEIGHTED AVERAGE EXERCISE PRICE | AGGREGATE INTRINSIC VALUE (in thousands) | |||||||||
Outstanding at April 30, 2011 | 1,605,356 | 5.7 | $ | 28.48 | $ | 29 | ||||||
Granted | 130,000 | 9.1 | 18.16 | - - | ||||||||
Exercised | -1,200 | - - | 14.93 | 6 | ||||||||
Cancelled or expired | -109,396 | - - | 28.82 | - - | ||||||||
Outstanding at April 30, 2012 | 1,624,760 | 5.1 | $ | 27.64 | $ | 0 | ||||||
Granted | 125,000 | 9.1 | 17.62 | - - | ||||||||
Exercised | -251,799 | - - | 23.35 | 1,868 | ||||||||
Cancelled or expired | -96,148 | - - | 31.03 | - - | ||||||||
Outstanding at April 30, 2013 | 1,401,813 | 4.8 | $ | 27.27 | $ | 9,272 | ||||||
Granted | 60,500 | 9.1 | 36.74 | - - | ||||||||
Exercised | -551,485 | - - | 26.61 | 5,156 | ||||||||
Cancelled or expired | -59,514 | - - | 30.17 | - - | ||||||||
Outstanding at April 30, 2014 | 851,314 | 4.3 | $ | 28.16 | $ | 3,121 | ||||||
Vested and expected to vest in the future at April 30, 2014 | 836,259 | 4.2 | $ | 28.24 | $ | 2,995 | ||||||
Exercisable at April 30, 2014 | 699,412 | 3.4 | $ | 29 | $ | 1,900 | ||||||
The aggregate intrinsic value in the previous table of the outstanding options on April 30, 2014 represents the total pre-tax intrinsic value (the excess, if any, of the Company’s closing stock price on the last trading day of fiscal 2014 over the exercise price, multiplied by the number of in-the-money options) of the shares of the Company’s common stock that would have been received by the option holders had all option holders exercised their options on April 30, 2014. This amount changes based upon the fair market value of the Company’s common stock. The total fair value of options vested for the fiscal years ended April 30, 2014, 2013 and 2012 was $0.7 million, $1.2 million and $2.4 million, respectively. | ||||||||||||
As of April 30, 2014, there was $0.8 million of total unrecognized compensation expense related to unvested stock options granted under the Company’s stock-based compensation plans. This expense is expected to be recognized over a weighted-average period of 1.7 years. | ||||||||||||
Cash received from option exercises for the fiscal years ended April 30, 2014, 2013 and 2012, was an aggregate of $14.7 million, $5.9 million and $0.0 million, respectively. The actual tax benefit realized for the tax deduction from option exercises of stock option awards totaled $2,011,000, $729,000 and $3,000 for the fiscal years ended April 30, 2014, 2013 and 2012, respectively. | ||||||||||||
The following table summarizes information about stock options outstanding at April 30, 2014 (remaining lives in years and exercise prices are weighted-averages): | ||||||||||||
OPTIONS OUTSTANDING | OPTIONS EXERCISABLE | |||||||||||
OPTION PRICE | REMAINING | EXERCISE | EXERCISE | |||||||||
PER SHARE | OPTIONS | LIFE | PRICE | OPTIONS | PRICE | |||||||
$17.62-$18.16 | 120,002 | 7.7 | $ | 17.83 | 20,000 | $ | 17.98 | |||||
$20.87-$26.85 | 266,538 | 4.5 | 23.93 | 266,538 | 23.93 | |||||||
$28.97-$34.63 | 412,874 | 2.6 | 32.81 | 412,874 | 32.81 | |||||||
$36.74-$36.74 | 51,900 | 9.1 | 36.74 | 0 | 0 | |||||||
851,314 | 699,412 | |||||||||||
Restricted Stock Unit Activity: | ||||||||||||
The Company’s RSUs granted to employees cliff-vest over a three-year period from date of grant, while RSUs granted to non-employee directors vest daily over a two-year period from date of grant. Directors were granted service-based RSUs only, while employees were awarded both service-based and performance-based RSUs (PBRSUs) in fiscal years 2014, 2013 and 2012. The PBRSUs granted in fiscal 2014 are earned based on achievement of a number of goals pertaining to the Company’s operational and financial performance during the performance period of fiscal 2014. Employees who satisfy the vesting criteria will receive a proportional amount of PBRSUs based upon the Compensation Committee’s assessment of the Company’s achievement of the performance criteria. | ||||||||||||
The following table contains a summary of the Company’s RSU activity for the fiscal years ended April 30, 2014, 2013 and 2012: | ||||||||||||
PERFORMANCE-BASED RSUs | SERVICE-BASED RSUs | TOTAL RSUs | WEIGHTED AVERAGE GRANT DATE FAIR VALUE | |||||||||
Issued and outstanding, April 30, 2011 | 174,570 | 119,100 | 293,670 | $ | 20.25 | |||||||
Granted | 134,250 | 64,750 | 199,000 | $ | 17 | |||||||
Cancelled due to non-achievement of performance goals | -48,870 | 0 | -48,870 | $ | 19.81 | |||||||
Settled in common stock | -666 | -17,951 | -18,617 | $ | 21.15 | |||||||
Forfeited | -22,208 | -10,171 | -32,379 | $ | 19.3 | |||||||
Issued and outstanding, April 30, 2012 | 237,076 | 155,728 | 392,804 | $ | 18.75 | |||||||
Granted | 129,075 | 63,025 | 192,100 | $ | 17.76 | |||||||
Cancelled due to non-achievement of performance goals | -24,311 | 0 | -24,311 | $ | 17.09 | |||||||
Settled in common stock | -49,546 | -58,328 | -107,874 | $ | 20.66 | |||||||
Forfeited | -13,189 | -5,425 | -18,614 | $ | 17.91 | |||||||
Issued and outstanding, April 30, 2013 | 279,105 | 155,000 | 434,105 | $ | 17.96 | |||||||
Granted | 75,600 | 44,092 | 119,692 | $ | 36.09 | |||||||
Cancelled due to non-achievement of performance goals | -23,384 | 0 | -23,384 | $ | 17.62 | |||||||
Settled in common stock | -74,935 | -60,310 | -135,245 | $ | 19.75 | |||||||
Forfeited | -20,591 | -15,407 | -35,998 | $ | 23.12 | |||||||
Issued and outstanding, April 30, 2014 | 235,795 | 123,375 | 359,170 | $ | 22.79 | |||||||
As of April 30, 2014, there was $2.9 million of total unrecognized compensation expense related to unvested RSUs granted under the Company’s stock-based compensation plans. This expense is expected to be recognized over a weighted-average period of 2.0 years. | ||||||||||||
For the fiscal years ended April 30, 2014, 2013 and 2012 stock-based compensation expense was allocated as follows: | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||
Cost of sales and distribution | $ | 505 | $ | 606 | $ | 531 | ||||||
Selling and marketing expenses | 801 | 859 | 715 | |||||||||
General and administrative expenses | 1,989 | 2,044 | 2,167 | |||||||||
Stock-based compensation expense, before income taxes | $ | 3,295 | $ | 3,509 | $ | 3,413 | ||||||
Restricted Stock Tracking Units: | ||||||||||||
During fiscal 2014, the Board of Directors of the Company 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 the Company’s 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 $78 thousand related to RSTUs for the fiscal year ended April 30, 2014. | ||||||||||||
Employee_Benefit_And_Retiremen
Employee Benefit And Retirement Plans | 12 Months Ended | ||||||||
Apr. 30, 2014 | |||||||||
Employee Benefit And Retirement Plans [Abstract] | ' | ||||||||
Employee Benefit And Retirement Plans | ' | ||||||||
Note H – Employee Benefit and Retirement Plans | |||||||||
Employee Stock Ownership Plan | |||||||||
In fiscal 1990, the Company instituted the American Woodmark Investment Savings Stock Ownership Plan. Under this plan, all employees who are at least 18 years old and have been employed by the Company for at least six consecutive months are eligible to receive Company stock through a discretionary profit-sharing contribution and a 401(k) matching contribution based upon the employee's contribution to the plan. | |||||||||
Beginning in fiscal 2013, discretionary profit-sharing contributions ranging from 0-5%, based on predetermined net income levels of the Company, may be made annually in the form of Company stock. Prior to fiscal 2013, profit-sharing contributions in the form of Company stock were 3% of after-tax earnings, calculated on a quarterly basis. The Company recognized expenses for profit-sharing contributions of $818,000 and $293,000 in fiscal years 2014 and 2013, respectively. The Company did not make, or recognize any expenses for, discretionary profit-sharing contributions in fiscal 2012. | |||||||||
Beginning in fiscal 2013, as part of the realignment of its retirement plans, the Company increased the match on 401(k) contributions in the form of Company stock to 100% of an employee’s annual contribution to the plan up to 4% of base earnings. Prior to fiscal 2013, the Company matched 401(k) contributions in the form of Company stock at 50% of an employee's annual contribution to the plan up to 4% of base earnings for an effective maximum Company contribution of 2% of base earnings. The expense for 401(k) matching contributions for this plan was $4,054,000, $2,547,000 and $1,284,000, in fiscal years 2014, 2013 and 2012, respectively. | |||||||||
Pension Benefits | |||||||||
The Company has two defined benefit pension plans covering many of the Company’s employees hired prior to April 30, 2012. These plans provide defined benefits based on years of service and final average earnings (for salaried employees) or benefit rate (for hourly employees). | |||||||||
Effective April 30, 2012, the Company froze all future benefit accruals under the Company’s hourly and salaried defined benefit pension plans. | |||||||||
Included in accumulated other comprehensive loss at April 30, 2014 is $42.6 million ($26.0 million net of tax) related to net unrecognized actuarial losses that have not yet been recognized in net periodic pension benefit costs. The Company expects to recognize $0.9 million ($0.5 million net of tax) in net actuarial losses in net periodic pension benefit costs during fiscal 2015. The Company uses an April 30 measurement date for its benefit plans. | |||||||||
The following provides a reconciliation of benefit obligations, plan assets and funded status of the Company’s non-contributory defined benefit pension plans as of April 30: | |||||||||
30-Apr | |||||||||
(in thousands) | 2014 | 2013 | |||||||
CHANGE IN PROJECTED BENEFIT OBLIGATION | |||||||||
Projected benefit obligation at beginning of year | $ | 149,429 | $ | 136,264 | |||||
Interest cost | 6,203 | 6,261 | |||||||
Actuarial (gains) and losses | -7,615 | 10,801 | |||||||
Benefits paid | -3,875 | -3,897 | |||||||
Projected benefit obligation at end of year | $ | 144,142 | $ | 149,429 | |||||
CHANGE IN PLAN ASSETS | |||||||||
Fair value of plan assets at beginning of year | $ | 95,733 | $ | 85,717 | |||||
Actual return on plan assets | 8,483 | 8,993 | |||||||
Company contributions | 2,258 | 4,920 | |||||||
Benefits paid | -3,875 | -3,897 | |||||||
Fair value of plan assets at end of year | $ | 102,599 | $ | 95,733 | |||||
Funded status of the plans | $ | -41,543 | $ | -53,696 | |||||
Unrecognized net actuarial loss | 42,589 | 52,703 | |||||||
Prepaid (accrued) benefit cost | $ | 1,046 | $ | -993 | |||||
AMOUNTS RECOGNIZED IN THE CONSOLIDATED BALANCE SHEETS | |||||||||
Defined benefit pension liabilities | $ | -41,543 | $ | -53,696 | |||||
Accumulated other comprehensive loss | 42,589 | 52,703 | |||||||
Net amount recognized | $ | 1,046 | $ | -993 | |||||
The accumulated benefit obligation for both pension plans was $144,142,000 and $149,429,000 at April 30, 2014 and 2013, respectively. | |||||||||
PENSION BENEFITS | |||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||
COMPONENTS OF NET PERIODIC PENSION BENEFIT COST | |||||||||
Service cost | $ | 0 | $ | 0 | $ | 5,305 | |||
Interest cost | 6,203 | 6,261 | 6,533 | ||||||
Expected return on plan assets | -7,113 | -6,563 | -6,533 | ||||||
Amortization of prior service cost | 0 | 0 | 53 | ||||||
Curtailment loss | 0 | 0 | 331 | ||||||
Recognized net actuarial loss | 1,129 | 923 | 1,710 | ||||||
Pension benefit cost | $ | 219 | $ | 621 | $ | 7,399 | |||
Actuarial Assumptions: The discount rate at April 30 was used to measure the year-end benefit obligations and the earnings effects for the subsequent year. Actuarial assumptions used to determine benefit obligations and earnings effects for the pension plans follow: | |||||||||
