SigmaTron International (SGMA) 10-Q11 Sep 142015 Q1 Quarterly reportFinancial data

Company Profile

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
Document And Entity Information	Jul. 31, 2014	Sep. 08, 2014
Document And Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	31-Jul-14	'
Document Fiscal Year Focus	'2015	'
Document Fiscal Period Focus	'Q1	'
Trading Symbol	'sgma	'
Entity Registrant Name	'SIGMATRON INTERNATIONAL INC	'
Entity Central Index Key	'0000915358	'
Current Fiscal Year End Date	'--04-30	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	4,045,267

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Jul. 31, 2014	Apr. 30, 2014
Current assets:	'	'
Cash	$2,454,303	$5,440,319
Accounts receivable, less allowance for doubtful accounts of $150,000 at July 31, 2014 and April 30, 2014	19,793,046	19,293,791
Inventories, net	57,545,337	53,728,377
Prepaid expenses and other assets	1,896,509	1,826,254
Refundable income taxes	385,115	'
Deferred income taxes	2,539,214	2,524,993
Other receivables	452,936	356,746
Total current assets	85,066,460	83,170,480
Property, machinery and equipment, net	33,629,990	32,692,908
Intangible assets, net of amortization of $3,410,760 and $3,309,246 at July 31, 2014 and April 30, 2014	5,501,240	5,602,754
Goodwill	3,222,899	3,222,899
Other assets	1,003,384	790,390
Total other long-term assets	9,727,523	9,616,043
Total assets	128,423,973	125,479,431
Current liabilities:	'	'
Trade accounts payable	30,975,751	27,141,079
Accrued wages	3,261,062	4,027,029
Accrued expenses	2,708,577	2,526,045
Income taxes payable	'	80,936
Current portion of long-term debt	2,101,018	2,126,017
Current portion of capital lease obligations	791,738	765,961
Current portion of contingent consideration	275,288	331,429
Total current liabilities	40,113,434	36,998,496
Long-term debt, less current portion	24,107,204	24,198,500
Capital lease obligations, less current portion	2,314,888	2,423,001
Contingent consideration, less current portion	1,418,697	1,533,571
Other long-term liabilities	552,046	525,739
Deferred rent	1,191,274	1,176,121
Deferred income taxes	3,217,660	3,217,660
Total long-term liabilities	32,801,769	33,074,592
Total liabilities	72,915,203	70,073,088
Commitments and contingencies:	'	'
Stockholders' equity:	'	'
Preferred stock, $.01 par value; 500,000 shares authorized, none issued or outstanding	'	'
Common stock, $.01 par value; 12,000,000 shares authorized, 4,040,807 and 4,012,319 shares issued and outstanding at July 31, 2014 and April 30, 2014	40,441	40,215
Capital in excess of par value	20,949,888	20,864,497
Retained earnings	34,518,441	34,501,631
Total stockholders' equity	55,508,770	55,406,343
Total liabilities and stockholders' equity	$128,423,973	$125,479,431

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Jul. 31, 2014	Apr. 30, 2014
Consolidated Balance Sheets [Abstract]	'	'
Accounts receivable, Allowance for doubtful accounts	$150,000	$150,000
Intangible assets, Amortization	$3,410,760	$3,309,246
Preferred stock, par value	$0.01	$0.01
Preferred stock, shares authorized	500,000	500,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$0.01	$0.01
Common stock, shares authorized	12,000,000	12,000,000
Common stock, shares issued	4,040,807	4,012,319
Common stock, shares outstanding	4,040,807	4,012,319

Consolidated_Statements_Of_Ope

Consolidated Statements Of Operations (USD $)	3 Months Ended
Consolidated Statements Of Operations (USD $)	Jul. 31, 2014	Jul. 31, 2013
Consolidated Statements Of Operations [Abstract]	'	'
Net sales	$54,947,477	$56,166,061
Cost of products sold	50,201,029	49,877,653
Gross profit	4,746,448	6,288,408
Selling and administrative expenses	4,514,211	4,855,558
Operating income	232,237	1,432,850
Other income	-39,876	-21,449
Interest expense	256,547	213,960
Income from operations before income tax (benefit) expense	15,566	1,240,339
Income tax (benefit) expense	-1,244	272,875
Net income	$16,810	$967,464
Earnings per share - basic	$0	$0.24
Earnings per share - diluted	$0	$0.24
Weighted average shares of common stock outstanding Basic	4,028,535	3,961,232
Weighted average shares of common stock outstanding Diluted	4,105,627	4,011,001

