Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Apr. 30, 2015 | Jun. 18, 2015 | Oct. 31, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Period End Date | Apr. 30, 2015 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | AMERICAN WOODMARK CORP | ||
Entity Central Index Key | 794,619 | ||
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 | 16,258,793 | ||
Entity Public Float | $ 524,079,723 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 30, 2015 | Apr. 30, 2014 |
Current Assets | ||
Cash and cash equivalents | $ 149,541 | $ 135,700 |
Investments - certificates of deposit | 35,500 | 0 |
Customer receivables, net | 46,142 | 46,475 |
Inventories | 35,988 | 31,523 |
Prepaid expenses and other | 4,758 | 3,862 |
Deferred income taxes | 9,566 | 7,856 |
Total Current Assets | 281,495 | 225,416 |
Property, plant and equipment, net | 85,516 | 74,049 |
Promotional displays, net | 4,348 | 5,571 |
Deferred income taxes | 23,821 | 19,194 |
Other assets | 3,724 | 5,834 |
TOTAL ASSETS | 398,904 | 330,064 |
Current Liabilities | ||
Accounts payable | 34,288 | 29,175 |
Current maturities of long-term debt | 1,457 | 1,146 |
Accrued compensation and related expenses | 30,120 | 28,156 |
Accrued marketing expenses | 6,471 | 8,089 |
Other accrued expenses | 12,454 | 9,853 |
Total Current Liabilities | 84,790 | 76,419 |
Long-term debt, less current maturities | 21,498 | 20,453 |
Defined benefit pension liabilities | 61,325 | 41,543 |
Other long-term liabilities | 1,449 | 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 April 30, 2015: 16,079,671, at April 30, 2014: 15,476,298 | 150,001 | 127,371 |
Retained earnings | 120,698 | 89,154 |
Accumulated other comprehensive loss - | ||
Defined benefit pension plans | (40,857) | (25,980) |
Total Shareholders' Equity | 229,842 | 190,545 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 398,904 | $ 330,064 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Apr. 30, 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 | $ 0 | $ 0 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 16,079,671 | 15,476,298 |
Common stock, shares outstanding | 16,079,671 | 15,476,298 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Income Statement [Abstract] | |||
Net sales | $ 825,465 | $ 726,515 | $ 630,437 |
Cost of sales and distribution | 672,933 | 602,338 | 527,781 |
Gross Profit | 152,532 | 124,177 | 102,656 |
Selling and marketing expenses | 64,304 | 59,536 | 57,402 |
General and administrative expenses | 33,773 | 30,881 | 27,575 |
Restructuring charges, net | (240) | (234) | 1,433 |
Insurance proceeds | 0 | (94) | (975) |
Operating Income | 54,695 | 34,088 | 17,221 |
Interest expense | 515 | 728 | 643 |
Other income | (207) | (310) | (162) |
Income Before Income Taxes | 54,387 | 33,670 | 16,740 |
Income tax expense | 18,888 | 13,209 | 6,982 |
Net Income | $ 35,499 | $ 20,461 | $ 9,758 |
Earnings per share | |||
Basic (usd per share) | $ 2.25 | $ 1.34 | $ 0.67 |
Diluted (usd per share) | $ 2.21 | $ 1.31 | $ 0.66 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 35,499 | $ 20,461 | $ 9,758 |
Other comprehensive income (loss) net of tax: | |||
Change in pension benefits, net of deferred taxes of $9,510, $3,944 and $2,905, respectively | (14,877) | 6,170 | (4,543) |
Total Comprehensive Income | $ 20,622 | $ 26,631 | $ 5,215 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Other comprehensive income (loss) | $ (9,510) | $ 3,944 | $ (2,905) |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] |
Beginning Balance, Shares at Apr. 30, 2012 | 14,395,273 | |||
Beginning Balance at Apr. 30, 2012 | $ 130,020 | $ 96,205 | $ 61,422 | $ (27,607) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 9,758 | 9,758 | ||
Other comprehensive income (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, net of amounts withheld for taxes, shares | 251,799 | 328,490 | ||
Exercise of stock-based compensation awards, net of amounts withheld for taxes | $ 5,768 | $ 5,768 | ||
Employee benefit plan contributions, shares | 98,817 | |||
Employee benefit plan contributions | 2,333 | $ 2,333 | ||
Ending Balance, Shares at Apr. 30, 2013 | 14,822,580 | |||
Ending Balance at Apr. 30, 2013 | 146,195 | $ 107,165 | 71,180 | (32,150) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 20,461 | 20,461 | ||
Other comprehensive income (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, net of amounts withheld for taxes, shares | 551,485 | 643,558 | ||
Exercise of stock-based compensation awards, net of amounts withheld for taxes | $ 13,122 | $ 13,122 | ||
Stock repurchases, shares | (100,000) | |||
Stock repurchases | (3,141) | $ (654) | (2,487) | |
Employee benefit plan contributions, shares | 110,160 | |||
Employee benefit plan contributions | $ 3,843 | $ 3,843 | ||
Ending Balance, Shares at Apr. 30, 2014 | 15,476,298 | 15,476,298 | ||
Ending Balance at Apr. 30, 2014 | $ 190,545 | $ 127,371 | 89,154 | (25,980) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 35,499 | 35,499 | ||
Other comprehensive income (loss), net of tax | (14,877) | (14,877) | ||
Stock-based compensation | 3,497 | 3,497 | ||
Adjustments to excess tax benefit from stock-based compensation | $ 1,172 | $ 1,172 | ||
Exercise of stock-based compensation awards, net of amounts withheld for taxes, shares | 508,639 | 599,124 | ||
Exercise of stock-based compensation awards, net of amounts withheld for taxes | $ 12,842 | $ 12,842 | ||
Stock repurchases, shares | (163,326) | |||
Stock repurchases | (5,053) | $ (1,098) | (3,955) | |
Employee benefit plan contributions, shares | 167,575 | |||
Employee benefit plan contributions | $ 6,217 | $ 6,217 | ||
Ending Balance, Shares at Apr. 30, 2015 | 16,079,671 | 16,079,671 | ||
Ending Balance at Apr. 30, 2015 | $ 229,842 | $ 150,001 | $ 120,698 | $ (40,857) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
OPERATING ACTIVITIES | |||
Net income | $ 35,499 | $ 20,461 | $ 9,758 |
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities: | |||
Depreciation and amortization | 14,526 | 14,545 | 14,431 |
Net loss on disposal of property, plant and equipment | 153 | 123 | 231 |
Impairment loss related to restructuring activities | 0 | 0 | 270 |
Gain on sales of assets held for sale | (250) | (323) | (481) |
Gain on insurance recoveries | 0 | (94) | (975) |
Stock-based compensation expense | 3,497 | 3,295 | 3,509 |
Deferred income taxes | 4,335 | 7,978 | 5,789 |
Pension contributions in excess of expense | (4,604) | (2,039) | (4,299) |
Excess tax benefit from stock-based compensation | (1,887) | (854) | (18) |
Contributions of employer stock to employee benefit plan | 6,217 | 3,843 | 2,333 |
Other non-cash items | (1,211) | (2,634) | (1,389) |
Changes in operating assets and liabilities: | |||
Customer receivables | 288 | (7,546) | (6,825) |
Inventories | (5,605) | (2,875) | (7,068) |
Prepaid expenses and other assets | 126 | (1,236) | (1,669) |
Accounts payable | 5,113 | 5,869 | 3,814 |
Accrued compensation, marketing and other accrued expenses | 2,540 | 2,022 | 7,116 |
Net Cash Provided by Operating Activities | 58,737 | 40,535 | 24,527 |
INVESTING ACTIVITIES | |||
Payments to acquire property, plant, and equipment | (20,015) | (7,903) | (8,860) |
Proceeds from sales of property, plant, and equipment | 22 | 81 | 80 |
Proceeds from sales of assets held for sale | 1,250 | 1,644 | 6,447 |
Proceeds from insurance recoveries | 0 | 94 | 975 |
Investment in certificates of deposit, net | (35,500) | 0 | 0 |
Investment in promotional displays | (2,363) | (3,499) | (4,759) |
Net Cash Used by Investing Activities | (56,606) | (9,583) | (6,117) |
FINANCING ACTIVITIES | |||
Payments of long-term debt | (1,309) | (4,516) | (1,019) |
Proceeds from long-term debt | 1,500 | 0 | 0 |
Change in restricted cash | 0 | 0 | 7,064 |
Excess tax benefit from stock-based compensation | 1,887 | 854 | 18 |
Proceeds from issuance of common stock | 14,268 | 15,330 | 5,878 |
Repurchase of common stock | (5,053) | (3,141) | 0 |
Notes receivable, net | 417 | (750) | 0 |
Net Cash Provided by Financing Activities | 11,710 | 7,777 | 11,941 |
Net Increase in Cash And Cash Equivalents | 13,841 | 38,729 | 30,351 |
Cash And Cash Equivalents, Beginning of Year | 135,700 | 96,971 | 66,620 |
Cash And Cash Equivalents, End of Year | $ 149,541 | $ 135,700 | $ 96,971 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Apr. 30, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 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 2015, 2014 and 2013 were $34.3 million , $30.4 million and $36.5 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 $33.0 million and $38.9 million at April 30, 2015 and 2014, respectively. Investments in Certificates of Deposit: The Company invests excess cash in certificates of deposit which are carried at cost (which approximates fair value). These highly liquid investments have original maturities between three and twelve months. 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 2015, 2014 and 2013, 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 2015, 2014 and 2013 was $3.6 million , $3.7 million and $4.0 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 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. In April 2015, the FASB voted in favor of a one year deferral of the effective date of this amendment. The Company is currently assessing the impact ASU 2014-09 will have on its financial position and results of operations. 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. |
Customer Receivables
Customer Receivables | 12 Months Ended |
Apr. 30, 2015 | |
Receivables [Abstract] | |
Customer Receivables | Customer Receivables The components of customer receivables were: APRIL 30 (in thousands) 2015 2014 Gross customer receivables $ 48,655 $ 48,943 Less: Allowance for doubtful accounts (173 ) (102 ) Allowance for returns and discounts (2,340 ) (2,366 ) Net customer receivables $ 46,142 $ 46,475 |