FISCAL YEARS ENDED APRIL 30 | |||||||||
2014 | 2013 | ||||||||
WEIGHTED-AVERAGE ASSUMPTIONS TO DETERMINE BENEFIT OBLIGATIONS | |||||||||
Discount rate | 4.56 | % | 4.21 | % | |||||
FISCAL YEARS ENDED APRIL 30 | |||||||||
2014 | 2013 | 2012 | |||||||
WEIGHTED-AVERAGE ASSUMPTIONS TO DETERMINE NET PERIODIC PENSION BENEFIT COST | |||||||||
Discount rate | 4.21 | % | 4.66 | % | 5.66%/4.76% 1 | ||||
Expected return on plan assets | 7.5 | % | 7.5 | % | 8 | % | |||
Rate of compensation increase | * | * | 4 | % | |||||
1 The discount rate was 5.66% from May 1, 2011 to December 31, 2011 and 4.76% from January 1, 2012 to April 30, 2012. The rate changed during fiscal 2012 as a result of the required re-measurement of the Company's pension liability upon its decision to freeze its pension plans. | |||||||||
* The rate of compensation increase is not applicable for periods beyond April 30, 2012 because the Company froze its pension plans effective as of that date. | |||||||||
In fiscal years 2014, 2013 and 2012, the Company determined the discount rate by referencing the Aon Hewitt AA Bond Universe Yield Curve. The Company believes that using a yield curve approach accurately reflects changes in the present value of liabilities over time since each cash flow is discounted at the rate at which it could effectively be settled. | |||||||||
In developing the expected long-term rate of return assumption for the assets of the defined benefit pension plans, the Company evaluated input from its third party pension plan asset managers, including their review of asset class return expectations and long-term inflation assumptions. The Company also considered the related historical ten-year average asset returns at April 30, 2014. | |||||||||
The Company amortizes experience gains and losses, as well as the effects of changes in actuarial assumptions and plan provisions, over the average remaining lifetime of the active participants. | |||||||||
Contributions: The Company funds the pension plans in amounts sufficient to meet minimum funding requirements under applicable employee benefit and tax laws plus additional amounts the Company deems appropriate. | |||||||||
The Company expects to contribute $4.3 million to its pension plans in fiscal 2015. The Company made contributions of $2.3 million and $4.9 million to its pension plans in fiscal 2014 and 2013, respectively. | |||||||||
Estimated Future Benefit Payments: The following benefit payments, which reflect expected future service, are expected to be paid: | |||||||||
FISCAL YEAR | BENEFIT PAYMENTS (in thousands) | ||||||||
2015 | $ | 4,719 | |||||||
2016 | 5,135 | ||||||||
2017 | 5,452 | ||||||||
2018 | 5,818 | ||||||||
2019 | 6,283 | ||||||||
Years 2020-2024 | 37,021 | ||||||||
Plan Assets: Pension assets by major category and the type of fair value measurement as of April 30, 2014 and 2013 are presented in the following tables: | |||||||||
FAIR VALUE MEASUREMENTS AT APRIL 30, 2014 | |||||||||
(in thousands) | TOTAL | QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1) | SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2) | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | |||||
Cash Equivalents | $ | 338 | $ | 338 | $ | 0 | $ | 0 | |
Equity Collective Funds:1 | |||||||||
Equity Index Value Fund | 20,753 | 0 | 20,753 | 0 | |||||
Equity Index Growth Fund | 20,485 | 0 | 20,485 | 0 | |||||
Small Cap Index Fund | 5,929 | 0 | 5,929 | 0 | |||||
International Equity Fund | 4,166 | 0 | 4,166 | 0 | |||||
Fixed Income Collective Funds:1 | |||||||||
Core Fixed Income Fund | 33,409 | 0 | 33,409 | 0 | |||||
Capital Preservation Fund | 17,519 | 0 | 17,519 | 0 | |||||
Total | $ | 102,599 | $ | 338 | $ | 102,261 | $ | 0 | |
FAIR VALUE MEASUREMENTS AT APRIL 30, 2013 | |||||||||
(in thousands) | TOTAL | QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1) | SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2) | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | |||||
Cash Equivalents | $ | 315 | $ | 315 | $ | 0 | $ | 0 | |
Equity Collective Funds:1 | |||||||||
Equity Index Value Fund | 19,202 | 0 | 19,202 | 0 | |||||
Equity Index Growth Fund | 19,245 | 0 | 19,245 | 0 | |||||
Small Cap Index Fund | 5,632 | 0 | 5,632 | 0 | |||||
International Equity Fund | 3,932 | 0 | 3,932 | 0 | |||||
Fixed Income Collective Funds:1 | |||||||||
Core Fixed Income Fund | 30,000 | 0 | 30,000 | 0 | |||||
Capital Preservation Fund | 17,407 | 0 | 17,407 | 0 | |||||
Total | $ | 95,733 | $ | 315 | $ | 95,418 | $ | 0 | |
1 The Collective Trust Funds are valued by applying each plan's ownership percentage in the fund to the fund's net assets at fair value at the valuation date. | |||||||||
Investment Strategy: The Company has established formal investment policies for the assets associated with its pension plans. The objectives of the investment strategies include preservation of capital and long-term growth of capital while avoiding excessive risk. Target allocation percentages are established at an asset class level by the Company’s Pension Committee. Target allocation ranges are guidelines, not limitations, and the Pension Committee may approve allocations above or below a target range. | |||||||||
During a period of uncertainty in the equity and fixed income markets, the Pension Committee may suspend the Target Asset Allocation and manage the investment mix as it sees reasonable, prudent and in the best interest of the plans to better protect the value of the plan assets. | |||||||||
The Company’s pension plans’ weighted-average asset allocations at April 30, 2014 and 2013, by asset category, were as follows: | |||||||||
PLAN ASSET ALLOCATION | |||||||||
2014 | 2014 | 2013 | |||||||
30-Apr | TARGET | ACTUAL | ACTUAL | ||||||
Equity Funds | 50 | % | 50 | % | 50.2 | % | |||
Fixed Income Funds | 50 | % | 50 | % | 49.8 | % | |||
Total | 100 | % | 100 | % | 100 | % | |||
Within the broad categories outlined in the preceding table, the Company has targeted the following specific allocations as a percentage of total funds invested: 17% Capital Preservation, 33% Bond, 20% Large Capital Growth, 20% Large Capital Value, 6% Small Capital and 4% International. | |||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||
Apr. 30, 2014 | |||||||||
Income Taxes [Abstract] | ' | ||||||||
Income Taxes | ' | ||||||||
Note I -- Income Taxes | |||||||||
Income tax expense was comprised of the following: | |||||||||
FISCAL YEARS ENDED APRIL 30 | |||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||
CURRENT EXPENSE (BENEFIT) | |||||||||
Federal | $ | 4,825 | $ | 1,031 | $ | -36 | |||
State | 406 | 162 | -176 | ||||||
Total current expense (benefit) | 5,231 | 1,193 | -212 | ||||||
DEFERRED EXPENSE (BENEFIT) | |||||||||
Federal | 6,076 | 4,859 | -10,115 | ||||||
State | 1,902 | 930 | -2,175 | ||||||
Total deferred expense (benefit) | 7,978 | 5,789 | -12,290 | ||||||
Total expense (benefit) | 13,209 | 6,982 | -12,502 | ||||||
Other comprehensive income (loss) | 3,944 | -2,905 | -3,624 | ||||||
Total comprehensive income tax expense (benefit) | $ | 17,153 | $ | 4,077 | $ | -16,126 | |||
The Company's effective income tax rate varied from the federal statutory rate as follows: | |||||||||
FISCAL YEARS ENDED APRIL 30 | |||||||||
2014 | 2013 | 2012 | |||||||
Federal statutory rate | 35.0 | % | 35.0 | % | 35.0 | % | |||
Effect of: | |||||||||
Tax basis adjustment | 0.0 | % | 0.0 | % | -1.7 | % | |||
Meals and entertainment | 0.8 | 1.5 | -0.8 | ||||||
Domestic production deduction | -1.8 | -0.3 | 0.0 | ||||||
Other | 0.7 | 1.4 | 0.0 | ||||||
Total | -0.3 | % | 2.6 | % | -2.5 | % | |||
Effective federal income tax rate | 34.7 | % | 37.6 | % | 32.5 | % | |||
State income taxes, net of federal tax effect | 4.5 | 4.1 | 5.1 | ||||||
Effective income tax rate | 39.2 | % | 41.7 | % | 37.6 | % | |||
Income taxes paid were $4,334,000, $1,219,000 and $229,000 for fiscal years 2014, 2013 and 2012, respectively. | |||||||||
The significant components of deferred tax assets and liabilities were as follows: | |||||||||
30-Apr | |||||||||
(in thousands) | 2014 | 2013 | |||||||
Deferred tax assets: | |||||||||
Pension benefits | $ | 15,381 | $ | 20,563 | |||||
Accounts receivable | 4,603 | 3,983 | |||||||
Product liability | 745 | 700 | |||||||
Employee benefits | 8,523 | 11,243 | |||||||
Net operating loss carryforward | 469 | 1,099 | |||||||
Income tax credits | 0 | 1,088 | |||||||
Depreciation | 0 | 73 | |||||||
Other | 199 | 496 | |||||||
Total | 29,920 | 39,245 | |||||||
Deferred tax liabilities: | |||||||||
Inventory | 496 | 502 | |||||||
Depreciation | 2,374 | 0 | |||||||
2,870 | 502 | ||||||||
Net deferred tax asset | $ | 27,050 | $ | 38,743 | |||||
The net operating loss carryforward value for April 30, 2014 and 2013 contained in the above table includes amounts pertaining to various state net operating loss carryforwards with various expiration dates. | |||||||||
Management believes it is more likely than not that the Company will realize its gross deferred tax assets due to expected future taxable income and the reversal of taxable temporary differences. | |||||||||
Accounting_For_Uncertainty_In_
Accounting For Uncertainty In Income Taxes | 12 Months Ended |
Apr. 30, 2014 | |
Accounting For Uncertainty In Income Taxes [Abstract] | ' |
Accounting For Uncertainty In Income Taxes | ' |
Note J -- Accounting for Uncertainty in Income Taxes | |
The Company accounts for its income tax uncertainties in accordance with ASC Topic 740, “Income Taxes.” The Company had no liability relating to uncertain tax positions for the years ended April 30, 2014 and 2013. | |
With minor exceptions, the Company is currently open to audit by tax authorities for tax years ending April 30, 2011 through April 30, 2014. The Company is currently not under federal audit. | |
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended | |||||
Apr. 30, 2014 | ||||||
Commitments And Contingencies [Abstract] | ' | |||||
Commitments And Contingencies | ' | |||||
Note K -- Commitments and Contingencies | ||||||
Legal Matters | ||||||
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 ASC 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. Where losses are deemed to be probable and estimable, accruals are made. Where losses are deemed to be reasonably possible, 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 consultation 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 April 30, 2014. | ||||||
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: | ||||||
30-Apr | ||||||
(in thousands) | 2014 | 2013 | ||||
PRODUCT WARRANTY RESERVE | ||||||
Beginning balance | $ | 1,795 | $ | 1,885 | ||
Accrual for warranties | 11,988 | 9,839 | ||||
Settlements | -11,873 | -9,929 | ||||
Ending balance at fiscal year end | $ | 1,910 | $ | 1,795 | ||
Lease Agreements | ||||||
The Company leases certain office buildings, manufacturing buildings, service centers and equipment. Total rental expenses under operating leases amounted to approximately $8,005,000, $7,378,000 and $7,206,000, in fiscal years 2014, 2013 and 2012, respectively. Minimum rental commitments as of April 30, 2014, under noncancelable leases with terms in excess of one year are as follows: | ||||||
FISCAL YEAR | OPERATING (in thousands) | CAPITAL (in thousands) | ||||
2015 | $ | 3,257 | 1,377 | |||
2016 | 2,878 | 1,366 | ||||
2017 | 1,489 | 1,246 | ||||
2018 | 584 | 871 | ||||
2019 | 395 | 666 | ||||
2020 (and thereafter) | 254 | 3,477 | ||||
$ | 8,857 | $ | 9,003 | |||
Less amounts representing interest (2%) | -884 | |||||
Total obligations under capital leases | $ | 8,119 | ||||
Related Parties | ||||||