Consolidated_Statements_Of_Cas

Consolidated Statements Of Cash Flows (USD $)	3 Months Ended
Consolidated Statements Of Cash Flows (USD $)	Jul. 31, 2014	Jul. 31, 2013
Cash flows from operating activities	'	'
Net income	$16,810	$967,464
Adjustments to reconcile net income to net cash (used in) provided by operating activities:	'	'
Depreciation and amortization	1,210,235	1,172,137
Stock-based compensation	28,038	29,292
Restricted stock expense	1,746	5,236
Employee stock purchases	49,712	'
Deferred income tax benefit	-14,221	-45,011
Amortization of intangibles	101,514	87,246
Loss from disposal or sale of machinery and equipment	'	1,675
Changes in assets and liabilities	'	'
Accounts receivable	-499,255	-99,385
Inventories	-3,816,960	-1,797,940
Prepaid expenses and other assets	-379,438	474,201
Income taxes payable/refundable	-466,051	228,026
Trade accounts payable	3,834,672	1,365,181
Deferred rent	15,153	21,091
Accrued expenses and wages	-728,143	-33,872
Net cash (used in) provided by operating activities	-646,188	2,375,341
Cash flows from investing activities	'	'
Purchases of machinery and equipment	-2,038,346	-4,900,370
Net cash used in investing activities	-2,038,346	-4,900,370
Cash flows from financing activities	'	'
Proceeds from the issuance of common stock options	6,120	'
Payments under capital lease and sale leaseback agreements	-191,307	-56,440
Payments under building notes payable	-37,749	-24,999
Net changes under lines of credit	-78,546	763,208
Change in bank overdraft	'	33,066
Net cash (used in) provided by financing activities	-301,482	714,835
Change in cash	-2,986,016	-1,810,194
Cash at beginning of period	5,440,319	4,607,731
Cash at end of period	2,454,303	2,797,537
Supplementary disclosures of cash flow information	'	'
Cash paid for interest	241,511	195,973
Cash paid for income taxes	104,110	4,200
Cash refunded for income taxes	'	-159,999
Purchase of machinery and equipment financed under a capital lease	$108,971	'

Basis_Of_Presentation

Basis Of Presentation	3 Months Ended
Basis Of Presentation	Jul. 31, 2014
Description Of The Business [Abstract]	'
Basis Of Presentation	'
	Note A - Basis of Presentation

	The accompanying unaudited consolidated financial statements of SigmaTron International, Inc. (“SigmaTron”), SigmaTron’s wholly-owned subsidiaries Standard Components de Mexico S.A., AbleMex, S.A. de C.V., Digital Appliance Controls de Mexico, S.A. de C.V., Spitfire Controls (Vietnam) Co. Ltd., Spitfire Controls (Cayman) Co. Ltd. and wholly-owned foreign enterprises Wujiang SigmaTron Electronics Co., Ltd. and SigmaTron Electronic Technology Co., Ltd. (“SigmaTron China”) and international procurement office SigmaTron Taiwan branch (collectively, the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X.

	Accordingly, the consolidated financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three month period ended July 31, 2014 are not necessarily indicative of the results that may be expected for the year ending April 30, 2015. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended April 30, 2014.

Inventories_Net

Inventories, Net	3 Months Ended
Inventories, Net	Jul. 31, 2014
Inventories, Net [Abstract]	'
Inventories, Net	'
	Note B - Inventories, net

	The components of inventory consist of the following:





		July 31,		April 30,
		2014		2014

	Finished products	$	22,577,250	$	18,553,112
	Work-in-process		3,135,634		3,126,596
	Raw materials		33,588,822		33,853,653
			59,301,706		55,533,361
	Less obsolescence reserve		1,756,369		1,804,984
		$	57,545,337	$	53,728,377

Earnings_Per_Share

Earnings Per Share	3 Months Ended
	Jul. 31, 2014
Earnings Per Share	'
Earnings Per Share	'
	Note C - Earnings Per Share

	The following table sets forth the computation of basic and diluted earnings per share:




		Three Months Ended
		July 31,
		2014		2013

	Net income	$	16,810	$	967,464
	Weighted-average shares
	Basic		4,028,535		3,961,232
	Effect of dilutive stock options		77,092		49,769

	Diluted		4,105,627		4,011,001

	Basic earnings per share	$	0.00	$	0.24

	Diluted earnings per share	$	0.00	$	0.24


	Options to purchase 97,854 and 540,192 shares of common stock were outstanding at July 31, 2014 and 2013, respectively. There were no options granted during the quarter ended July 31, 2014. During the quarter ended July 31, 2013 there were 25,000 options granted. The Company recognized $18,372 and $29,300 in stock option expense for the three month period ended July 31, 2014 and 2013, respectively. The balance of unrecognized compensation expense related to the Company’s stock option plans was approximately $35,235 and $115,725 at July 31, 2014 and 2013, respectively.

	The Company issued 25,000 shares of restricted stock on June 1, 2012, of which 8,330 vested in June 2012, 8,330 vested in June 2013 and 8,340 in June 2014. The Company recognized approximately $1,746 and $5,250 in compensation expense for the three months period ended July 31, 2014 and 2013, respectively. There was no issuance of restricted stock during the quarters ended July 31, 2014 and 2013. The balance of unrecognized compensation expense related to the Company’s restricted stock award was approximately $0 and $11,830 and at July 31, 2014 and 2013 respectively.

	On October 1, 2013, the Company granted 1,500 shares to each non-employee director pursuant to the 2013 Non-Employee Director Restricted Stock Plan. A total of 7,500 restricted shares were granted and the shares vested six months from the date of grant. The Company recognized approximately $39,700 in compensation expense in fiscal year 2014. There was no unrecognized compensation expense related to the 7,500 shares of restricted stock at July 31, 2014.




	Note C - Earnings Per Share - Continued

	The Company implemented an employee stock purchase plan (“ESPP”) for all eligible employees on February 1, 2014. The ESPP reserved 500,000 shares of common stock for issuance to our employees and the number of shares of common stock reserved for issuance under the plan automatically increases on the first day of the Company’s fiscal years by 25,000 shares. In the quarter ended July 31, 2014, 3,790 shares were issued under the ESPP and the Company recorded $9,666 in compensation expense. During the quarter ended July 31, 2014, the Company recorded $49,712 within stockholders equity relating to purchases under the ESPP.