Inventories
Inventories | 12 Months Ended |
Apr. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories The components of inventories were: APRIL 30 (in thousands) 2015 2014 Raw materials $ 17,199 $ 13,756 Work-in-process 18,095 19,179 Finished goods 14,797 13,439 Total FIFO inventories 50,091 46,374 Reserve to adjust inventories to LIFO value (14,103 ) (14,851 ) Total LIFO inventories $ 35,988 $ 31,523 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Apr. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment The components of property, plant and equipment were: APRIL 30 (in thousands) 2015 2014 Land $ 5,929 $ 5,929 Buildings and improvements 69,412 68,224 Buildings and improvements - capital leases 11,202 11,202 Machinery and equipment 159,680 155,162 Machinery and equipment - capital leases 29,052 28,111 Construction in progress 12,581 2,461 287,856 271,089 Less accumulated amortization and depreciation (202,340 ) (197,040 ) Total $ 85,516 $ 74,049 Amortization and depreciation expense on property, plant and equipment amounted to $9.5 million , $9.5 million and $9.2 million in fiscal years 2015, 2014 and 2013, respectively. Accumulated amortization on capital leases included in the above table amounted to $28.6 million and $27.5 million as of April 30, 2015 and 2014, respectively. |
Loans Payable and Long-Term Deb
Loans Payable and Long-Term Debt | 12 Months Ended |
Apr. 30, 2015 | |
Debt Disclosure [Abstract] | |
Loans Payable and Long-Term Debt | Loans Payable and Long-Term Debt Maturities of long-term debt are as follows: FISCAL YEARS ENDING APRIL 30 (in thousands) 2016 2017 2018 2019 2020 2021 AND THERE- TOTAL OUTSTANDING Revolving credit facility $ — $ — $ — $ 10,000 $ — $ — $ 10,000 Economic development loans — — — 2,190 1,290 1,500 4,980 Capital lease obligations 1,457 1,406 1,086 726 604 2,696 7,975 Total $ 1,457 $ 1,406 $ 1,086 $ 12,915 $ 1,895 $ 4,196 $ 22,955 Less current maturities $ 1,457 Total long-term debt $ 21,498 The Company’s primary loan agreement is a $35 million unsecured revolving credit facility which expires on December 31, 2018 with Wells Fargo Bank, N.A. (Wells Fargo). At April 30, 2015 and 2014, $10 million of loans were outstanding under this facility, and the Company had additional borrowing base availability of $25 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 insignificant in each of fiscal years 2015, 2014 and 2013, respectively. 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, 2015) plus 1.495% . 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 1.5 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, 2015, including as follows: (1) the Company’s ratio of total liabilities to tangible net worth at April 30, 2015 was 0.74 to 1.0; and (2) cash flow to fixed charges for its most recent four quarters was 3.39 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, 2015 and 2014 was $1.3 million . 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 $2.2 million as of April 30, 2015 and 2014. 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. From 2012 through 2015, the Company entered into a total of fourteen capitalized lease agreements in the aggregate amount of $2.1 million 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, 2015 and 2014 was $1.3 million and $1.2 million , respectively. From 2013 through 2015, the Company entered into a total of thirteen capitalized lease agreements in the aggregate amount of $1.5 million 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, 2015 and 2014 was $1.0 million and $0.8 million , 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, 2015 and 2014 were $5.6 million and $6.1 million , respectively. In 2015, the Company entered into a $1.5 million loan 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. The loan agreement expires on February 1, 2025 and bears interest at a fixed rate of 3% per annum. The loan agreement is secured by certain equipment. It defers principal and interest during the term of the obligation and forgives any outstanding balance at December 31, 2018 if the Company complies with certain employment levels at the facility. 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, 2015. Interest paid under the Company’s loan agreements and capital leases during fiscal years 2015, 2014 and 2013 was $0.5 million , $0.7 million and $0.6 million , respectively. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Apr. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table summarizes the computations of basic and diluted earnings per share: FISCAL YEARS ENDED APRIL 30 (in thousands, except per share amounts) 2015 2014 2013 Numerator used in basic and diluted earnings per common share: Net income $ 35,499 $ 20,461 $ 9,758 Denominator: Denominator for basic earnings per common share - weighted-average shares 15,764 15,299 14,563 Effect of dilutive securities: Stock options and restricted stock units 273 354 270 Denominator for diluted earnings per common share - weighted-average shares and assumed conversions 16,037 15,653 14,833 Net earnings per share Basic $ 2.25 $ 1.34 $ 0.67 Diluted $ 2.21 $ 1.31 $ 0.66 Potentially dilutive shares of 0.1 million , 0.1 million and 1.0 million issuable under the Company’s stock incentive plans have been excluded from the calculation of net earnings per share for the fiscal years ended April 30, 2015, 2014 and 2013, respectively, as the effect would be anti-dilutive. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Apr. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 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, 2015, 2014 and 2013 was $3.5 million , $3.3 million and $3.5 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, 2015, the Company had stock option and RSU awards outstanding under three different plans: (1) second amended and restated 2004 stock incentive plan for employees; (2) 2006 non-employee directors equity ownership plan; and (3) 2011 non-employee directors equity ownership plan. As of April 30, 2015, there were 921,026 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 2015 2014 2013 Weighted-average fair value of grants $ 9.25 $ 14.46 $ 7.39 Expected volatility 27.4 % 38.2 % 42.5 % Expected term in years 5.9 6.1 6.1 Risk-free interest rate 2.19 % 1.59 % 1.09 % Expected dividend yield — % — % — % 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, 2015, 2014 and 2013 (remaining contractual term in years and exercise prices are weighted-averages): NUMBER OF OPTIONS REMAINING CONTRACTUAL TERM WEIGHTED AVERAGE EXERCISE PRICE AGGREGATE INTRINSIC VALUE Outstanding at April 30, 2012 1,624,760 5.1 $27.64 $ — 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 Granted 66,600 9.1 29.92 — Exercised (508,639 ) — 28.05 7,209 Cancelled or expired (11,200 ) — 32.64 — Outstanding at April 30, 2015 398,075 5.0 $28.46 $ 8,851 Outstanding at Vested and expected to vest in the future at April 30, 2015 385,250 4.9 $28.45 $ 8,571 Exercisable at April 30, 2015 263,541 3.3 $28.38 $ 5,882 The aggregate intrinsic value in the previous table of the outstanding options on April 30, 2015 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 2015 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, 2015. 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, 2015, 2014 and 2013 was $0.7 million , $0.7 million and $1.2 million , respectively. As of April 30, 2015, there was $0.7 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, 2015, 2014 and 2013, was an aggregate of $14.3 million , $14.7 million and $5.9 million , respectively. The actual tax benefit realized for the tax deduction from option exercises of stock option awards totaled $2.8 million , $2.0 million and $0.7 million for the fiscal years ended April 30, 2015, 2014 and 2013, respectively. The following table summarizes information about stock options outstanding at April 30, 2015 (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-$17.62 45,841 7.1 $17.62 12,507 $17.62 $22.77-$24.73 120,800 3.6 24.15 120,800 24.15 $28.97-$34.11 184,100 4.5 31.87 117,500 32.98 $36.74-$36.74 47,334 8.1 36.74 12,734 36.74 398,075 263,541 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 2015, 2014 and 2013. The PBRSUs granted in fiscal 2015 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 2015. 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, 2015, 2014 and 2013: PERFORMANCE-BASED RSUs SERVICE-BASED RSUs TOTAL RSUs WEIGHTED AVERAGE GRANT 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 ) — (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 ) — (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 Granted 79,500 40,100 119,600 $30.82 Cancelled due to non-achievement of performance goals (16,218 ) — (16,218 ) $36.18 Settled in common stock (79,407 ) (54,861 ) (134,268 ) $17.45 Forfeited (8,726 ) (4,764 ) (13,490 ) $27.78 Issued and outstanding, April 30, 2015 210,944 103,850 314,794 $27.15 As of April 30, 2015, there was $2.7 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 1.6 years. For the fiscal years ended April 30, 2015, 2014 and 2013 stock-based compensation expense was allocated as follows: (in thousands) 2015 2014 2013 Cost of sales and distribution $ 518 $ 505 $ 606 Selling and marketing expenses 954 801 859 General and administrative expenses 2,025 1,989 2,044 Stock-based compensation expense, before income taxes $ 3,497 $ 3,295 $ 3,509 Restricted Stock Tracking Units: During fiscal 2015, the Board of Directors of the Company 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 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 $0.4 million and $0.1 million related to RSTUs for the fiscal years ended April 30, 2015 and 2014, respectively. A liability for payment of the RSTUs is included in the Company's balance sheets in the amount of $0.4 million and $0.1 million as of April 30, 2015 and 2014, respectively. |
