American Woodmark (AMWD) 10-Q 28 Aug 15 2016 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Jul. 31, 2015	Aug. 26, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jul. 31, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Entity Filer Category	Accelerated Filer
Entity Registrant Name	AMERICAN WOODMARK CORP
Entity Central Index Key	794,619
Current Fiscal Year End Date	--04-30
Entity Common Stock, Shares Outstanding		16,257,028
Trading Symbol	amwd

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 31, 2015	Apr. 30, 2015
Current Assets
Cash and cash equivalents	$ 153,020	$ 149,541
Investments - certificates of deposit	37,750	35,500
Customer receivables, net	53,106	46,142
Inventories	37,004	35,988
Prepaid expenses and other	3,824	4,758
Deferred income taxes	10,587	9,566
Total Current Assets	295,291	281,495
Property, plant and equipment, net	94,387	85,516
Promotional displays, net	5,531	4,348
Deferred income taxes	23,553	23,821
Other assets	3,831	3,724
TOTAL ASSETS	422,593	398,904
Current Liabilities
Accounts payable	34,831	34,288
Current maturities of long-term debt	1,511	1,457
Accrued compensation and related expenses	27,172	30,120
Accrued marketing expenses	8,000	6,471
Income taxes payable	7,492	1,791
Other accrued expenses	11,061	10,663
Total Current Liabilities	90,067	84,790
Long-term debt, less current maturities	21,287	21,498
Defined benefit pension liabilities	60,248	61,325
Other long-term liabilities	1,727	1,449
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 July 31, 2015: 16,263,209; at April 30, 2015: 16,079,671	155,576	150,001
Retained earnings	134,329	120,698
Accumulated other comprehensive loss -
Defined benefit pension plans	(40,641)	(40,857)
Total Shareholders' Equity	249,264	229,842
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 422,593	$ 398,904

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jul. 31, 2015	Apr. 30, 2015
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 1	$ 1
Preferred stock, shares authorized	2,000,000	2,000,000
Preferred stock, shares issued	0	0
Common stock, no par value
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	16,263,209	16,079,671
Common stock, shares outstanding	16,263,209	16,079,671

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Income - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2015	Jul. 31, 2014
Income Statement [Abstract]
Net sales	$ 231,198	$ 211,917
Cost of sales and distribution	181,025	174,803
Gross Profit	50,173	37,114
Selling and marketing expenses	15,719	15,515
General and administrative expenses	10,731	8,411
Restructuring charges, net	0	3
Operating Income	23,723	13,185
Interest expense	54	164
Other income	(52)	(33)
Income Before Income Taxes	23,721	13,054
Income tax expense	8,563	3,816
Net Income	$ 15,158	$ 9,238
Weighted Average Shares Outstanding
Basic (shares)	16,180,860	15,532,103
Diluted (shares)	16,421,230	15,768,884
Net earnings per share
Basic (usd per share)	$ 0.94	$ 0.59
Diluted (usd per share)	$ 0.92	$ 0.59

Condensed Consolidated Stateme5

Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2015	Jul. 31, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 15,158	$ 9,238
Other comprehensive income, net of tax:
Change in pension benefits, net of deferred tax of $(138) and $(84), respectively	216	132
Total Comprehensive Income	$ 15,374	$ 9,370

Condensed Consolidated Stateme6

Condensed Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2015	Jul. 31, 2014
Statement of Comprehensive Income [Abstract]
Other comprehensive income, deferred tax	$ (138)	$ (84)