During fiscal 1985, prior to becoming a publicly held corporation, the Company entered into an agreement with a partnership which includes certain former executive officers and current significant shareholders of the Company, including one current member of the Board of Directors of the Company, to lease the Company’s headquarters building which was constructed and is owned by the partnership. The Company has subsequently renewed this lease in accordance with Company policy and procedures which includes approval by the Board of Directors. As of April 30, 2014, the Company is in the fourth year of the latest five-year renewal period, which expires in 2016. Under this agreement, rental expense was $470,000, $461,000 and $460,000, in fiscal years 2014, 2013 and 2012, respectively. Rent during the remaining term of approximately $927,000 (included in the preceding table) is subject to annual increases of 2% through the remaining term of the lease. | ||||||
Credit_Concentration
Credit Concentration | 12 Months Ended | |||||
Apr. 30, 2014 | ||||||
Credit Concentration [Abstract] | ' | |||||
Credit Concentration | ' | |||||
Note L -- Credit Concentration | ||||||
Credit is extended to customers based on an evaluation of each customer's financial condition and generally collateral is not required. The Company's customers operate in the new home construction and home remodeling markets. | ||||||
The Company maintains an allowance for bad debt based upon management's evaluation and judgment of potential net loss. The allowance is estimated based upon historical experience, the effects of current developments and economic conditions and of each customer’s current and anticipated financial condition. Estimates and assumptions are periodically reviewed and updated. Any resulting adjustments to the allowance are reflected in current operating results. | ||||||
At April 30, 2014, the Company's two largest customers, Customers A and B, represented 21.0% and 21.4% of the Company's gross customer receivables, respectively. At April 30, 2013, Customers A and B represented 21.1% and 21.1% of the Company’s gross customer receivables, respectively. | ||||||
The following table summarizes the percentage of sales to the Company's two largest customers for the last three fiscal years: | ||||||
PERCENT OF ANNUAL GROSS SALES | ||||||
2014 | 2013 | 2012 | ||||
Customer A | 28.6 | 35.7 | 41.5 | |||
Customer B | 20.6 | 22.8 | 26 | |||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||
Apr. 30, 2014 | |||||||||
Fair Value Measurements [Abstract] | ' | ||||||||
Fair Value Measurements | ' | ||||||||
Note M -- 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, mutual funds and United States Treasury instruments. The Company’s mutual fund investment assets represent contributions made and invested on behalf of the Company’s named 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 value of assets that are recorded in the Company’s consolidated financial statements as of April 30, 2014 and 2013 at fair value on a recurring basis: | |||||||||
FAIR VALUE MEASUREMENTS AS OF APRIL 30, 2014 | |||||||||
(in thousands) | LEVEL 1 | LEVEL 2 | LEVEL 3 | ||||||
ASSETS: | |||||||||
Money market funds | $ | 38,877 | $ | 0 | $ | 0 | |||
Mutual funds | 1,204 | 0 | 0 | ||||||
Total assets at fair value | $ | 40,081 | $ | 0 | $ | 0 | |||
FAIR VALUE MEASUREMENTS AS OF APRIL 30, 2013 | |||||||||
(in thousands) | 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 | |||
The fair value measurement of assets held by the Company’s defined benefit pension plans is discussed in Note H. | |||||||||
Restructuring_Charges
Restructuring Charges | 12 Months Ended |
Apr. 30, 2014 | |
Restructuring Charges [Abstract] | ' |
Restructuring Charges | ' |
Note N -- 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. | |
In the fourth quarter of fiscal 2009, the Company announced a restructuring plan (“2009 Restructuring Plan”) to close two of its manufacturing plants, located in Berryville, Virginia and Moorefield, West Virginia and suspend operations in a third manufacturing plant located in Tahlequah, Oklahoma. These actions were completed during the first quarter of fiscal 2010. These initiatives were intended to increase the Company’s capacity utilization rates and decrease overhead costs. In addition to these initiatives, the Company made other staffing reductions during the fourth quarter of fiscal 2009. | |
During fiscal years 2014, 2013 and 2012, the Company recognized total pre-tax restructuring charges for both the 2012 Restructuring Plan and the 2009 Restructuring Plan of $(234,000), $1.4 million and $16.3 million, respectively. The Company recognized recurring operating costs for the facilities closed as part of the 2012 Restructuring Plan of $0.3 million in fiscal 2014. These costs will continue until the remaining closed plant is sold. | |
The Company has one manufacturing plant classified as held for sale, which was closed in the 2012 Restructuring Plan. During the fourth quarter of fiscal 2014, the Company sold its closed plant located in Hazard, Kentucky and recognized a gain of $0.3 million on the sale. The gain was included in restructuring charges on the Company’s statements of operations. The Company believes that the remaining $1.0 million net book value of the property classified as held for sale is fully recoverable. This asset is included in Other Assets on the Company’s balance sheet at April 30, 2014. | |
Quarterly_Financial_Data
Quarterly Financial Data | 12 Months Ended | |||||||||||
Apr. 30, 2014 | ||||||||||||
Quarterly Financial Data [Abstract] | ' | |||||||||||
Quarterly Financial Data | ' | |||||||||||
Note O -- Quarterly Financial Data (Unaudited) | ||||||||||||
FISCAL 2014 | 7/31/13 | 10/31/13 | 1/31/14 | 4/30/14 | ||||||||
(in thousands, except per share amounts) | ||||||||||||
Net sales | $ | 178,095 | $ | 190,532 | $ | 169,033 | $ | 188,855 | ||||
Gross profit | 33,715 | 32,274 | 26,001 | 32,187 | ||||||||
Income before income taxes | 10,682 | 8,631 | 4,953 | 9,404 | ||||||||
Net income | 6,655 | 5,271 | 2,901 | 5,634 | ||||||||
Earnings per share | ||||||||||||
Basic | $ | 0.45 | $ | 0.35 | $ | 0.19 | $ | 0.36 | ||||
Diluted | $ | 0.43 | $ | 0.34 | $ | 0.18 | $ | 0.36 | ||||
FISCAL 2013 | 7/31/12 | 10/31/12 | 1/31/13 | 4/30/13 | ||||||||
(in thousands, except per share amounts) | ||||||||||||
Net sales | $ | 148,252 | $ | 159,760 | $ | 151,346 | $ | 171,079 | ||||
Gross profit | 22,043 | 24,794 | 23,507 | 32,312 | ||||||||
Income before income taxes | 1,015 | 3,371 | 3,476 | 8,878 | ||||||||
Net income | 561 | 1,950 | 2,057 | 5,190 | ||||||||
Earnings per share | ||||||||||||
Basic | $ | 0.04 | $ | 0.13 | $ | 0.14 | $ | 0.36 | ||||
Diluted | $ | 0.04 | $ | 0.13 | $ | 0.14 | $ | 0.35 | ||||
Schedule_II_Valuation_And_Qual
Schedule II - Valuation And Qualifying Accounts | 12 Months Ended | |||||||||||
Apr. 30, 2014 | ||||||||||||
Schedule II - Valuation And Qualifying Accounts [Abstract] | ' | |||||||||||
Schedule II - Valuation And Qualifying Accounts | ' | |||||||||||
Schedule II - Valuation and Qualifying Accounts | ||||||||||||
AMERICAN WOODMARK CORPORATION | ||||||||||||
(In Thousands) | ||||||||||||
Description (a) | Balance at Beginning of Year | Additions (Reductions) Charged to Cost and Expenses | Other | Deductions | Balance at End of Year | |||||||
Year ended April 30, 2014: | ||||||||||||
Allowance for doubtful accounts | $ 148 | $ 31 | $ - | $ (77) | (b) | $ 102 | ||||||
Reserve for cash discounts | $ 669 | $ 8,529 | (c) | $ - | $ (8,471) | (d) | $ 727 | |||||
Reserve for sales returns and allowances | $ 1,536 | $ 7,245 | (c) | $ - | $ (7,142) | $ 1,639 | ||||||
Year ended April 30, 2013: | ||||||||||||
Allowance for doubtful accounts | $ 93 | $ 92 | $ - | $ (37) | (b) | $ 148 | ||||||
Reserve for cash discounts | $ 645 | $ 8,174 | (c) | $ - | $ (8,150) | (d) | $ 669 | |||||
Reserve for sales returns and allowances | $ 1,301 | $ 7,496 | (c) | $ - | $ (7,261) | $ 1,536 | ||||||
Year ended April 30, 2012: | ||||||||||||
Allowance for doubtful accounts | $ 67 | $ 123 | $ - | $ (97) | (b) | $ 93 | ||||||
Reserve for cash discounts | $ 710 | $ 7,317 | (c) | $ - | $ (7,382) | (d) | $ 645 | |||||
Reserve for sales returns and allowances | $ 1,194 | $ 7,040 | (c) | $ - | $ (6,933) | $ 1,301 | ||||||
(a)All reserves relate to accounts receivable. | ||||||||||||
(b)Principally write-offs, net of collections. | ||||||||||||
(c)Reduction of gross sales. | ||||||||||||
(d)Cash discounts granted. | ||||||||||||
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Apr. 30, 2014 | |
Summary Of Significant Accounting Policies [Abstract] | ' |
Principles Of Consolidation And Basis Of Presentation | ' |
Principles of Consolidation and Basis of Presentation: The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. Significant inter-company accounts and transactions have been eliminated in consolidation. | |
Revenue Recognition | ' |
Revenue Recognition: The Company recognizes revenue when product is delivered to the customer and title has passed. Revenue is based on invoice price less allowances for sales returns, cash discounts and other deductions. | |
Cost Of Sales And Distribution | ' |
Cost of Sales and Distribution: Cost of sales and distribution includes all costs associated with the manufacture and distribution of the Company’s products including the costs of shipping and handling. | |
Advertising Costs | ' |
Advertising Costs: Advertising costs are expensed as incurred. Advertising expenses for fiscal years 2014, 2013 and 2012 were $30.4 million, $36.5 million and $37.4 million, respectively. | |
Cash And Cash Equivalents | ' |
Cash and Cash Equivalents: Cash in excess of operating requirements is invested in money market accounts which are carried at cost (which approximates fair value). The Company considers all highly liquid short-term investments with an original maturity of three months or less when purchased to be cash equivalents. Cash equivalents were $38.9 million at both April 30, 2014 and 2013. | |
Inventories | ' |
Inventories: Inventories are stated at lower of cost or market. Inventory costs are determined by the last-in, first-out (LIFO) method. | |
The LIFO cost reserve is determined in the aggregate for inventory and is applied as a reduction to inventories determined on the first-in, first-out method (FIFO). FIFO inventory cost approximates replacement cost. | |
Property, Plant And Equipment | ' |
Property, Plant and Equipment: Property, plant and equipment is stated on the basis of cost less accumulated depreciation. Depreciation is provided by the straight-line method over the estimated useful lives of the related assets, which range from 15 to 30 years for buildings and improvements and 3 to 10 years for machinery and equipment. Assets under capital leases are amortized over the shorter of their estimated useful lives or the term of the related lease. | |
Impairment Of Long-Lived Assets | ' |
Impairment of Long-Lived Assets: The Company reviews its long-lived assets for impairment when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. During fiscal years 2014, 2013 and 2012, the Company concluded no impairment existed, except for impairments related to restructuring activities. | |
Promotional Displays | ' |
Promotional Displays: The Company invests in promotional displays in retail stores to demonstrate product features, product and quality specifications and serve as a training tool for retail kitchen designers. The Company invests in these long-lived productive assets to provide the aforementioned benefits. The Company's investment in promotional displays is carried at cost less applicable amortization. Amortization is provided by the straight-line method on an individual display basis over periods of 30 to 36 months (the estimated period of benefit). Promotional display amortization expense for fiscal years 2014, 2013 and 2012 was $3.7 million, $4.0 million and $5.6 million, respectively, and is included in selling and marketing expenses. | |
