SigmaTron International (SGMA) 10-Q 13 Sep 16 2017 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Jul. 31, 2016	Sep. 09, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jul. 31, 2016
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Trading Symbol	sgma
Entity Registrant Name	SIGMATRON INTERNATIONAL INC
Entity Central Index Key	915,358
Current Fiscal Year End Date	--04-30
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		4,185,613

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Jul. 31, 2016	Apr. 30, 2016
Current assets:
Cash	$ 4,140,600	$ 4,325,268
Accounts receivable, less allowance for doubtful accounts of $100,000 at July 31, 2016 and April 30, 2016, respectively	19,362,950	17,844,228
Inventories, net	72,412,182	67,649,022
Prepaid expenses and other assets	1,882,357	2,128,128
Refundable income taxes	743,784	774,847
Note receivable	887,531	887,531
Other receivables	455,917	481,860
Total current assets	99,885,321	94,090,884
Property, machinery and equipment, net	33,850,844	33,080,858
Intangible assets, net of amortization of $4330,170 and $4,208,755 at July 31, 2016 and April 30, 2016, respectively	4,581,830	4,703,245
Goodwill	3,222,899	3,222,899
Deferred income taxes	261,613	233,057
Other assets	978,843	1,418,398
Total other long-term assets	9,045,185	9,577,599
Total assets	142,781,350	136,749,341
Current liabilities:
Trade accounts payable	40,064,103	37,011,786
Accrued wages	3,729,206	4,199,147
Accrued expenses	2,304,222	2,772,301
Income taxes payable	43,908
Current portion of long-term debt	165,000	165,000
Current portion of capital lease obligations	1,477,710	1,374,898
Current portion of contingent consideration	403,813	275,288
Current portion of deferred rent	196,594	187,889
Total current liabilities	48,384,556	45,986,309
Long-term debt, less current portion	26,985,349	23,572,152
Capital lease obligations, less current portion	3,536,284	3,217,758
Contingent consideration, less current portion	665,426	875,793
Deferred rent, less current portion	736,329	795,289
Other long-term liabilities	839,509	870,542
Deferred income taxes	1,318,992	1,355,620
Total long-term liabilities	34,081,889	30,687,154
Total liabilities	82,466,445	76,673,463
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, 4,185,330 and 4,183,955 shares issued and outstanding at July 31, 2016 and April 30, 2016, respectively	41,574	41,560
Capital in excess of par value	22,639,032	22,546,616
Retained earnings	37,634,299	37,487,702
Total stockholders' equity	60,314,905	60,075,878
Total liabilities and stockholders' equity	$ 142,781,350	$ 136,749,341

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Jul. 31, 2016	Apr. 30, 2016
Condensed Consolidated Balance Sheets [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 100,000	$ 100,000
Intangible assets, amortization	$ 4,330,170	$ 4,208,755
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	4,185,330	4,183,955
Common stock, shares outstanding	4,185,330	4,183,955

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Operations - USD ($)	3 Months Ended
	Jul. 31, 2016	Jul. 31, 2015
Condensed Consolidated Statements Of Operations [Abstract]
Net sales	$ 58,919,398	$ 64,220,946
Cost of products sold	53,414,741	57,990,672
Gross profit	5,504,657	6,230,274
Selling and administrative expenses	5,093,958	5,045,353
Operating income	410,699	1,184,921
Other income	(59,402)	(40,581)
Interest expense	243,243	263,179
Income from operation before income tax expense	226,858	962,323
Income tax expense	80,261	303,517
Net income	$ 146,597	$ 658,806
Earnings per share - basic	$ 0.04	$ 0.16
Earnings per share - diluted	$ 0.03	$ 0.16
Weighted average shares of common stock outstanding, Basic	4,183,955	4,148,285
Weighted average shares of common stock outstanding, Diluted	4,214,535	4,193,657

Condensed Consolidated Stateme5

Condensed Consolidated Statements Of Cash Flows - USD ($)	3 Months Ended
	Jul. 31, 2016	Jul. 31, 2015
Cash flows from operating activities
Net income	$ 146,597	$ 658,806
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation	1,269,941	1,290,963
Stock-based compensation	85,555	10,149
Benefit from doubtful accounts		(86,844)
Benefit from inventory obsolescence		(49,866)
Deferred income tax (benefit) expense	(65,184)	28,226
Amortization of intangible assets	121,415	115,354
Loss from disposal or sale of machinery and equipment	29,429	8,405
Changes in assets and liabilities
Accounts receivable	(1,518,722)	(429,989)
Inventories	(4,763,160)	1,299,099
Prepaid expenses and other assets	786,280	(79,457)
Income taxes receivable	31,063
Income taxes payable	43,908	7,284
Trade accounts payable	3,052,317	2,374,386
Deferred rent	(50,255)	(39,886)
Accrued expenses and wages	(1,044,064)	402,902
Net cash (used in) provided by operating activities	(1,874,880)	5,509,532
Cash flows from investing activities
Purchases of machinery and equipment	(1,554,408)	(222,941)
Disposals of machinery and equipment	310,077	77,748
Net cash used in investing activities	(1,244,331)	(145,193)
Cash flows from financing activities
Proceeds from the sale of restricted stock		518,000
Proceeds from Employee stock purchases	6,875	22,736
Payments of contingent consideration	(81,842)	(38,914)
Payments under capital lease and sale leaseback agreements	(403,687)	(315,254)
Payments under building notes payable	(41,250)	(41,250)
Borrowings under lines of credit	22,063,270	15,506,571
Payments under lines of credit	(18,608,823)	(20,963,421)
Net cash provided by (used in) financing activities	2,934,543	(5,311,532)
Change in cash	(184,668)	52,807
Cash at beginning of period	4,325,268	2,868,217
Cash at end of period	4,140,600	2,921,024
Supplementary disclosures of cash flow information
Cash paid for interest	243,180	260,454
Cash paid for income taxes	112,517	208,737
Purchase of machinery and equipment financed under capital leases	825,025	703,229
Financing of insurance policy	$ 75,011	$ 53,043

Basis Of Presentation

Basis Of Presentation	3 Months Ended
	Jul. 31, 2016
Basis Of Presentation [Abstract]
Basis Of Presentation	Note A - Basis of Presentation  The accompanying unaudited condensed 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 condensed 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, 2016 is not necessarily indicative of the results that may be expected for the year ending April 30, 2017. For further information, refer to the condensed consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended April 30, 2016. 