Condensed Consolidated Stateme7

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2015	Jul. 31, 2014
OPERATING ACTIVITIES
Net income	$ 15,158	$ 9,238
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	3,558	3,683
Net (gain) loss on disposal of property, plant and equipment	9	9
Stock-based compensation expense	963	943
Deferred income taxes	1,388	597
Pension contributions in excess of expense	(723)	(587)
Tax benefit from stock-based compensation	(2,297)	(5)
Contributions of employer stock to employee benefit plan	1,761	2,159
Other non-cash items	(2,911)	(1,299)
Changes in operating assets and liabilities:
Customer receivables	(7,141)	(5,128)
Inventories	(1,043)	(3,996)
Prepaid expenses and other assets	428	641
Accounts payable	543	2,419
Accrued compensation and related expenses	(2,948)	(3,551)
Increase (Decrease) in Income Taxes Payable	5,701	3,018
Other accrued expenses	2,571	1,126
Net Cash Provided by Operating Activities	15,017	9,267
INVESTING ACTIVITIES
Payments to acquire property, plant, and equipment	(11,133)	(2,477)
Proceeds from sales of property, plant, and equipment	82	7
Investment in certificates of deposit, net	(2,250)	0
Investment in promotional displays	(1,994)	(802)
Net Cash Used by Investing Activities	(15,295)	(3,272)
FINANCING ACTIVITIES
Payments of long-term debt	(370)	(282)
Proceeds from issuance of common stock	3,556	600
Repurchase of common stock	(1,768)	(4,064)
Notes receivable, net	42	167
Tax benefit from stock-based compensation	2,297	5
Net Cash Provided (Used) by Financing Activities	3,757	(3,574)
Net Increase in Cash and Cash Equivalents	3,479	2,421
Cash And Cash Equivalents, Beginning of Period	149,541	135,700
Cash And Cash Equivalents, End of Period	$ 153,020	$ 138,121

Basis Of Presentation

Basis Of Presentation	3 Months Ended
	Jul. 31, 2015
Basis Of Presentation [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete consolidated financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three -month period ended July 31, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending April 30, 2016 . The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes in the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2015 filed with the U.S. Securities Exchange Commission (SEC).

New Accounting Pronouncements

New Accounting Pronouncements	3 Months Ended
	Jul. 31, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements In May 2014, the FASB issued 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. ASU 2014-09 permits the use of either the retrospective or cumulative effect transition method. In August 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date.” ASU 2015-14 defers the effective date of ASU 2014-09 by one year to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that period. The Company is currently assessing the impact ASU 2014-09 and ASU 2015-14 will have on its financial position and results of operations.

Net Earnings Per Share

Net Earnings Per Share	3 Months Ended
	Jul. 31, 2015
Earnings Per Share [Abstract]
Net Earnings Per Share	Net Earnings Per Share The following table sets forth the computation of basic and diluted net earnings per share: Three Months Ended July 31, (in thousands, except per share amounts) 2015 2014 Numerator used in basic and diluted net earnings per common share: Net income $ 15,158 $ 9,238 Denominator: Denominator for basic net earnings per common share - weighted-average shares 16,181 15,532 Effect of dilutive securities: Stock options and restricted stock units 240 237 Denominator for diluted net earnings per common share - weighted-average shares and assumed conversions 16,421 15,769 Net earnings per share Basic $ 0.94 $ 0.59 Diluted $ 0.92 $ 0.59 The Company repurchased a total of 30,555 and 130,000 shares of its common stock during the three -month periods ended July 31, 2015 and 2014 , respectively. There were no potentially dilutive securities for the three-month period ended July 31, 2015 , which were excluded from the calculation of net earnings per share. There were approximately 0.5 million shares of common stock which were excluded from the calculation of net earnings per share during the three -month period ended July 31, 2014 , as the effect would be anti-dilutive.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Jul. 31, 2015
Share-based Compensation [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Company has various stock-based compensation plans. During the three-months ended July 31, 2015, the Board of Directors of the Company approved grants of non-statutory stock options and service-based restricted stock units (RSUs) and performance-based RSUs to key employees. The employee non-statutory stock option grants totaled 30,700 shares of the Company’s common stock with an exercise price of $57.11 per share. The options vest evenly over a three -year period and have a ten -year contractual term. The employee performance-based RSUs totaled 48,201 units and the employee service-based RSUs totaled 16,049 units. The performance-based RSUs entitle the recipients to receive one share of the Company’s common stock per unit granted if applicable performance conditions are met and the recipient remains continuously employed with the Company until the units vest. The service-based RSUs entitle the recipients to receive one share of the Company’s common stock per unit granted if they remain continuously employed with the Company until the units vest. All of the Company’s RSUs granted to employees cliff-vest three years from the grant date. For the three -month periods ended July 31, 2015 and 2014 , stock-based compensation expense was allocated as follows: Three Months Ended (in thousands) 2015 2014 Cost of sales and distribution $ 158 $ 155 Selling and marketing expenses 280 256 General and administrative expenses 525 532 Stock-based compensation expense $ 963 $ 943 During the three months ended July 31, 2015 , the Board of Directors of the Company also approved grants of 7,616 cash-settled performance-based restricted stock tracking units (RSTUs) and 2,499 cash-settled service-based RSTUs for more junior level employees. 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 the Company's common stock as of the payment date if they remain continuously employed with the Company until the units vest. All of 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 $281 thousand and $49 thousand for the three -month periods ended July 31, 2015 and 2014 , respectively, related to RSTUs. A liability for payment of the RSTUs is included in the Company's balance sheets in the amount of $ 701 thousand and $ 420 thousand as of July 31, 2015 and April 30, 2015 , respectively.

