American Woodmark (AMWD) 10-Q 27 Feb 15 2015 Q3 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	9 Months Ended
	Jan. 31, 2015	Feb. 25, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Jan-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q3
Entity Filer Category	Accelerated Filer
Entity Registrant Name	AMERICAN WOODMARK CORP
Entity Central Index Key	794619
Current Fiscal Year End Date	-26
Entity Common Stock, Shares Outstanding		15,904,259
Trading Symbol	amwd

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Jan. 31, 2015	Apr. 30, 2014
In Thousands, unless otherwise specified
Current Assets
Cash and cash equivalents	$132,525	$135,700
Investments - certificates of deposit	29,500	0
Customer receivables, net	48,173	46,475
Inventories	34,871	31,523
Prepaid expenses and other	3,760	3,862
Deferred income taxes	8,813	7,856
Total Current Assets	257,642	225,416
Property, plant and equipment, net	79,774	74,049
Promotional displays, net	5,020	5,571
Deferred income taxes	16,127	19,194
Other assets	4,784	5,834
TOTAL ASSETS	363,347	330,064
Current Liabilities
Accounts payable	29,971	29,175
Current maturities of long-term debt	1,439	1,146
Accrued compensation and related expenses	26,928	28,156
Accrued marketing expenses	8,782	8,089
Other accrued expenses	11,176	9,853
Total Current Liabilities	78,296	76,419
Long-term debt, less current maturities	20,274	20,453
Defined benefit pension liabilities	37,167	41,543
Other long-term liabilities	1,328	1,104
Shareholders' Equity
Preferred stock, $1.00 par value; 2,000,000 shares authorized, none issued	0	0
Common stock, no par value; 40,000,000 shares authorized; issued and outstanding shares at January 31, 2015: 15,894,599; at April 30, 2014: 15,476,298	142,476	127,371
Retained earnings	109,391	89,154
Accumulated other comprehensive loss -
Defined benefit pension plans	-25,585	-25,980
Total Shareholders' Equity	226,282	190,545
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$363,347	$330,064

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Jan. 31, 2015	Apr. 30, 2014
Statement of Financial Position [Abstract]
Preferred stock, par value	$1	$1
Preferred stock, shares authorized	2,000,000	2,000,000
Preferred stock, shares issued	0	0
Common stock, no par value
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	15,894,599	15,476,298
Common stock, shares outstanding	15,894,599	15,476,298

Condensed_Consolidated_Stateme

Condensed Consolidated Statements Of Income (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Jan. 31, 2015	Jan. 31, 2014	Jan. 31, 2015	Jan. 31, 2014
Income Statement [Abstract]
Net sales	$188,963	$169,033	$618,573	$537,660
Cost of sales and distribution	153,846	143,032	509,361	445,670
Gross Profit	35,117	26,001	109,212	91,990
Selling and marketing expenses	16,010	14,287	47,821	44,638
General and administrative expenses	8,054	6,564	24,710	22,555
Restructuring charges, net	3	48	6	161
Insurance proceeds	0	0	0	-94
Operating Income	11,050	5,102	36,675	24,730
Interest expense	131	182	445	554
Other income	-57	-33	-122	-90
Income Before Income Taxes	10,976	4,953	36,352	24,266
Income tax expense	3,694	2,052	12,161	9,439
Net Income	$7,282	$2,901	$24,191	$14,827
Weighted Average Shares Outstanding
Basic (shares)	15,859,533	15,475,683	15,687,944	15,218,558
Diluted (shares)	16,131,140	15,827,666	15,953,420	15,595,342
Net earnings per share
Basic (usd per share)	$0.46	$0.19	$1.54	$0.97
Diluted (usd per share)	$0.45	$0.18	$1.52	$0.95

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements Of Comprehensive Income (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Jan. 31, 2015	Jan. 31, 2014	Jan. 31, 2015	Jan. 31, 2014
Statement of Comprehensive Income [Abstract]
Net income	$7,282	$2,901	$24,191	$14,827
Other comprehensive income, net of tax:
Change in pension benefits, net of deferred tax of $(84) and $(110), and $(253) and $(330), for the three and nine months ended January 31, 2015 and 2014, respectively	132	172	395	517
Total Comprehensive Income	$7,414	$3,073	$24,586	$15,344

