SigmaTron International (SGMA) 10-Q 13 Sep 17 2018 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Jul. 31, 2017	Sep. 11, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jul. 31, 2017
Document Fiscal Year Focus	2,018
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		4,200,773

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Jul. 31, 2017	Apr. 30, 2017
Current assets:
Cash and cash equivalents	$ 1,957,292	$ 3,493,324
Accounts receivable, less allowance for doubtful accounts of $100,000 at July 31, 2017 and April 30, 2017, respectively	26,039,115	26,656,871
Inventories, net	81,294,687	73,571,238
Prepaid expenses and other assets	2,053,540	2,971,087
Refundable income taxes	533,024	339,791
Note receivable	887,531	887,531
Other receivables	1,180,292	1,112,071
Total current assets	113,945,481	109,031,913
Property, machinery and equipment, net	36,210,595	33,008,714
Intangible assets, net of amortization of $4,811,356 and $4,698,765 at July 31, 2017 and April 30, 2017, respectively	4,100,644	4,213,235
Goodwill	3,222,899	3,222,899
Deferred income taxes	236,087	236,087
Other assets	1,094,283	1,472,816
Total other long-term assets	8,653,913	9,145,037
Total assets	158,809,989	151,185,664
Current liabilities:
Trade accounts payable	50,615,009	44,859,344
Accrued wages	4,482,277	4,489,602
Accrued expenses	2,270,129	3,623,106
Income taxes payable	268,617	69,868
Current portion of long-term debt	478,782	351,562
Current portion of capital lease obligations	1,849,234	1,711,204
Current portion of contingent consideration	256,858	286,240
Current portion of deferred rent	229,571	220,288
Total current liabilities	60,450,477	55,611,214
Long-term debt, less current portion	29,428,485	27,192,246
Capital lease obligations, less current portion	3,437,357	3,364,825
Contingent consideration, less current portion	237,578	237,578
Deferred rent, less current portion	487,106	555,348
Other long-term liabilities	1,040,916	991,017
Deferred income taxes	1,363,842	1,361,291
Total long-term liabilities	35,995,284	33,702,305
Total liabilities	96,445,761	89,313,519
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, 4,199,773 and 4,195,813 shares issued and outstanding at July 31, 2017 and April 30, 2017, respectively	41,741	41,702
Capital in excess of par value	23,061,697	22,952,535
Retained earnings	39,260,790	38,877,908
Total stockholders' equity	62,364,228	61,872,145
Total liabilities and stockholders' equity	$ 158,809,989	$ 151,185,664

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Jul. 31, 2017	Apr. 30, 2017
Condensed Consolidated Balance Sheets [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 100,000	$ 100,000
Intangible assets, amortization	$ 4,811,356	$ 4,698,765
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	4,199,773	4,195,813
Common stock, shares outstanding	4,199,773	4,195,813

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Income - USD ($)	3 Months Ended
	Jul. 31, 2017	Jul. 31, 2016
Condensed Consolidated Statements Of Income [Abstract]
Net sales	$ 71,224,293	$ 59,184,975
Cost of products sold	64,467,239	53,414,741
Gross profit	6,757,054	5,770,234
Selling and administrative expenses	5,912,146	5,359,535
Operating income	844,908	410,699
Other income	(44,351)	(59,402)
Interest expense	308,414	243,243
Income from operations before income tax expense	580,845	226,858
Income tax expense	197,963	80,261
Net income	$ 382,882	$ 146,597
Earnings per share - basic	$ 0.09	$ 0.04
Earnings per share - diluted	$ 0.09	$ 0.03
Weighted average shares of common stock outstanding Basic	4,195,985	4,183,955
Weighted average shares of common stock outstanding Diluted	4,269,501	4,214,535