	The Company offered to purchase 395,190 Eligible Options (as defined below) from Eligible Holders (as defined below) upon the terms stated in Schedule TO (“TO”) filed with the SEC on October 1, 2013. The stock options subject to the TO were those options to purchase SGMA common stock which had not expired or terminated prior to the Expiration Time (as defined below) having the grant dates and exercise prices set forth in the TO (the “Eligible Options”). Eligible Options, all of which were fully vested, were granted under the following Company stock option plans: 1993 Stock Option Plan, 2004 Employee Stock Option Plan, 2000 Directors’ Stock Option Plan and 2004 Directors’ Stock Option Plan.

	“Eligible Holders” were: (a) those current or former employees, including all officers, who hold Eligible Options as of the Expiration Time; and (b) all current or former directors of the Company who hold Eligible Options as of the Expiration Time. “Expiration Time” means 11:59 p.m., Eastern Time, on October 29, 2013.

	The Company offered to pay a cash amount ranging from $0.18 to $1.35 per Eligible Option, totaling up to $301,500, as specifically set forth in the TO. Each Eligible Holder who participated in the TO received cash payment (subject to tax and other withholding for employees) for each properly tendered Eligible Option promptly following the Expiration Time.

	The Company made this offer subject to the terms and conditions stated in the TO and 394,200 Eligible Options were tendered and purchased for a total cash payment of $300,410.

Longterm_Debt

Long-term Debt	3 Months Ended
Long-term Debt	Jul. 31, 2014
Long-term Debt [Abstract]	'
Long-term Debt	'
	Note D - Long-term Debt

	The Company has a senior secured credit facility with Wells Fargo with a credit limit up to $30,000,000 and an initial term through September 30, 2013. The facility allows the Company to choose among interest rates at which it may borrow funds. The credit facility is collateralized by substantially all of the domestically located assets of the Company and the Company has pledged 65% of its equity ownership interest in some of its foreign entities. The Company is required to be in compliance with several financial covenants.

	In May 2012 two of the financial covenants under the senior secured credit facility were amended. During the quarter ended October 31, 2013, the Company renewed its senior secured credit facility. The facility was revised to extend the term of the agreement to October 31, 2015.




	Note D - Long-term Debt - Continued

	As of July 31, 2014, there was a $22,921,454 outstanding balance and $7,078,546 of unused availability under the credit facility agreement, assuming the company remained in compliance with its financial covenants. The facility allows the Company to choose among interest rates at which it may borrow funds. The interest rate is prime rate (3.25% at July 31, 2014) or LIBOR plus two and a one half percent (2.75% at July 31, 2014), which is paid monthly. At July 31, 2014, the Company was in compliance with its amended financial covenants.

	In August 2014 the Company and Wells Fargo, N.A. agreed on a proposal to extend the existing senior secured credit facility for three years from the date of closing. Under the proposal financial covenants will be amended, an unused line fee will be added and the net borrowing interest rate will be reduced. The Company expects the transaction will close by October 31, 2014.

	The Company entered into a mortgage agreement on January 8, 2010, in the amount of $2,500,000, with Wells Fargo to refinance the property that serves as the Company’s corporate headquarters and its Illinois manufacturing facility. The Wells Fargo note bears interest at a fixed rate of 6.42% per year and is amortized over a sixty month period. A final payment of approximately $2,000,000 is due on or before January 8, 2015. The outstanding balance as of July 31, 2014 was $2,050,018.

	The Company entered into a mortgage agreement on October 24, 2013, in the amount of $1,275,000, with Wells Fargo to finance the property that serves as the Company’s engineering and design center in Elgin, Illinois. The Wells Fargo note requires the Company to pay monthly principal payments in the amount of $4,250 and bears interest at a fixed rate of 4.5% per year and is payable over a sixty month period. A final payment of approximately $1,030,000 is due on or before October 2018. The outstanding balance as of July 31, 2014 was $1,236,750.

Goodwill_And_Other_Intangible_

Goodwill And Other Intangible Assets	3 Months Ended
Goodwill And Other Intangible Assets	Jul. 31, 2014
Goodwill And Other Intangible Assets [Abstract]	'
Goodwill And Other Intangible Assets	'
	Note E - Goodwill and Other Intangible Assets

	Goodwill

	The change in carrying amount of goodwill for the three months ended July 31, 2014, are as follows:


			Total

		Balance at April 30, 2014	$	3,222,899
		Changes in carrying amount		-
		Balance at July 31, 2014	$	3,222,899



	Other Intangible Assets

	Intangible assets subject to amortization are summarized as of July 31, 2014 as follows:



		Weighted Average
		Remaining		Gross
		Amortization		Carrying			Accumulated
		Period (Years)		Amount			Amortization

	Other intangible assets – Able	-		$	375,000		$	375,000
	Customer relationships – Able	-			2,395,000			2,395,000
	Spitfire:
	Non-contractual customer relationships	12.8			4,690,000			323,790
	Backlog	-			22,000			22,000
	Trade names	17.8			980,000			106,158
	Non-compete agreements	4.8			50,000			15,470
	Patents	2.8			400,000			173,342
	Total			$	8,912,000		$	3,410,760