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements Of Comprehensive Income (Parenthetical) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Jan. 31, 2015	Jan. 31, 2014	Jan. 31, 2015	Jan. 31, 2014
Statement of Comprehensive Income [Abstract]
Other comprehensive income, deferred tax	($84)	($110)	($253)	($330)

Condensed_Consolidated_Stateme3

Condensed Consolidated Statements Of Cash Flows (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Jan. 31, 2015	Jan. 31, 2014
OPERATING ACTIVITIES
Net income	$24,191	$14,827
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	10,911	10,859
Net (gain) loss on disposal of property, plant and equipment	65	-1
Gain on insurance recoveries	0	-94
Stock-based compensation expense	2,537	2,518
Deferred income taxes	2,381	4,427
Pension contributions in excess of expense	-3,726	-1,591
Tax benefit from stock-based compensation	-4	-480
Other non-cash items	3,304	982
Changes in operating assets and liabilities:
Customer receivables	-1,435	-9,051
Inventories	-4,327	-839
Prepaid expenses and other assets	-246	-805
Accounts payable	796	1,613
Accrued compensation and related expenses	-1,228	-4,069
Other accrued expenses	2,778	5,248
Net Cash Provided by Operating Activities	35,997	23,544
INVESTING ACTIVITIES
Payments to acquire property, plant, and equipment	-11,900	-5,553
Proceeds from sales of property, plant, and equipment	15	65
Proceeds from insurance recoveries	0	94
Investment in certificates of deposit	-29,500	0
Investment in promotional displays	-2,131	-2,883
Net Cash Used by Investing Activities	-43,516	-8,277
FINANCING ACTIVITIES
Payments of long-term debt	-941	-1,056
Proceeds from issuance of common stock	9,959	14,391
Repurchase of common stock	-5,053	0
Notes receivable, net	375	0
Tax benefit from stock-based compensation	4	480
Net Cash Provided by Financing Activities	4,344	13,815
Net Increase (Decrease) in Cash and Cash Equivalents	-3,175	29,082
Cash And Cash Equivalents, Beginning of Period	135,700	96,971
Cash And Cash Equivalents, End of Period	$132,525	$126,053

Basis_Of_Presentation

Basis Of Presentation	9 Months Ended
	Jan. 31, 2015
Basis Of Presentation [Abstract]
Basis of Presentation	Basis of Presentation
	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X.  Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete consolidated financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.    Operating results for the three- and nine-month periods ended January 31, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending April 30, 2015.  The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes in the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2014 filed with the U.S. Securities Exchange Commission (SEC).

New_Accounting_Pronouncements

New Accounting Pronouncements	9 Months Ended
	Jan. 31, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements
	In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, “Revenue from Contracts with Customers: Topic 606.” ASU 2014-09 supersedes the revenue recognition requirements in “Accounting Standard Codification 605 - Revenue Recognition” and most industry-specific guidance. The standard requires that entities recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which a company expects to be entitled in exchange for those goods or services. This ASU is effective for fiscal years beginning after December 15, 2016. ASU 2014-09 permits the use of either the retrospective or cumulative effect transition method. The Company is currently assessing the impact ASU 2014-09 will have on its financial position and results of operations.

Net_Earnings_Per_Share

Net Earnings Per Share	9 Months Ended
	Jan. 31, 2015
Earnings Per Share [Abstract]
Net Earnings Per Share	Net Earnings Per Share
	The following table sets forth the computation of basic and diluted net earnings per share:
		Three Months Ended				Nine Months Ended
		January 31,				January 31,
	(in thousands, except per share amounts)	2015		2014		2015		2014
	Numerator used in basic and diluted net earnings
	per common share:
	Net income	$	7,282	$	2,901	$	24,191	$	14,827
	Denominator:
	Denominator for basic net earnings per common
	share - weighted-average shares	15,860		15,476		15,688		15,219
	Effect of dilutive securities:
	Stock options and restricted stock units	272		352		265		377
	Denominator for diluted net earnings per common
	share - weighted-average shares and assumed
	conversions	16,131		15,828		15,953		15,595
	Net earnings per share
	Basic	$	0.46	$	0.19	$	1.54	$	0.97
	Diluted	$	0.45	$	0.18	$	1.52	$	0.95
	The Company repurchased a total of 0 and 163,326 shares of its common stock during the three- and nine-month periods ended January 31, 2015, respectively. There were no potentially dilutive securities for the three-month periods ended January 31, 2015 and 2014, respectively, and 0.2 million and 0.1 million shares were potentially dilutive for the nine-month periods ended January 31, 2015 and 2014, respectively, which were excluded from the calculation of net earnings per share, as the effect would be anti-dilutive.