Condensed Consolidated Stateme5

Condensed Consolidated Statements Of Cash Flows - USD ($)	3 Months Ended
	Jul. 31, 2017	Jul. 31, 2016
Cash flows from operating activities
Net income	$ 382,882	$ 146,597
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	1,275,044	1,269,941
Stock-based compensation	83,659	85,555
Deferred income tax expense (benefit)	2,551	(65,184)
Amortization of intangible assets	112,591	121,415
Amortization of financing fees	12,000	11,237
Fair value adjustment of contingent consideration	16,493
Loss from disposal or sale of machinery and equipment	64	29,429
Changes in assets and liabilities
Accounts receivable	617,756	(1,518,722)
Inventories	(7,723,449)	(4,763,160)
Prepaid expenses and other assets	1,309,174	786,280
Refundable income taxes	(193,233)	31,063
Income taxes payable	198,749	43,908
Trade accounts payable	5,755,665	3,052,317
Deferred rent	(58,959)	(50,255)
Accrued expenses and wages	(1,391,718)	(1,044,064)
Net cash provided by (used in) operating activities	399,269	(1,863,643)
Cash flows from investing activities
Purchases of machinery and equipment	(3,823,955)	(1,244,331)
Net cash used in investing activities	(3,823,955)	(1,244,331)
Cash flows from financing activities
Proceeds from the exercise of common stock options	25,542
Proceeds from Employee stock purchases		6,875
Proceeds under equipment note	636,100
Payments of contingent consideration	(45,875)	(81,842)
Payments under capital lease and sale leaseback agreements	(442,472)	(403,687)
Payments under equipment note	(46,640)
Payments under building notes payable	(41,250)	(41,250)
Borrowings under lines of credit	2,676,851	22,052,033
Payments under lines of credit	(858,971)	(18,608,823)
Payments of financing fees	(14,631)
Net cash provided by financing activities	1,888,654	2,923,306
Change in cash and cash equivalents	(1,536,032)	(184,668)
Cash and cash equivalents at beginning of period	3,493,324	4,325,268
Cash and cash equivalents at end of period	1,957,292	4,140,600
Supplementary disclosures of cash flow information
Cash paid for interest	285,391	243,180
Cash paid for income taxes	166,810	112,517
Purchase of machinery and equipment financed under capital leases	653,034	825,025
Financing of insurance policy	$ 81,315	$ 75,011

Basis Of Presentation

Basis Of Presentation	3 Months Ended
	Jul. 31, 2017
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, 2017 is not necessarily indicative of the results that may be expected for the year ending April 30, 2018. 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, 2017.

Inventories, Net

Inventories, Net	3 Months Ended
	Jul. 31, 2017
Inventories, Net [Abstract]
Inventories, Net	Note B - Inventories, net  The components of inventory consist of the following:       July 31, April 30,  2017 2017   Finished products $ 22,006,677 $ 20,291,768  Work-in-process 2,087,011 1,795,852  Raw materials 58,453,987 52,748,542  82,547,675 74,836,162  Less excess and obsolescence reserve (1,252,988) (1,264,924)  $ 81,294,687 $ 73,571,238

Earnings Per Share And Stockhol

Earnings Per Share And Stockholders' Equity	3 Months Ended
	Jul. 31, 2017
Earnings Per Share And Stockholders' Equity [Abstract]
Earnings Per Share And Stockholders' Equity	Note C - Earnings Per Share and Stockholders’ Equity  The following table sets forth the computation of basic and diluted earnings per share:     Three Months Ended  July 31,  2017 2016   Net income $ 382,882 $ 146,597  Weighted-average shares  Basic 4,195,985 4,183,955  Effect of dilutive stock options 73,516 30,580   Diluted 4,269,501 4,214,535   Basic earnings per share $ 0.09 $ 0.04   Diluted earnings per share $ 0.09 $ 0.03  Options to purchase 362, 803 and 367, 963 shares of common stock were outstanding at July 31, 2017 and 2016, respectively. There were no options granted during the three month period ended July 31, 2017 and 2016, respectively. The Company recognized $83, 659 and $83, 673 in stock option expense for the three month period ended July 31, 2017 and 2016, respectively. The balance of unrecognized compensation expense related to the Company’s stock option plans was $0 and $329,210 at July 31, 2017 and 2016, respectively. There were no anti-dilutive common stock equivalents during the three month period ended July 31, 2017. There were 24,123 anti-dilutive common stock equivalents during the three month period ended July 31, 2016 which were excluded from the calculation of diluted earnings per share. On October 1, 2016, the Company issued 11,250 shares of restricted stock pursuant to the 2013 Non-Employee Director Restricted Stock Plan, which fully vested on April 1, 2017. The Company recognized no compensation expense with respect to such shares for the three month period ended July 31, 2017.  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. The ESPP was terminated effective August 15, 2016 . Final purchases under the ESPP were completed on August 31, 2016 . The Company recorded $0 and $1,882 in compensation expense for the three months ended July 31, 2017 and 2016 respectively. The Company recorded $6, 875 to stockholders’ equity relating to purchases under the ESPP for the three months ended July 31, 2016. 