Income Taxes | ' |
Income Taxes: The Company accounts for deferred income taxes utilizing the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the tax effects of temporary differences between the financial statement amounts and the tax basis of assets and liabilities, using enacted tax rates in effect for the year in which these items are expected to reverse. At each reporting date, the Company evaluates the need for a valuation allowance to adjust deferred tax assets and liabilities to an amount that more likely than not will be realized. | |
Pensions | ' |
Pensions: The Company has two non-contributory defined benefit pension plans covering many of the Company’s employees hired before April 30, 2012. Both defined benefit pension plans were frozen effective April 30, 2012. The Company recognizes the overfunded or underfunded status of its defined benefit pension plans, measured as the difference between the fair value of plan assets and the benefit obligation, in its consolidated balance sheets. The Company also recognizes the actuarial gains and losses and the prior service costs, credits and transition costs as a component of other comprehensive income (loss), net of tax. | |
Stock-Based Compensation | ' |
Stock-Based Compensation: The Company recognizes stock-based compensation expense based on the grant date fair value over the requisite service period. | |
Recent Accounting Pronouncements | ' |
Recent 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. | |
Use Of Estimates | ' |
Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during each reporting period. Actual results could differ from those estimates. | |
Reclassifications | ' |
Reclassifications: Certain reclassifications have been made to prior period balances to conform to the current year presentation, including between components of property, plant and equipment. | |
Customer_Receivables_Tables
Customer Receivables (Tables) | 12 Months Ended | |||||
Apr. 30, 2014 | ||||||
Customer Receivables [Abstract] | ' | |||||
Components Of Customer Receivables | ' | |||||
30-Apr | ||||||
(in thousands) | 2014 | 2013 | ||||
Gross customer receivables | $ | 48,943 | $ | 41,397 | ||
Less: | ||||||
Allowance for doubtful accounts | -102 | -148 | ||||
Allowance for returns and discounts | -2,366 | -2,205 | ||||
Net customer receivables | $ | 46,475 | $ | 39,044 | ||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||
Apr. 30, 2014 | ||||||
Inventories [Abstract] | ' | |||||
Components Of Inventories | ' | |||||
30-Apr | ||||||
(in thousands) | 2014 | 2013 | ||||
Raw materials | $ | 13,756 | $ | 11,823 | ||
Work-in-process | 19,179 | 17,170 | ||||
Finished goods | 13,439 | 11,318 | ||||
Total FIFO inventories | 46,374 | 40,311 | ||||
Reserve to adjust inventories to LIFO value | -14,851 | -10,973 | ||||
Total LIFO inventories | $ | 31,523 | $ | 29,338 | ||
Property_Plant_And_Equipment_T
Property, Plant And Equipment (Tables) | 12 Months Ended | |||||
Apr. 30, 2014 | ||||||
Property, Plant And Equipment [Abstract] | ' | |||||
Components Of Property, Plant And Equipment | ' | |||||
30-Apr | ||||||
(in thousands) | 2014 | 2013 | ||||
Land | $ | 5,929 | $ | 5,929 | ||
Buildings and improvements | 68,224 | 67,444 | ||||
Buildings and improvements - capital leases | 11,202 | 11,202 | ||||
Machinery and equipment | 155,162 | 152,154 | ||||
Machinery and equipment - capital leases | 28,111 | 26,966 | ||||
Construction in progress | 2,461 | 1,481 | ||||
271,089 | 265,176 | |||||
Less accumulated amortization and depreciation | -197,040 | -191,112 | ||||
Total | $ | 74,049 | $ | 74,064 | ||
Loans_Payable_And_LongTerm_Deb1
Loans Payable And Long-Term Debt (Tables) | 12 Months Ended | ||||||||||||||||||||
Apr. 30, 2014 | |||||||||||||||||||||
Loans Payable And Long-Term Debt [Abstract] | ' | ||||||||||||||||||||
Schedule Of Debt Maturities | ' | ||||||||||||||||||||
FISCAL YEARS ENDING APRIL 30 | |||||||||||||||||||||
(in thousands) | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 AND THERE- AFTER | TOTAL OUTSTAND- ING | ||||||||||||||
Revolving credit facility | $ | 0 | $ | 10,000 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 10,000 | |||||||
Economic development loans | 0 | 0 | 0 | 0 | 2,190 | 1,290 | 3,480 | ||||||||||||||
Capital lease obligations | 1,146 | 1,185 | 1,116 | 781 | 593 | 3,298 | 8,119 | ||||||||||||||
Total | $ | 1,146 | $ | 11,185 | $ | 1,116 | $ | 781 | $ | 2,783 | $ | 4,588 | $ | 21,599 | |||||||
Less current maturities | $ | 1,146 | |||||||||||||||||||
Total long-term debt | $ | 20,453 | |||||||||||||||||||
Earnings_Loss_Per_Share_Tables
Earnings (Loss) Per Share (Tables) | 12 Months Ended | ||||||||
Apr. 30, 2014 | |||||||||
Earnings (Loss) Per Share [Abstract] | ' | ||||||||
Schedule Of Earnings (Loss) Per Share, Basic And Diluted | ' | ||||||||
FISCAL YEARS ENDED APRIL 30 | |||||||||
(in thousands, except per share amounts) | 2014 | 2013 | 2012 | ||||||
Numerator used in basic and diluted earnings (loss) per common share: | |||||||||
Net income (loss) | $ | 20,461 | $ | 9,758 | $ | -20,786 | |||
Denominator: | |||||||||
Denominator for basic earnings (loss) per common share - | |||||||||
weighted-average shares | 15,299 | 14,563 | 14,344 | ||||||
Effect of dilutive securities: | |||||||||
Stock options and restricted stock units | 354 | 270 | 0 | ||||||
Denominator for diluted earnings (loss) per common share - | |||||||||
weighted-average shares and assumed conversions | 15,653 | 14,833 | 14,344 | ||||||
Net earnings (loss) per share | |||||||||
Basic | $ | 1.34 | $ | 0.67 | $ | -1.45 | |||
Diluted | $ | 1.31 | $ | 0.66 | $ | -1.45 | |||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | |||||||||||
Apr. 30, 2014 | ||||||||||||
Stock-Based Compensation [Abstract] | ' | |||||||||||
Schedule Of Weighted Average Assumptions And Valuation Of Stock Options | ' | |||||||||||
FISCAL YEARS ENDED APRIL 30 | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Weighted-average fair value of grants | $ | 14.46 | $ | 7.39 | $ | 5.43 | ||||||
Expected volatility | 38.2 | % | 42.5 | % | 35.1 | % | ||||||
Expected term in years | 6.1 | 6.1 | 6.0 | |||||||||
Risk-free interest rate | 1.59 | % | 1.09 | % | 2.24 | % | ||||||
Expected dividend yield | 0.0 | % | 0.0 | % | 2.0 | % | ||||||
Schedule Of Stock Option Activity | ' | |||||||||||
NUMBER OF OPTIONS | REMAINING CONTRACTUAL TERM | WEIGHTED AVERAGE EXERCISE PRICE | AGGREGATE INTRINSIC VALUE (in thousands) | |||||||||
Outstanding at April 30, 2011 | 1,605,356 | 5.7 | $ | 28.48 | $ | 29 | ||||||
Granted | 130,000 | 9.1 | 18.16 | - - | ||||||||
Exercised | -1,200 | - - | 14.93 | 6 | ||||||||
Cancelled or expired | -109,396 | - - | 28.82 | - - | ||||||||
Outstanding at April 30, 2012 | 1,624,760 | 5.1 | $ | 27.64 | $ | 0 | ||||||
Granted | 125,000 | 9.1 | 17.62 | - - | ||||||||
Exercised | -251,799 | - - | 23.35 | 1,868 | ||||||||
Cancelled or expired | -96,148 | - - | 31.03 | - - | ||||||||
Outstanding at April 30, 2013 | 1,401,813 | 4.8 | $ | 27.27 | $ | 9,272 | ||||||
Granted | 60,500 | 9.1 | 36.74 | - - | ||||||||
Exercised | -551,485 | - - | 26.61 | 5,156 | ||||||||
Cancelled or expired | -59,514 | - - | 30.17 | - - | ||||||||
Outstanding at April 30, 2014 | 851,314 | 4.3 | $ | 28.16 | $ | 3,121 | ||||||
Vested and expected to vest in the future at April 30, 2014 | 836,259 | 4.2 | $ | 28.24 | $ | 2,995 | ||||||
Exercisable at April 30, 2014 | 699,412 | 3.4 | $ | 29 | $ | 1,900 | ||||||
Schedule Of Stock Options Oustanding Activity | ' | |||||||||||
OPTIONS OUTSTANDING | OPTIONS EXERCISABLE | |||||||||||
OPTION PRICE | REMAINING | EXERCISE | EXERCISE | |||||||||
PER SHARE | OPTIONS | LIFE | PRICE | OPTIONS | PRICE | |||||||
$17.62-$18.16 | 120,002 | 7.7 | $ | 17.83 | 20,000 | $ | 17.98 | |||||
$20.87-$26.85 | 266,538 | 4.5 | 23.93 | 266,538 | 23.93 | |||||||
$28.97-$34.63 | 412,874 | 2.6 | 32.81 | 412,874 | 32.81 | |||||||
$36.74-$36.74 | 51,900 | 9.1 | 36.74 | 0 | 0 | |||||||
851,314 | 699,412 | |||||||||||
Summary Of RSU's Activity | ' | |||||||||||
PERFORMANCE-BASED RSUs | SERVICE-BASED RSUs | TOTAL RSUs | WEIGHTED AVERAGE GRANT DATE FAIR VALUE | |||||||||
Issued and outstanding, April 30, 2011 | 174,570 | 119,100 | 293,670 | $ | 20.25 | |||||||
Granted | 134,250 | 64,750 | 199,000 | $ | 17 | |||||||
Cancelled due to non-achievement of performance goals | -48,870 | 0 | -48,870 | $ | 19.81 | |||||||
Settled in common stock | -666 | -17,951 | -18,617 | $ | 21.15 | |||||||
Forfeited | -22,208 | -10,171 | -32,379 | $ | 19.3 | |||||||
Issued and outstanding, April 30, 2012 | 237,076 | 155,728 | 392,804 | $ | 18.75 | |||||||
Granted | 129,075 | 63,025 | 192,100 | $ | 17.76 | |||||||
Cancelled due to non-achievement of performance goals | -24,311 | 0 | -24,311 | $ | 17.09 | |||||||
Settled in common stock | -49,546 | -58,328 | -107,874 | $ | 20.66 | |||||||
Forfeited | -13,189 | -5,425 | -18,614 | $ | 17.91 | |||||||
Issued and outstanding, April 30, 2013 | 279,105 | 155,000 | 434,105 | $ | 17.96 | |||||||
Granted | 75,600 | 44,092 | 119,692 | $ | 36.09 | |||||||
Cancelled due to non-achievement of performance goals | -23,384 | 0 | -23,384 | $ | 17.62 | |||||||
Settled in common stock | -74,935 | -60,310 | -135,245 | $ | 19.75 | |||||||
Forfeited | -20,591 | -15,407 | -35,998 | $ | 23.12 | |||||||
Issued and outstanding, April 30, 2014 | 235,795 | 123,375 | 359,170 | $ | 22.79 | |||||||
Stock-Based Compensation Expense Allocated | ' | |||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||
Cost of sales and distribution | $ | 505 | $ | 606 | $ | 531 | ||||||
Selling and marketing expenses | 801 | 859 | 715 | |||||||||
General and administrative expenses | 1,989 | 2,044 | 2,167 | |||||||||
Stock-based compensation expense, before income taxes | $ | 3,295 | $ | 3,509 | $ | 3,413 | ||||||
Employee_Benefit_And_Retiremen1
Employee Benefit And Retirement Plans (Tables) | 12 Months Ended | ||||||||
Apr. 30, 2014 | |||||||||
Employee Benefit And Retirement Plans [Abstract] | ' | ||||||||
Reconciliation Of Benefit Obligations, Plan Assets, And Funded Status | ' | ||||||||
30-Apr | |||||||||
(in thousands) | 2014 | 2013 | |||||||
CHANGE IN PROJECTED BENEFIT OBLIGATION | |||||||||
Projected benefit obligation at beginning of year | $ | 149,429 | $ | 136,264 | |||||
Interest cost | 6,203 | 6,261 | |||||||
Actuarial (gains) and losses | -7,615 | 10,801 | |||||||
Benefits paid | -3,875 | -3,897 | |||||||
Projected benefit obligation at end of year | $ | 144,142 | $ | 149,429 | |||||
CHANGE IN PLAN ASSETS | |||||||||
Fair value of plan assets at beginning of year | $ | 95,733 | $ | 85,717 | |||||
Actual return on plan assets | 8,483 | 8,993 | |||||||
Company contributions | 2,258 | 4,920 | |||||||
Benefits paid | -3,875 | -3,897 | |||||||
Fair value of plan assets at end of year | $ | 102,599 | $ | 95,733 | |||||
Funded status of the plans | $ | -41,543 | $ | -53,696 | |||||
Unrecognized net actuarial loss | 42,589 | 52,703 | |||||||
Prepaid (accrued) benefit cost | $ | 1,046 | $ | -993 | |||||
AMOUNTS RECOGNIZED IN THE CONSOLIDATED BALANCE SHEETS | |||||||||
Defined benefit pension liabilities | $ | -41,543 | $ | -53,696 | |||||
Accumulated other comprehensive loss | 42,589 | 52,703 | |||||||
Net amount recognized | $ | 1,046 | $ | -993 | |||||
Net Periodic Pension Cost | ' | ||||||||
PENSION BENEFITS | |||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||
COMPONENTS OF NET PERIODIC PENSION BENEFIT COST | |||||||||
Service cost | $ | 0 | $ | 0 | $ | 5,305 | |||
Interest cost | 6,203 | 6,261 | 6,533 | ||||||
Expected return on plan assets | -7,113 | -6,563 | -6,533 | ||||||
Amortization of prior service cost | 0 | 0 | 53 | ||||||
Curtailment loss | 0 | 0 | 331 | ||||||