	Note E - Goodwill and Other Intangible Assets - Continued

	Intangible assets subject to amortization are summarized as of April 30, 2014, as follows:




		Weighted Average
		Remaining		Gross
		Amortization		Carrying			Accumulated
		Period (Years)		Amount			Amortization

	Other intangible assets – Able	-		$	375,000		$	375,000
	Customer relationships – Able	-			2,395,000			2,395,000
	Spitfire:
	Non-contractual customer relationships	13.1			4,690,000			256,311
	Backlog	-			22,000			22,000
	Trade names	18.1			980,000			93,909
	Non-compete agreements	5.1			50,000			13,685
	Patents	3.1			400,000			153,341
Total			$	8,912,000		$	3,309,246


Estimated aggregate amortization expense for intangible assets, which become fully amortized in 2032, for the remaining periods is as follows:



For the remaining 9 months of the fiscal year ending April 30:	2015		$	327,096
For the fiscal year ending April 30:	2016			470,899
	2017			490,010
	2018			435,043
	2019			423,721
	2020			411,406
	Thereafter			2,943,065
			$	5,501,240

Amortization expense was $101,514 and $87,246 for the quarters ended July 31, 2014 and 2013, respectively.

Critical_Accounting_Policies

Critical Accounting Policies	3 Months Ended
Critical Accounting Policies	Jul. 31, 2014
Summary Of Significant Accounting Policies [Abstract]	'
Critical Accounting Policies	'
	Note F - Critical Accounting Policies

	Management Estimates and Uncertainties - The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates made in preparing the consolidated financial statements include depreciation and amortization periods, the allowance for doubtful accounts, reserves for inventory and valuation of long-lived assets. Actual results could materially differ from these estimates.

	Revenue Recognition - Revenues from sales of the Company's electronic manufacturing services business are recognized when the finished good product is shipped to the customer. In general, and except for consignment inventory, it is the Company's policy to recognize revenue and related costs when the finished goods have been shipped from its facilities, which is also the same point that title passes under the terms of the purchase order. Finished goods inventory for certain customers is shipped from the Company to an independent warehouse for storage or shipped directly to the customer and stored in a segregated part of the customer’s own facility. Upon the customer’s request for finished goods inventory, the inventory is shipped to the customer if the inventory was stored off-site, or transferred from the segregated part of the customer’s facility for consumption or use by the customer. The Company recognizes revenue upon such shipment or transfer. The Company does not earn a fee for such arrangements. The Company from time to time may ship finished goods from its facilities, which is also the same point that title passes under the terms of the purchase order, and invoice the customer at the end of the calendar month. This is done only in special circumstances to accommodate a specific customer. Further, from time to time customers request the Company hold finished goods after they have been invoiced to consolidate finished goods for shipping purposes. The Company generally provides a 90 day warranty for workmanship only, except for products with proprietary design and does not have any installation, acceptance or sales incentives (although the Company has negotiated longer warranty terms in certain instances). The Company assembles and tests assemblies based on customers’ specifications. Historically, the amount of returns for workmanship issues has been de minimis under the Company’s standard or extended warranties.

	Inventories - Inventories are valued at the lower of cost or market. Cost is calculated as average cost. In the event of an inventory write-down, the Company records expense to state the inventory at lower of cost or market. The Company establishes inventory reserves for valuation, shrinkage, and excess and obsolete inventory. The Company records provisions for inventory shrinkage based on historical experience to account for unmeasured usage or loss. Actual results differing from these estimates could significantly affect the Company’s inventories and cost of products sold. The Company records provisions for excess and obsolete inventories for the difference between the cost of inventory and its estimated realizable value based on assumptions about future product demand and market conditions. Actual product demand or market conditions could be different than that projected by management.




	Note F - Critical Accounting Policies - Continued

	Goodwill - Goodwill represents the purchase price in excess of the fair value of assets acquired in business combinations. The Company assesses goodwill for impairment at least annually in the absence of an indicator of possible impairment and immediately upon an indicator of possible impairment. The Company is permitted the option to first assess qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that the fair value of any reporting unit is less than its corresponding carrying value. If, after assessing the totality of events and circumstances, the Company concludes that it is not more likely than not that the fair value of any reporting unit is less than its corresponding carrying value then the Company is not required to take further action. However, if the Company concludes otherwise, then it is required to perform a quantitative impairment test, including computing the fair value of the reporting unit and comparing that value to its carrying value. If the fair value is less than its carrying value, a second step of the test is required to determine if recorded goodwill is impaired. The Company also has the option to bypass the qualitative assessment for goodwill in any period and proceed directly to performing the quantitative impairment test. The Company will be able to resume performing the qualitative assessment in any subsequent period. The Company performed its annual goodwill impairment test as of February 1, 2014 and determined that no impairment existed as of that date.

	Impairment of Long-Lived Assets - The Company reviews long-lived assets, including amortizable intangible assets for impairment. Property, machinery and equipment and finite life intangible assets are reviewed whenever events or changes in circumstances occur that indicate possible impairment. If events or changes in circumstances occur that indicate possible impairment, the Company’s impairment review is based on an undiscounted cash flow analysis at the lowest level at which cash flows of the long-lived assets are largely independent of other groups of its assets and liabilities. This analysis requires management judgment with respect to changes in technology, the continued success of product lines, and future volume, revenue and expense growth rates. The Company conducts annual reviews for idle and underutilized equipment, and reviews business plans for possible impairment. Impairment occurs when the carrying value of the assets exceeds the future undiscounted cash flows expected to be earned by the use of the asset group. When impairment is indicated, the estimated future cash flows are then discounted to determine the estimated fair value of the asset or asset group and an impairment charge is recorded for the difference between the carrying value and the estimated fair value.