Customer Receivables

Customer Receivables	3 Months Ended
	Jul. 31, 2015
Accounts Receivable, Net [Abstract]
Customer Receivables	Customer Receivables The components of customer receivables were: July 31, April 30, (in thousands) 2015 2015 Gross customer receivables $ 55,796 $ 48,655 Less: Allowance for doubtful accounts (203 ) (173 ) Allowance for returns and discounts (2,487 ) (2,340 ) Net customer receivables $ 53,106 $ 46,142

Inventories

Inventories	3 Months Ended
	Jul. 31, 2015
Inventory, Net [Abstract]
Inventories	Inventories The components of inventories were: July 31, April 30, (in thousands) 2015 2015 Raw materials $ 17,530 $ 17,199 Work-in-process 18,296 18,095 Finished goods 15,451 14,797 Total FIFO inventories 51,277 50,091 Reserve to adjust inventories to LIFO value (14,273 ) (14,103 ) Total LIFO inventories $ 37,004 $ 35,988 Interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs. Since these items are estimated, interim results are subject to the final year-end LIFO inventory valuation.

Product Warranty

Product Warranty	3 Months Ended
	Jul. 31, 2015
Product Warranties Disclosures [Abstract]
Product Warranty	Product Warranty The Company estimates outstanding warranty costs based on the historical relationship between warranty claims and revenues. The warranty accrual is reviewed monthly to verify that it properly reflects the remaining obligation based on the anticipated expenditures over the balance of the obligation period. Adjustments are made when actual warranty claim experience differs from estimates. Warranty claims are generally made within two months of the original shipment date. The following is a reconciliation of the Company’s warranty liability, which is included in other accrued expenses on the balance sheet: Three Months Ended July 31, (in thousands) 2015 2014 Beginning balance at May 1 $ 2,643 $ 1,910 Accrual 3,756 3,938 Settlements (3,522 ) (3,362 ) Ending balance at July 31 $ 2,877 $ 2,486

Cash Flow

Cash Flow	3 Months Ended
	Jul. 31, 2015
Supplemental Cash Flow Information [Abstract]
Cash Flow	Cash Flow Supplemental disclosures of cash flow information: Three Months Ended July 31, (in thousands) 2015 2014 Cash paid during the period for: Interest $ 121 $ 144 Income taxes $ 1,622 $ 196

Pension Benefits

Pension Benefits	3 Months Ended
	Jul. 31, 2015
Pension and Other Postretirement Benefit Expense [Abstract]
Pension Benefits	Pension Benefits Effective April 30, 2012, the Company froze all future benefit accruals under the Company’s hourly and salary defined-benefit pension plans. Net periodic pension (benefit) cost consisted of the following for the three -month periods ended July 31, 2015 and 2014 : Three Months Ended July 31, (in thousands) 2015 2014 Interest cost $ 1,754 $ 1,617 Expected return on plan assets (2,036 ) (1,917 ) Recognized net actuarial loss 353 216 Net periodic pension (benefit) cost $ 71 $ (84 ) The Company expects to contribute $5.0 million to its pension plans in fiscal 2016, which represents both required and discretionary funding. As of July 31, 2015 , $0.8 million of contributions had been made. The Company made contributions of $4.3 million to its pension plans in fiscal 2015.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Jul. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company utilizes the hierarchy of fair value measurements to classify certain of its assets and liabilities based upon the following definitions: Level 1- Investments with quoted prices in active markets for identical assets or liabilities. The Company’s cash equivalents are invested in money market funds, mutual funds and certificates of deposit. The Company’s mutual fund investment assets represent contributions made and invested on behalf of the Company’s executive officers in a supplementary employee retirement plan. Level 2- Investments with observable inputs other than Level 1 prices, such as: quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. The Company has no Level 2 assets or liabilities. Level 3- Investments with unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company has no Level 3 assets or liabilities. The following table summarizes the fair values of assets that are recorded in the Company’s unaudited condensed consolidated financial statements as of July 31, 2015 and April 30, 2015 at fair value on a recurring basis (in thousands): Fair Value Measurements As of July 31, 2015 Level 1 Level 2 Level 3 ASSETS: Money market funds $ 30,481 $ — $ — Mutual funds 1,045 — — Certificates of deposit 38,500 — — Total assets at fair value $ 70,026 $ — $ — As of April 30, 2015 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 $ — $ —