StockBased_Compensation

Stock-Based Compensation	9 Months Ended
	Jan. 31, 2015
Share-based Compensation [Abstract]
Stock-Based Compensation	Stock-Based Compensation
	The Company has various stock-based compensation plans.  During the quarter ended January 31, 2015, the Company did not grant any stock-based compensation awards to employees or non-employee directors. During the nine-months ended January 31, 2015, the Board of Directors of the Company approved grants of non-statutory stock options and performance-based restricted stock units (RSUs) to key employees and grants of service-based RSUs to key employees and non-employee directors.  The employee non-statutory stock option grants totaled 66,600 shares of the Company’s common stock with an exercise price of $29.92 per share. The options vest evenly over a three-year period and have a ten-year contractual term. The employee performance-based RSUs totaled 79,500 units and the employee and non-employee director service-based RSUs totaled 40,100 units. The performance-based RSUs entitle the recipients to receive one share of the Company’s common stock per unit granted if applicable performance conditions are met and the recipient remains continuously employed with the Company until the units vest.  The service-based RSUs entitle the recipients to receive one share of the Company’s common stock per unit granted if they remain continuously employed with the Company, or on the Board, until the units vest.  All of the Company’s RSUs granted to employees cliff-vest three years from the grant date.  The service-based RSUs granted to non-employee directors vest daily through the end of a two-year vesting period as long as the recipient continuously remains a member of the Board.
	For the three- and nine-month periods ended January 31, 2015 and 2014, stock-based compensation expense was allocated as follows:
		Three Months Ended				Nine Months Ended
		January 31,				January 31,
	(in thousands)	2015		2014		2015		2014
	Cost of sales and distribution	$	88	$	131	$	370	$	373
	Selling and marketing expenses	216		211		689		592
	General and administrative expenses	469		446		1,478		1,553
	Stock-based compensation expense	$	773	$	788	$	2,537	$	2,518
	During the nine months ended January 31, 2015, the Board of Directors of the Company also approved grants of 10,416 cash-settled performance-based restricted stock tracking units (RSTUs) and 3,584 cash-settled service-based RSTUs for more junior level employees who previously received RSU grants under the Company’s shareholder approved plan.  Each performance-based RSTU entitles the recipient to receive a payment in cash equal to the fair market value of a share of our common stock as of the payment date if applicable performance conditions are met and the recipient remains continuously employed with the Company until the units vest.  The service-based RSTUs entitle the recipients to receive a payment in cash equal to the fair market value of a share of our common stock as of the payment date if they remain continuously employed with the Company until the units vest.  The RSTUs cliff-vest three years from the grant date.  Since the RSTUs will be settled in cash, the grant date fair value of these awards is recorded as a liability until the date of payment.  The fair value of each cash-settled RSTU award is remeasured at the end of each reporting period and the liability is adjusted, and related expense recorded, based on the new fair value.  The Company recognized expense of $61 thousand and $26 thousand for the three-month periods ended January 31, 2015 and 2014, respectively, and $225 thousand and $67 thousand for the nine-month periods ended January 31, 2015 and 2014, respectively, related to RSTUs. A liability for payment of the RSTUs is included in the Company's balance sheets in the amount of $301 thousand and $78 thousand as of January 31, 2015 and April 30, 2014, respectively.

Customer_Receivables

Customer Receivables	9 Months Ended
	Jan. 31, 2015
Accounts Receivable, Net [Abstract]
Customer Receivables	Customer Receivables
	The components of customer receivables were:
		January 31,			April 30,
	(in thousands)	2015			2014
	Gross customer receivables	$	50,378		$	48,943
	Less:
	Allowance for doubtful accounts	(121		)	(102		)
	Allowance for returns and discounts	(2,084		)	(2,366		)
	Net customer receivables	$	48,173		$	46,475

Inventories

Inventories	9 Months Ended
	Jan. 31, 2015
Inventory, Net [Abstract]
Inventories	Inventories
	The components of inventories were:
		January 31,			April 30,
	(in thousands)	2015			2014
	Raw materials	$	18,947		$	13,756
	Work-in-process	18,047			19,179
	Finished goods	12,720			13,439
	Total FIFO inventories	49,714			46,374
	Reserve to adjust inventories to LIFO value	(14,843		)	(14,851		)
	Total LIFO inventories	$	34,871		$	31,523
	Interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs.  Since these items are estimated, interim results are subject to the final year-end LIFO inventory valuation.