Recognized net actuarial loss | 1,129 | 923 | 1,710 | ||||||
Pension benefit cost | $ | 219 | $ | 621 | $ | 7,399 | |||
Schedule Of Assumptions Used To Determine Benenfit Obligations And Earnings Effects For Pension Plans | ' | ||||||||
FISCAL YEARS ENDED APRIL 30 | |||||||||
2014 | 2013 | ||||||||
WEIGHTED-AVERAGE ASSUMPTIONS TO DETERMINE BENEFIT OBLIGATIONS | |||||||||
Discount rate | 4.56 | % | 4.21 | % | |||||
FISCAL YEARS ENDED APRIL 30 | |||||||||
2014 | 2013 | 2012 | |||||||
WEIGHTED-AVERAGE ASSUMPTIONS TO DETERMINE NET PERIODIC PENSION BENEFIT COST | |||||||||
Discount rate | 4.21 | % | 4.66 | % | 5.66%/4.76% 1 | ||||
Expected return on plan assets | 7.5 | % | 7.5 | % | 8 | % | |||
Rate of compensation increase | * | * | 4 | % | |||||
1 The discount rate was 5.66% from May 1, 2011 to December 31, 2011 and 4.76% from January 1, 2012 to April 30, 2012. The rate changed during fiscal 2012 as a result of the required re-measurement of the Company's pension liability upon its decision to freeze its pension plans. | |||||||||
* The rate of compensation increase is not applicable for periods beyond April 30, 2012 because the Company froze its pension plans effective as of that date. | |||||||||
Schedule Of Expected Future Benefit Payments | ' | ||||||||
FISCAL YEAR | BENEFIT PAYMENTS (in thousands) | ||||||||
2015 | $ | 4,719 | |||||||
2016 | 5,135 | ||||||||
2017 | 5,452 | ||||||||
2018 | 5,818 | ||||||||
2019 | 6,283 | ||||||||
Years 2020-2024 | 37,021 | ||||||||
Schedule Of Pension Assets By Major Category Of Plan Assets And Type Of Fair Value Measurements | ' | ||||||||
FAIR VALUE MEASUREMENTS AT APRIL 30, 2014 | |||||||||
(in thousands) | TOTAL | QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1) | SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2) | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | |||||
Cash Equivalents | $ | 338 | $ | 338 | $ | 0 | $ | 0 | |
Equity Collective Funds:1 | |||||||||
Equity Index Value Fund | 20,753 | 0 | 20,753 | 0 | |||||
Equity Index Growth Fund | 20,485 | 0 | 20,485 | 0 | |||||
Small Cap Index Fund | 5,929 | 0 | 5,929 | 0 | |||||
International Equity Fund | 4,166 | 0 | 4,166 | 0 | |||||
Fixed Income Collective Funds:1 | |||||||||
Core Fixed Income Fund | 33,409 | 0 | 33,409 | 0 | |||||
Capital Preservation Fund | 17,519 | 0 | 17,519 | 0 | |||||
Total | $ | 102,599 | $ | 338 | $ | 102,261 | $ | 0 | |
FAIR VALUE MEASUREMENTS AT APRIL 30, 2013 | |||||||||
(in thousands) | TOTAL | QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1) | SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2) | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | |||||
Cash Equivalents | $ | 315 | $ | 315 | $ | 0 | $ | 0 | |
Equity Collective Funds:1 | |||||||||
Equity Index Value Fund | 19,202 | 0 | 19,202 | 0 | |||||
Equity Index Growth Fund | 19,245 | 0 | 19,245 | 0 | |||||
Small Cap Index Fund | 5,632 | 0 | 5,632 | 0 | |||||
International Equity Fund | 3,932 | 0 | 3,932 | 0 | |||||
Fixed Income Collective Funds:1 | |||||||||
Core Fixed Income Fund | 30,000 | 0 | 30,000 | 0 | |||||
Capital Preservation Fund | 17,407 | 0 | 17,407 | 0 | |||||
Total | $ | 95,733 | $ | 315 | $ | 95,418 | $ | 0 | |
1 The Collective Trust Funds are valued by applying each plan's ownership percentage in the fund to the fund's net assets at fair value at the valuation date. | |||||||||
Schedule Of Allocation Of Plan Assets | ' | ||||||||
PLAN ASSET ALLOCATION | |||||||||
2014 | 2014 | 2013 | |||||||
30-Apr | TARGET | ACTUAL | ACTUAL | ||||||
Equity Funds | 50 | % | 50 | % | 50.2 | % | |||
Fixed Income Funds | 50 | % | 50 | % | 49.8 | % | |||
Total | 100 | % | 100 | % | 100 | % | |||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||
Apr. 30, 2014 | |||||||||
Income Taxes [Abstract] | ' | ||||||||
Schedule Of Income Tax Expense | ' | ||||||||
FISCAL YEARS ENDED APRIL 30 | |||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||
CURRENT EXPENSE (BENEFIT) | |||||||||
Federal | $ | 4,825 | $ | 1,031 | $ | -36 | |||
State | 406 | 162 | -176 | ||||||
Total current expense (benefit) | 5,231 | 1,193 | -212 | ||||||
DEFERRED EXPENSE (BENEFIT) | |||||||||
Federal | 6,076 | 4,859 | -10,115 | ||||||
State | 1,902 | 930 | -2,175 | ||||||
Total deferred expense (benefit) | 7,978 | 5,789 | -12,290 | ||||||
Total expense (benefit) | 13,209 | 6,982 | -12,502 | ||||||
Other comprehensive income (loss) | 3,944 | -2,905 | -3,624 | ||||||
Total comprehensive income tax expense (benefit) | $ | 17,153 | $ | 4,077 | $ | -16,126 | |||
Schedule Of Effective Income Tax Rate Reconciliation | ' | ||||||||
FISCAL YEARS ENDED APRIL 30 | |||||||||
2014 | 2013 | 2012 | |||||||
Federal statutory rate | 35.0 | % | 35.0 | % | 35.0 | % | |||
Effect of: | |||||||||
Tax basis adjustment | 0.0 | % | 0.0 | % | -1.7 | % | |||
Meals and entertainment | 0.8 | 1.5 | -0.8 | ||||||
Domestic production deduction | -1.8 | -0.3 | 0.0 | ||||||
Other | 0.7 | 1.4 | 0.0 | ||||||
Total | -0.3 | % | 2.6 | % | -2.5 | % | |||
Effective federal income tax rate | 34.7 | % | 37.6 | % | 32.5 | % | |||
State income taxes, net of federal tax effect | 4.5 | 4.1 | 5.1 | ||||||
Effective income tax rate | 39.2 | % | 41.7 | % | 37.6 | % | |||
Schedule Of Significant Components Of Deferred Tax Assets And Liabilities | ' | ||||||||
30-Apr | |||||||||
(in thousands) | 2014 | 2013 | |||||||
Deferred tax assets: | |||||||||
Pension benefits | $ | 15,381 | $ | 20,563 | |||||
Accounts receivable | 4,603 | 3,983 | |||||||
Product liability | 745 | 700 | |||||||
Employee benefits | 8,523 | 11,243 | |||||||
Net operating loss carryforward | 469 | 1,099 | |||||||
Income tax credits | 0 | 1,088 | |||||||
Depreciation | 0 | 73 | |||||||
Other | 199 | 496 | |||||||
Total | 29,920 | 39,245 | |||||||
Deferred tax liabilities: | |||||||||
Inventory | 496 | 502 | |||||||
Depreciation | 2,374 | 0 | |||||||
2,870 | 502 | ||||||||
Net deferred tax asset | $ | 27,050 | $ | 38,743 | |||||
Commitments_And_Contingencies_
Commitments And Contingencies (Tables) | 12 Months Ended | |||||
Apr. 30, 2014 | ||||||
Commitments And Contingencies [Abstract] | ' | |||||
Reconciliation Of Warranty Liability | ' | |||||
30-Apr | ||||||
(in thousands) | 2014 | 2013 | ||||
PRODUCT WARRANTY RESERVE | ||||||
Beginning balance | $ | 1,795 | $ | 1,885 | ||
Accrual for warranties | 11,988 | 9,839 | ||||
Settlements | -11,873 | -9,929 | ||||
Ending balance at fiscal year end | $ | 1,910 | $ | 1,795 | ||
Schedule Of Minimum Rental Requirements | ' | |||||
FISCAL YEAR | OPERATING (in thousands) | CAPITAL (in thousands) | ||||
2015 | $ | 3,257 | 1,377 | |||
2016 | 2,878 | 1,366 | ||||
2017 | 1,489 | 1,246 | ||||
2018 | 584 | 871 | ||||
2019 | 395 | 666 | ||||
2020 (and thereafter) | 254 | 3,477 | ||||
$ | 8,857 | $ | 9,003 | |||
Less amounts representing interest (2%) | -884 | |||||
Total obligations under capital leases | $ | 8,119 | ||||
Credit_Concentration_Tables
Credit Concentration (Tables) | 12 Months Ended | |||||
Apr. 30, 2014 | ||||||
Credit Concentration [Abstract] | ' | |||||
Summary Of Percentage Of Sales | ' | |||||
PERCENT OF ANNUAL GROSS SALES | ||||||
2014 | 2013 | 2012 | ||||
Customer A | 28.6 | 35.7 | 41.5 | |||
Customer B | 20.6 | 22.8 | 26 | |||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||
Apr. 30, 2014 | |||||||||
Fair Value Measurements [Abstract] | ' | ||||||||
Fair Value Of Assets On Recurring Basis | ' | ||||||||
FAIR VALUE MEASUREMENTS AS OF APRIL 30, 2014 | |||||||||
(in thousands) | LEVEL 1 | LEVEL 2 | LEVEL 3 | ||||||
ASSETS: | |||||||||
Money market funds | $ | 38,877 | $ | 0 | $ | 0 | |||
Mutual funds | 1,204 | 0 | 0 | ||||||
Total assets at fair value | $ | 40,081 | $ | 0 | $ | 0 | |||
FAIR VALUE MEASUREMENTS AS OF APRIL 30, 2013 | |||||||||
(in thousands) | 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 | |||
Quarterly_Financial_Data_Table
Quarterly Financial Data (Tables) | 12 Months Ended | |||||||||||
Apr. 30, 2014 | ||||||||||||
Quarterly Financial Data [Abstract] | ' | |||||||||||
Schedule Of Quarterly Financial Information | ' | |||||||||||
FISCAL 2014 | 7/31/13 | 10/31/13 | 1/31/14 | 4/30/14 | ||||||||
(in thousands, except per share amounts) | ||||||||||||
Net sales | $ | 178,095 | $ | 190,532 | $ | 169,033 | $ | 188,855 | ||||
Gross profit | 33,715 | 32,274 | 26,001 | 32,187 | ||||||||
Income before income taxes | 10,682 | 8,631 | 4,953 | 9,404 | ||||||||
Net income | 6,655 | 5,271 | 2,901 | 5,634 | ||||||||
Earnings per share | ||||||||||||
Basic | $ | 0.45 | $ | 0.35 | $ | 0.19 | $ | 0.36 | ||||
Diluted | $ | 0.43 | $ | 0.34 | $ | 0.18 | $ | 0.36 | ||||
FISCAL 2013 | 7/31/12 | 10/31/12 | 1/31/13 | 4/30/13 | ||||||||
(in thousands, except per share amounts) | ||||||||||||
Net sales | $ | 148,252 | $ | 159,760 | $ | 151,346 | $ | 171,079 | ||||
Gross profit | 22,043 | 24,794 | 23,507 | 32,312 | ||||||||
Income before income taxes | 1,015 | 3,371 | 3,476 | 8,878 | ||||||||
Net income | 561 | 1,950 | 2,057 | 5,190 | ||||||||
Earnings per share | ||||||||||||
Basic | $ | 0.04 | $ | 0.13 | $ | 0.14 | $ | 0.36 | ||||
Diluted | $ | 0.04 | $ | 0.13 | $ | 0.14 | $ | 0.35 | ||||
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | |
item | |||
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Advertising costs | $30,400,000 | $36,500,000 | $37,400,000 |
Cash equivalents | 38,900,000 | 38,900,000 | ' |
Impairment of long-lived assets | 0 | 0 | 0 |
Number of defined benefit pension plans | 2 | ' | ' |
Promotional Display [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Amortization | $3,700,000 | $4,000,000 | $5,600,000 |
Maximum [Member] | Buildings And Improvements [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '30 years | ' | ' |
Maximum [Member] | Machinery And Equipment [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '10 years | ' | ' |
Maximum [Member] | Promotional Display [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '36 months | ' | ' |
Minimum [Member] | Buildings And Improvements [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '15 years | ' | ' |
Minimum [Member] | Machinery And Equipment [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '3 years | ' | ' |
Minimum [Member] | Promotional Display [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '30 months | ' | ' |
Customer_Receivables_Component
Customer Receivables (Components Of Customer Receivables) (Details) (USD $) | Apr. 30, 2014 | Apr. 30, 2013 |
In Thousands, unless otherwise specified | ||
Customer Receivables [Abstract] | ' | ' |
Gross customer receivables | $48,943 | $41,397 |
Allowance for doubtful accounts | -102 | -148 |
Allowance for returns and discounts | -2,366 | -2,205 |
Net customer receivables | $46,475 | $39,044 |
Inventories_Details
Inventories (Details) (USD $) | 12 Months Ended | ||
Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | |
Inventories [Abstract] | ' | ' | ' |
Raw materials | $13,756,000 | $11,823,000 | ' |
Work-in-process | 19,179,000 | 17,170,000 | ' |
Finished goods | 13,439,000 | 11,318,000 | ' |
Total FIFO inventories | 46,374,000 | 40,311,000 | ' |
Reserve to adjust inventories to LIFO value | -14,851,000 | -10,973,000 | ' |
Total LIFO inventories | 31,523,000 | 29,338,000 | ' |
Liquidation of LIFO based inventories | $0 | $0 | $125,000 |
Property_Plant_And_Equipment_D
Property, Plant And Equipment (Details) (USD $) | 12 Months Ended | ||
Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | $271,089,000 | $265,176,000 | ' |
Less accumulated amortization and depreciation | -197,040,000 | -191,112,000 | ' |
Property, Plant and Equipment, Net, Total | 74,049,000 | 74,064,000 | ' |
Amortization and depreciation expense on property, plant and equipment | 9,500,000 | 9,200,000 | 16,800,000 |
Accumulated amortization on capital leases | 27,500,000 | 26,600,000 | ' |