Inventories, Net

Inventories, Net	3 Months Ended
	Jul. 31, 2016
Inventories, Net [Abstract]
Inventories, Net	Note B - Inventories, net  The components of inventory consist of the following:       July 31, April 30,  2016 2016   Finished products $ 26,602,462 $ 23,295,138  Work-in-process 2,987,621 3,035,459  Raw materials 44,034,631 42,530,957  73,624,714 68,861,554  Less obsolescence reserve 1,212,532 1,212,532  $ 72,412,182 $ 67,649,022 

Earnings Per Share

Earnings Per Share	3 Months Ended
	Jul. 31, 2016
Earnings Per Share [Abstract]
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,  2016 2015   Net income $ 146,597 $ 658,806  Weighted-average shares  Basic 4,183,955 4,148,285  Effect of dilutive stock options 30,580 45,372   Diluted 4,214,535 4,193,657   Basic earnings per share $ 0.04 $ 0.16   Diluted earnings per share $ 0.03 $ 0.16  Options to purchase 367,963 and 85, 954 shares of common stock were outstanding at July 31, 2016 and 2015, respectively. There were no options granted during the three month period ended July 31, 2016 and 2015 , respectively. The Company recognized $83, 673 and $4,559 in stock option expense for the three month period ended July 31, 2016 and 2015, respectively. The balance of unrecognized compensation expense related to the Company’s stock option plans was $329,210 and $17,148 at July 31, 2016 and 2015, respectively.  On October 1, 2015, the Company issued 10,000 shares of restricted stock pursuant to the 2013 Non-Employee Director Restricted Stock Plan, which were fully vested on April 1, 2016 . The Company recognized no compensation expense with respect to such shares for the three months ended July 31, 2016 .  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 employees. In addition, 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. For the three months ended July 31, 2016 and 2015, 1,375 and 4,147 shares, respectively, were issued under the ESPP. The Company recorded $1,882 and $5,590 in compensation expense for the three months ended July 31, 2016 and 2015, respectively. During the three months ended July 31, 2016 and 2015, the Company recorded $6,875 and $22,736 , respectively, to stockholders’ equity relating to purchases under the ESPP. The ESPP was terminated effective August 15, 2016 . Final purchases under the ESPP were completed on August 31, 2016.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Jul. 31, 2016
Long-Term Debt [Abstract]
Long-Term Debt	Note D - Long-term Debt  The Company has a senior secured credit facility with Wells Fargo, N.A. with a credit limit up to $30,000,000 . 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 facility allows the Company to choose among interest rates at which it may borrow funds: the bank fixed rate of two and one quarter percent plus one percent (effectively 3.25% at July 31, 2016) or LIBOR plus two and one quarter percent (effectively 2.875% at July 31, 2016). Interest is paid monthly. Under the senior secured credit facility, the Company may borrow up to the lesser of (i) $30,000,000 or (ii) an amount equal to a percentage of the eligible receivable borrowing base plus a percentage of the inventory borrowing base (collectively, “Borrowing Base”), which cannot exceed 50% of combined eligible receivables and inventory. In January 2016, the existing senior credit facility was modified, including increasing the amount available under the Borrowing Base calculation and extending the term of the facility through October 31, 2018 . The bank fee for the modification was $23,333 and is amortized over the term of the credit facility agreement. As of July 31, 2016, there was a $23,457,279 outstanding balance and $3,703,942 of unused availability under the credit facility agreement compared to a $20,014,069 outstanding balance and $3,630,035 of unused availability at April 30, 2016. The Company is required to be in compliance with several financial covenants. At July 31, 2016, the Company was in compliance with its financial covenants.  On August 4, 2015, the Company’s wholly-owned subsidiary, Wujiang SigmaTron Electronics Co., Ltd entered into a credit facility with China Construction Bank. Under the agreement Wujiang SigmaTron Electronics Co., Ltd can borrow up to 5,000,000 Renminbi and the facility is collateralized by Wujiang SigmaTron Electronics Co., Ltd.’s manufacturing building. Interest is payable monthly and the facility bears a fixed interest rate of 6.67% . The term on the facility extends to August 3, 2017 . T here was no outstanding balance under the facility at July 31, 2016 and April 30, 2016, respectively.  The Company entered into a mortgage agreement on January 8, 2010, in the amount of $2,500,000 , with Wells Fargo, N.A. to refinance the property that serves as the Company’s corporate headquarters and its Illinois manufacturing facility. The Wells Fargo, N.A. note historically bore interest at a fixed rate of 6.42% per year and was amortized over a sixty month period. A final payment of approximately $2,000,000 was due on or before January 8, 2015 . On November 24, 2014, the Company refinanced the mortgage agreement with Wells Fargo, N.A. The note requires the Company to pay monthly principal payments in the amount of $9,500 , bears an interest rate of LIBOR plus two and one-quarter percent (effectively 3.00% at July 31, 2016) and is payable over a sixty month period. A final payment of approximately $2,289,500 is due on or before November 8, 2019 . The outstanding balance was $2,660,000 and $2,688,500 at July 31, 2016 and April 30, 2016, respectively.  The Company entered into a mortgage agreement on October 24, 2013, in the amount of $1,275,000 , with Wells Fargo, N.A. to finance the property that serves as the Company’s engineering and design center in Elgin, Illinois. The Wells Fargo, N.A. note requires the Company to pay monthly principal payments in the amount of $4,250, 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 was $1,134,750 and $1,147,500 at July 31, 2016 and April 30, 2016 , respectively .  Note D - Long-term Debt - Continued  During 2010, the Company entered into various capital lease agreements with Wells Fargo Equipment Finance to purchase equipment totaling $1,376,799 . The terms of the lease agreements extend to July 2016 through October 2016 with monthly installment payments ranging from $3,627 to $13,207 and a fixed interest rate ranging from 4.41% to 4.99% . T he balance outstanding under these capital lease agreements was $42,326 and $106,767 at July 31, 2016 and April 30, 2016, respectively . The net book value of the equipment under these leases was $674,949 and $703,424 at July 31, 2016 and April 30, 2016, respectively .  From October 2013 through July 201 6 , the Company entered into various capital lease agreements with Associated Bank, National Association to purchase equipment totaling $5,001,709 . The terms of the lease agreements extend to September 2018 through May 2021 with monthly installment payments ranging from $1,455 to $40,173 and a fixed interest rate ranging from 3.75% to 4.14% . T he balance outstanding under these capital lease agreements was $3,192,654 and $2,599,820 at July 31, 2016 and April 30, 2016, respectively . The net book value of the equipment under these leases was $3,951,195 and $3,224,661 at July 31, 2016 and April 30, 2016, respectively . On August 4, 2016 the company entered into a capital lease agreement with Associated Bank, National Association to purchase equipment totaling $334,826 . The term of the lease agreement extends to July 2021 with monthly installment payments of $6,144 .  From April 2014 through July 2015, the Company entered into various capital lease agreements with CIT Finance LLC to purchase equipment totaling $2,512,051 . The terms of the lease agreements extend to March 2019 through July 2020 with monthly installment payments ranging from $1,931 to $12,764 and a fixed interest rate ranging from 5.65% through 6.50% . T he balance outstanding under these capital lease agreements was $1,779,014 and $1,886,069 at July 31, 2016 and April 30, 2016, respectively . The net book value of the equipment under these leases was $2,103,029 and $2,155,363 at July 31, 2016 and April 30, 2016, respectively . 