Product_Warranty

Product Warranty	9 Months Ended
	Jan. 31, 2015
Product Warranties Disclosures [Abstract]
Product Warranty	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, which is included in other accrued expenses on the balance sheet:
		Nine Months Ended
		January 31,
	(in thousands)	2015			2014
	Beginning balance at May 1	$	1,910		$	1,795
	Accrual	10,818			8,447
	Settlements	(10,380		)	(8,607		)
	Ending balance at January 31	$	2,348		$	1,635

Cash_Flow

Cash Flow	9 Months Ended
	Jan. 31, 2015
Supplemental Cash Flow Information [Abstract]
Cash Flow	Cash Flow
	Supplemental disclosures of cash flow information:
		Nine Months Ended
		January 31,
	(in thousands)	2015		2014
	Cash paid during the period for:
	Interest	$	414	$	502
	Income taxes	$	10,608	$	3,978

Pension_Benefits

Pension Benefits	9 Months Ended
	Jan. 31, 2015
Pension and Other Postretirement Benefit Expense [Abstract]
Pension Benefits	Pension Benefits
	Effective April 30, 2012, the Company froze all future benefit accruals under the Company’s hourly and salary defined-benefit pension plans.
	Net periodic pension (benefit) cost consisted of the following for the three- and nine-month periods ended January 31, 2015 and 2014:
		Three Months Ended						Nine Months Ended
		January 31,						January 31,
	(in thousands)	2015			2014			2015			2014
	Interest cost	$	1,617		$	1,551		$	4,850		$	4,652
	Expected return on plan assets	(1,917		)	(1,778		)	(5,750		)	(5,335		)
	Recognized net actuarial loss	216			282			649			847
	Net periodic pension (benefit) cost	$	(84	)	$	55		$	(251	)	$	164
	The Company expects to contribute $4.3 million to its pension plans in fiscal 2015, which represents both required and discretionary funding.  As of January 31, 2015, $3.5 million of contributions had been made.  The Company made contributions of $2.3 million to its pension plans in fiscal 2014.

Restructuring_Charges

Restructuring Charges	9 Months Ended
	Jan. 31, 2015
Restructuring and Related Activities [Abstract]
Restructuring Charges	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 idled plant in Tahlequah, Oklahoma was sold in October 2012 and the closed plant in Hazard, Kentucky was sold in March 2014.  The 2012 Restructuring Plan was adopted to reduce costs and increase the Company’s capacity utilization rates.
	During fiscal 2014, 2013 and fiscal 2012, the Company recognized aggregate pre-tax restructuring charges of $17.1 million related to the 2012 Restructuring Plan.  During the nine months ended January 31, 2015, the Company recognized pre-tax restructuring charges of $6 thousand related to the 2012 Restructuring Plan.  In addition, the Company recognized recurring operating costs for the sole remaining closed facility of $52 thousand for the nine months ended January 31, 2015, which are expected to continue until the plant is sold.
	As of January 31, 2015, the Company had one manufacturing plant located in Hardy County, West Virginia classified as held for sale, which was closed in connection with the 2012 Restructuring Plan.  As of January 31, 2015, the Company believed that the remaining $1.0 million net book value of the property classified as held for sale is fully recoverable.  Therefore, this asset is included in Other Assets on the Company’s balance sheet at January 31, 2015. See Note O "Subsequent Events" for additional information relating to the sale of the closed plant located in Hardy County, West Virginia in February 2015.