Employee Benefit and Retirement
Employee Benefit and Retirement Plans | 12 Months Ended |
Apr. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit and Retirement Plans | 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. 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. The Company recognized expenses for profit-sharing contributions of $1.8 million , $0.8 million and $0.3 million in fiscal years 2015, 2014 and 2013, respectively. 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 annual compensation. Effective May 1, 2015, matching contributions will be made in cash by the Company. The expense for 401(k) matching contributions for this plan was $5.6 million , $4.1 million and $2.5 million , in fiscal years 2015, 2014 and 2013, 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, 2015 is $67.0 million ( $40.9 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 $1.4 million ( $0.9 million net of tax) in net actuarial losses in net periodic pension benefit costs during fiscal 2016. 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: APRIL 30 (in thousands) 2015 2014 CHANGE IN PROJECTED BENEFIT OBLIGATION Projected benefit obligation at beginning of year $ 144,142 $ 149,429 Interest cost 6,466 6,203 Actuarial (gains) and losses 24,168 (7,615 ) Benefits paid (4,790 ) (3,875 ) Projected benefit obligation at end of year $ 169,986 $ 144,142 APRIL 30 (in thousands) 2015 2014 CHANGE IN PLAN ASSETS Fair value of plan assets at beginning of year $ 102,599 $ 95,733 Actual return on plan assets 6,583 8,483 Company contributions 4,269 2,258 Benefits paid (4,790 ) (3,875 ) Fair value of plan assets at end of year $ 108,661 $ 102,599 Funded status of the plans $ (61,325 ) $ (41,543 ) Unrecognized net actuarial loss 66,975 42,589 Prepaid benefit cost $ 5,650 $ 1,046 The accumulated benefit obligation for both pension plans was $170.0 million and $144.1 million at April 30, 2015 and 2014, respectively. PENSION BENEFITS (in thousands) 2015 2014 2013 COMPONENTS OF NET PERIODIC PENSION BENEFIT COST Interest cost $ 6,466 $ 6,203 $ 6,261 Expected return on plan assets (7,666 ) (7,113 ) (6,563 ) Recognized net actuarial loss 865 1,129 923 Pension benefit cost $ (335 ) $ 219 $ 621 The components of net periodic pension benefit cost do not include service costs or prior service costs due to the plans being frozen. 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 2015 2014 WEIGHTED-AVERAGE ASSUMPTIONS TO DETERMINE BENEFIT OBLIGATIONS Discount rate 4.19 % 4.56 % FISCAL YEARS ENDED APRIL 30 2015 2014 2013 WEIGHTED-AVERAGE ASSUMPTIONS TO DETERMINE NET PERIODIC PENSION BENEFIT COST Discount rate 4.56 % 4.21 % 4.66% Expected return on plan assets 7.5 % 7.5 % 7.5 % In fiscal years 2015, 2014 and 2013, 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, 2015. 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 $5.0 million to its pension plans in fiscal 2016. The Company made contributions of $4.3 million and $2.3 million to its pension plans in fiscal 2015 and 2014, 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) 2016 $ 5,236 2017 5,544 2018 5,928 2019 6,415 2020 6,813 Years 2021-2025 39,745 Plan Assets: Pension assets by major category and the type of fair value measurement as of April 30, 2015 and 2014 are presented in the following tables: FAIR VALUE MEASUREMENTS AT APRIL 30, 2015 (in thousands) TOTAL QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1) SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2) SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) Cash Equivalents $ 8 $ — $ 8 $ — Equity Funds: Mutual Fund Equity 62,533 62,533 — — Fixed Income Funds: Mutual Fund Tax Income 28,408 — 28,408 — Common and Collective Funds: 1 Capital Preservation Fund 17,712 — 17,712 — Total $ 108,661 $ 62,533 $ 46,128 $ — 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 $ — $ — Equity Collective Funds: 1 Equity Index Value Fund 20,753 — 20,753 — Equity Index Growth Fund 20,485 — 20,485 — Small Cap Index Fund 5,929 — 5,929 — International Equity Fund 4,166 — 4,166 — Fixed Income Collective Funds: 1 Core Fixed Income Fund 33,409 — 33,409 — Capital Preservation Fund 17,519 — 17,519 — Total $ 102,599 $ 338 $ 102,261 $ — 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, 2015 and 2014, by asset category, were as follows: PLAN ASSET ALLOCATION 2015 2015 2014 APRIL 30 TARGET ACTUAL ACTUAL Equity Funds 50.0 % 58.0 % 50.0 % Fixed Income Funds 50.0 % 42.0 % 50.0 % Total 100.0 % 100.0 % 100.0 % Within the broad categories outlined in the preceding table, the Company has the following specific allocations as a percentage of total funds invested: 16% Capital Preservation, 26% Bond and 58% Equity. |
Income Taxes
Income Taxes | 12 Months Ended |
Apr. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax expense was comprised of the following: FISCAL YEARS ENDED APRIL 30 (in thousands) 2015 2014 2013 CURRENT EXPENSE Federal $ 12,663 $ 4,825 $ 1,031 State 1,890 406 162 Total current expense 14,553 5,231 1,193 DEFERRED EXPENSE Federal 3,024 6,076 4,859 State 1,311 1,902 930 Total deferred expense 4,335 7,978 5,789 Total expense 18,888 13,209 6,982 Other comprehensive income (loss) (9,510 ) 3,944 (2,905 ) Total comprehensive income tax expense $ 9,378 $ 17,153 $ 4,077 The Company's effective income tax rate varied from the federal statutory rate as follows: FISCAL YEARS ENDED APRIL 30 2015 2014 2013 Federal statutory rate 35.0 % 35.0 % 35.0 % Effect of: Research and experimentation tax credit (2.3 )% — % — % Meals and entertainment 0.5 0.8 1.5 Domestic production deduction (2.4 ) (1.8 ) (0.3 ) Other 0.1 0.7 1.4 Total (4.1 )% (0.3 )% 2.6 % Effective federal income tax rate 30.9 % 34.7 % 37.6 % State income taxes, net of federal tax effect 3.8 4.5 4.1 Effective income tax rate 34.7 % 39.2 % 41.7 % Included in the fiscal year 2015 effective income tax rate are research and experimentation tax credits for fiscal years 2011 through 2014. Income taxes paid were $13.3 million , $4.3 million and $1.2 million for fiscal years 2015, 2014 and 2013, respectively. The significant components of deferred tax assets and liabilities were as follows: APRIL 30 (in thousands) 2015 2014 Deferred tax assets: Pension benefits $ 23,074 $ 15,381 Accounts receivable 5,523 4,603 Product liability 1,031 745 Employee benefits 7,429 8,523 Net operating loss carryforward — 469 Other 266 199 Total 37,323 29,920 Deferred tax liabilities: Inventory 451 496 Depreciation 3,485 2,374 3,936 2,870 Net deferred tax asset $ 33,387 $ 27,050 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 I
Accounting for Uncertainty in Income Taxes | 12 Months Ended |
Apr. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Accounting for Uncertainty in Income Taxes | 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, 2015 and 2014. With minor exceptions, the Company is currently open to audit by tax authorities for tax years ending April 30, 2012 through April 30, 2015. The Company is currently not under federal audit. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Apr. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 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 is not material as of April 30, 2015. 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: APRIL 30 (in thousands) 2015 2014 PRODUCT WARRANTY RESERVE Beginning balance $ 1,910 $ 1,795 Accrual for warranties 14,738 11,988 Settlements (14,005 ) (11,873 ) Ending balance at fiscal year end $ 2,643 $ 1,910 Lease Agreements The Company leases certain office buildings, manufacturing buildings, service centers and equipment. Total rental expenses under operating leases amounted to approximately $8.8 million , $8.0 million and $7.4 million , in fiscal years 2015, 2014 and 2013, respectively. Minimum rental commitments as of April 30, 2015, under noncancelable leases with terms in excess of one year are as follows: FISCAL YEAR OPERATING (in thousands) CAPITAL (in thousands) 2016 $ 3,108 $ 1,696 2017 1,687 1,576 2018 777 1,197 2019 599 803 2020 314 665 2021 (and thereafter) 45 2,813 $ 6,530 $ 8,750 Less amounts representing interest (2%) (775 ) Total obligations under capital leases $ 7,975 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, 2015, the Company is in the final year of the latest five -year renewal period, which expires in 2016. Under this agreement, rental expense was $0.5 million , $0.5 million and $0.5 million , in fiscal years 2015, 2014 and 2013, respectively. Rent due during the remaining term of the lease is approximately $0.4 million (included in the preceding table). |
Credit Concentration
Credit Concentration | 12 Months Ended |
Apr. 30, 2015 | |
Risks and Uncertainties [Abstract] | |