	Income Tax - Deferred income tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities, and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. Valuation allowances are established when necessary to reduce deferred income tax assets to an amount more likely than not to be realized.

	A tax benefit from an uncertain tax position may only be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits.




	Note F - Critical Accounting Policies - Continued

	The Company adjusts its tax liabilities when its judgment changes as a result of the evaluation of new information not previously available. Due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from its current estimate of the tax liabilities. These differences will be reflected as increase or decreases to income tax expense in the period in which they are determined.

	New Accounting Standards:

	In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-08, "Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360)." ASU 2014-08 amends the requirements for reporting discontinued operations and requires additional disclosures about discontinued operations. Under the new guidance, only disposals representing a strategic shift in operations or that have a major effect on the Company's operations and financial results should be presented as discontinued operations. This new accounting guidance is effective for annual periods beginning after December 15, 2014. The Company is currently evaluating the impact of adopting ASU 2014-08 on the Company's results of operations or financial condition.

	In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers." This ASU is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. This ASU is effective for annual reporting periods beginning after December 15, 2016 and early adoption is not permitted. Accordingly, we will adopt this ASU on May 1, 2017. Companies may use either a full retrospective or modified retrospective approach to adopt this ASU and we are currently evaluating which transition approach to use and the full impact this ASU will have on our future financial statements.

Subsequent_Event

Subsequent Event	3 Months Ended
Subsequent Event	Jul. 31, 2014
Subsequent Event [Abstract]	'
Subsequent Event	'
	Note G - Subsequent Event

	In August 2014 the Company and Wells Fargo Bank, N.A. agreed on a proposal to extend the existing senior secured credit facility for the existing three years from the date of closing. The existing facility expires on October 31, 2015. Under the terms of the proposal, financial covenants will be amended, an unused line fee will be added and net borrowing interest rates will be reduced. The Company expects the transaction will close by October 31, 2014.

Critical_Accounting_Policies_P

Critical Accounting Policies (Policy)	3 Months Ended
Critical Accounting Policies (Policy)	Jul. 31, 2014
Summary Of Significant Accounting Policies [Abstract]	'
Management Estimates And Uncertainties	'
	Management Estimates and Uncertainties - The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates made in preparing the consolidated financial statements include depreciation and amortization periods, the allowance for doubtful accounts, reserves for inventory and valuation of long-lived assets. Actual results could materially differ from these estimates.

Revenue Recognition	'
	Revenue Recognition - Revenues from sales of the Company's electronic manufacturing services business are recognized when the finished good product is shipped to the customer. In general, and except for consignment inventory, it is the Company's policy to recognize revenue and related costs when the finished goods have been shipped from its facilities, which is also the same point that title passes under the terms of the purchase order. Finished goods inventory for certain customers is shipped from the Company to an independent warehouse for storage or shipped directly to the customer and stored in a segregated part of the customer’s own facility. Upon the customer’s request for finished goods inventory, the inventory is shipped to the customer if the inventory was stored off-site, or transferred from the segregated part of the customer’s facility for consumption or use by the customer. The Company recognizes revenue upon such shipment or transfer. The Company does not earn a fee for such arrangements. The Company from time to time may ship finished goods from its facilities, which is also the same point that title passes under the terms of the purchase order, and invoice the customer at the end of the calendar month. This is done only in special circumstances to accommodate a specific customer. Further, from time to time customers request the Company hold finished goods after they have been invoiced to consolidate finished goods for shipping purposes. The Company generally provides a 90 day warranty for workmanship only, except for products with proprietary design and does not have any installation, acceptance or sales incentives (although the Company has negotiated longer warranty terms in certain instances). The Company assembles and tests assemblies based on customers’ specifications. Historically, the amount of returns for workmanship issues has been de minimis under the Company’s standard or extended warranties.

Inventories	'
	Inventories - Inventories are valued at the lower of cost or market. Cost is calculated as average cost. In the event of an inventory write-down, the Company records expense to state the inventory at lower of cost or market. The Company establishes inventory reserves for valuation, shrinkage, and excess and obsolete inventory. The Company records provisions for inventory shrinkage based on historical experience to account for unmeasured usage or loss. Actual results differing from these estimates could significantly affect the Company’s inventories and cost of products sold. The Company records provisions for excess and obsolete inventories for the difference between the cost of inventory and its estimated realizable value based on assumptions about future product demand and market conditions. Actual product demand or market conditions could be different than that projected by management.


Goodwill	'
	Goodwill - Goodwill represents the purchase price in excess of the fair value of assets acquired in business combinations. The Company assesses goodwill for impairment at least annually in the absence of an indicator of possible impairment and immediately upon an indicator of possible impairment. The Company is permitted the option to first assess qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that the fair value of any reporting unit is less than its corresponding carrying value. If, after assessing the totality of events and circumstances, the Company concludes that it is not more likely than not that the fair value of any reporting unit is less than its corresponding carrying value then the Company is not required to take further action. However, if the Company concludes otherwise, then it is required to perform a quantitative impairment test, including computing the fair value of the reporting unit and comparing that value to its carrying value. If the fair value is less than its carrying value, a second step of the test is required to determine if recorded goodwill is impaired. The Company also has the option to bypass the qualitative assessment for goodwill in any period and proceed directly to performing the quantitative impairment test. The Company will be able to resume performing the qualitative assessment in any subsequent period. The Company performed its annual goodwill impairment test as of February 1, 2014 and determined that no impairment existed as of that date.