Fair_Value_Measurements

Fair Value Measurements	9 Months Ended
	Jan. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	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 certificates of deposit. The Company’s mutual fund investment assets represent contributions made and invested on behalf of the Company’s executive officers in a supplementary employee retirement plan.
	Level 2- Investments with observable inputs other than Level 1 prices, such as: quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. The Company has no Level 2 assets or liabilities.
	Level 3- Investments with unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company has no Level 3 assets or liabilities.
	The following table summarizes the fair values of assets that are recorded in the Company’s unaudited condensed consolidated financial statements as of January 31, 2015 and April 30, 2014 at fair value on a recurring basis (in thousands):
		Fair Value Measurements
		As of January 31, 2015
		Level 1		Level 2		Level 3
	ASSETS:
	Money market funds	$	30,480	$	—	$	—
	Mutual funds	1,258		—		—
	Certificates of deposit	36,000		—		—
	Total assets at fair value	$	67,738	$	—	$	—
		As of April 30, 2014
		Level 1		Level 2		Level 3
	ASSETS:
	Money market funds	$	38,877	$	—	$	—
	Mutual funds	1,204		—		—
	Total assets at fair value	$	40,081	$	—	$	—

Loans_Payable_and_LongTerm_Deb

Loans Payable and Long-Term Debt	9 Months Ended
	Jan. 31, 2015
Debt Disclosure [Abstract]
Loans Payable and Long-Term Debt	Loans Payable and Long-Term Debt
	Effective September 1, 2014, the Company's credit facility with Wells Fargo was amended to extend the maturity date for borrowings outstanding under the credit facility from December 31, 2015 to December 31, 2018; to provide that the line of credit is unsecured; to modify the interest on the outstanding principal balance of the note as either (i) a fluctuating rate per annum determined by Wells Fargo to be the daily one month LIBOR rate in effect from time to time plus the applicable margin, or (ii) a fixed rate per annum determined by Wells Fargo to be the index above LIBOR in effect on the first day of the applicable Fixed Rate Term; to lower the unused commitment fee from 0.30% to 0.15%; and to establish a requirement that the Company maintain a ratio of cash flow to fixed charges of not less than 1.5 to 1.0 measured at the end of each fiscal quarter on a rolling four-quarter basis. Under the terms of its revolving credit facility, the Company must also (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; and (2) comply with other customary affirmative and negative covenants.  The Company was in compliance with all covenants specified in the credit facility as of January 31, 2015, including as follows: (1) the Company’s ratio of total liabilities to tangible net worth at January 31, 2015 was 0.6 to 1.0; and (2) cash flow to fixed charges for its most recent four quarters was 3.10 to 1.0.

Income_Taxes

Income Taxes	9 Months Ended
	Jan. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes
	The Company’s effective income tax rate for the three and nine month periods ended January 31, 2015 was 33.7% and 33.5%, respectively, compared with 41.4% and 38.9%, respectively, in the comparable periods of the prior fiscal year.  The lower effective tax rates in fiscal 2015 were the result of the Company operating at a higher net income than in the prior year periods and more favorable permanent tax differences, including finalizing a federal research and experimentation tax credit for fiscal years 2011 through 2014 of $1.2 million during the first nine months of the current fiscal year.

Other_Information

Other Information	9 Months Ended
	Jan. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Other Information	Other Information
	The Company is involved in suits and claims in the normal course of business, including without limitation product liability and general liability claims and claims pending before the Equal Employment Opportunity Commission.  On at least a quarterly basis, the Company consults with its legal counsel to ascertain the reasonable likelihood that such claims may result in a loss.  As required by FASB Accounting Standards Codification Topic 450, “Contingencies,” (ASC 450), the Company categorizes the various suits and claims into three categories according to their likelihood for resulting in potential loss: those that are probable, those that are reasonably possible, and those that are deemed to be remote.  The Company accounts for these loss contingencies in accordance with ASC 450.  Where losses are deemed to be probable and estimable, accruals are made. Where losses are deemed to be reasonably possible or remote, a range of loss estimates is determined and considered for disclosure.  In determining these loss range estimates, the Company considers known values of similar claims and consults with independent counsel.
	The Company believes that the aggregate range of loss stemming from the various suits and asserted and unasserted claims which were deemed to be either probable or reasonably possible was not material as of January 31, 2015.

Subsequent_Events_Notes

Subsequent Events (Notes)	9 Months Ended
	Jan. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events
	On February 12, 2015, the Company sold its closed plant in Hardy County, West Virginia. The gain on the sale of $0.3 million will be recorded by the Company in the fourth quarter of fiscal 2015. See Note J "Restructuring Charges" for additional information.