Goodwill And Other Intangible A

Goodwill And Other Intangible Assets	3 Months Ended
	Jul. 31, 2016
Goodwill And Other Intangible Assets [Abstract]
Goodwill And Other Intangible Assets	Note E - Goodwill and Other Intangible Assets  Goodwill  There were no changes in the carrying amount of tax-deductible goodwill in the amount of $3,222,899 for the three months ended July 31, 2016 and 2015, respectively.  Other Intangible Assets  Intangible assets subject to amortization are summarized as of July 31, 2016 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 10.8 4,690,000 970,920  Backlog - 22,000 22,000  Trade names 15.8 980,000 204,150  Non-compete agreements 2.8 50,000 29,750  Patents 0.8 400,000 333,350  Total $ 8,912,000 $ 4,330,170   Note E - Goodwill and Other Intangible Assets - Continued  Intangible assets subject to amortization are summarized as of April 30, 2016, 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 11.08 4,690,000 883,540  Backlog - 22,000 22,000  Trade names 16.08 980,000 191,901  Non-compete agreements 3.08 50,000 27,965  Patents 1.08 400,000 313,349  Total $ 8,912,000 $ 4,208,755   Estimated aggregate amortization expense for intangible assets, which becomes fully amortized in 2032, for the remaining periods is as follows:     For the remaining 9 months of the fiscal year ending April 30: 2017 $ 368,595  For the fiscal year ending April 30: 2018 435,043  2019 423,721  2020 411,406  2021 403,199  Thereafter 2,539,866  $ 4,581,830  Amortization expense was $121,415 and $115,354 for the three months ended July 31, 2016 and 2015, respectively.  Note E - Goodwill and Other Intangible Assets - Continued  In conjunction with the May 2012 acquisition of Spitfire, an estimate of the fair value of the contingent consideration, $2,320,000 , was recorded based on expected operating results through fiscal 2019 and the specific terms of when such consideration would be earned. Those terms provide for additional consideration to be paid based on a percentage of sales and pre-tax profits over those years in excess of certain minimums. Payments are made quarterly each year and adjusted after each year-end audit. The Company made payments totaling $342,162 during fiscal year 2016. The Company made one payment in the quarter ended July 31, 2016 in the amount of $81,842 . As of July 31, 2016, the Company had not materially changed its estimated aggregate consideration expected to be earned under this arrangement. Any change in the Company’s estimate is reflected as a change in the contingent consideration liability and as additional charges or credits to selling and administrative expenses. As of July 31, 2016, the contingent consideration liability was $1,069,239 .

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Jul. 31, 2016
Commitments and Contingencies [Abstract]
Commitments and Contingencies	Note F - Commitments and Contingencies  As previously disclosed in detail in the Company’s Form 10-K filed for the fiscal year ended April 30, 2016, on October 25, 2011, Maria Gracia filed suit against the Company in the U.S. District Court for the Northern District of Illinois under Title VII of the Civil Rights Act.  During the Company’s first quarter ended July 31, 2016, there were no material developments.  From time to time the Company is involved in legal proceedings, claims, or investigations that are incidental to the Company’s business. In future periods, the Company could be subjected to cash cost or non-cash charges to earnings if any of these matters are resolved on unfavorable terms. However, although the ultimate outcome of any legal matter canno t be predicted with certainty, based on present information, including management’s assessment of the merits of any particular claim, the Company does not expect these legal proceedings or claims will have any material adverse impact on its future consolidated financial position or results of operations. 