Credit Concentration | 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, 2015, the Company's two largest customers, Customers A and B, represented 14.4% and 21.9% of the Company's gross customer receivables, respectively. At April 30, 2014, Customers A and B represented 21.0% and 21.4% 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 2015 2014 2013 Customer A 26.5% 28.6% 35.7% Customer B 18.6% 20.6% 22.8% |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Apr. 30, 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 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, 2015 and 2014 at fair value on a recurring basis: FAIR VALUE MEASUREMENTS AS OF APRIL 30, 2015 (in thousands) LEVEL 1 LEVEL 2 LEVEL 3 ASSETS: Money market funds $ 30,480 $ — $ — Mutual funds 1,048 — — Certificates of deposit 38,000 — — Total assets at fair value $ 69,528 $ — $ — FAIR VALUE MEASUREMENTS AS OF APRIL 30, 2014 (in thousands) LEVEL 1 LEVEL 2 LEVEL 3 ASSETS: Money market funds $ 38,877 $ — $ — Mutual funds 1,204 — — Total assets at fair value $ 40,081 $ — $ — 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, 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 2012 Restructuring Plan was adopted to reduce costs and increase the Company’s capacity utilization rates. During fiscal years 2015, 2014 and 2013, the Company recognized total pre-tax restructuring charges for the 2012 Restructuring Plan of $(0.2) million , $(0.2) million and $1.4 million , respectively. The Company recognized recurring operating costs for the facilities closed as part of the 2012 Restructuring Plan of $0.1 million in fiscal 2015. As of April 30, 2015, the Company had no remaining manufacturing plants classified as held for sale. During the fourth quarter of fiscal 2015, the Company sold its closed plant located in Hardy County, West Virginia and recognized a gain of $0.3 million on the sale. 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 gains were included in restructuring charges on the Company’s statements of income. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Apr. 30, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | Quarterly Financial Data (Unaudited) FISCAL 2015 07/31/14 10/31/2014 01/31/15 04/30/15 (in thousands, except per share amounts) Net sales $ 211,917 $ 217,693 $ 188,963 $ 206,892 Gross profit 37,114 36,981 35,117 43,320 Income before income taxes 13,054 12,322 10,976 18,035 Net income 9,238 7,671 7,282 11,308 Earnings per share Basic $ 0.59 $ 0.49 $ 0.46 $ 0.71 Diluted $ 0.59 $ 0.48 $ 0.45 $ 0.69 FISCAL 2014 07/31/13 10/31/2013 01/31/14 04/30/14 (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 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Apr. 30, 2015 | |
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 Other Deductions Balance at End of Year Year ended April 30, 2015: Allowance for doubtful accounts $ 102 $ 184 $ — $ (113 ) (b) $ 173 Reserve for cash discounts $ 727 $ 8,859 (c) $ — $ (8,840 ) (d) $ 746 Reserve for sales returns and allowances $ 1,639 $ 7,326 (c) $ — $ (7,371 ) $ 1,594 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 (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 Accoun25
Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Apr. 30, 2015 | |
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. |
Cash and Cash Equivalents and Investments in Certificates of Deposit | 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 $33.0 million and $38.9 million at April 30, 2015 and 2014, respectively. Investments in Certificates of Deposit: The Company invests excess cash in certificates of deposit which are carried at cost (which approximates fair value). These highly liquid investments have original maturities between three and twelve months. |
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 2015, 2014 and 2013, 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). |
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 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. In April 2015, the FASB voted in favor of a one year deferral of the effective date of this amendment. The Company is currently assessing the impact ASU 2014-09 will have on its financial position and results of operations. |
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. |
Customer Receivables (Tables)
Customer Receivables (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Receivables [Abstract] | |
Components Of Customer Receivables | The components of customer receivables were: APRIL 30 (in thousands) 2015 2014 Gross customer receivables $ 48,655 $ 48,943 Less: Allowance for doubtful accounts (173 ) (102 ) Allowance for returns and discounts (2,340 ) (2,366 ) Net customer receivables $ 46,142 $ 46,475 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Components Of Inventories | The components of inventories were: APRIL 30 (in thousands) 2015 2014 Raw materials $ 17,199 $ 13,756 Work-in-process 18,095 19,179 Finished goods 14,797 13,439 Total FIFO inventories 50,091 46,374 Reserve to adjust inventories to LIFO value (14,103 ) (14,851 ) Total LIFO inventories $ 35,988 $ 31,523 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Components Of Property, Plant And Equipment | The components of property, plant and equipment were: APRIL 30 (in thousands) 2015 2014 Land $ 5,929 $ 5,929 Buildings and improvements 69,412 68,224 Buildings and improvements - capital leases 11,202 11,202 Machinery and equipment 159,680 155,162 Machinery and equipment - capital leases 29,052 28,111 Construction in progress 12,581 2,461 287,856 271,089 Less accumulated amortization and depreciation (202,340 ) (197,040 ) Total $ 85,516 $ 74,049 |
Loans Payable and Long-Term D29
Loans Payable and Long-Term Debt (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Debt Disclosure [Abstract] | |
Schedule Of Debt Maturities | Maturities of long-term debt are as follows: FISCAL YEARS ENDING APRIL 30 (in thousands) 2016 2017 2018 2019 2020 2021 AND THERE- TOTAL OUTSTANDING Revolving credit facility $ — $ — $ — $ 10,000 $ — $ — $ 10,000 Economic development loans — — — 2,190 1,290 1,500 4,980 Capital lease obligations 1,457 1,406 1,086 726 604 2,696 7,975 Total $ 1,457 $ 1,406 $ 1,086 $ 12,915 $ 1,895 $ 4,196 $ 22,955 Less current maturities $ 1,457 Total long-term debt $ 21,498 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule Of Earnings (Loss) Per Share, Basic And Diluted | The following table summarizes the computations of basic and diluted earnings per share: FISCAL YEARS ENDED APRIL 30 (in thousands, except per share amounts) 2015 2014 2013 Numerator used in basic and diluted earnings per common share: Net income $ 35,499 $ 20,461 $ 9,758 Denominator: Denominator for basic earnings per common share - weighted-average shares 15,764 15,299 14,563 Effect of dilutive securities: Stock options and restricted stock units 273 354 270 Denominator for diluted earnings per common share - weighted-average shares and assumed conversions 16,037 15,653 14,833 Net earnings per share Basic $ 2.25 $ 1.34 $ 0.67 Diluted $ 2.21 $ 1.31 $ 0.66 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule Of Weighted Average Assumptions And Valuation Of Stock Options | The weighted-average assumptions and valuation of the Company’s stock options were as follows: FISCAL YEARS ENDED APRIL 30 2015 2014 2013 Weighted-average fair value of grants $ 9.25 $ 14.46 $ 7.39 Expected volatility 27.4 % 38.2 % 42.5 % Expected term in years 5.9 6.1 6.1 Risk-free interest rate 2.19 % 1.59 % 1.09 % Expected dividend yield — % — % — % |
Schedule Of Stock Option Activity | The following table presents a summary of the Company’s stock option activity for the fiscal years ended April 30, 2015, 2014 and 2013 (remaining contractual term in years and exercise prices are weighted-averages): NUMBER OF OPTIONS REMAINING CONTRACTUAL TERM WEIGHTED AVERAGE EXERCISE PRICE AGGREGATE INTRINSIC VALUE Outstanding at April 30, 2012 1,624,760 5.1 $27.64 $ — 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 Granted 66,600 9.1 29.92 — Exercised (508,639 ) — 28.05 7,209 Cancelled or expired (11,200 ) — 32.64 — Outstanding at April 30, 2015 398,075 5.0 $28.46 $ 8,851 Outstanding at Vested and expected to vest in the future at April 30, 2015 385,250 4.9 $28.45 $ 8,571 Exercisable at April 30, 2015 263,541 3.3 $28.38 $ 5,882 |
Schedule Of Stock Options Oustanding Activity | The following table summarizes information about stock options outstanding at April 30, 2015 (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-$17.62 45,841 7.1 $17.62 12,507 $17.62 $22.77-$24.73 120,800 3.6 24.15 120,800 24.15 $28.97-$34.11 184,100 4.5 31.87 117,500 32.98 $36.74-$36.74 47,334 8.1 36.74 12,734 36.74 398,075 263,541 |
Summary Of RSU's Activity | The following table contains a summary of the Company’s RSU activity for the fiscal years ended April 30, 2015, 2014 and 2013: PERFORMANCE-BASED RSUs SERVICE-BASED RSUs TOTAL RSUs WEIGHTED AVERAGE GRANT 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 ) — (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 ) — (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 Granted 79,500 40,100 119,600 $30.82 Cancelled due to non-achievement of performance goals (16,218 ) — (16,218 ) $36.18 Settled in common stock (79,407 ) (54,861 ) (134,268 ) $17.45 Forfeited (8,726 ) (4,764 ) (13,490 ) $27.78 Issued and outstanding, April 30, 2015 210,944 103,850 314,794 $27.15 |
Stock-Based Compensation Expense Allocated | For the fiscal years ended April 30, 2015, 2014 and 2013 stock-based compensation expense was allocated as follows: (in thousands) 2015 2014 2013 Cost of sales and distribution $ 518 $ 505 $ 606 Selling and marketing expenses 954 801 859 General and administrative expenses 2,025 1,989 2,044 Stock-based compensation expense, before income taxes $ 3,497 $ 3,295 $ 3,509 |
Employee Benefit and Retireme32
Employee Benefit and Retirement Plans (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Reconciliation Of Benefit Obligations, Plan Assets, And Funded Status | 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: APRIL 30 (in thousands) 2015 2014 CHANGE IN PROJECTED BENEFIT OBLIGATION Projected benefit obligation at beginning of year $ 144,142 $ 149,429 Interest cost 6,466 6,203 Actuarial (gains) and losses 24,168 (7,615 ) Benefits paid (4,790 ) (3,875 ) Projected benefit obligation at end of year $ 169,986 $ 144,142 APRIL 30 (in thousands) 2015 2014 CHANGE IN PLAN ASSETS Fair value of plan assets at beginning of year $ 102,599 $ 95,733 Actual return on plan assets 6,583 8,483 Company contributions 4,269 2,258 Benefits paid (4,790 ) (3,875 ) Fair value of plan assets at end of year $ 108,661 $ 102,599 Funded status of the plans $ (61,325 ) $ (41,543 ) Unrecognized net actuarial loss 66,975 42,589 Prepaid benefit cost $ 5,650 $ 1,046 |