Loans Payable and Long-Term Deb

Loans Payable and Long-Term Debt	3 Months Ended
	Jul. 31, 2015
Debt Disclosure [Abstract]
Loans Payable and Long-Term Debt	Loans Payable and Long-Term Debt The Company's outstanding indebtedness and other obligations to Wells Fargo are unsecured. Under the terms of its revolving credit facility, the Company must also (1) maintain at the end of each fiscal quarter a ratio of total liabilities to tangible net worth of not greater than 1.4 to 1.0; (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 credit facility as of July 31, 2015 , including as follows: (1) the Company’s ratio of total liabilities to tangible net worth at July 31, 2015 was 0.7 to 1.0; and (2) cash flow to fixed charges for its most recent four quarters was 3.20 to 1.0.

Income Taxes

Income Taxes	3 Months Ended
	Jul. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective income tax rate for the three month period ended July 31, 2015 was 36.1% , compared with 29.2% , in the comparable period of the prior fiscal year. The higher effective tax rate in fiscal 2016 was the result of a federal research and experimentation tax credit for fiscal years 2011 through 2014 of $1.1 million being recorded in the first quarter of fiscal 2015.

Other Information

Other Information	3 Months Ended
	Jul. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Other Information	Other Information The Company is involved in suits and claims in the normal course of business, including without limitation product liability and general liability claims, and claims pending before the Equal Employment Opportunity Commission. On at least a quarterly basis, the Company consults with its legal counsel to ascertain the reasonable likelihood that such claims may result in a loss. As required by FASB Accounting Standards Codification Topic 450, “Contingencies” (ASC 450), the Company categorizes the various suits and claims into three categories according to their likelihood for resulting in potential loss: those that are probable, those that are reasonably possible, and those that are deemed to be remote. 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 consults with independent counsel. The Company believes that the aggregate range of loss stemming from the various suits and asserted and unasserted claims which were deemed to be either probable or reasonably possible was not material as of July 31, 2015 .

Net Earnings Per Share (Tables)

Net Earnings Per Share (Tables)	3 Months Ended
	Jul. 31, 2015
Earnings Per Share [Abstract]
Schedule Of Earnings Per Share, Basic And Diluted	The following table sets forth the computation of basic and diluted net earnings per share: Three Months Ended July 31, (in thousands, except per share amounts) 2015 2014 Numerator used in basic and diluted net earnings per common share: Net income $ 15,158 $ 9,238 Denominator: Denominator for basic net earnings per common share - weighted-average shares 16,181 15,532 Effect of dilutive securities: Stock options and restricted stock units 240 237 Denominator for diluted net earnings per common share - weighted-average shares and assumed conversions 16,421 15,769 Net earnings per share Basic $ 0.94 $ 0.59 Diluted $ 0.92 $ 0.59

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Jul. 31, 2015
Share-based Compensation [Abstract]
Stock-Based Compensation Expense Allocated	For the three -month periods ended July 31, 2015 and 2014 , stock-based compensation expense was allocated as follows: Three Months Ended (in thousands) 2015 2014 Cost of sales and distribution $ 158 $ 155 Selling and marketing expenses 280 256 General and administrative expenses 525 532 Stock-based compensation expense $ 963 $ 943

Customer Receivables (Tables)

Customer Receivables (Tables)	3 Months Ended
	Jul. 31, 2015
Accounts Receivable, Net [Abstract]
Components Of Customer Receivables	The components of customer receivables were: July 31, April 30, (in thousands) 2015 2015 Gross customer receivables $ 55,796 $ 48,655 Less: Allowance for doubtful accounts (203 ) (173 ) Allowance for returns and discounts (2,487 ) (2,340 ) Net customer receivables $ 53,106 $ 46,142