Land [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | 5,929,000 | 5,929,000 | ' |
Buildings And Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | 68,224,000 | 67,444,000 | ' |
Building And Improvements - Capital Leases [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | 11,202,000 | 11,202,000 | ' |
Machinery And Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | 155,162,000 | 152,154,000 | ' |
Machinery And Equipment - Capital Leases [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | 28,111,000 | 26,966,000 | ' |
Construction In Progress [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | $2,461,000 | $1,481,000 | ' |
Loans_Payable_And_LongTerm_Deb2
Loans Payable And Long-Term Debt (Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 36 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||
Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Dec. 31, 2005 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 | |
Wells Fargo [Member] | Wells Fargo [Member] | Wells Fargo [Member] | Eligible Accounts Receivable [Member] | Eligible Pre Bill Reserves [Member] | Equipment Value [Member] | Board Of County Commissioners Of Garrett County [Member] | Board Of County Commissioners Of Garrett County [Member] | Allegany County, Maryland Site [Member] | Allegany County, Maryland Site [Member] | Allegany County, Maryland Site [Member] | Coalfields Regional Industrial Authority, Inc. [Member] | Coalfields Regional Industrial Authority, Inc. [Member] | First American Financial Bancorp [Member] | First American Financial Bancorp [Member] | First American Financial Bancorp [Member] | e-Plus Group [Member] | e-Plus Group [Member] | West Virginia Economic Development Authority [Member] | West Virginia Economic Development Authority [Member] | ||||
item | item | item | |||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, maximum borrowing capacity | ' | ' | ' | $35,000,000 | ' | ' | ' | ' | $20,000,000 | ' | ' | ' | ' | ' | $6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, expiration date | ' | ' | ' | 31-Dec-15 | ' | ' | ' | ' | ' | ' | ' | 31-Dec-18 | ' | ' | 13-Nov-17 | ' | ' | ' | ' | ' | ' | ' | ' |
Amount oustanding | ' | ' | ' | 10,000,000 | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining availability | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual non usage fees and interest payment | ' | ' | ' | 62,730 | 61,000 | 54,158 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advanced rate | ' | ' | ' | ' | ' | ' | 75.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LIBOR rate | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Spread on interest rate | 2.37% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Required maximum ratio of total liabilities to tangible net worth under agreement | 140.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Required minimum ratio of cash flow to fixed charges under agreement | 125.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ratio of total liabilities to tangible net worth | 73.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ratio cash flow to fixed charges | 343.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | 3.00% | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | 2.00% | ' |
Debt, outstanding balance | 21,599,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,290,000 | 1,290,000 | 2,190,000 | ' | 2,190,000 | ' | 3,530,000 | ' | ' | ' | ' | ' | 6,131,000 | 6,665,000 |
Number of loan agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan agreement fixed balloon payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of capitalized lease agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 | ' | 9 | ' | ' | ' |
Capital lease agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,163,000 | 1,163,000 | 545,000 | 825,000 | 529,000 | 10,000,000 | ' |
Capital lease obligations incurred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,526,000 | ' | 1,034,000 | ' | ' | ' |
Capital lease term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '48 months | ' | ' | '51 months | ' | ' | ' |
Market interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.50% | 6.50% | ' | 6.50% | ' | ' | ' |
Capital lease agreement expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30-Jun-24 | ' |
Interest paid under agreement and capital leases | $669,000 | $576,000 | $453,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans_Payable_And_LongTerm_Deb3
Loans Payable And Long-Term Debt (Schedule Of Debt Maturities) (Details) (USD $) | Apr. 30, 2014 | Apr. 30, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
2015 | $1,146 | ' |
2016 | 11,185 | ' |
2017 | 1,116 | ' |
2018 | 781 | ' |
2019 | 2,783 | ' |
2020 and thereafter | 4,588 | ' |
Total | 21,599 | ' |
Less current maturities | 1,146 | 1,155 |
Total long-term debt | 20,453 | 23,594 |
Revolving Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
2015 | 0 | ' |
2016 | 10,000 | ' |
2017 | 0 | ' |
2018 | 0 | ' |
2019 | 0 | ' |
2020 and thereafter | 0 | ' |
Total | 10,000 | ' |
Economic Development Loans [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
2015 | 0 | ' |
2016 | 0 | ' |
2017 | 0 | ' |
2018 | 0 | ' |
2019 | 2,190 | ' |
2020 and thereafter | 1,290 | ' |
Total | 3,480 | ' |
Capital Lease Obligations [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
2015 | 1,146 | ' |
2016 | 1,185 | ' |
2017 | 1,116 | ' |
2018 | 781 | ' |
2019 | 593 | ' |
2020 and thereafter | 3,298 | ' |
Total | $8,119 | ' |
Earnings_Loss_Per_Share_Narrat
Earnings (Loss) Per Share (Narrative) (Details) | 12 Months Ended | ||
In Millions, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 |
Earnings (Loss) Per Share [Abstract] | ' | ' | ' |
Potentially dilutive securities | 0.1 | 1 | 1.8 |
Earnings_Loss_Per_Share_Schedu
Earnings (Loss) Per Share (Schedule Of Earnings (Loss) Per Share, Basic And Diluted) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 |
Earnings (Loss) Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | $5,634 | $2,901 | $5,271 | $6,655 | $5,190 | $2,057 | $1,950 | $561 | $20,461 | $9,758 | ($20,786) |
Denominator for basic earnings (loss) per common share - weighted-average shares | ' | ' | ' | ' | ' | ' | ' | ' | 15,299 | 14,563 | 14,344 |
Stock options and restricted stock units | ' | ' | ' | ' | ' | ' | ' | ' | 354 | 270 | 0 |
Denominator for diluted earnings (loss) per common share - weighted-average shares and assumed conversions | ' | ' | ' | ' | ' | ' | ' | ' | 15,653 | 14,833 | 14,344 |
Basic | $0.36 | $0.19 | $0.35 | $0.45 | $0.36 | $0.14 | $0.13 | $0.04 | $1.34 | $0.67 | ($1.45) |
Diluted | $0.36 | $0.18 | $0.34 | $0.43 | $0.35 | $0.14 | $0.13 | $0.04 | $1.31 | $0.66 | ($1.45) |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 12 Months Ended | ||
Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | |
ShareBasedCompensationPlan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of stock-based compensation plans | 2 | ' | ' |
Stock-based compensation expense | $3,295,000 | $3,509,000 | $3,413,000 |
Shares available for awards | 1,075,350 | ' | ' |
Total fair value of options vested | 700,000 | 1,200,000 | 2,400,000 |
Total unrecognized compensation expense related to unvested stock options granted | 800,000 | ' | ' |
Expected to be recognized over a weighted average period | '1 year 8 months 12 days | ' | ' |
Cash received from options exercised | 14,700,000 | 5,900,000 | 0 |
Tax benefit realized from the tax deduction from option exercises | 2,011,000 | 729,000 | 3,000 |
Vesting period, years | '3 years | ' | ' |
Contractual terms, years | '3 years 4 months 24 days | ' | ' |
Employees [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Contractual terms, years | '10 years | ' | ' |
Employee And Non Employee Director Service Based Restricted Stock Units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period, years | '2 years | ' | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total unrecognized compensation expense related to unvested stock options granted | 2,900,000 | ' | ' |
Expected to be recognized over a weighted average period | '2 years | ' | ' |
Vesting period, years | '3 years | ' | ' |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period, years | '3 years | ' | ' |
Performance-Based Restricted Stock Tracking Units (RSTUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares approved for grants | 9,486 | ' | ' |
Service-Based Restricted Stock Tracking Units (RSTUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares approved for grants | 3,264 | ' | ' |
Restricted Stock Tracking Units (RSTUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock-based compensation expense | $78,000 | ' | ' |
Vesting period, years | '3 years | ' | ' |
Maximum [Member] | Non Employee Directors [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Contractual terms, years | '10 years | ' | ' |
Maximum [Member] | Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Contractual terms, years | '10 years | ' | ' |
Minimum [Member] | Non Employee Directors [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Contractual terms, years | '4 years | ' | ' |
StockBased_Compensation_Schedu
Stock-Based Compensation (Schedule Of Weighted Average Assumptions And Valuation Of Stock Options) (Details) (USD $) | 12 Months Ended | ||
Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | |
Stock-Based Compensation [Abstract] | ' | ' | ' |
Weighted-average fair value of grants | $14.46 | $7.39 | $5.43 |
Expected volatility | 38.20% | 42.50% | 35.10% |
Expected term in years | '6 years 1 month 6 days | '6 years 1 month 6 days | '6 years |
Risk-free interest rate | 1.59% | 1.09% | 2.24% |
Expected dividends yield | 0.00% | 0.00% | 2.00% |
StockBased_Compensation_Schedu1
Stock-Based Compensation (Schedule Of Stock Option Activity) (Details) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | Apr. 30, 2011 |
Stock-Based Compensation [Abstract] | ' | ' | ' | ' |
Oustanding number of options, Beginning Balance | 1,401,813 | 1,624,760 | 1,605,356 | ' |
Options granted | 60,500 | 125,000 | 130,000 | ' |
Options exercised | -551,485 | -251,799 | -1,200 | ' |
Options cancelled or expired | -59,514 | -96,148 | -109,396 | ' |
Oustanding number of options ending balance | 851,314 | 1,401,813 | 1,624,760 | 1,605,356 |
Remaining contractual term outstanding | '4 years 3 months 18 days | '4 years 9 months 18 days | '5 years 1 month 6 days | '5 years 8 months 12 days |
Remaining contractual term, granted | '9 years 1 month 6 days | '9 years 1 month 6 days | '9 years 1 month 6 days | ' |
Exercise price, beginning | $27.27 | $27.64 | $28.48 | ' |
Exercise price, granted | $36.74 | $17.62 | $18.16 | ' |
Exercise price, exercised | $26.61 | $23.35 | $14.93 | ' |
Exercise price, cancelled or expired | $30.17 | $31.03 | $28.82 | ' |
Exercise price, ending | $28.16 | $27.27 | $27.64 | $28.48 |
Aggregate intrinsic value outstanding, beginning balance | $9,272 | $0 | $29 | ' |
Aggregate intrinsic value outstanding, ending balance | 3,121 | 9,272 | 0 | 29 |
Aggregate intrinsic value, exercised | 5,156 | 1,868 | 6 | ' |
Vested and expected to vest in the future, Number of options | 836,259 | ' | ' | ' |
Vested and expected to vest in the future, Remaining contractual term | '4 years 2 months 12 days | ' | ' | ' |
Vested and expected to vest in the future, Exercise price | $28.24 | ' | ' | ' |
Vested and expected to vest in the future, Aggregate intrinsic value | 2,995 | ' | ' | ' |
Exercisable, Number of options | 699,412 | ' | ' | ' |
Exercisable, Remaining contractual term | '3 years 4 months 24 days | ' | ' | ' |
Exercisable, Exercise price | $29 | ' | ' | ' |
Exercisable, Aggregate intrinsic value | $1,900 | ' | ' | ' |
StockBased_Compensation_Schedu2
Stock-Based Compensation (Schedule Of Stock Options Oustanding Activity) (Details) (USD $) | 12 Months Ended |