Critical Accounting Policies

Critical Accounting Policies	3 Months Ended
	Jul. 31, 2016
Critical Accounting Policies [Abstract]
Critical Accounting Policies	Note G - 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 (“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.  Note G - Critical Accounting Policies - Continued  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 warranty for workmanship, unless the assembly was designed by the Company, in which case it warrants assembly/design. The Company 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 determined by an average cost method and the Company allocates labor and overhead to work-in-process and finished goods. 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. For convenience, the Company reduces inventory cost through a contra asset rather than through a new cost basis. Upon a subsequent sale or disposal of the impaired inventory, the corresponding reserve is relieved to ensure the cost basis of the inventory reflects any reductions. Actual product demand or market conditions could be different than that projected by management.  Note G - Critical Accounting Policies - Continued  Goodwill - Goodwill represents the purchase price in excess of the fair value of assets acquired in business combinations. Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 350, “Goodwill and other Intangible Assets,” requires the Company to assess goodwill and other indefinite-lived intangible assets 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, 2016 and determined no impairment existed as of that date.  Intangible Assets - Intangible assets are comprised of finite life intangible assets including patents, trade names, backlog, non-compete agreements, and customer relationships. Finite life intangible assets are amortized on a straight line basis over their estimated useful lives of 5 years for patents, 20 years for trade names, 1 year for backlog and 7 years for non-compete agreements except for customer relationships which are amortized on an accelerated basis over their estimated useful life of 15 years.  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. As of July 31, 2016, there were no indicators of possible impairment of long-lived assets.  Income Tax - The Company’s income tax expense, deferred tax assets and liabilities and reserves for unrecognized tax benefits reflect management’s best assessment of estimated future taxes to be paid. The Company is subject to income taxes in both the U.S. and several foreign jurisdictions. Significant judgments and estimates by management are required in determining the consolidated income tax expense assessment. Note G - Critical Accounting Policies - Continued  Deferred income tax assets and liabilities are determined based on differences between financial reporting and tax basis 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. In evaluating the Company’s ability to recover its deferred tax assets within the jurisdiction from which they arise, the Company considers all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. In projecting future taxable income, the Company begins with historical results and changes in accounting policies, and incorporates assumptions including the amount of future state, federal and foreign pre-tax operating income, the reversal of temporary differences, and the implementation of feasible and prudent tax planning strategies. These assumptions require significant judgment and estimates by management about the forecasts of future taxable income and are consistent with the plans and estimates the Company uses to manage the underlying businesses. In evaluating the objective evidence that historical results provide, the Company considers three years of cumulative operating income and/or loss. Valuation allowances are established when necessary to reduce deferred income tax assets to an amount more likely than not to be realized.  The calculation of the Company’s tax liabilities involves dealing with uncertainties in the application of complex tax laws and regulations in a multitude of jurisdictions across its global operations. Changes in tax laws and rates could also affect recorded deferred tax assets and liabilities in the future. Management is not aware of any such changes that would have a material effect on the Company’s results of operations, cash flows or financial position.  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.  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 increases or decreases to income tax expense in the period in which they are determined.  Reclassifications - Certain reclassifications have been made to the previously reported 2016 financial statements to conform to the 2017 presentation.   Note G - Critical Accounting Policies - Continued  New Accounting Standards:  In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, "Revenue from Contracts with Customers." ASU No. 2014-09 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. In August 2015, the FASB deferred the effective date of ASU No. 2014-09 by issuing ASU 2015-14, “ Revenue from Contracts with Customers: Deferral of the Effective Date .” ASU No. 2015-14 defers the effective date of ASU No. 2014-09 to annual reporting periods beginning after December 15, 2017 , with early adoption permitted but not earlier than the original effective date. In March 2016, the FASB issued ASU 2016-08, “Principal versus Agent Considerations (Reporting Revenue Gross versus Net)” (ASU 2016-08), which clarifies the implementation guidance of principal versus agent considerations. In April 2016, the FASB issued ASU 2016-10, “Identifying Performance Obligations and Licensing” (ASU 2016-10), which clarifies the identification of performance obligations and licensing implementation guidance. In May 2016, the FASB issued ASU 2016-12, “Narrow-Scope Improvements and Practical Expedients” (ASU 2016-12), to improve guidance on assessing collectability, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications at transition. The effective date and transition requirements in ASU 2016-08, ASU 2016-10, and ASU 2016-12 are the same as the effective date and transition requirements of ASU 2015-14. The Company has not yet selected a transition method and is currently evaluating the effect that the updated standard will have on its consolidated financial statements and related disclosures.  In August 2014, the FASB issued ASU No. 2014-15, “ Presentation of Financial Statements – Going Concern (Subtopic 205-40)” . The amendments in this ASU provide guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. An entity’s management should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or are available to be issued, when applicable). ASU 2014-15 is effective for reporting periods beginning after December 15, 2016. Early adoption is permitted. The Company elected early adoption in the third quarter of fiscal 2016 of this ASU and it did not have a material impact on its consolidated financial statements.  In April 2015, the FASB issued ASU No. 2015- 03, “ Interest — Imputation of Interest (Subtopic 835-30) — Simplifying the Presentation of Debt Issuance Costs .” ASU No. 2015-03 simplifies the presentation of debt issuance costs by requiring that these costs related to a recognized debt liability be presented in the statement of financial condition as a direct reduction from the carrying amount of that liability. ASU No. 2015-03 is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. ASU No. 2015-03 is required to be applied retrospectively to all periods presented beginning in the year of adoption. The Company adopted ASU 2015-03 during the first fiscal quarter of 2017 and it did not have a material impact on its consolidated financial statements.     Note G - Critical Accounting Policies - Continued  In July 2015, the FASB issued ASU No. 2015-11, “ Inventory (Topic 330): Simplifying the Measurement of Inventory” . ASU No. 2015-11 requires an entity that determines the cost of inventory by methods other than last-in, first-out (LIFO) and the retail inventory method (RIM) to measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. This amendment applies to all inventory that is measured using the average cost or first-in first-out (FIFO) methods. This supersedes prior guidance which allowed entities to measure inventory at the lower of cost or market, where market could be replacement cost, net realizable value or net realizable value less an approximately normal profit margin. ASU No. 2015-11 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2016. Prospective application is required. Early application is permitted as of the beginning of the interim or annual reporting period. The Company does not expect the impact of the adoption of this ASU to have a material impact on the Company’s consolidated financial statements.  In November 2015, the FASB issued ASU No. 2015-17, “ Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes” . ASU No. 2015-17 requires entities to classify deferred tax liabilities and assets as noncurrent in a classified statement of financial position. ASU No. 2015-17 is effective for fiscal years beginning after December 15, 2016, and interim periods within those annual periods. This update may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. Early application is permitted as of the beginning of the interim or annual reporting period. The Company elected to early adopt ASU 2015-17 during its third quarter of fiscal year 2016 on a retrospective basis.  In February 2016, the FASB issued ASU No. 2016-02, “ Leases” . The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for capital leases and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. While the Company is still evaluating the impact of its pending adoption of the new standard on its consolidated financial statements, the Company expects that upon adoption it will recognize ROU assets and lease liabilities and that the amounts could be material.  In March 2016, the FASB issued ASU No. 2016-09, “ Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”, a new accounting standard update intended to simplify several aspects of the accounting for share-based payment transactions including: income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. Specifically, the update requires that excess tax benefits and tax deficiencies (the difference between the deduction for tax purposes and the compensation cost recognized for financial reporting purposes) be recognized as income tax expense or benefit in the Consolidated Statements of Income, introducing a new element of volatility to the provision for income taxes. This update is effective for fiscal years beginning after December 15, 2016. Early adoption is permitted. The Company is currently evaluating the impact this standard will have on its consolidated financial statements and related disclosures. Note G - Critical Accounting Policies - Continued  In June 2016, the FASB issued ASU No. 2016-13, “ Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments .” ASU 2016-13 introduces a new forward-looking approach, based on expected losses, to estimate credit losses on certain types of financial instruments, including trade receivables. The estimate of expected credit losses will require entities to incorporate considerations of historical information, current information and reasonable and supportable forecasts. This ASU also expands the disclosure requirements to enable users of financial statements to understand the entity’s assumptions, models and methods for estimating expected credit losses. For public business entities, ASU 2016-13 is effective for annual and interim reporting periods beginning after December 15, 2019, and the guidance is to be applied using the modified-retrospective approach. Earlier adoption is permitted for annual and interim reporting periods beginning after December 15, 2018. The Company is currently evaluating the new guidance and has not determined the impact this ASU may have on its consolidated financial statements. 