Long-Term Debt

Long-Term Debt	3 Months Ended
	Jul. 31, 2017
Long-Term Debt [Abstract]
Long-Term Debt	Note D - Long-term Debt  Notes Payable – Banks  On March 31, 2017, the Company entered into a $35,000,000 senior secured credit facility with U.S. Bank, N.A., which expires on March 31, 2022 . The credit facility is collateralized by substantially all of the Company’s domestically located assets. The facility allows the Company to choose among interest rates at which it may borrow funds: the fixed rate of four percent or LIBOR plus one and one half percent (effectively 2.75% at July 31, 2017). Interest is due monthly. Under the senior secured credit facility, the Company may borrow up to the lesser of (i) $35,000,000 or (ii) an amount equal to a percentage of the eligible receivable borrowing base plus a percentage of the inventory borrowing base. Deferred financing costs of $207,647 were capitalized in the fourth quarter of fiscal 2017 and will be amortized over the term of the agreement. As of July 31, 2017, there was $24,996,309 outstanding and $10,003,691 of unused availability under the credit facility agreement compared to an outstanding balance of $23,178,429 and $11,821,571 of unused availability at April 30, 2017. At July 31, 2017, the Company was in compliance with its financial covenant and other restricted covenants under the credit facility.  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. could borrow up to 5,000,000 Renminbi and the facility was collateralized by Wujiang SigmaTron Electronics Co., Ltd.’s manufacturing building. Interest was payable monthly and the facility had a fixed interest rate of 6.67% . The facility was due to expire on August 3, 2017 . The credit facility was closed as of March 1, 2017 . There was no outstanding balance under the facility at July 31, 2017 or April 30, 2017.  On March 24, 2017, the Company’s wholly-owned subsidiary, SigmaTron Electronic Technology Co., Ltd., entered into a credit facility with China Construction Bank. Under the agreement SigmaTron Electronic Technology Co., Ltd. can borrow up to 9,000,000 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 6.09% . The term of the facility extends to February 7, 2018 . There was no outstanding balance under the facility at July 31, 2017 or April 30, 2017.  Notes Payable – Buildings  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. 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 3.50% at July 31, 2017) and is payable over a sixty month period. A final payment of Note D - Long-term Debt - Continued  approximately $2,289,500 is due on or before November 8, 2019 . The outstanding balance was $2,546,000 and $2,574,500 at July 31, 2017 and April 30, 2017, 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 $1,083,750 and $1,096,500 at July 31, 2017 and April 30, 2017, respectively.  Note Payable – Equipment  On November 1, 2016, the Company entered into a secured note agreement with Engencap Fin S.A. DE C.V. to finance the purchase of equipment in the amount of $596,987 . The term of the agreement extends to November 1, 2021 with average quarterly payments of $35,060 beginning on February 1, 2017 and a fixed interest rate of 6.65% . The balance outstanding under this note agreement was $537,288 and $567,138 at July 31, 2017 and April 30, 2017, respectively.  On February 1, 2017, the Company entered into a secured note agreement with Engencap Fin S.A. DE C.V. to finance the purchase of equipment in the amount of $335,825 . The term of the agreement extends to February 1, 2022 with average quarterly payments of $20,031 beginning on May 1, 2017 and a fixed interest rate of 7.35% . The balance outstanding under this note agreement was $319,034 and $335,825 at July 31, 2017 and April 30, 2017, respectively.  On June 1, 2017, the Company entered into a secured note agreement with Engencap Fin S.A. DE C.V. to finance the purchase of equipment in the amount of $636,100 . The term of the agreement extends to June 1, 2022 with average quarterly payments of $37,941 beginning on September 1, 2017 and a fixed interest rate of 7.35% . The balance outstanding under this note agreement was $636,100 at July 31, 2017.  Capital Lease and Sales Leaseback Obligations  From October 2013 through June 2017, the Company entered into various capital lease and sales leaseback agreements with Associated Bank, National Association to purchase equipment totaling $6,893,59 6. The terms of the lease agreements extend to September 2018 through May 2022 with monthly installment payments ranging from $1,455 to $40,173 and a fixed interest rate ranging from 3.75% to 4.90% . The balance outstanding under these capital lease agreements was $3,951,842 and $3,627,760 at July 31, 2017 and April 30, 2017, respectively. The net book value of the equipment under these leases was $5,225,480 and $4,713,044 at July 31, 2017 and April 30, 2017, respectively.  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% . The balance outstanding under these capital lease agreements was $1,334,749 and $1,448,269 at July 31, 2017 and April 30, 2017, Note D - Long-term Debt - Continued  respectively. The net book value of the equipment under these leases was $1,893,691 and $1,946,026 at July 31, 2017 and April 30, 2017, respectively.