Apr. 30, 2014 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options outstanding | 851,314 |
Options exercisable | 699,412 |
$17.62 - $18.16 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Option price per share, lower range limit | $17.62 |
Option price per share, upper range limit | $18.16 |
Options outstanding | 120,002 |
Options outstanding remaining life | '7 years 8 months 12 days |
Options outstanding exercise price | $17.83 |
Options exercisable | 20,000 |
Options exercisable exercise price | $17.98 |
$20.87- $26.85 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Option price per share, lower range limit | $20.87 |
Option price per share, upper range limit | $26.85 |
Options outstanding | 266,538 |
Options outstanding remaining life | '4 years 6 months |
Options outstanding exercise price | $23.93 |
Options exercisable | 266,538 |
Options exercisable exercise price | $23.93 |
$28.97 - $34.63 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Option price per share, lower range limit | $28.97 |
Option price per share, upper range limit | $34.63 |
Options outstanding | 412,874 |
Options outstanding remaining life | '2 years 7 months 6 days |
Options outstanding exercise price | $32.81 |
Options exercisable | 412,874 |
Options exercisable exercise price | $32.81 |
$36.74 - $36-74 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Option price per share, lower range limit | $36.74 |
Option price per share, upper range limit | $36.74 |
Options outstanding | 51,900 |
Options outstanding remaining life | '9 years 1 month 6 days |
Options outstanding exercise price | $36.74 |
Options exercisable | 0 |
Options exercisable exercise price | $0 |
StockBased_Compensation_Summar
Stock-Based Compensation (Summary Of RSU's Activity) (Details) (USD $) | 12 Months Ended | ||
Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | |
Employee Performance Based Restricted Stock Units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Beginning Balance | 279,105 | 237,076 | 174,570 |
Granted | 75,600 | 129,075 | 134,250 |
Cancelled due to non-achievement of performance goals | -23,384 | -24,311 | -48,870 |
Settled in common stock | -74,935 | -49,546 | -666 |
Forfeited | -20,591 | -13,189 | -22,208 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 235,795 | 279,105 | 237,076 |
Serviced-Based RSUs [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Beginning Balance | 155,000 | 155,728 | 119,100 |
Granted | 44,092 | 63,025 | 64,750 |
Cancelled due to non-achievement of performance goals | 0 | 0 | 0 |
Settled in common stock | -60,310 | -58,328 | -17,951 |
Forfeited | -15,407 | -5,425 | -10,171 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 123,375 | 155,000 | 155,728 |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Beginning Balance | 434,105 | 392,804 | 293,670 |
Granted | 119,692 | 192,100 | 199,000 |
Cancelled due to non-achievement of performance goals | -23,384 | -24,311 | -48,870 |
Settled in common stock | -135,245 | -107,874 | -18,617 |
Forfeited | -35,998 | -18,614 | -32,379 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 359,170 | 434,105 | 392,804 |
Weighted average grant date fair value, beginning balance | 17.96 | 18.75 | 20.25 |
Weighted average grant date fair value, Awarded | 36.09 | 17.76 | 17 |
Weighted average grant date fair value, cancelled due to non-achievement of performance goals | 17.62 | 17.09 | 19.81 |
Weighted average grant date fair value, settled in common shares | 19.75 | 20.66 | 21.15 |
Weighted average grant date fair value, forfeited | 23.12 | 17.91 | 19.3 |
Weighted average grant date fair value, ending balance | 22.79 | 17.96 | 18.75 |
StockBased_Compensation_StockB
Stock-Based Compensation (Stock-Based Compensation Expense Allocated) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Stock-based compensation expense | $3,295 | $3,509 | $3,413 |
Cost Of Sales And Distribution [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Stock-based compensation expense | 505 | 606 | 531 |
Selling And Marketing Expense [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Stock-based compensation expense | 801 | 859 | 715 |
General And Administrative Expense [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Stock-based compensation expense | $1,989 | $2,044 | $2,167 |
Employee_Benefit_And_Retiremen2
Employee Benefit And Retirement Plans (Narrative) (Details) (USD $) | 12 Months Ended | 24 Months Ended | ||
Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | Apr. 30, 2014 | |
item | ||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Percent of after tax earnings contributed in profit sharing | ' | ' | 3.00% | ' |
Recognized expenses for profit-sharing contributions | $818,000 | $293,000 | ' | ' |
Percent of base earnings | ' | ' | 50.00% | 100.00% |
Effective maximum contribution of base earnings | ' | ' | 4.00% | 4.00% |
Expense for 401(k) matching contributions | 4,054,000 | 2,547,000 | 1,284,000 | ' |
Number of defined benefit pension plans | 2 | ' | ' | ' |
Accumulated other comprehensive loss | 42,589,000 | 52,703,000 | ' | 42,589,000 |
Accumulated other comprehensive loss, net of tax | 26,000,000 | ' | ' | 26,000,000 |
Expected recognized net actuarial losses in net periodic pension benefit cost, before tax | 900,000 | ' | ' | ' |
Expected recognized net actuarial losses in net periodic pension benefit cost, after tax | 500,000 | ' | ' | ' |
Accumulated benefit obligation | 144,142,000 | 149,429,000 | ' | 144,142,000 |
Expected company contributions to pension plan in 2015 | 4,300,000 | ' | ' | ' |
Company contributions | $2,258,000 | $4,920,000 | ' | ' |
Plan asset target allocation | 100.00% | ' | ' | ' |
Capital Preservation [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Plan asset target allocation | 17.00% | ' | ' | ' |
Bonds [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Plan asset target allocation | 33.00% | ' | ' | ' |
Large Capital Growth [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Plan asset target allocation | 20.00% | ' | ' | ' |
Large Capital Value [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Plan asset target allocation | 20.00% | ' | ' | ' |
Small Capital [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Plan asset target allocation | 6.00% | ' | ' | ' |
International [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Plan asset target allocation | 4.00% | ' | ' | ' |
Minimum [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Percent of after tax earnings contributed in profit sharing | ' | ' | ' | 0.00% |
Maximum [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Percent of after tax earnings contributed in profit sharing | ' | ' | ' | 5.00% |
Effective maximum contribution of base earnings | ' | ' | 2.00% | ' |
Employee_Benefit_And_Retiremen3
Employee Benefit And Retirement Plans (Reconciliation Of Benefit Obligations, Plan Assets, And Funded Status) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 |
Employee Benefit And Retirement Plans [Abstract] | ' | ' | ' |
Projected benefit obligation at beginning of year | $149,429 | $136,264 | ' |
Interest cost | 6,203 | 6,261 | 6,533 |
Acturial (gains) and losses | -7,615 | 10,801 | ' |
Benefits paid | -3,875 | -3,897 | ' |
Projected benefit obligation at end of year | 144,142 | 149,429 | 136,264 |
Fair value of plan assets at beginning of year | 95,733 | 85,717 | ' |
Actual return on plan assets | 8,483 | 8,993 | ' |
Company contributions | 2,258 | 4,920 | ' |
Fair value of plan assets at end of year | 102,599 | 95,733 | 85,717 |
Funded status of the plan | -41,543 | -53,696 | ' |
Unrecognized net actuarial loss | 42,589 | 52,703 | ' |
Prepaid (accrued) benefit cost | 1,046 | -993 | ' |
Defined benefit pension liabilities | -41,543 | -53,696 | ' |
Accumulated other comprehensive loss | 42,589 | 52,703 | ' |
Net amount recoognized | $1,046 | ($993) | ' |
Employee_Benefit_And_Retiremen4
Employee Benefit And Retirement Plans (Net Periodic Pension Cost) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 |
Employee Benefit And Retirement Plans [Abstract] | ' | ' | ' |
Service cost | $0 | $0 | $5,305 |
Interest cost | 6,203 | 6,261 | 6,533 |
Expected return on plan assets | -7,113 | -6,563 | -6,533 |
Amortization of prior service cost | 0 | 0 | 53 |
Curtailment loss | 0 | 0 | 331 |
Recognized net actuarial loss | 1,129 | 923 | 1,710 |
Pension benefit cost | $219 | $621 | $7,399 |
Employee_Benefit_And_Retiremen5
Employee Benefit And Retirement Plans (Schedule Of Assumptions Used To Determine Benenfit Obligations And Earnings Effects For Pension Plans) (Details) | 12 Months Ended | |||||||
Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | Dec. 31, 2011 | |||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||||
Discount rate | 4.56% | 4.21% | ' | ' | ||||
Pension Plan, Defined Benefit [Member] | ' | ' | ' | ' | ||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||||
Discount rate | 4.21% | 4.66% | 4.76% | [1] | 5.66% | [1] | ||
Expected return on plan assets | 7.50% | 7.50% | 8.00% | ' | ||||
Rate of compensation increase | ' | [2] | ' | [2] | 4.00% | ' | ||
[1] | The discount rate was 5.66% from May 1, 2011 to December 31, 2011 and 4.76% from January 1, 2012 to April 30, 2012. The rate changed during fiscal 2012 as a result of the required re-measurement of the Company's pension liability upon its decision to freeze its pension plans. | |||||||
[2] | The rate of compensation increase is not applicable for periods beyond April 30, 2012 because the Company froze its pension plans effective as of that date. |
Employee_Benefit_And_Retiremen6
Employee Benefit And Retirement Plans (Schedule Of Expected Future Benefit Payments) (Details) (USD $) | Apr. 30, 2014 |
In Thousands, unless otherwise specified | |
Employee Benefit And Retirement Plans [Abstract] | ' |
2015 | $4,719 |
2016 | 5,135 |
2017 | 5,452 |
2018 | 5,818 |
2019 | 6,283 |
Years 2020-2024 | $37,021 |
Employee_Benefit_And_Retiremen7
Employee Benefit And Retirement Plans (Schedule Of Pension Assets By Major Category Of Plan Assets And Type Of Fair Value Measurements) (Details) (USD $) | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | ||
In Thousands, unless otherwise specified | |||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | $102,599 | $95,733 | $85,717 | ||
Fair Value Measurements Level 1 [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 338 | 315 | ' | ||
Fair Value Measurements Level 2 [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 102,261 | 95,418 | ' | ||
Fair Value Measurements Level 3 [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' | ||
Cash and Cash Equivalents [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 338 | 315 | ' | ||
Cash and Cash Equivalents [Member] | Fair Value Measurements Level 1 [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 338 | 315 | ' | ||
Cash and Cash Equivalents [Member] | Fair Value Measurements Level 2 [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' | ||
Cash and Cash Equivalents [Member] | Fair Value Measurements Level 3 [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ' | ||
Equity Index Value Fund [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 20,753 | [1] | 19,202 | [1] | ' |
Equity Index Value Fund [Member] | Fair Value Measurements Level 1 [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | 0 | [1] | ' |
Equity Index Value Fund [Member] | Fair Value Measurements Level 2 [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 20,753 | [1] | 19,202 | [1] | ' |
Equity Index Value Fund [Member] | Fair Value Measurements Level 3 [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | 0 | [1] | ' |
Equity Index Growth Fund [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 20,485 | [1] | 19,245 | [1] | ' |