Related Parties

Related Parties	3 Months Ended
	Jul. 31, 2016
Related Parties [Abstract]
Related Parties	Note H - Related Parties  In March, 2015, two of the Company’s executive officers invested in a start-up customer. The executive officers’ investments constitute less than 2% (individually and in aggregate) of the outstanding beneficial ownership of the customer, according to information provided by the customer to the executive officers. As of July 31, 2016, the Company had an outstanding note receivable and account receivable from that customer of approximately $888,000 and $321,000 , respectively , compared to an outstanding note receivable and account receivable of approximately $888,000 and $233,000 , respectively, at April 30, 2016. As of July 31, 2016, i nventory on hand related to this customer approximated $1,500,000 compared to $1,600,000 at April 30, 2016 . Sales to this customer have not been material for the three months ended July 31, 2016.  On January 29, 2016, the Company entered into a memorandum of understanding with this customer. Under the subsequent agreement, effective January 29, 2016, the account receivable of approximately $888,000 was converted into a short-term promissory note. The promissory note bears interest at the rate of 8% per annum, payable at the maturity of the promissory note. The promissory note matures at the earlier of October 31, 2016 , or within 10 days after the customer obtains certain equity financing, or at the closing of a sale of substantially all of the customer’s stock or assets. As additional consideration, the Company received warrants under the agreement. The warrants are ten years in duration and may be exercised at an exercise price of $0.01 per share and for a number of shares determined pursuant to the warrant, expected to be, at a minimum, approximately 1% of the customer’s then – outstanding equity securities. The Company believes the warrants have nil value. Further, the Company has been granted a security interest in the customer’s accounts receivable and authority to access and be a signatory on the customer’s deposit accounts. 