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Jul. 31, 2015
Inventory, Net [Abstract]
Components Of Inventories	The components of inventories were: July 31, April 30, (in thousands) 2015 2015 Raw materials $ 17,530 $ 17,199 Work-in-process 18,296 18,095 Finished goods 15,451 14,797 Total FIFO inventories 51,277 50,091 Reserve to adjust inventories to LIFO value (14,273 ) (14,103 ) Total LIFO inventories $ 37,004 $ 35,988

Product Warranty (Tables)

Product Warranty (Tables)	3 Months Ended
	Jul. 31, 2015
Product Warranties Disclosures [Abstract]
Schedule Of Warranty Liability	The following is a reconciliation of the Company’s warranty liability, which is included in other accrued expenses on the balance sheet: Three Months Ended July 31, (in thousands) 2015 2014 Beginning balance at May 1 $ 2,643 $ 1,910 Accrual 3,756 3,938 Settlements (3,522 ) (3,362 ) Ending balance at July 31 $ 2,877 $ 2,486

Cash Flow (Tables)

Cash Flow (Tables)	3 Months Ended
	Jul. 31, 2015
Supplemental Cash Flow Information [Abstract]
Supplemental Disclosures Of Cash Flow Information	Supplemental disclosures of cash flow information: Three Months Ended July 31, (in thousands) 2015 2014 Cash paid during the period for: Interest $ 121 $ 144 Income taxes $ 1,622 $ 196

Pension Benefits (Tables)

Pension Benefits (Tables)	3 Months Ended
	Jul. 31, 2015
Pension and Other Postretirement Benefit Expense [Abstract]
Net Periodic Pension Cost	Net periodic pension (benefit) cost consisted of the following for the three -month periods ended July 31, 2015 and 2014 : Three Months Ended July 31, (in thousands) 2015 2014 Interest cost $ 1,754 $ 1,617 Expected return on plan assets (2,036 ) (1,917 ) Recognized net actuarial loss 353 216 Net periodic pension (benefit) cost $ 71 $ (84 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Jul. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Of Assets On Recurring Basis	The following table summarizes the fair values of assets that are recorded in the Company’s unaudited condensed consolidated financial statements as of July 31, 2015 and April 30, 2015 at fair value on a recurring basis (in thousands): Fair Value Measurements As of July 31, 2015 Level 1 Level 2 Level 3 ASSETS: Money market funds $ 30,481 $ — $ — Mutual funds 1,045 — — Certificates of deposit 38,500 — — Total assets at fair value $ 70,026 $ — $ — As of April 30, 2015 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 $ — $ —

Net Earnings Per Share (Narrati

Net Earnings Per Share (Narrative) (Details) - shares	3 Months Ended
	Jul. 31, 2015	Jul. 31, 2014
Earnings Per Share [Abstract]
Shares of its common stock repurchased	30,555	130,000
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	500,000

Net Earnings Per Share (Schedul

Net Earnings Per Share (Schedule Of Earnings Per Share, Basic And Diluted) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jul. 31, 2015	Jul. 31, 2014
Earnings Per Share [Abstract]
Net income	$ 15,158	$ 9,238
Denominator for basic net earnings per common share - weighted-average shares	16,180,860	15,532,103
Stock options and restricted stock units	240,000	237,000
Denominator for diluted net earnings per common share - weighted-average shares and assumed conversions	16,421,230	15,768,884
Basic (usd per share)	$ 0.94	$ 0.59
Diluted (usd per share)	$ 0.92	$ 0.59

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Apr. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted non-statutory stock options to key employees	30,700
Non-statutory stock options, weighted average exercise price	$ 57.11
Vesting period, years	3 years
Contractual terms, years	10 years
Stock-based compensation expense	$ 963	$ 943
Liability for payment of the RSTUs	$ 27,172		$ 30,120
Employee Performance Based Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awarded in period	48,201
Common stock issuable per RSU granted	1
Employee And Non Employee Director Service Based Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awarded in period	16,049
Common stock issuable per RSU granted	1
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, years	3 years
Employee Performance Based Restricted Stock Tracking Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units non vested grants	7,616
Employee Service Based Restricted Stock Tracking Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units non vested grants	2,499
Restricted Stock Tracking Units RSTU [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, years	3 years
Stock-based compensation expense	$ 281	$ 49
Liability for payment of the RSTUs	$ 701		$ 420