Equity Index Growth Fund [Member] | Fair Value Measurements Level 1 [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | 0 | [1] | ' |
Equity Index Growth Fund [Member] | Fair Value Measurements Level 2 [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 20,485 | [1] | 19,245 | [1] | ' |
Equity Index Growth Fund [Member] | Fair Value Measurements Level 3 [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | 0 | [1] | ' |
Small Cap Index Fund [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 5,929 | [1] | 5,632 | [1] | ' |
Small Cap Index Fund [Member] | Fair Value Measurements Level 1 [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | 0 | [1] | ' |
Small Cap Index Fund [Member] | Fair Value Measurements Level 2 [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 5,929 | [1] | 5,632 | [1] | ' |
Small Cap Index Fund [Member] | Fair Value Measurements Level 3 [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | 0 | [1] | ' |
International Equity Fund [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 4,166 | [1] | 3,932 | [1] | ' |
International Equity Fund [Member] | Fair Value Measurements Level 1 [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | 0 | [1] | ' |
International Equity Fund [Member] | Fair Value Measurements Level 2 [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 4,166 | [1] | 3,932 | [1] | ' |
International Equity Fund [Member] | Fair Value Measurements Level 3 [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | 0 | [1] | ' |
Core Fixed Income Fund [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 33,409 | [1] | 30,000 | [1] | ' |
Core Fixed Income Fund [Member] | Fair Value Measurements Level 1 [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | 0 | [1] | ' |
Core Fixed Income Fund [Member] | Fair Value Measurements Level 2 [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 33,409 | [1] | 30,000 | [1] | ' |
Core Fixed Income Fund [Member] | Fair Value Measurements Level 3 [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | 0 | [1] | ' |
Capital Preservation Fund [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 17,519 | [1] | 17,407 | [1] | ' |
Capital Preservation Fund [Member] | Fair Value Measurements Level 1 [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | 0 | [1] | ' |
Capital Preservation Fund [Member] | Fair Value Measurements Level 2 [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 17,519 | [1] | 17,407 | [1] | ' |
Capital Preservation Fund [Member] | Fair Value Measurements Level 3 [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | $0 | [1] | $0 | [1] | ' |
[1] | The Collective Trust Funds are valued by applying each plan's ownership percentage in the fund to the fund's net assets at fair value at the valuation date. |
Employee_Benefit_And_Retiremen8
Employee Benefit And Retirement Plans (Schedule Of Allocation Of Plan Assets) (Details) | 12 Months Ended | |
Apr. 30, 2014 | Apr. 30, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan asset actual allocation | 100.00% | 100.00% |
Plan asset target allocation | 100.00% | ' |
Equity Funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan asset actual allocation | 50.00% | 50.20% |
Plan asset target allocation | 50.00% | ' |
Fixed Income Funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan asset actual allocation | 50.00% | 49.80% |
Plan asset target allocation | 50.00% | ' |
Income_Taxes_Schedule_Of_Incom
Income Taxes (Schedule Of Income Tax Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 |
Current Expense (Benefit) [Abstract] | ' | ' | ' |
Federal | $4,825 | $1,031 | ($36) |
State | 406 | 162 | -176 |
Total current expense (benefit) | 5,231 | 1,193 | -212 |
Deferred Benefit [Abstract] | ' | ' | ' |
Federal | 6,076 | 4,859 | -10,115 |
State | 1,902 | 930 | -2,175 |
Total deferred expense (benefit) | 7,978 | 5,789 | -12,290 |
Total expense (benefit) | 13,209 | 6,982 | -12,502 |
Other comprehensive income (loss) | 3,944 | -2,905 | -3,624 |
Total comprehensive income tax expense (benefit) | $17,153 | $4,077 | ($16,126) |
Income_Taxes_Schedule_Of_Effec
Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 |
Income Taxes [Abstract] | ' | ' | ' |
Federal statutory rate | 35.00% | 35.00% | 35.00% |
Tax basis adjustment | 0.00% | 0.00% | -1.70% |
Meals and entertainment | 0.80% | 1.50% | -0.80% |
Domestic production deduction | -1.80% | -0.30% | 0.00% |
Other | 0.70% | 1.40% | 0.00% |
Total | -0.30% | 2.60% | -2.50% |
Effective federal income tax rate | 34.70% | 37.60% | 32.50% |
State income taxes, net of federal tax effect | 4.50% | 4.10% | 5.10% |
Effective income tax rate | 39.20% | 41.70% | 37.60% |
Income taxes paid | $4,334 | $1,219 | $229 |
Income_Taxes_Schedule_Of_Signi
Income Taxes (Schedule Of Significant Components Of Deferred Tax Assets And Liabilities) (Details) (USD $) | Apr. 30, 2014 | Apr. 30, 2013 |
In Thousands, unless otherwise specified | ||
Income Taxes [Abstract] | ' | ' |
Deferred tax assets. Pension benefits | $15,381 | $20,563 |
Deferred tax assets, Accounts receivable | 4,603 | 3,983 |
Deferred tax assets, Product liability | 745 | 700 |
Deferred tax assets, Employee benefits | 8,523 | 11,243 |
Deferred tax assets, Net operating loss carryforward | 469 | 1,099 |
Deferred tax assets, Income tax credits | 0 | 1,088 |
Deferred tax assets. Depreciation | 0 | 73 |
Deferred Tax Assets, Other | 199 | 496 |
Total | 29,920 | 39,245 |
Deferred tax liabilities, Inventory | 496 | 502 |
Deferred tax liabilities, Depreciation | 2,374 | 0 |
Total | 2,870 | 502 |
Net deferred tax asset | $27,050 | $38,743 |
Commitments_And_Contingencies_1
Commitments And Contingencies (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 |
Commitments And Contingencies [Line Items] | ' | ' | ' |
Warranty claims, period from original ship date | '2 months | ' | ' |
Total rental expenses | $8,005 | $7,378 | $7,206 |
Significant Shareholders [Member] | ' | ' | ' |
Commitments And Contingencies [Line Items] | ' | ' | ' |
Rent agreement term | '5 years | ' | ' |
Rent expense from remaining term | 927 | ' | ' |
Reltaed party rent expense | $470 | $461 | $460 |
Unpaid rent annual interest increase | 2.00% | ' | ' |
Commitments_And_Contingencies_2
Commitments And Contingencies (Reconciliation Of Warranty Liability) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 |
Commitments And Contingencies [Abstract] | ' | ' |
Beginning balance | $1,795 | $1,885 |
Accrual for warranties | 11,988 | 9,839 |
Settlements | -11,873 | -9,929 |
Ending balance at fiscal year end | $1,910 | $1,795 |
Commitments_And_Contingencies_3
Commitments And Contingencies (Schedule Of Minimum Rental Requirements) (Details) (USD $) | Apr. 30, 2014 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies [Abstract] | ' |
2015 | $3,257 |
2016 | 2,878 |
2017 | 1,489 |
2018 | 584 |
2019 | 395 |
2020 (and thereafter) | 254 |
Total, Operating | 8,857 |
Capital Leases, Future Minimum Payments, Net Present Value [Abstract] | ' |
2015 | 1,377 |
2016 | 1,366 |
2017 | 1,246 |
2018 | 871 |
2019 | 666 |
2020 (and thereafter) | 3,477 |
Total, Capital | 9,003 |
Less amounts representing interest (2%) | -884 |
Total obligations under capital leases | $8,119 |
Credit_Concentration_Details
Credit Concentration (Details) | 12 Months Ended | ||
Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | |
Accounts Receivable [Member] | Customer A [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk percentage | 21.00% | 21.10% | ' |
Accounts Receivable [Member] | Customer B [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk percentage | 21.40% | 21.10% | ' |
Sales Revenue, Gross [Member] | Customer A [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk percentage | 28.60% | 35.70% | 41.50% |
Sales Revenue, Gross [Member] | Customer B [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk percentage | 20.60% | 22.80% | 26.00% |
Fair_Value_Measurements_Fair_V
Fair Value Measurements (Fair Value Of Assets On Recurring Basis) (Details) (USD $) | Apr. 30, 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 | $40,081 | $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 | 1,204 | 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 |
Restructuring_Charges_Narrativ
Restructuring Charges (Narrative) (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | Apr. 30, 2009 | Jan. 31, 2012 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | |
2009 Restructuring Plan [Member] | 2012 Restructuring Plan [Member] | 2012 Restructuring Plan [Member] | 2012 And 2009 Restructuring Plan [Member] | 2012 And 2009 Restructuring Plan [Member] | 2012 And 2009 Restructuring Plan [Member] | ||||
segment | segment | segment | |||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Plants committed to close | ' | ' | ' | 2 | 2 | ' | ' | ' | ' |
Pre-tax restructuring charges | ($234,000) | $1,433,000 | $16,321,000 | ' | ' | ' | ($234,000) | $1,400,000 | $16,300,000 |
Recognized recurring operating costs for closed facilities | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' |
Number of manufacturing plants held for sale | ' | ' | ' | ' | ' | 1 | ' | ' | ' |
Recognized gain from sale of plant | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Net book value of plants recoverable | $1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly_Financial_Data_Detai
Quarterly Financial Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 |
Quarterly Financial Data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $188,855 | $169,033 | $190,532 | $178,095 | $171,079 | $151,346 | $159,760 | $148,252 | $726,515 | $630,437 | $515,814 |
Gross profit | 32,187 | 26,001 | 32,274 | 33,715 | 32,312 | 23,507 | 24,794 | 22,043 | 124,177 | 102,656 | 66,475 |
Income before income taxes | 9,404 | 4,953 | 8,631 | 10,682 | 8,878 | 3,476 | 3,371 | 1,015 | 33,670 | 16,740 | -33,288 |
Net income (loss) | $5,634 | $2,901 | $5,271 | $6,655 | $5,190 | $2,057 | $1,950 | $561 | $20,461 | $9,758 | ($20,786) |
Basic | $0.36 | $0.19 | $0.35 | $0.45 | $0.36 | $0.14 | $0.13 | $0.04 | $1.34 | $0.67 | ($1.45) |
Diluted | $0.36 | $0.18 | $0.34 | $0.43 | $0.35 | $0.14 | $0.13 | $0.04 | $1.31 | $0.66 | ($1.45) |
Schedule_II_Valuation_And_Qual1
Schedule II - Valuation And Qualifying Accounts (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | |||
Allowance for Doubtful Accounts [Member] | ' | ' | ' | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | |||
Balance at Beginning of Year | $148 | [1] | $93 | [1] | $67 | [1] |
Additions (Reductions) Charged to Cost and Expenses | 31 | [1] | 92 | [1] | 123 | [1] |
Other | ' | [1] | ' | [1] | ' | [1] |
Deductions | -77 | [1],[2] | -37 | [1],[2] | -97 | [1],[2] |
Balance at End of Year | 102 | [1] | 148 | [1] | 93 | [1] |
Reserve for Cash Discounts [Member] | ' | ' | ' | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | |||
Balance at Beginning of Year | 669 | [1] | 645 | [1] | 710 | [1] |
Additions (Reductions) Charged to Cost and Expenses | 8,529 | [1],[3] | 8,174 | [1],[3] | 7,317 | [1],[3] |
Other | ' | [1] | ' | [1] | ' | [1] |
Deductions | -8,471 | [1],[4] | -8,150 | [1],[4] | -7,382 | [1],[4] |
Balance at End of Year | 727 | [1] | 669 | [1] | 645 | [1] |
Reserve for Sales Returns and Allowances [Member] | ' | ' | ' | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | |||
Balance at Beginning of Year | 1,536 | [1] | 1,301 | [1] | 1,194 | [1] |
Additions (Reductions) Charged to Cost and Expenses | 7,245 | [1],[3] | 7,496 | [1],[3] | 7,040 | [1],[3] |
Other | ' | [1] | ' | [1] | ' | [1] |
Deductions | -7,142 | [1] | -7,261 | [1] | -6,933 | [1] |
Balance at End of Year | $1,639 | [1] | $1,536 | [1] | $1,301 | [1] |
[1] | All reserves relate to accounts receivable. | |||||
[2] | Principally write-offs, net of collections. | |||||
[3] | Reduction of gross sales. | |||||
[4] | Cash discounts granted. |