Critical Accounting Policies (P

Critical Accounting Policies (Policy)	3 Months Ended
	Jul. 31, 2016
Critical 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 (“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 warranty for workmanship, unless the assembly was designed by the Company, in which case it warrants assembly/design. The Company 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 determined by an average cost method and the Company allocates labor and overhead to work-in-process and finished goods. 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. For convenience, the Company reduces inventory cost through a contra asset rather than through a new cost basis. Upon a subsequent sale or disposal of the impaired inventory, the corresponding reserve is relieved to ensure the cost basis of the inventory reflects any reductions. 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. Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 350, “Goodwill and other Intangible Assets,” requires the Company to assess goodwill and other indefinite-lived intangible assets 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, 2016 and determined no impairment existed as of that date.
Intangible Assets	Intangible Assets - Intangible assets are comprised of finite life intangible assets including patents, trade names, backlog, non-compete agreements, and customer relationships. Finite life intangible assets are amortized on a straight line basis over their estimated useful lives of 5 years for patents, 20 years for trade names, 1 year for backlog and 7 years for non-compete agreements except for customer relationships which are amortized on an accelerated basis over their estimated useful life of 15 years.
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. As of July 31, 2016, there were no indicators of possible impairment of long-lived assets.
Income Tax	Income Tax - The Company’s income tax expense, deferred tax assets and liabilities and reserves for unrecognized tax benefits reflect management’s best assessment of estimated future taxes to be paid. The Company is subject to income taxes in both the U.S. and several foreign jurisdictions. Significant judgments and estimates by management are required in determining the consolidated income tax expense assessment. Note G - Critical Accounting Policies - Continued  Deferred income tax assets and liabilities are determined based on differences between financial reporting and tax basis 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. In evaluating the Company’s ability to recover its deferred tax assets within the jurisdiction from which they arise, the Company considers all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. In projecting future taxable income, the Company begins with historical results and changes in accounting policies, and incorporates assumptions including the amount of future state, federal and foreign pre-tax operating income, the reversal of temporary differences, and the implementation of feasible and prudent tax planning strategies. These assumptions require significant judgment and estimates by management about the forecasts of future taxable income and are consistent with the plans and estimates the Company uses to manage the underlying businesses. In evaluating the objective evidence that historical results provide, the Company considers three years of cumulative operating income and/or loss. Valuation allowances are established when necessary to reduce deferred income tax assets to an amount more likely than not to be realized.  The calculation of the Company’s tax liabilities involves dealing with uncertainties in the application of complex tax laws and regulations in a multitude of jurisdictions across its global operations. Changes in tax laws and rates could also affect recorded deferred tax assets and liabilities in the future. Management is not aware of any such changes that would have a material effect on the Company’s results of operations, cash flows or financial position.  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.  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 increases or decreases to income tax expense in the period in which they are determined.
Reclassifications	Reclassifications - Certain reclassifications have been made to the previously reported 2016 financial statements to conform to the 2017 presentation.  
New Accounting Standards	In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, "Revenue from Contracts with Customers." ASU No. 2014-09 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. In August 2015, the FASB deferred the effective date of ASU No. 2014-09 by issuing ASU 2015-14, “ Revenue from Contracts with Customers: Deferral of the Effective Date .” ASU No. 2015-14 defers the effective date of ASU No. 2014-09 to annual reporting periods beginning after December 15, 2017 , with early adoption permitted but not earlier than the original effective date. In March 2016, the FASB issued ASU 2016-08, “Principal versus Agent Considerations (Reporting Revenue Gross versus Net)” (ASU 2016-08), which clarifies the implementation guidance of principal versus agent considerations. In April 2016, the FASB issued ASU 2016-10, “Identifying Performance Obligations and Licensing” (ASU 2016-10), which clarifies the identification of performance obligations and licensing implementation guidance. In May 2016, the FASB issued ASU 2016-12, “Narrow-Scope Improvements and Practical Expedients” (ASU 2016-12), to improve guidance on assessing collectability, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications at transition. The effective date and transition requirements in ASU 2016-08, ASU 2016-10, and ASU 2016-12 are the same as the effective date and transition requirements of ASU 2015-14. The Company has not yet selected a transition method and is currently evaluating the effect that the updated standard will have on its consolidated financial statements and related disclosures.  In August 2014, the FASB issued ASU No. 2014-15, “ Presentation of Financial Statements – Going Concern (Subtopic 205-40)” . The amendments in this ASU provide guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. An entity’s management should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or are available to be issued, when applicable). ASU 2014-15 is effective for reporting periods beginning after December 15, 2016. Early adoption is permitted. The Company elected early adoption in the third quarter of fiscal 2016 of this ASU and it did not have a material impact on its consolidated financial statements.  In April 2015, the FASB issued ASU No. 2015- 03, “ Interest — Imputation of Interest (Subtopic 835-30) — Simplifying the Presentation of Debt Issuance Costs .” ASU No. 2015-03 simplifies the presentation of debt issuance costs by requiring that these costs related to a recognized debt liability be presented in the statement of financial condition as a direct reduction from the carrying amount of that liability. ASU No. 2015-03 is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. ASU No. 2015-03 is required to be applied retrospectively to all periods presented beginning in the year of adoption. The Company adopted ASU 2015-03 during the first fiscal quarter of 2017 and it did not have a material impact on its consolidated financial statements.     Note G - Critical Accounting Policies - Continued  In July 2015, the FASB issued ASU No. 2015-11, “ Inventory (Topic 330): Simplifying the Measurement of Inventory” . ASU No. 2015-11 requires an entity that determines the cost of inventory by methods other than last-in, first-out (LIFO) and the retail inventory method (RIM) to measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. This amendment applies to all inventory that is measured using the average cost or first-in first-out (FIFO) methods. This supersedes prior guidance which allowed entities to measure inventory at the lower of cost or market, where market could be replacement cost, net realizable value or net realizable value less an approximately normal profit margin. ASU No. 2015-11 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2016. Prospective application is required. Early application is permitted as of the beginning of the interim or annual reporting period. The Company does not expect the impact of the adoption of this ASU to have a material impact on the Company’s consolidated financial statements.  In November 2015, the FASB issued ASU No. 2015-17, “ Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes” . ASU No. 2015-17 requires entities to classify deferred tax liabilities and assets as noncurrent in a classified statement of financial position. ASU No. 2015-17 is effective for fiscal years beginning after December 15, 2016, and interim periods within those annual periods. This update may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. Early application is permitted as of the beginning of the interim or annual reporting period. The Company elected to early adopt ASU 2015-17 during its third quarter of fiscal year 2016 on a retrospective basis.  In February 2016, the FASB issued ASU No. 2016-02, “ Leases” . The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for capital leases and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. While the Company is still evaluating the impact of its pending adoption of the new standard on its consolidated financial statements, the Company expects that upon adoption it will recognize ROU assets and lease liabilities and that the amounts could be material.  In March 2016, the FASB issued ASU No. 2016-09, “ Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”, a new accounting standard update intended to simplify several aspects of the accounting for share-based payment transactions including: income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. Specifically, the update requires that excess tax benefits and tax deficiencies (the difference between the deduction for tax purposes and the compensation cost recognized for financial reporting purposes) be recognized as income tax expense or benefit in the Consolidated Statements of Income, introducing a new element of volatility to the provision for income taxes. This update is effective for fiscal years beginning after December 15, 2016. Early adoption is permitted. The Company is currently evaluating the impact this standard will have on its consolidated financial statements and related disclosures. Note G - Critical Accounting Policies - Continued  In June 2016, the FASB issued ASU No. 2016-13, “ Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments .” ASU 2016-13 introduces a new forward-looking approach, based on expected losses, to estimate credit losses on certain types of financial instruments, including trade receivables. The estimate of expected credit losses will require entities to incorporate considerations of historical information, current information and reasonable and supportable forecasts. This ASU also expands the disclosure requirements to enable users of financial statements to understand the entity’s assumptions, models and methods for estimating expected credit losses. For public business entities, ASU 2016-13 is effective for annual and interim reporting periods beginning after December 15, 2019, and the guidance is to be applied using the modified-retrospective approach. Earlier adoption is permitted for annual and interim reporting periods beginning after December 15, 2018. The Company is currently evaluating the new guidance and has not determined the impact this ASU may have on its consolidated financial statements.

Inventories, Net (Tables)

Inventories, Net (Tables)	3 Months Ended
	Jul. 31, 2016
Inventories, Net [Abstract]
Components Of Inventory	   July 31, April 30,  2016 2016   Finished products $ 26,602,462 $ 23,295,138  Work-in-process 2,987,621 3,035,459  Raw materials 44,034,631 42,530,957  73,624,714 68,861,554  Less obsolescence reserve 1,212,532 1,212,532  $ 72,412,182 $ 67,649,022 

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Jul. 31, 2016
Earnings Per Share [Abstract]
Computation Of Basic And Diluted Earnings Per Share	  Three Months Ended  July 31,  2016 2015   Net income $ 146,597 $ 658,806  Weighted-average shares  Basic 4,183,955 4,148,285  Effect of dilutive stock options 30,580 45,372   Diluted 4,214,535 4,193,657   Basic earnings per share $ 0.04 $ 0.16   Diluted earnings per share $ 0.03 $ 0.16 

Goodwill And Other Intangible17

Goodwill And Other Intangible Assets (Tables)	3 Months Ended
	Jul. 31, 2016
Goodwill And Other Intangible Assets [Abstract]
Summary Of Intangible Assets Subject To Amortization	Intangible assets subject to amortization are summarized as of July 31, 2016 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 10.8 4,690,000 970,920  Backlog - 22,000 22,000  Trade names 15.8 980,000 204,150  Non-compete agreements 2.8 50,000 29,750  Patents 0.8 400,000 333,350  Total $ 8,912,000 $ 4,330,170   Note E - Goodwill and Other Intangible Assets - Continued  Intangible assets subject to amortization are summarized as of April 30, 2016, 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 11.08 4,690,000 883,540  Backlog - 22,000 22,000  Trade names 16.08 980,000 191,901  Non-compete agreements 3.08 50,000 27,965  Patents 1.08 400,000 313,349  Total $ 8,912,000 $ 4,208,755 
Estimated Aggregate Amortization Expense	   For the remaining 9 months of the fiscal year ending April 30: 2017 $ 368,595  For the fiscal year ending April 30: 2018 435,043  2019 423,721  2020 411,406  2021 403,199  Thereafter 2,539,866  $ 4,581,830 