Net_Earnings_Per_Share_Tables

Net Earnings Per Share (Tables)	9 Months Ended
	Jan. 31, 2015
Earnings Per Share [Abstract]
Schedule Of Earnings Per Share, Basic And Diluted	The following table sets forth the computation of basic and diluted net earnings per share:
		Three Months Ended				Nine Months Ended
		January 31,				January 31,
	(in thousands, except per share amounts)	2015		2014		2015		2014
	Numerator used in basic and diluted net earnings
	per common share:
	Net income	$	7,282	$	2,901	$	24,191	$	14,827
	Denominator:
	Denominator for basic net earnings per common
	share - weighted-average shares	15,860		15,476		15,688		15,219
	Effect of dilutive securities:
	Stock options and restricted stock units	272		352		265		377
	Denominator for diluted net earnings per common
	share - weighted-average shares and assumed
	conversions	16,131		15,828		15,953		15,595
	Net earnings per share
	Basic	$	0.46	$	0.19	$	1.54	$	0.97
	Diluted	$	0.45	$	0.18	$	1.52	$	0.95

StockBased_Compensation_Tables

Stock-Based Compensation (Tables)	9 Months Ended
	Jan. 31, 2015
Share-based Compensation [Abstract]
Stock-Based Compensation Expense Allocated	For the three- and nine-month periods ended January 31, 2015 and 2014, stock-based compensation expense was allocated as follows:
		Three Months Ended				Nine Months Ended
		January 31,				January 31,
	(in thousands)	2015		2014		2015		2014
	Cost of sales and distribution	$	88	$	131	$	370	$	373
	Selling and marketing expenses	216		211		689		592
	General and administrative expenses	469		446		1,478		1,553
	Stock-based compensation expense	$	773	$	788	$	2,537	$	2,518

Customer_Receivables_Tables

Customer Receivables (Tables)	9 Months Ended
	Jan. 31, 2015
Accounts Receivable, Net [Abstract]
Components Of Customer Receivables	The components of customer receivables were:
		January 31,			April 30,
	(in thousands)	2015			2014
	Gross customer receivables	$	50,378		$	48,943
	Less:
	Allowance for doubtful accounts	(121		)	(102		)
	Allowance for returns and discounts	(2,084		)	(2,366		)
	Net customer receivables	$	48,173		$	46,475

Inventories_Tables

Inventories (Tables)	9 Months Ended
	Jan. 31, 2015
Inventory, Net [Abstract]
Components Of Inventories	The components of inventories were:
		January 31,			April 30,
	(in thousands)	2015			2014
	Raw materials	$	18,947		$	13,756
	Work-in-process	18,047			19,179
	Finished goods	12,720			13,439
	Total FIFO inventories	49,714			46,374
	Reserve to adjust inventories to LIFO value	(14,843		)	(14,851		)
	Total LIFO inventories	$	34,871		$	31,523

Product_Warranty_Tables

Product Warranty (Tables)	9 Months Ended
	Jan. 31, 2015
Product Warranties Disclosures [Abstract]
Schedule Of Warranty Liability	The following is a reconciliation of the Company’s warranty liability, which is included in other accrued expenses on the balance sheet:
		Nine Months Ended
		January 31,
	(in thousands)	2015			2014
	Beginning balance at May 1	$	1,910		$	1,795
	Accrual	10,818			8,447
	Settlements	(10,380		)	(8,607		)
	Ending balance at January 31	$	2,348		$	1,635

Cash_Flow_Tables

Cash Flow (Tables)	9 Months Ended
	Jan. 31, 2015
Supplemental Cash Flow Information [Abstract]
Supplemental Disclosures Of Cash Flow Information	Supplemental disclosures of cash flow information:
		Nine Months Ended
		January 31,
	(in thousands)	2015		2014
	Cash paid during the period for:
	Interest	$	414	$	502
	Income taxes	$	10,608	$	3,978

Pension_Benefits_Tables

Pension Benefits (Tables)	9 Months Ended
	Jan. 31, 2015
Pension and Other Postretirement Benefit Expense [Abstract]
Net Periodic Pension Cost	Net periodic pension (benefit) cost consisted of the following for the three- and nine-month periods ended January 31, 2015 and 2014:
		Three Months Ended						Nine Months Ended
		January 31,						January 31,
	(in thousands)	2015			2014			2015			2014
	Interest cost	$	1,617		$	1,551		$	4,850		$	4,652
	Expected return on plan assets	(1,917		)	(1,778		)	(5,750		)	(5,335		)
	Recognized net actuarial loss	216			282			649			847
	Net periodic pension (benefit) cost	$	(84	)	$	55		$	(251	)	$	164