Impairment Of Long-Lived Assets	'
	Impairment of Long-Lived Assets - The Company reviews long-lived assets, including amortizable intangible assets for impairment. Property, machinery and equipment and finite life intangible assets are reviewed whenever events or changes in circumstances occur that indicate possible impairment. If events or changes in circumstances occur that indicate possible impairment, the Company’s impairment review is based on an undiscounted cash flow analysis at the lowest level at which cash flows of the long-lived assets are largely independent of other groups of its assets and liabilities. This analysis requires management judgment with respect to changes in technology, the continued success of product lines, and future volume, revenue and expense growth rates. The Company conducts annual reviews for idle and underutilized equipment, and reviews business plans for possible impairment. Impairment occurs when the carrying value of the assets exceeds the future undiscounted cash flows expected to be earned by the use of the asset group. When impairment is indicated, the estimated future cash flows are then discounted to determine the estimated fair value of the asset or asset group and an impairment charge is recorded for the difference between the carrying value and the estimated fair value.

Income Tax	'
	Income Tax - Deferred income tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities, and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. Valuation allowances are established when necessary to reduce deferred income tax assets to an amount more likely than not to be realized.

	A tax benefit from an uncertain tax position may only be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits.




	Note F - Critical Accounting Policies - Continued

	The Company adjusts its tax liabilities when its judgment changes as a result of the evaluation of new information not previously available. Due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from its current estimate of the tax liabilities. These differences will be reflected as increase or decreases to income tax expense in the period in which they are determined.


New Accounting Standards	'
	New Accounting Standards:

	In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-08, "Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360)." ASU 2014-08 amends the requirements for reporting discontinued operations and requires additional disclosures about discontinued operations. Under the new guidance, only disposals representing a strategic shift in operations or that have a major effect on the Company's operations and financial results should be presented as discontinued operations. This new accounting guidance is effective for annual periods beginning after December 15, 2014. The Company is currently evaluating the impact of adopting ASU 2014-08 on the Company's results of operations or financial condition.

	In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers." This ASU is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. This ASU is effective for annual reporting periods beginning after December 15, 2016 and early adoption is not permitted. Accordingly, we will adopt this ASU on May 1, 2017. Companies may use either a full retrospective or modified retrospective approach to adopt this ASU and we are currently evaluating which transition approach to use and the full impact this ASU will have on our future financial statements.

Inventories_Net_Tables

Inventories, Net (Tables)	3 Months Ended
Inventories, Net (Tables)	Jul. 31, 2014
Inventories, Net [Abstract]	'
Components Of Inventory	'


		July 31,		April 30,
		2014		2014

	Finished products	$	22,577,250	$	18,553,112
	Work-in-process		3,135,634		3,126,596
	Raw materials		33,588,822		33,853,653
			59,301,706		55,533,361
	Less obsolescence reserve		1,756,369		1,804,984
		$	57,545,337	$	53,728,377

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	3 Months Ended
Earnings Per Share (Tables)	Jul. 31, 2014
Earnings Per Share	'
Computation Of Basic And Diluted Earnings Per Share	'

		Three Months Ended
		July 31,
		2014		2013

	Net income	$	16,810	$	967,464
	Weighted-average shares
	Basic		4,028,535		3,961,232
	Effect of dilutive stock options		77,092		49,769

	Diluted		4,105,627		4,011,001

	Basic earnings per share	$	0.00	$	0.24

	Diluted earnings per share	$	0.00	$	0.24

Goodwill_And_Other_Intangible_1

Goodwill And Other Intangible Assets (Tables)	3 Months Ended
Goodwill And Other Intangible Assets (Tables)	Jul. 31, 2014
Goodwill And Other Intangible Assets [Abstract]	'
Change In Carrying Amount Of Goodwill	'

			Total

		Balance at April 30, 2014	$	3,222,899
		Changes in carrying amount		-
		Balance at July 31, 2014	$	3,222,899



Summary Of Intangible Assets Subject To Amortization	'
	Intangible assets subject to amortization are summarized as of July 31, 2014 as follows:



		Weighted Average
		Remaining		Gross
		Amortization		Carrying		Accumulated
		Period (Years)		Amount		Amortization

	Other intangible assets – Able	-		$	375,000	$	375,000
	Customer relationships – Able	-			2,395,000		2,395,000
	Spitfire:
	Non-contractual customer relationships	12.8			4,690,000		323,790
	Backlog	-			22,000		22,000
	Trade names	17.8			980,000		106,158
	Non-compete agreements	4.8			50,000		15,470
	Patents	2.8			400,000		173,342
	Total			$	8,912,000	$	3,410,760








	Note E - Goodwill and Other Intangible Assets - Continued

	Intangible assets subject to amortization are summarized as of April 30, 2014, as follows:




		Weighted Average
		Remaining		Gross
		Amortization		Carrying		Accumulated
		Period (Years)		Amount		Amortization