Inventories, Net (Components Of

Inventories, Net (Components Of Inventory) (Details) - USD ($)	Jul. 31, 2016	Apr. 30, 2016
Inventories, Net [Abstract]
Finished products	$ 26,602,462	$ 23,295,138
Work-in-process	2,987,621	3,035,459
Raw materials	44,034,631	42,530,957
Total inventory, gross	73,624,714	68,861,554
Less obsolescence reserve	1,212,532	1,212,532
Total inventory, net	$ 72,412,182	$ 67,649,022

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - USD ($)	Oct. 01, 2015	Jul. 31, 2016	Jul. 31, 2015
Earnings Per Share [Line Items]
Common stock shares were outstanding		367,963	85,954
Options granted		0	0
Stock option expense		$ 83,673	$ 4,559
Balance of unrecognized compensation expense related to stock options plans		$ 329,210	$ 17,148
Employee Stock Purchase Plan [Member]
Earnings Per Share [Line Items]
Shares of common stock for issuance		500,000
Additional shares of common stock for issuance each fiscal year		25,000
Shares issued		1,375	4,147
ESPP compensation expense		$ 1,882	$ 5,590
Stockholders' equity relating to purchases under the ESPP		$ 6,875	$ 22,736
ESPP terminated effective		Aug. 15, 2016
Restricted Stock [Member] | 2013 Non-Employee Director Restricted Stock Plan [Member]
Earnings Per Share [Line Items]
Shares of restricted stock granted	10,000
Restricted stock, fully vest date	Apr. 1, 2016
Restricted stock expense		$ 0

Earnings Per Share (Computation

Earnings Per Share (Computation Of Basic And Diluted Earnings Per Share) (Details) - USD ($)	3 Months Ended
	Jul. 31, 2016	Jul. 31, 2015
Earnings Per Share [Abstract]
Net income	$ 146,597	$ 658,806
Weighted-average shares, Basic	4,183,955	4,148,285
Weighted-average shares, Effect of dilutive stock options	30,580	45,372
Weighted-average shares, Diluted	4,214,535	4,193,657
Basic earnings per share	$ 0.04	$ 0.16
Diluted earnings per share	$ 0.03	$ 0.16

Long-Term Debt (Narrative) (Det

Long-Term Debt (Narrative) (Details)	Apr. 04, 2016USD ($)	Aug. 04, 2015CNY (¥)	Nov. 24, 2014USD ($)	Oct. 24, 2013USD ($)	Jan. 08, 2010USD ($)	Jul. 31, 2016USD ($)	Dec. 31, 2010USD ($)	Jul. 31, 2015USD ($)	Jul. 31, 2016USD ($)	Apr. 30, 2016USD ($)
Debt Instrument [Line Items]
Other long-term liabilities						$ 839,509			$ 839,509	$ 870,542
Wells Fargo Equipment Finance [Member] | Capital Lease [Member]
Debt Instrument [Line Items]
Total equipment purchased under the capital lease							$ 1,376,799
Outstanding amount under capital lease						42,326			42,326	106,767
Net book value of capital leased assets						674,949			674,949	703,424
Associated Bank, National Association [Member] | Capital Lease [Member]
Debt Instrument [Line Items]
Total equipment purchased under the capital lease	$ 334,826								5,001,709
Lease financing agreement period	Jul. 1, 2021
Monthly installment payments under capital lease	$ 6,144
Outstanding amount under capital lease						3,192,654			3,192,654	2,599,820
Net book value of capital leased assets						3,951,195			3,951,195	3,224,661
CIT Finance LLC [Member] | Capital Lease [Member]
Debt Instrument [Line Items]
Total equipment purchased under the capital lease								$ 2,512,051
Outstanding amount under capital lease						1,779,014			1,779,014	1,886,069
Net book value of capital leased assets						$ 2,103,029			2,103,029	2,155,363
Wells Fargo Bank [Member] | Mortgage Agreement [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount					$ 2,500,000
Mortgage agreement, interest rate					6.42%
Mortgage agreement, amortization period					60 months
Mortgage agreement, final payment			$ 2,289,500		$ 2,000,000
Mortgage agreement, maturity date			Nov. 8, 2019
Mortgage agreement, monthly principal payment			$ 9,500
Mortgage agreement, payable period						60 months
Outstanding amount						$ 2,660,000			2,660,000	2,688,500
Wells Fargo Bank [Member] | Mortgage Agreement 2 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount				$ 1,275,000
Mortgage agreement, interest rate				4.50%
Mortgage agreement, final payment				$ 1,030,000
Mortgage agreement, maturity date				Oct. 1, 2018
Mortgage agreement, monthly principal payment				$ 4,250
Mortgage agreement, payable period						60 months
Outstanding amount						$ 1,134,750			1,134,750	1,147,500
Wells Fargo Bank [Member] | LIBOR [Member] | Mortgage Agreement [Member]
Debt Instrument [Line Items]
Mortgage agreement, interest rate						2.25%
Mortgage agreement, effective interest rate						3.00%
Wells Fargo Bank [Member] | Senior Secured Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility credit limit						$ 30,000,000			$ 30,000,000
Expiration date						Oct. 31, 2018
Equity ownership in foreign entities pledged as collateral, percentage						65.00%			65.00%
Fixed interest rate						2.25%			2.25%
Variable interest rate						1.00%
Effective interest rate						3.25%			3.25%
Receivable and inventory borrowing base, percentage						50.00%
Bank fee						$ 23,333			$ 23,333
Outstanding balance under the credit facility						23,457,279			23,457,279	20,014,069
Unused availability under the credit facility						$ 3,703,942			$ 3,703,942	3,630,035
Wells Fargo Bank [Member] | Senior Secured Credit Facility [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Variable interest rate						2.25%
Effective interest rate						2.875%			2.875%
Minimum [Member] | Wells Fargo Equipment Finance [Member] | Capital Lease [Member]
Debt Instrument [Line Items]
Lease financing agreement period							Jul. 1, 2016
Monthly installment payments under capital lease							$ 3,627
Fixed interest rate under capital lease							4.41%
Minimum [Member] | Associated Bank, National Association [Member] | Capital Lease [Member]
Debt Instrument [Line Items]
Lease financing agreement period									Sep. 1, 2018
Monthly installment payments under capital lease						$ 1,455			$ 1,455
Fixed interest rate under capital lease									3.75%
Minimum [Member] | CIT Finance LLC [Member] | Capital Lease [Member]
Debt Instrument [Line Items]
Lease financing agreement period								Mar. 1, 2019
Monthly installment payments under capital lease								$ 1,931
Fixed interest rate under capital lease								5.65%
Maximum [Member] | Wells Fargo Equipment Finance [Member] | Capital Lease [Member]
Debt Instrument [Line Items]
Lease financing agreement period							Oct. 1, 2016
Monthly installment payments under capital lease							$ 13,207
Fixed interest rate under capital lease							4.99%
Maximum [Member] | Associated Bank, National Association [Member] | Capital Lease [Member]
Debt Instrument [Line Items]
Lease financing agreement period									May 1, 2021
Monthly installment payments under capital lease						40,173			$ 40,173
Fixed interest rate under capital lease									4.14%
Maximum [Member] | CIT Finance LLC [Member] | Capital Lease [Member]
Debt Instrument [Line Items]
Lease financing agreement period								Jul. 1, 2020
Monthly installment payments under capital lease								$ 12,764
Fixed interest rate under capital lease								6.50%
Foreign subsidiaries | China Construction Bank [Member] | Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility credit limit | ¥		¥ 5,000,000
Expiration date		Aug. 3, 2017
Fixed interest rate		6.67%
Outstanding balance under the credit facility						$ 0			$ 0	$ 0