Net Periodic Pension Cost | The accumulated benefit obligation for both pension plans was $170.0 million and $144.1 million at April 30, 2015 and 2014, respectively. PENSION BENEFITS (in thousands) 2015 2014 2013 COMPONENTS OF NET PERIODIC PENSION BENEFIT COST Interest cost $ 6,466 $ 6,203 $ 6,261 Expected return on plan assets (7,666 ) (7,113 ) (6,563 ) Recognized net actuarial loss 865 1,129 923 Pension benefit cost $ (335 ) $ 219 $ 621 |
Schedule Of Assumptions Used To Determine Benenfit Obligations And Earnings Effects For Pension Plans | 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 2015 2014 WEIGHTED-AVERAGE ASSUMPTIONS TO DETERMINE BENEFIT OBLIGATIONS Discount rate 4.19 % 4.56 % FISCAL YEARS ENDED APRIL 30 2015 2014 2013 WEIGHTED-AVERAGE ASSUMPTIONS TO DETERMINE NET PERIODIC PENSION BENEFIT COST Discount rate 4.56 % 4.21 % 4.66% Expected return on plan assets 7.5 % 7.5 % 7.5 % |
Schedule Of Expected Future Benefit Payments | The following benefit payments, which reflect expected future service, are expected to be paid: FISCAL YEAR BENEFIT PAYMENTS (in thousands) 2016 $ 5,236 2017 5,544 2018 5,928 2019 6,415 2020 6,813 Years 2021-2025 39,745 |
Schedule Of Pension Assets By Major Category Of Plan Assets And Type Of Fair Value Measurements | Pension assets by major category and the type of fair value measurement as of April 30, 2015 and 2014 are presented in the following tables: FAIR VALUE MEASUREMENTS AT APRIL 30, 2015 (in thousands) TOTAL QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1) SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2) SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) Cash Equivalents $ 8 $ — $ 8 $ — Equity Funds: Mutual Fund Equity 62,533 62,533 — — Fixed Income Funds: Mutual Fund Tax Income 28,408 — 28,408 — Common and Collective Funds: 1 Capital Preservation Fund 17,712 — 17,712 — Total $ 108,661 $ 62,533 $ 46,128 $ — 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 $ — $ — Equity Collective Funds: 1 Equity Index Value Fund 20,753 — 20,753 — Equity Index Growth Fund 20,485 — 20,485 — Small Cap Index Fund 5,929 — 5,929 — International Equity Fund 4,166 — 4,166 — Fixed Income Collective Funds: 1 Core Fixed Income Fund 33,409 — 33,409 — Capital Preservation Fund 17,519 — 17,519 — Total $ 102,599 $ 338 $ 102,261 $ — 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 | The Company’s pension plans’ weighted-average asset allocations at April 30, 2015 and 2014, by asset category, were as follows: PLAN ASSET ALLOCATION 2015 2015 2014 APRIL 30 TARGET ACTUAL ACTUAL Equity Funds 50.0 % 58.0 % 50.0 % Fixed Income Funds 50.0 % 42.0 % 50.0 % Total 100.0 % 100.0 % 100.0 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Income Tax Expense | Income tax expense was comprised of the following: FISCAL YEARS ENDED APRIL 30 (in thousands) 2015 2014 2013 CURRENT EXPENSE Federal $ 12,663 $ 4,825 $ 1,031 State 1,890 406 162 Total current expense 14,553 5,231 1,193 DEFERRED EXPENSE Federal 3,024 6,076 4,859 State 1,311 1,902 930 Total deferred expense 4,335 7,978 5,789 Total expense 18,888 13,209 6,982 Other comprehensive income (loss) (9,510 ) 3,944 (2,905 ) Total comprehensive income tax expense $ 9,378 $ 17,153 $ 4,077 |
Schedule Of Effective Income Tax Rate Reconciliation | The Company's effective income tax rate varied from the federal statutory rate as follows: FISCAL YEARS ENDED APRIL 30 2015 2014 2013 Federal statutory rate 35.0 % 35.0 % 35.0 % Effect of: Research and experimentation tax credit (2.3 )% — % — % Meals and entertainment 0.5 0.8 1.5 Domestic production deduction (2.4 ) (1.8 ) (0.3 ) Other 0.1 0.7 1.4 Total (4.1 )% (0.3 )% 2.6 % Effective federal income tax rate 30.9 % 34.7 % 37.6 % State income taxes, net of federal tax effect 3.8 4.5 4.1 Effective income tax rate 34.7 % 39.2 % 41.7 % |
Schedule Of Significant Components Of Deferred Tax Assets And Liabilities | The significant components of deferred tax assets and liabilities were as follows: APRIL 30 (in thousands) 2015 2014 Deferred tax assets: Pension benefits $ 23,074 $ 15,381 Accounts receivable 5,523 4,603 Product liability 1,031 745 Employee benefits 7,429 8,523 Net operating loss carryforward — 469 Other 266 199 Total 37,323 29,920 Deferred tax liabilities: Inventory 451 496 Depreciation 3,485 2,374 3,936 2,870 Net deferred tax asset $ 33,387 $ 27,050 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Reconciliation Of Warranty Liability | The following is a reconciliation of the Company’s warranty liability: APRIL 30 (in thousands) 2015 2014 PRODUCT WARRANTY RESERVE Beginning balance $ 1,910 $ 1,795 Accrual for warranties 14,738 11,988 Settlements (14,005 ) (11,873 ) Ending balance at fiscal year end $ 2,643 $ 1,910 |
Schedule Of Minimum Rental Requirements | Minimum rental commitments as of April 30, 2015, under noncancelable leases with terms in excess of one year are as follows: FISCAL YEAR OPERATING (in thousands) CAPITAL (in thousands) 2016 $ 3,108 $ 1,696 2017 1,687 1,576 2018 777 1,197 2019 599 803 2020 314 665 2021 (and thereafter) 45 2,813 $ 6,530 $ 8,750 Less amounts representing interest (2%) (775 ) Total obligations under capital leases $ 7,975 |
Credit Concentration (Tables)
Credit Concentration (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Risks and Uncertainties [Abstract] | |
Summary Of Percentage Of Sales | 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 2015 2014 2013 Customer A 26.5% 28.6% 35.7% Customer B 18.6% 20.6% 22.8% |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Of Assets On Recurring Basis | The following table summarizes the fair value of assets that are recorded in the Company’s consolidated financial statements as of April 30, 2015 and 2014 at fair value on a recurring basis: FAIR VALUE MEASUREMENTS AS OF APRIL 30, 2015 (in thousands) LEVEL 1 LEVEL 2 LEVEL 3 ASSETS: Money market funds $ 30,480 $ — $ — Mutual funds 1,048 — — Certificates of deposit 38,000 — — Total assets at fair value $ 69,528 $ — $ — FAIR VALUE MEASUREMENTS AS OF APRIL 30, 2014 (in thousands) LEVEL 1 LEVEL 2 LEVEL 3 ASSETS: Money market funds $ 38,877 $ — $ — Mutual funds 1,204 — — Total assets at fair value $ 40,081 $ — $ — |
Quarterly Financial Data (Una37
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule Of Quarterly Financial Information | FISCAL 2015 07/31/14 10/31/2014 01/31/15 04/30/15 (in thousands, except per share amounts) Net sales $ 211,917 $ 217,693 $ 188,963 $ 206,892 Gross profit 37,114 36,981 35,117 43,320 Income before income taxes 13,054 12,322 10,976 18,035 Net income 9,238 7,671 7,282 11,308 Earnings per share Basic $ 0.59 $ 0.49 $ 0.46 $ 0.71 Diluted $ 0.59 $ 0.48 $ 0.45 $ 0.69 FISCAL 2014 07/31/13 10/31/2013 01/31/14 04/30/14 (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 |
Summary of Significant Accoun38
Summary of Significant Accounting Policies (Details) | 12 Months Ended | ||
Apr. 30, 2015USD ($)plan | Apr. 30, 2014USD ($) | Apr. 30, 2013USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |||
Advertising costs | $ 34,300,000 | $ 30,400,000 | $ 36,500,000 |
Cash equivalents | 33,000,000 | 38,900,000 | |
Impairment of long-lived assets | $ 0 | 0 | 0 |
Number of defined benefit pension plans | plan | 2 | ||
Buildings And Improvements [Member] | Minimum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 15 years | ||
Buildings And Improvements [Member] | Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 30 years | ||
Machinery And Equipment [Member] | Minimum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Machinery And Equipment [Member] | Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Promotional Display [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Amortization | $ 3,600,000 | $ 3,700,000 | $ 4,000,000 |
Promotional Display [Member] | Minimum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 30 months | ||
Promotional Display [Member] | Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 36 months |
Customer Receivables (Component
Customer Receivables (Components Of Customer Receivables) (Details) - USD ($) $ in Thousands | Apr. 30, 2015 | Apr. 30, 2014 |
Receivables [Abstract] | ||
Gross customer receivables | $ 48,655 | $ 48,943 |
Allowance for doubtful accounts | (173) | (102) |
Allowance for returns and discounts | (2,340) | (2,366) |
Net customer receivables | $ 46,142 | $ 46,475 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Apr. 30, 2015 | Apr. 30, 2014 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 17,199 | $ 13,756 |
Work-in-process | 18,095 | 19,179 |
Finished goods | 14,797 | 13,439 |
Total FIFO inventories | 50,091 | 46,374 |
Reserve to adjust inventories to LIFO value | (14,103) | (14,851) |
Total LIFO inventories | $ 35,988 | $ 31,523 |
Property, Plant and Equipment41
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 287,856 | $ 271,089 | |
Less accumulated amortization and depreciation | (202,340) | (197,040) | |
Property, Plant and Equipment, Net, Total | 85,516 | 74,049 | |
Amortization and depreciation expense on property, plant and equipment | 9,500 | 9,500 | $ 9,200 |
Accumulated amortization on capital leases | 28,600 | 27,500 | |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 5,929 | 5,929 | |
Buildings And Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 69,412 | 68,224 | |
Building And Improvements - Capital Leases [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 11,202 | 11,202 | |
Machinery And Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 159,680 | 155,162 | |
Machinery And Equipment - Capital Leases [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 29,052 | 28,111 | |
Construction In Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 12,581 | $ 2,461 |
Loans Payable and Long-Term D42
Loans Payable and Long-Term Debt (Narrative) (Details) | 12 Months Ended | 28 Months Ended | 40 Months Ended | |||