Stock-Based Compensation (Stock

Stock-Based Compensation (Stock-Based Compensation Expense Allocated) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2015	Jul. 31, 2014
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 963	$ 943
Cost Of Sales And Distribution [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	158	155
Selling And Marketing Expense [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	280	256
General And Administrative Expense [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 525	$ 532

Customer Receivables (Component

Customer Receivables (Components Of Customer Receivables ) (Details) - USD ($) $ in Thousands	Jul. 31, 2015	Apr. 30, 2015
Accounts Receivable, Net [Abstract]
Gross customer receivables	$ 55,796	$ 48,655
Allowance for doubtful accounts	(203)	(173)
Allowance for returns and discounts	(2,487)	(2,340)
Net customer receivables	$ 53,106	$ 46,142

Inventories (Components Of Inve

Inventories (Components Of Inventories) (Details) - USD ($) $ in Thousands	Jul. 31, 2015	Apr. 30, 2015
Inventory, Net [Abstract]
Raw materials	$ 17,530	$ 17,199
Work-in-process	18,296	18,095
Finished goods	15,451	14,797
Total FIFO inventories	51,277	50,091
Reserve to adjust inventories to LIFO value	(14,273)	(14,103)
Total LIFO inventories	$ 37,004	$ 35,988

Product Warranty (Schedule Of W

Product Warranty (Schedule Of Warranty Liability) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2015	Jul. 31, 2014
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Beginning balance at May 1	$ 2,643	$ 1,910
Accrual	3,756	3,938
Settlements	(3,522)	(3,362)
Ending balance at July 31	$ 2,877	$ 2,486

Cash Flow (Supplemental Disclos

Cash Flow (Supplemental Disclosures Of Cash Flow Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2015	Jul. 31, 2014
Supplemental Cash Flow Information [Abstract]
Interest	$ 121	$ 144
Income taxes	$ 1,622	$ 196

Pension Benefits (Narrative) (D

Pension Benefits (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Jul. 31, 2015	Apr. 30, 2015
Pension and Other Postretirement Benefit Expense [Abstract]
Expected company contributions to pension plan	$ 5
Pension contribution	$ 0.8	$ 4.3

Pension Benefits (Net Periodic

Pension Benefits (Net Periodic Pension Cost) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2015	Jul. 31, 2014
Pension and Other Postretirement Benefit Expense [Abstract]
Interest cost	$ 1,754	$ 1,617
Expected return on plan assets	(2,036)	(1,917)
Recognized net actuarial loss	353	216
Net periodic pension (benefit) cost	$ 71	$ (84)

Fair Value Measurements (Fair V

Fair Value Measurements (Fair Value Of Assets On Recurring Basis) (Details) - USD ($) $ in Thousands	Jul. 31, 2015	Apr. 30, 2015
Fair Value Measurements Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	$ 70,026	$ 69,528
Fair Value Measurements Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	0	0
Fair Value Measurements Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	0	0
Money Market Funds [Member] | Fair Value Measurements Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	30,481	30,480
Money Market Funds [Member] | Fair Value Measurements Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	0	0
Money Market Funds [Member] | Fair Value Measurements Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	0	0
Mutual Funds [Member] | Fair Value Measurements Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	1,045	1,048
Mutual Funds [Member] | Fair Value Measurements Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	0	0
Mutual Funds [Member] | Fair Value Measurements Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	0	0
Certificates of Deposit [Member] | Fair Value Measurements Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	38,500	38,000
Certificates of Deposit [Member] | Fair Value Measurements Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	0	0
Certificates of Deposit [Member] | Fair Value Measurements Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	$ 0	$ 0

Loans Payable and Long-Term D40

Loans Payable and Long-Term Debt (Narrative) (Details)	3 Months Ended
	Jul. 31, 2015
Debt Instrument [Line Items]
Ratio of total liabilities to tangible net worth	0.7
Ratio of cash flow to fixed charges	3.20
Maximum [Member]
Debt Instrument [Line Items]
Ratio of total liabilities to tangible net worth	1.4

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		48 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Apr. 30, 2014
Income Tax Disclosure [Abstract]
Effective income tax rate	36.10%	29.20%
Federal research and experimentation tax credit			$ 1.1