	Other intangible assets – Able	-		$	375,000	$	375,000
	Customer relationships – Able	-			2,395,000		2,395,000
	Spitfire:
	Non-contractual customer relationships	13.1			4,690,000		256,311
	Backlog	-			22,000		22,000
	Trade names	18.1			980,000		93,909
	Non-compete agreements	5.1			50,000		13,685
	Patents	3.1			400,000		153,341
	Total			$	8,912,000	$	3,309,246


Estimated Aggregate Amortization Expense	'


	For the remaining 9 months of the fiscal year ending April 30:	2015		$	327,096
	For the fiscal year ending April 30:	2016			470,899
		2017			490,010
		2018			435,043
		2019			423,721
		2020			411,406
		Thereafter			2,943,065
				$	5,501,240

Inventories_Net_Components_Of_

Inventories, Net (Components Of Inventory) (Details) (USD $)	Jul. 31, 2014	Apr. 30, 2014
Inventories, Net [Abstract]	'	'
Finished products	$22,577,250	$18,553,112
Work-in-process	3,135,634	3,126,596
Raw materials	33,588,822	33,853,653
Total inventory, gross	59,301,706	55,533,361
Less obsolescence reserve	1,756,369	1,804,984
Total inventory, net	$57,545,337	$53,728,377

Earnings_Per_Share_Narrative_D

Earnings Per Share (Narrative) (Details) (USD $)

3 Months Ended

1 Months Ended

3 Months Ended

12 Months Ended

1 Months Ended

3 Months Ended

Jul. 31, 2014

Jul. 31, 2013

Apr. 30, 2014

Oct. 01, 2013

Jul. 31, 2014

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2012

Jul. 31, 2014

Jul. 31, 2013

Apr. 30, 2014

Oct. 31, 2013

Jul. 31, 2014

2013 Non-Employee Director Restricted Stock Plan

Employee Stock Purchase Plan [Member]

Restricted Stock [Member]

Minimum [Member]

Maximum [Member]

2013 Non-Employee Director Restricted Stock Plan

Director [Member]

Earnings Per Share [Line Items]

Common stock were outstanding

97,854

540,192

Options granted

25,000

Stock option expense

$18,372

$29,300

$9,666

Stockholders' equity

55,508,770

55,406,343

49,712

Balance of unrecognized compensation expense related to stock options plans

35,235

115,725

7,500

Shares of restricted stock granted

25,000

1,500

Shares of restricted stock vested

8,340

8,330

Restricted stock expense

1,746

5,236

1,746

5,250

39,700

Issuance of restricted common stock

Restricted stock, vesting period

'6 months

Balance of unrecognized compensation expense related to restricted stock award

11,830

Shares of common stock for issuance

500,000

Additional shares of common stock for issuance each fiscal year

25,000

Shares issued

3,790

Number of eligible option to be repurchased

395,190

Authorized tender offer amount

301,500

Authorized tender offer amount, per share

$0.18

$1.35

Shares repurchased through tender offer

394,200

Shares repurchased through tender offer, value

$300,410

Earnings_Per_Share_Computation

Earnings Per Share (Computation Of Basic And Diluted Earnings Per Share) (Details) (USD $)	3 Months Ended
	Jul. 31, 2014	Jul. 31, 2013
Earnings Per Share	'	'
Net income	$16,810	$967,464
Weighted-average shares Basic	4,028,535	3,961,232
Effect of dilutive stock options	77,092	49,769
Diluted	4,105,627	4,011,001
Basic earnings per share	$0	$0.24
Diluted earnings per share	$0	$0.24

LongTerm_Debt_Details

Long-Term Debt (Details) (USD $)	Jul. 31, 2014	Jul. 31, 2014	Jul. 31, 2014	Jan. 08, 2010	Jul. 31, 2014	Jan. 08, 2010	Oct. 24, 2013	Jul. 31, 2014	Oct. 24, 2013	Jul. 31, 2014	Aug. 31, 2014
		Senior Secured Credit Facility [Member]	Senior Secured Credit Facility [Member]	Wells Fargo Bank [Member]	Wells Fargo Bank [Member]	Wells Fargo Bank [Member]	Wells Fargo Bank [Member]	Wells Fargo Bank [Member]	Wells Fargo Bank [Member]	Wells Fargo Bank [Member]	Subsequent Event [Member]
		Prime Rate [Member]	LIBOR [Member]	Mortgage 1 [Member]	Mortgage 1 [Member]	Mortgage 1 [Member]	Mortgage 2 [Member]	Mortgage 2 [Member]	Mortgage 2 [Member]	Senior Secured Credit Facility [Member]	Senior Secured Credit Facility [Member]
Debt Instrument [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Senior secured credit facility credit limit	'	'	'	'	'	'	'	'	'	$30,000,000	'
Initial expiration date	'	'	'	'	'	'	'	'	'	30-Sep-13	'
Extended Term Of Senior Secured Credit Facility	'	'	'	'	'	'	'	'	'	'	'3 years
Equity ownership in foreign entities pledged as collateral, percentage	65.00%	'	'	'	'	'	'	'	'	'	'
Effective interest rate	'	3.25%	2.75%	'	'	'	'	'	'	'	'
Additional interest rate	'	'	2.50%	'	'	'	'	'	'	'	'
Outstanding balance under the credit facility	22,921,454	'	'	'	'	'	'	'	'	'	'
Unused availability under the credit facility	7,078,546	'	'	'	'	'	'	'	'	'	'
Mortgage agreement, amount	'	'	'	2,500,000	'	'	1,275,000	'	'	'	'
Mortgage agreement, amount repaid	'	'	'	'	'	'	4,250	'	'	'	'
Mortgage agreement, interest rate	'	'	'	6.42%	'	'	4.50%	'	'	'	'
Mortgage agreement, amount due	'	'	'	'	'	2,000,000	'	'	1,030,000	'	'
Mortgage agreement, maturity date	'	'	'	8-Jan-15	'	'	1-Oct-18	'	'	'	'
Outstanding amount	'	'	'	'	$2,050,018	'	'	$1,236,750	'	'	'
Debt, amortization period	'	'	'	'	'60 months	'	'	'60 months	'	'	'