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	9 Months Ended
	Jan. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Of Assets On Recurring Basis	The following table summarizes the fair values of assets that are recorded in the Company’s unaudited condensed consolidated financial statements as of January 31, 2015 and April 30, 2014 at fair value on a recurring basis (in thousands):
		Fair Value Measurements
		As of January 31, 2015
		Level 1		Level 2		Level 3
	ASSETS:
	Money market funds	$	30,480	$	—	$	—
	Mutual funds	1,258		—		—
	Certificates of deposit	36,000		—		—
	Total assets at fair value	$	67,738	$	—	$	—
		As of April 30, 2014
		Level 1		Level 2		Level 3
	ASSETS:
	Money market funds	$	38,877	$	—	$	—
	Mutual funds	1,204		—		—
	Total assets at fair value	$	40,081	$	—	$	—

Net_Earnings_Per_Share_Narrati

Net Earnings Per Share (Narrative) (Details)	3 Months Ended		9 Months Ended
	Jan. 31, 2015	Jan. 31, 2014	Jan. 31, 2015	Jan. 31, 2014
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	0	200,000	100,000
Shares of its common stock repurchased	0		163,326

Net_Earnings_Per_Share_Schedul

Net Earnings Per Share (Schedule Of Earnings Per Share, Basic And Diluted) (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Jan. 31, 2015	Jan. 31, 2014	Jan. 31, 2015	Jan. 31, 2014
Earnings Per Share [Abstract]
Net income	$7,282	$2,901	$24,191	$14,827
Denominator for basic net earnings per common share - weighted-average shares	15,859,533	15,475,683	15,687,944	15,218,558
Stock options and restricted stock units	271,607	351,983	265,476	376,784
Denominator for diluted net earnings per common share - weighted-average shares and assumed conversions	16,131,140	15,827,666	15,953,420	15,595,342
Basic (usd per share)	$0.46	$0.19	$1.54	$0.97
Diluted (usd per share)	$0.45	$0.18	$1.52	$0.95

StockBased_Compensation_Narrat

Stock-Based Compensation (Narrative) (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Jan. 31, 2015	Jan. 31, 2014	Jan. 31, 2015	Jan. 31, 2014	Apr. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted non-statutory stock options to key employees			66,600
Non-statutory stock options, weighted average exercise price			$29.92
Vesting period, years	2 years		3 years
Contractual terms, years			10 years
Stock-based compensation expense	$773	$788	$2,537	$2,518
Liability for payment of the RSTUs	26,928		26,928		28,156
Employee Performance Based Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awarded in period			79,500
Common stock issuable per RSU granted			1
Employee And Non Employee Director Service Based Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awarded in period			40,100
Common stock issuable per RSU granted			1
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, years			3 years
Employee Performance Based Restricted Stock Tracking Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units non vested grants			10,416
Employee Service Based Restricted Stock Tracking Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units non vested grants			3,584
Restricted Stock Tracking Units RSTU [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, years			3 years
Stock-based compensation expense	61	26	225	67
Liability for payment of the RSTUs	$301		$301		$78

StockBased_Compensation_StockB

Stock-Based Compensation (Stock-Based Compensation Expense Allocated) (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Jan. 31, 2015	Jan. 31, 2014	Jan. 31, 2015	Jan. 31, 2014
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$773	$788	$2,537	$2,518
Cost Of Sales And Distribution [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	88	131	370	373
Selling And Marketing Expense [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	216	211	689	592
General And Administrative Expense [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$469	$446	$1,478	$1,553

Customer_Receivables_Component

Customer Receivables (Components Of Customer Receivables ) (Details) (USD $)	Jan. 31, 2015	Apr. 30, 2014
In Thousands, unless otherwise specified
Accounts Receivable, Net [Abstract]
Gross customer receivables	$50,378	$48,943
Allowance for doubtful accounts	-121	-102
Allowance for returns and discounts	-2,084	-2,366
Net customer receivables	$48,173	$46,475