Apr. 30, 2015USD ($) | Apr. 30, 2014USD ($) | Apr. 30, 2013USD ($) | Dec. 31, 2005loan | Apr. 30, 2015USD ($)lease | Apr. 30, 2015USD ($)lease | |
Debt Instrument [Line Items] | ||||||
LIBOR rate | 0.25% | 0.25% | 0.25% | |||
Spread on interest rate | 1.495% | |||||
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 | 150.00% | |||||
Ratio of total liabilities to tangible net worth | 74.00% | |||||
Ratio cash flow to fixed charges | 339.00% | |||||
Debt, outstanding balance | $ 22,955,000 | $ 22,955,000 | $ 22,955,000 | |||
Interest paid under agreement and capital leases | 500,000 | $ 700,000 | $ 600,000 | |||
Wells Fargo [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | 35,000,000 | 35,000,000 | 35,000,000 | |||
Amount oustanding | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | ||
Remaining availability | $ 25,000,000 | 25,000,000 | 25,000,000 | |||
Eligible Accounts Receivable [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Advanced rate | 75.00% | |||||
Eligible Pre Bill Reserves [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Advanced rate | 50.00% | |||||
Equipment Value [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 20,000,000 | $ 20,000,000 | $ 20,000,000 | |||
Board Of County Commissioners Of Garrett County [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Fixed interest rate | 3.00% | 3.00% | 3.00% | |||
Debt, outstanding balance | $ 1,300,000 | 1,300,000 | $ 1,300,000 | $ 1,300,000 | ||
Allegany County, Maryland Site [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Fixed interest rate | 3.00% | 3.00% | 3.00% | |||
Debt, outstanding balance | $ 2,200,000 | 2,200,000 | $ 2,200,000 | $ 2,200,000 | ||
Number of loan agreements | loan | 2 | |||||
First American Financial Bancorp [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Number of capitalized lease agreements | lease | 14 | |||||
Capital lease agreement | $ 1,300,000 | 1,200,000 | $ 1,300,000 | $ 1,300,000 | ||
Capital lease obligations incurred | $ 2,100,000 | |||||
Capital lease term | 48 months | |||||
Market interest rate | 6.50% | 6.50% | 6.50% | |||
e-Plus Group [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Number of capitalized lease agreements | lease | 13 | |||||
Capital lease agreement | $ 1,000,000 | 800,000 | $ 1,000,000 | $ 1,000,000 | ||
Capital lease obligations incurred | $ 1,500,000 | |||||
Capital lease term | 51 months | |||||
Market interest rate | 6.50% | 6.50% | 6.50% | |||
West Virginia Economic Development Authority [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Fixed interest rate | 2.00% | 2.00% | 2.00% | |||
Debt, outstanding balance | $ 5,600,000 | $ 6,100,000 | $ 5,600,000 | $ 5,600,000 | ||
Capital lease agreement | 10,000,000 | 10,000,000 | 10,000,000 | |||
West Virginia Economic Development Authority [Member] | Secured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 1,500,000 | $ 1,500,000 | $ 1,500,000 | |||
Debt instrument, interest rate, stated percentage | 3.00% | 3.00% | 3.00% |
Loans Payable and Long-Term D43
Loans Payable and Long-Term Debt (Schedule Of Debt Maturities) (Details) - USD ($) $ in Thousands | Apr. 30, 2015 | Apr. 30, 2014 |
Debt Instrument [Line Items] | ||
2,016 | $ 1,457 | |
2,017 | 1,406 | |
2,018 | 1,086 | |
2,019 | 12,915 | |
2,020 | 1,895 | |
2021 and thereafter | 4,196 | |
Total | 22,955 | |
Less current maturities | 1,457 | $ 1,146 |
Total long-term debt | 21,498 | $ 20,453 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
2,016 | 0 | |
2,017 | 0 | |
2,018 | 0 | |
2,019 | 10,000 | |
2,020 | 0 | |
2021 and thereafter | 0 | |
Total | 10,000 | |
Economic Development Loans [Member] | ||
Debt Instrument [Line Items] | ||
2,016 | 0 | |
2,017 | 0 | |
2,018 | 0 | |
2,019 | 2,190 | |
2,020 | 1,290 | |
2021 and thereafter | 1,500 | |
Total | 4,980 | |
Capital Lease Obligations [Member] | ||
Debt Instrument [Line Items] | ||
2,016 | 1,457 | |
2,017 | 1,406 | |
2,018 | 1,086 | |
2,019 | 726 | |
2,020 | 604 | |
2021 and thereafter | 2,696 | |
Total | $ 7,975 |
Earnings Per Share (Schedule Of
Earnings Per Share (Schedule Of Earnings (Loss) Per Share, Basic And Diluted) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Earnings Per Share [Abstract] | |||||||||||
Net income | $ 11,308 | $ 7,282 | $ 7,671 | $ 9,238 | $ 5,634 | $ 2,901 | $ 5,271 | $ 6,655 | $ 35,499 | $ 20,461 | $ 9,758 |
Denominator for basic earnings per common share - weighted-average shares | 15,764 | 15,299 | 14,563 | ||||||||
Stock options and restricted stock units | 273 | 354 | 270 | ||||||||
Denominator for diluted earnings (loss) per common share - weighted-average shares and assumed conversions | 16,037 | 15,653 | 14,833 | ||||||||
Net earnings per share, Basic (usd per share) | $ 0.71 | $ 0.46 | $ 0.49 | $ 0.59 | $ 0.36 | $ 0.19 | $ 0.35 | $ 0.45 | $ 2.25 | $ 1.34 | $ 0.67 |
Net earnings per share, Diluted (usd per share) | $ 0.69 | $ 0.45 | $ 0.48 | $ 0.59 | $ 0.36 | $ 0.18 | $ 0.34 | $ 0.43 | $ 2.21 | $ 1.31 | $ 0.66 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares shares in Millions | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Earnings Per Share [Abstract] | |||
Potentially dilutive shares | 0.1 | 0.1 | 1 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2015USD ($)planawardshares | Apr. 30, 2014USD ($) | Apr. 30, 2013USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of stock-based compensation plans | award | 2 | ||
Stock-based compensation expense, before income taxes | $ 3,497 | $ 3,295 | $ 3,509 |
Number of stock incentive plans | plan | 3 | ||
Shares available for awards | shares | 921,026 | ||
Contractual terms, years | 3 years 4 months | ||
Vesting period, years | 3 years | ||
Total fair value of options vested | $ 700 | 700 | 1,200 |
Total unrecognized compensation expense related to unvested stock options granted | $ 700 | ||
Expected to be recognized over a weighted average period | 1 year 8 months 12 days | ||
Cash received from options exercised | $ 14,300 | 14,700 | 5,900 |
Tax benefit realized from the tax deduction from option exercises | 2,800 | 2,000 | $ 700 |
Accrued compensation and related expenses | $ 30,120 | 28,156 | |
Non Employee Directors [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Contractual terms, years | 4 years | ||
Non Employee Directors [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Contractual terms, years | 10 years | ||
Employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Contractual terms, years | 10 years | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period, years | 3 years | ||
Stock Options [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Contractual terms, years | 10 years | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period, years | 3 years | ||
Total unrecognized compensation expense related to unvested stock options granted | $ 2,700 | ||
Expected to be recognized over a weighted average period | 1 year 7 months | ||
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 | ||
Performance-Based Restricted Stock Tracking Units (RSTUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares approved for grants | shares | 10,416 | ||
Service-Based Restricted Stock Tracking Units (RSTUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares approved for grants | shares | 3,584 | ||
Restricted Stock Tracking Units (RSTUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense, before income taxes | $ 400 | 100 | |
Vesting period, years | 3 years | ||
Accrued compensation and related expenses | $ 400 | $ 100 |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule Of Weighted Average Assumptions And Valuation Of Stock Options) (Details) - $ / shares | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Weighted-average fair value of grants | $ 9.25 | $ 14.46 | $ 7.39 |
Expected volatility | 27.40% | 38.20% | 42.50% |
Expected term in years | 5 years 11 months | 6 years 1 month | 6 years 1 month |
Risk-free interest rate | 2.19% | 1.59% | 1.09% |
Expected dividends yield | 0.00% | 0.00% | 0.00% |
Stock-Based Compensation (Sch48
Stock-Based Compensation (Schedule Of Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Oustanding number of options, Beginning Balance | 851,314 | 1,401,813 | 1,624,760 | |
Options granted | 66,600 | 60,500 | 125,000 | |
Options exercised | (508,639) | (551,485) | (251,799) | |
Options cancelled or expired | (11,200) | (59,514) | (96,148) | |
Oustanding number of options ending balance | 398,075 | 851,314 | 1,401,813 | 1,624,760 |
Remaining contractual term outstanding | 5 years | 4 years 3 months 18 days | 4 years 9 months 18 days | 5 years 1 month 6 days |
Remaining contractual term, granted | 9 years 1 month 6 days | 9 years 1 month 6 days | 9 years 1 month 6 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||||
Exercise price, beginning | $ 28.16 | $ 27.27 | $ 27.64 | |
Exercise price, granted | 29.92 | 36.74 | 17.62 | |
Exercise price, exercised | 28.05 | 26.61 | 23.35 | |
Exercise price, cancelled or expired | 32.64 | 30.17 | 31.03 | |
Exercise price, ending | $ 28.46 | $ 28.16 | $ 27.27 | $ 27.64 |
Aggregate intrinsic value outstanding, beginning balance | $ 3,121 | $ 9,272 | $ 0 | |
Aggregate intrinsic value, exercised | 7,209 | 5,156 | 1,868 | |
Aggregate intrinsic value outstanding, ending balance | $ 8,851 | $ 3,121 | $ 9,272 | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract] | ||||
Vested and expected to vest in the future, Number of options | 385,250 | |||
Vested and expected to vest in the future, Remaining contractual term | 4 years 11 months | |||
Vested and expected to vest in the future, Exercise price | $ 28.45 | |||
Vested and expected to vest in the future, Aggregate intrinsic value | $ 8,571 | |||
Exercisable, Number of options | 263,541 | |||
Exercisable, Remaining contractual term | 3 years 4 months | |||
Exercisable, Exercise price | $ 28.38 | |||
Exercisable, Aggregate intrinsic value | $ 5,882 |