Goodwill_And_Other_Intangible_2

Goodwill And Other Intangible Assets (Narrative) (Details) (USD $)	3 Months Ended
	Jul. 31, 2014	Jul. 31, 2013
Goodwill And Other Intangible Assets [Abstract]	'	'
Amortization expense	$101,514	$87,246

Goodwill_And_Other_Intangible_3

Goodwill And Other Intangible Assets (Change In Carrying Amount Of Goodwill) (Details) (USD $)	3 Months Ended
	Jul. 31, 2014
Goodwill And Other Intangible Assets [Abstract]	'
Beginning balance	$3,222,899
Changes in carrying amount	'
Ending balance	$3,222,899

Goodwill_And_Other_Intangible_4

Goodwill And Other Intangible Assets (Summary Of Intangible Assets Subject To Amortization) (Details) (USD $)	3 Months Ended	12 Months Ended
	Jul. 31, 2014	Apr. 30, 2014
Finite-Lived Intangible Assets [Line Items]	'	'
Gross Carrying Amount	$8,912,000	$8,912,000
Accumulated Amortization	3,410,760	3,309,246
Able [Member] \| Other Intangible Assets [Member]	'	'
Finite-Lived Intangible Assets [Line Items]	'	'
Gross Carrying Amount	375,000	375,000
Accumulated Amortization	375,000	375,000
Able [Member] \| Customer Relationships [Member]	'	'
Finite-Lived Intangible Assets [Line Items]	'	'
Gross Carrying Amount	2,395,000	2,395,000
Accumulated Amortization	2,395,000	2,395,000
Spitfire [Member] \| Non-Contractual Customer Relationships [Member]	'	'
Finite-Lived Intangible Assets [Line Items]	'	'
Weighted Average Remaining Amortization Period	'12 years 9 months 18 days	'13 years 1 month 6 days
Gross Carrying Amount	4,690,000	4,690,000
Accumulated Amortization	323,790	256,311
Spitfire [Member] \| Backlog [Member]	'	'
Finite-Lived Intangible Assets [Line Items]	'	'
Gross Carrying Amount	22,000	22,000
Accumulated Amortization	22,000	22,000
Spitfire [Member] \| Trade Names [Member]	'	'
Finite-Lived Intangible Assets [Line Items]	'	'
Weighted Average Remaining Amortization Period	'17 years 9 months 18 days	'18 years 1 month 6 days
Gross Carrying Amount	980,000	980,000
Accumulated Amortization	106,158	93,909
Spitfire [Member] \| Non-Compete Agreements [Member]	'	'
Finite-Lived Intangible Assets [Line Items]	'	'
Weighted Average Remaining Amortization Period	'4 years 9 months 18 days	'5 years 1 month 6 days
Gross Carrying Amount	50,000	50,000
Accumulated Amortization	15,470	13,685
Spitfire [Member] \| Patents [Member]	'	'
Finite-Lived Intangible Assets [Line Items]	'	'
Weighted Average Remaining Amortization Period	'2 years 9 months 18 days	'3 years 1 month 6 days
Gross Carrying Amount	400,000	400,000
Accumulated Amortization	$173,342	$153,341

Goodwill_And_Other_Intangible_5

Goodwill And Other Intangible Assets (Estimated Aggregate Amortization Expense) (Details) (USD $)	Jul. 31, 2014	Apr. 30, 2014
Goodwill And Other Intangible Assets [Abstract]	'	'
For the fiscal year ending April 30, 2015	$327,096	'
For the fiscal year ending April 30, 2016	470,899	'
For the fiscal year ending April 30, 2017	490,010	'
For the fiscal year ending April 30, 2018	435,043	'
For the fiscal year ending April 30, 2019	423,721	'
For the fiscal year ending April 30, 2020	411,406	'
Thereafter	2,943,065	'
Total	$5,501,240	$5,602,754

Critical_Accounting_Policies_D

Critical Accounting Policies (Details) (USD $)	0 Months Ended	3 Months Ended
Critical Accounting Policies (Details) (USD $)	Feb. 01, 2014	Jul. 31, 2014
Summary Of Significant Accounting Policies [Abstract]	'	'
Product warranty period	'	'90 days
Goodwill impairment	$0	'

Subsequent_Event_Details

Subsequent Event (Details) (Senior Secured Credit Facility [Member])	3 Months Ended	1 Months Ended
	Jul. 31, 2014	Aug. 31, 2014
	Jul. 31, 2014	Subsequent Event [Member]
Subsequent Event [Line Items]	'	'
Extended term of the senior secured credit facility	'	'3 years
Renegotiated extended credit facility	31-Oct-15	'