Goodwill And Other Intangible22

Goodwill And Other Intangible Assets (Narrative) (Details)	3 Months Ended		12 Months Ended
	Jul. 31, 2016USD ($)item	Jul. 31, 2015USD ($)	Apr. 30, 2016USD ($)	May 31, 2012USD ($)
Goodwill [Line Items]
Changes in goodwill carrying amount	$ 0	$ 0
Goodwill	3,222,899	3,222,899	$ 3,222,899
Amortization expense	$ 121,415	$ 115,354
Spitfire [Member]
Goodwill [Line Items]
Estimated fair value of contingent consideration				$ 2,320,000
Total payment for business acquisition			$ 342,162
Number of quarterly payments for consideration with the Spitfire aquisition | item	1
Quarterly payment for business acquisition	$ 81,842
Contingent consideration liability	$ 1,069,239

Goodwill And Other Intangible23

Goodwill And Other Intangible Assets (Summary Of Intangible Assets Subject To Amortization) (Details) - USD ($)	3 Months Ended	12 Months Ended
	Jul. 31, 2016	Apr. 30, 2016
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 8,912,000	$ 8,912,000
Accumulated Amortization	4,330,170	4,208,755
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	10 years 9 months 18 days	11 years 29 days
Gross Carrying Amount	$ 4,690,000	$ 4,690,000
Accumulated Amortization	970,920	883,540
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	15 years 9 months 18 days	16 years 29 days
Gross Carrying Amount	$ 980,000	$ 980,000
Accumulated Amortization	$ 204,150	$ 191,901
Spitfire [Member] | Non-Compete Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Amortization Period	2 years 9 months 18 days	3 years 29 days
Gross Carrying Amount	$ 50,000	$ 50,000
Accumulated Amortization	$ 29,750	$ 27,965
Spitfire [Member] | Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Amortization Period	9 months 18 days	1 year 29 days
Gross Carrying Amount	$ 400,000	$ 400,000
Accumulated Amortization	$ 333,350	$ 313,349

Goodwill And Other Intangible24

Goodwill And Other Intangible Assets (Estimated Aggregate Amortization Expense) (Details) - USD ($)	Jul. 31, 2016	Apr. 30, 2016
Goodwill And Other Intangible Assets [Abstract]
For the remaining 9 months of the fiscal year ending April 30, 2017	$ 368,595
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
For the fiscal year ending April 30, 2021	403,199
Thereafter	2,539,866
Total	$ 4,581,830	$ 4,703,245

Critical Accounting Policies (N

Critical Accounting Policies (Narrative) (Details)	3 Months Ended
	Jul. 31, 2016USD ($)
Summary Of Critical Accounting Policies [Line Items]
Long-lived assets impairment	$ 0
Patents [Member]
Summary Of Critical Accounting Policies [Line Items]
Estimated useful life	5 years
Trade Names [Member]
Summary Of Critical Accounting Policies [Line Items]
Estimated useful life	20 years
Backlog [Member]
Summary Of Critical Accounting Policies [Line Items]
Estimated useful life	1 year
Non-Compete Agreements [Member]
Summary Of Critical Accounting Policies [Line Items]
Estimated useful life	7 years
Customer Relationships [Member]
Summary Of Critical Accounting Policies [Line Items]
Estimated useful life	15 years

Related Parties (Narrative) (De

Related Parties (Narrative) (Details)	Jan. 29, 2016USD ($)$ / shares	Jul. 31, 2016USD ($)	Apr. 30, 2016USD ($)	Mar. 31, 2015employee
Related Party Transaction [Line Items]
Outstanding note receivable from related parties		$ 888,000	$ 888,000
Outstanding account receivable from related parties		321,000	233,000
Inventory on hand from related parties		$ 1,500,000	$ 1,600,000
Promissory Note [Member]
Related Party Transaction [Line Items]
Conversion of accounts receivable into a notes receivable	$ 888,000
Interest rate	8.00%
Maturity date	Oct. 31, 2016
Maturity within number of days after obtains equity financing by related parties	10 days
Warrants period	10 years
Warrants exercise price, per share | $ / shares	$ 0.01
Executive [Member]
Related Party Transaction [Line Items]
Number of executive officers invested in a start-up customer | employee				2
Minimum [Member] | Promissory Note [Member]
Related Party Transaction [Line Items]
Percentage of warrants exercised on equity securities with related parties	1.00%
Maximum [Member] | Executive [Member]
Related Party Transaction [Line Items]
Executive officers' investment holding, percentage				2.00%