Stock-Based Compensation (Sch49
Stock-Based Compensation (Schedule Of Stock Options Oustanding Activity) (Details) - Apr. 30, 2015 - $ / shares | Total |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options outstanding | 398,075 |
Options exercisable | 263,541 |
$17.62 - $17.62 [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 | $ 17.62 |
Options outstanding | 45,841 |
Options outstanding remaining life | 7 years 1 month |
Options outstanding exercise price | $ 17.62 |
Options exercisable | 12,507 |
Options exercisable exercise price | $ 17.62 |
$22.77- $24.73 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Option price per share, lower range limit | 22.77 |
Option price per share, upper range limit | $ 24.73 |
Options outstanding | 120,800 |
Options outstanding remaining life | 3 years 7 months |
Options outstanding exercise price | $ 24.15 |
Options exercisable | 120,800 |
Options exercisable exercise price | $ 24.15 |
$28.97 - $34.11 [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 | $ 34.11 |
Options outstanding | 184,100 |
Options outstanding remaining life | 4 years 6 months |
Options outstanding exercise price | $ 31.87 |
Options exercisable | 117,500 |
Options exercisable exercise price | $ 32.98 |
$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 | 47,334 |
Options outstanding remaining life | 8 years 1 month |
Options outstanding exercise price | $ 36.74 |
Options exercisable | 12,734 |
Options exercisable exercise price | $ 36.74 |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary Of RSU's Activity) (Details) - $ / shares | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Employee Performance Based Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Issued and outstanding, beginning balance | 235,795 | 279,105 | 237,076 |
Granted | 79,500 | 75,600 | 129,075 |
Cancelled due to non-achievement of performance goals | (16,218) | (23,384) | (24,311) |
Settled in common stock | (79,407) | (74,935) | (49,546) |
Forfeited | (8,726) | (20,591) | (13,189) |
Issued and outstanding, ending balance | 210,944 | 235,795 | 279,105 |
Serviced-Based RSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Issued and outstanding, beginning balance | 123,375 | 155,000 | 155,728 |
Granted | 40,100 | 44,092 | 63,025 |
Cancelled due to non-achievement of performance goals | 0 | 0 | 0 |
Settled in common stock | (54,861) | (60,310) | (58,328) |
Forfeited | (4,764) | (15,407) | (5,425) |
Issued and outstanding, ending balance | 103,850 | 123,375 | 155,000 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Issued and outstanding, beginning balance | 359,170 | 434,105 | 392,804 |
Granted | 119,600 | 119,692 | 192,100 |
Cancelled due to non-achievement of performance goals | (16,218) | (23,384) | (24,311) |
Settled in common stock | (134,268) | (135,245) | (107,874) |
Forfeited | (13,490) | (35,998) | (18,614) |
Issued and outstanding, ending balance | 314,794 | 359,170 | 434,105 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Weighted average grant date fair value, beginning balance | $ 22.79 | $ 17.96 | $ 18.75 |
Weighted average grant date fair value, Awarded | 30.82 | 36.09 | 17.76 |
Weighted average grant date fair value, cancelled due to non-achievement of performance goals | 36.18 | 17.62 | 17.09 |
Weighted average grant date fair value, settled in common shares | 17.45 | 19.75 | 20.66 |
Weighted average grant date fair value, forfeited | 27.78 | 23.12 | 17.91 |
Weighted average grant date fair value, ending balance | $ 27.15 | $ 22.79 | $ 17.96 |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock-Based Compensation Expense Allocated) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense, before income taxes | $ 3,497 | $ 3,295 | $ 3,509 |
Cost Of Sales And Distribution [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense, before income taxes | 518 | 505 | 606 |
Selling And Marketing Expense [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense, before income taxes | 954 | 801 | 859 |
General And Administrative Expense [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense, before income taxes | $ 2,025 | $ 1,989 | $ 2,044 |
Employee Benefit and Retireme52
Employee Benefit and Retirement Plans (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2015USD ($)plan | Apr. 30, 2014USD ($) | Apr. 30, 2013USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Recognized expenses for profit-sharing contributions | $ 1,800 | $ 800 | $ 300 |
401(k) contributions, percent match of employee's annual contribution | 100.00% | ||
Effective maximum contribution of base earnings | 4.00% | ||
Expense for 401(k) matching contributions | $ 5,600 | 4,100 | $ 2,500 |
Number of defined benefit pension plans | plan | 2 | ||
Accumulated other comprehensive loss | $ 67,000 | ||
Accumulated other comprehensive loss, net of tax | 40,857 | 25,980 | |
Expected recognized net actuarial losses in net periodic pension benefit cost, before tax | 1,400 | ||
Expected recognized net actuarial losses in net periodic pension benefit cost, after tax | 900 | ||
Accumulated benefit obligation | 169,986 | 144,142 | |
Expected company contributions to pension plan in 2015 | 5,000 | ||
Company contributions | $ 4,269 | $ 2,258 | |
Plan asset actual allocation | 100.00% | 100.00% | |
Capital Preservation [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan asset actual allocation | 16.00% | ||
Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan asset actual allocation | 26.00% | ||
Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan asset actual allocation | 58.00% | 50.00% | |
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% | ||
American Woodmark Investment Savings Stock Ownership Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plan, minimum age requirement | 18 years | ||
Defined contribution plan, minimum consecutive months employed requirement | 6 months |
Employee Benefit and Retireme53
Employee Benefit and Retirement Plans (Reconciliation Of Benefit Obligations, Plan Assets, And Funded Status) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Compensation and Retirement Disclosure [Abstract] | |||
Projected benefit obligation at beginning of year | $ 144,142 | $ 149,429 | |
Interest cost | 6,466 | 6,203 | $ 6,261 |
Acturial (gains) and losses | 24,168 | (7,615) | |
Benefits paid | (4,790) | (3,875) | |
Projected benefit obligation at end of year | 169,986 | 144,142 | 149,429 |
Fair value of plan assets at beginning of year | 102,599 | 95,733 | |
Actual return on plan assets | 6,583 | 8,483 | |
Company contributions | 4,269 | 2,258 | |
Benefits paid | (4,790) | (3,875) | |
Fair value of plan assets at end of year | 108,661 | 102,599 | $ 95,733 |
Funded status of the plan | (61,325) | (41,543) | |
Unrecognized net actuarial loss | 66,975 | 42,589 | |
Prepaid (accrued) benefit cost | $ 5,650 | $ 1,046 |
Employee Benefit and Retireme54
Employee Benefit and Retirement Plans (Net Periodic Pension Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Compensation and Retirement Disclosure [Abstract] | |||
Interest cost | $ 6,466 | $ 6,203 | $ 6,261 |
Expected return on plan assets | (7,666) | (7,113) | (6,563) |
Recognized net actuarial loss | 865 | 1,129 | 923 |
Pension benefit cost | $ (335) | $ 219 | $ 621 |
Employee Benefit and Retireme55
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, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.19% | 4.56% | |
Pension Plan, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.56% | 4.21% | 4.66% |
Expected return on plan assets | 7.50% | 7.50% | 7.50% |
Employee Benefit and Retireme56
Employee Benefit and Retirement Plans (Schedule Of Expected Future Benefit Payments) (Details) $ in Thousands | Apr. 30, 2015USD ($) |
Compensation and Retirement Disclosure [Abstract] | |
2,016 | $ 5,236 |
2,017 | 5,544 |
2,018 | 5,928 |
2,019 | 6,415 |
2,020 | 6,813 |
Years 2021-2025 | $ 39,745 |
Employee Benefit and Retireme57
Employee Benefit and Retirement Plans (Schedule Of Pension Assets By Major Category Of Plan Assets And Type Of Fair Value Measurements) (Details) - USD ($) $ in Thousands | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 108,661 | $ 102,599 | $ 95,733 |
QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 62,533 | 338 | |
SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 46,128 | 102,261 | |
SIGNIFICANT UNOBSERVABLE INPUTS (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 | 8 | 338 | |
Cash and Cash Equivalents [Member] | QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 338 | |
Cash and Cash Equivalents [Member] | SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 8 | 0 | |
Cash and Cash Equivalents [Member] | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Mutual Fund Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 62,533 | ||
Mutual Fund Equity [Member] | QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 62,533 | ||
Mutual Fund Equity [Member] | SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Mutual Fund Equity [Member] | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Equity Index Value Fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 20,753 | ||
Equity Index Value Fund [Member] | QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Equity Index Value Fund [Member] | SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 20,753 | ||
Equity Index Value Fund [Member] | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Equity Index Growth Fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 20,485 | ||
Equity Index Growth Fund [Member] | QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Equity Index Growth Fund [Member] | SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 20,485 | ||
Equity Index Growth Fund [Member] | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Small Cap Index Fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 5,929 | ||