Inventories_Components_Of_Inve

Inventories (Components Of Inventories) (Details) (USD $)	Jan. 31, 2015	Apr. 30, 2014
In Thousands, unless otherwise specified
Inventory, Net [Abstract]
Raw materials	$18,947	$13,756
Work-in-process	18,047	19,179
Finished goods	12,720	13,439
Total FIFO inventories	49,714	46,374
Reserve to adjust inventories to LIFO value	-14,843	-14,851
Total LIFO inventories	$34,871	$31,523

Product_Warranty_Schedule_Of_W

Product Warranty (Schedule Of Warranty Liability) (Details) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Jan. 31, 2015	Jan. 31, 2014
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Beginning balance at May 1	$1,910	$1,795
Accrual	10,818	8,447
Settlements	-10,380	-8,607
Ending balance at January 31	$2,348	$1,635

Cash_Flow_Supplemental_Disclos

Cash Flow (Supplemental Disclosures Of Cash Flow Information) (Details) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Jan. 31, 2015	Jan. 31, 2014
Supplemental Cash Flow Information [Abstract]
Interest	$414	$502
Income taxes	$10,608	$3,978

Pension_Benefits_Narrative_Det

Pension Benefits (Narrative) (Details) (USD $)	9 Months Ended	12 Months Ended
In Millions, unless otherwise specified	Jan. 31, 2015	Apr. 30, 2014
Pension and Other Postretirement Benefit Expense [Abstract]
Expected company contributions to pension plan	$4.30
Pension contribution	$3.50	$2.30

Pension_Benefits_Net_Periodic_

Pension Benefits (Net Periodic Pension Cost) (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Jan. 31, 2015	Jan. 31, 2014	Jan. 31, 2015	Jan. 31, 2014
Pension and Other Postretirement Benefit Expense [Abstract]
Interest cost	$1,617	$1,551	$4,850	$4,652
Expected return on plan assets	-1,917	-1,778	-5,750	-5,335
Recognized net actuarial loss	216	282	649	847
Net periodic pension (benefit) cost	($84)	$55	($251)	$164

Restructuring_Charges_Narrativ

Restructuring Charges (Narrative) (Details) (USD $)	3 Months Ended			9 Months Ended		12 Months Ended
	Jan. 31, 2015	Jan. 31, 2014	Jan. 31, 2012	Jan. 31, 2015	Jan. 31, 2014	Apr. 30, 2014	Apr. 30, 2013	Apr. 30, 2012
			manufacturing_plant
Restructuring Cost and Reserve [Line Items]
Plants committed to close			2
Pre-tax restructuring charges	$3,000	$48,000		$6,000	$161,000
Recognized recurring operating costs for closed facilities				52,000
Net book value of plants recoverable	1,000,000			1,000,000
2012 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Pre-tax restructuring charges				$6,000		$17,100,000	$17,100,000	$17,100,000
Number of manufacturing plants held for sale				1

Fair_Value_Measurements_Fair_V

Fair Value Measurements (Fair Value Of Assets On Recurring Basis) (Details) (USD $)	Jan. 31, 2015	Apr. 30, 2014
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	$67,738	$40,081
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	30,480	38,877
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	1,258	1,204
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
Certificates of Deposit [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	36,000
Certificates of Deposit [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
Certificates of Deposit [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

Loans_Payable_and_LongTerm_Deb1

Loans Payable and Long-Term Debt (Narrative) (Details)	9 Months Ended
	Jan. 31, 2015
Debt Instrument [Line Items]
Ratio of total liabilities to tangible net worth	0.6
Ratio of cash flow to fixed charges	3.1
Maximum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.30%
Ratio of total liabilities to tangible net worth	1.4
Minimum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.15%
Ratio of cash flow to fixed charges	1.5

Income_Taxes_Narrative_Details

Income Taxes (Narrative) (Details) (USD $)	3 Months Ended		9 Months Ended		48 Months Ended
In Millions, unless otherwise specified	Jan. 31, 2015	Jan. 31, 2014	Jan. 31, 2015	Jan. 31, 2014	Apr. 30, 2014
Income Tax Disclosure [Abstract]
Effective income tax rate	33.70%	41.40%	33.50%	38.90%
Federal research and experimentation tax credit					$1.20

Subsequent_Events_Details

Subsequent Events (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Jan. 31, 2015
Subsequent Events [Abstract]
Gain (Loss) on Sale of Properties	$0.30