Small Cap Index Fund [Member] | QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Small Cap Index Fund [Member] | SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 5,929 | ||
Small Cap Index Fund [Member] | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
International Equity Fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 4,166 | ||
International Equity Fund [Member] | QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
International Equity Fund [Member] | SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 4,166 | ||
International Equity Fund [Member] | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Mutual Fund Income Tax [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 28,408 | ||
Mutual Fund Income Tax [Member] | QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Mutual Fund Income Tax [Member] | SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 28,408 | ||
Mutual Fund Income Tax [Member] | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Core Fixed Income Fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 33,409 | ||
Core Fixed Income Fund [Member] | QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Core Fixed Income Fund [Member] | SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 33,409 | ||
Core Fixed Income Fund [Member] | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Capital Preservation Fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 17,712 | 17,519 | |
Capital Preservation Fund [Member] | QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Capital Preservation Fund [Member] | SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 17,712 | 17,519 | |
Capital Preservation Fund [Member] | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0 | $ 0 |
Employee Benefit and Retireme58
Employee Benefit and Retirement Plans (Schedule Of Allocation Of Plan Assets) (Details) | 12 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Plan asset target allocation | 100.00% | |
Plan asset actual allocation | 100.00% | 100.00% |
Equity Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan asset target allocation | 50.00% | |
Plan asset actual allocation | 58.00% | 50.00% |
Fixed Income Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan asset target allocation | 50.00% | |
Plan asset actual allocation | 42.00% | 50.00% |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Tax Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
CURRENT EXPENSE | |||
Federal | $ 12,663 | $ 4,825 | $ 1,031 |
State | 1,890 | 406 | 162 |
Total current expense | 14,553 | 5,231 | 1,193 |
DEFERRED EXPENSE | |||
Federal | 3,024 | 6,076 | 4,859 |
State | 1,311 | 1,902 | 930 |
Total deferred expense | 4,335 | 7,978 | 5,789 |
Total expense | 18,888 | 13,209 | 6,982 |
Other comprehensive income (loss) | (9,510) | 3,944 | (2,905) |
Total comprehensive income tax expense | $ 9,378 | $ 17,153 | $ 4,077 |
Income Taxes (Schedule Of Effec
Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory rate | 35.00% | 35.00% | 35.00% |
Research and experimentation tax credit | (2.30%) | (0.00%) | (0.00%) |
Meals and entertainment | 0.50% | 0.80% | 1.50% |
Domestic production deduction | (2.40%) | (1.80%) | (0.30%) |
Other | 0.10% | 0.70% | 1.40% |
Total | (4.10%) | (0.30%) | 2.60% |
Effective federal income tax rate | 30.90% | 34.70% | 37.60% |
State income taxes, net of federal tax effect | 3.80% | 4.50% | 4.10% |
Effective income tax rate | 34.70% | 39.20% | 41.70% |
Income taxes paid | $ 13.3 | $ 4.3 | $ 1.2 |
Income Taxes (Schedule Of Signi
Income Taxes (Schedule Of Significant Components Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Apr. 30, 2015 | Apr. 30, 2014 |
Deferred tax assets: | ||
Pension benefits | $ 23,074 | $ 15,381 |
Accounts receivable | 5,523 | 4,603 |
Product liability | 1,031 | 745 |
Employee benefits | 7,429 | 8,523 |
Net operating loss carryforward | 0 | 469 |
Other | 266 | 199 |
Total | 37,323 | 29,920 |
Deferred tax liabilities: | ||
Inventory | 451 | 496 |
Depreciation | 3,485 | 2,374 |
Total | 3,936 | 2,870 |
Net deferred tax asset | $ 33,387 | $ 27,050 |
Commitments and Contingencies62
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Commitments And Contingencies [Line Items] | |||
Warranty claims, period from original ship date | 2 months | ||
Total rental expenses | $ 8.8 | $ 8 | $ 7.4 |
Significant Shareholders [Member] | |||
Commitments And Contingencies [Line Items] | |||
Rent agreement term | 5 years | ||
Reltaed party rent expense | $ 0.5 | $ 0.5 | $ 0.5 |
Rent expense from remaining term | $ 0.4 |
Commitments and Contingencies63
Commitments and Contingencies (Reconciliation Of Warranty Liability) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Beginning balance | $ 1,910 | $ 1,795 |
Accrual for warranties | 14,738 | 11,988 |
Settlements | (14,005) | (11,873) |
Ending balance at fiscal year end | $ 2,643 | $ 1,910 |
Commitments and Contingencies64
Commitments and Contingencies (Schedule Of Minimum Rental Requirements) (Details) - Apr. 30, 2015 - USD ($) $ in Thousands | Total |
Commitments and Contingencies Disclosure [Abstract] | |
2,016 | $ 3,108 |
2,017 | 1,687 |
2,018 | 777 |
2,019 | 599 |
2,020 | 314 |
2021 (and thereafter) | 45 |
Total, Operating | 6,530 |
Capital Leases, Future Minimum Payments, Net Present Value [Abstract] | |
2,016 | 1,696 |
2,017 | 1,576 |
2,018 | 1,197 |
2,019 | 803 |
2,020 | 665 |
2021 (and thereafter) | 2,813 |
Total, Capital | 8,750 |
Less amounts representing interest (2%) | (775) |
Total obligations under capital leases | $ 7,975 |
Capital leases, interest rate, effective percentage | 2.00% |
Credit Concentration (Details)
Credit Concentration (Details) | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Accounts Receivable [Member] | Customer A [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 14.40% | 21.00% | |
Accounts Receivable [Member] | Customer B [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 21.90% | 21.40% | |
Sales Revenue, Gross [Member] | Customer A [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 26.50% | 28.60% | 35.70% |
Sales Revenue, Gross [Member] | Customer B [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 18.60% | 20.60% | 22.80% |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Of Assets On Recurring Basis) (Details) - USD ($) $ in Thousands | Apr. 30, 2015 | Apr. 30, 2014 |
LEVEL 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | $ 69,528 | $ 40,081 |
LEVEL 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 0 |
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] | 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] | 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] | 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] | LEVEL 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 1,048 | 1,204 |
Mutual Funds [Member] | 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] | 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] | LEVEL 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 38,000 | |
Certificates of Deposit [Member] | 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] | LEVEL 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | $ 0 |
Restructuring Charges (Narrativ
Restructuring Charges (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Apr. 30, 2014USD ($) | Jan. 31, 2012plant | Apr. 30, 2015USD ($)plant | Apr. 30, 2014USD ($) | Apr. 30, 2013USD ($) | |
Restructuring Cost and Reserve [Line Items] | |||||
Pre-tax restructuring charges | $ (240) | $ (234) | $ 1,433 | ||
Number of manufacturing plants held for sale | plant | 0 | ||||
Recognized gain from sale of plant | $ 300 | $ 300 | |||
2012 Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Plants committed to close | plant | 2 | ||||
Recognized recurring operating costs for closed facilities | 100 | ||||
2012 And 2009 Restructuring Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Pre-tax restructuring charges | $ (200) | $ (200) | $ 1,400 |
Quarterly Financial Data (Una68
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 206,892 | $ 188,963 | $ 217,693 | $ 211,917 | $ 188,855 | $ 169,033 | $ 190,532 | $ 178,095 | $ 825,465 | $ 726,515 | $ 630,437 |
Gross profit | 43,320 | 35,117 | 36,981 | 37,114 | 32,187 | 26,001 | 32,274 | 33,715 | 152,532 | 124,177 | 102,656 |
Income before income taxes | 18,035 | 10,976 | 12,322 | 13,054 | 9,404 | 4,953 | 8,631 | 10,682 | 54,387 | 33,670 | 16,740 |
Net income | $ 11,308 | $ 7,282 | $ 7,671 | $ 9,238 | $ 5,634 | $ 2,901 | $ 5,271 | $ 6,655 | $ 35,499 | $ 20,461 | $ 9,758 |
Earnings per share | |||||||||||
Basic (usd per share) | $ 0.71 | $ 0.46 | $ 0.49 | $ 0.59 | $ 0.36 | $ 0.19 | $ 0.35 | $ 0.45 | $ 2.25 | $ 1.34 | $ 0.67 |
Diluted (usd per share) | $ 0.69 | $ 0.45 | $ 0.48 | $ 0.59 | $ 0.36 | $ 0.18 | $ 0.34 | $ 0.43 | $ 2.21 | $ 1.31 | $ 0.66 |
Schedule II - Valuation and Q69
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Allowance for Doubtful Accounts [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | $ 102 | $ 148 | $ 93 |
Additions (Reductions) Charged to Cost and Expenses | 184 | 31 | 92 |
Other | 0 | 0 | 0 |
Deductions | (113) | (77) | (37) |
Balance at End of Year | 173 | 102 | 148 |
Reserve for Cash Discounts [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | 727 | 669 | 645 |
Additions (Reductions) Charged to Cost and Expenses | 8,859 | 8,529 | 8,174 |
Other | 0 | 0 | 0 |
Deductions | (8,840) | (8,471) | (8,150) |
Balance at End of Year | 746 | 727 | 669 |
Reserve for Sales Returns and Allowances [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | 1,639 | 1,536 | 1,301 |
Additions (Reductions) Charged to Cost and Expenses | 7,326 | 7,245 | 7,496 |
Other | 0 | 0 | 0 |
Deductions | (7,371) | (7,142) | (7,261) |
Balance at End of Year | $ 1,594 | $ 1,639 | $ 1,536 |