Goodwill And Other Intangible A

Goodwill And Other Intangible Assets	3 Months Ended
	Jul. 31, 2017
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, 2017 and 2016, respectively.  Other Intangible Assets  Intangible assets subject to amortization are summarized as of July 31, 2017 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 9.83 4,690,000 1,329,320  Backlog - 22,000 22,000  Trade names 14.83 980,000 253,146  Non-compete agreements 1.83 50,000 36,890  Patents - 400,000 400,000  Total $ 8,912,000 $ 4,811,356   Note E - Goodwill and Other Intangible Assets - Continued  Intangible assets subject to amortization are summarized as of April 30, 2017, 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 10.08 4,690,000 1,237,410  Backlog - 22,000 22,000  Trade names 15.08 980,000 240,897  Non-compete agreements 2.08 50,000 35,105  Patents 0.08 400,000 393,353  Total $ 8,912,000 $ 4,698,765   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: 2018 $ 322,452  For the fiscal year ending April 30: 2019 423,721  2020 411,406  2021 403,199  2022 395,578  Thereafter 2,144,288  $ 4,100,644  Amortization expense was $112,591 and $121,415 for the three months ended July 31, 2017 and 2016, 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 payments totaling $273,672 during fiscal year 2017. During fiscal year 2017 the Company decreased the estimated remaining payments expected to be paid under the agreement, which resulted in a decrease of $353,591 to the contingent consideration liability. 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. The Company made one payment in the quarter ended July 31, 2017 in the amount of $45,875 . As of July 31, 2017, the contingent consideration liability was $494,436 compared to $523,818 at April 30, 2017.

Commitments And Contingencies

Commitments And Contingencies	3 Months Ended
	Jul. 31, 2017
Commitments And Contingencies [Abstract]
Commitments And Contingencies	Note F - Commitments and Contingencies  From time to time the Company is involved in legal proceedings, claims or investigations that are incidental to the conduct of 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 cannot be predicted with certainty, based on present information, including management’s assessment of the merits of any particular claim, the Company does not expect that 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, 2017
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 and goodwill, deferred taxes, contingent consideration and other commitments and litigation. 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 in time that title passes under the terms of the purchase order and control passes to the customer. 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 in time 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 cost. 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. 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 records these inventory reserves against the 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 results differing from these estimates could significantly affect the Company’s inventories and cost of products sold as the inventory is sold or otherwise relieved.  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, “Intangibles – Goodwill and Other,” 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, 2017 and determined no impairment existed as of that date. The step one analysis was performed using a combination of a market approach and an income approach based on a discounted cash flow approach. The Company did no t note any triggering events that might indicate an impairment during the three month period ended July 31, 2017.  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 first performs an impairment review 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. If the carrying value exceeds the undiscounted cash flows, the Company records an impairment, if any, for the difference between the estimated fair value of the asset group and its carrying value. The Company further conducts annual reviews for idle and underutilized equipment, and reviews business plans for possible impairment. As of July 31, 2017, 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  Note G - Critical Accounting Policies - Continued  judgments and estimates by management are required in determining the consolidated income tax expense assessment.  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 Company established a valuation allowance of $78,100 related to its foreign tax credit carry-forward at April 30, 2017. The Company did no t change the previous valuation allowance or establish any new valuation allowances at July 31, 2017.  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 2017 financial statements to conform to the 2018 presentation. There was no change to net income.   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" (Topic 606) which supersedes the revenue recognition requirements in ASC 605, “ Revenue Recognition” . This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue. In August 2015, the FASB amended the effective date to be annual reporting periods beginning after December 15, 2017, including interim periods within that year (effective the first quarter of the Company’s fiscal year ending April 30, 2019), with early adoption permitted for annual reporting periods beginning after December 15, 2016 including the interim period within that year. The FASB issued several amendments clarifying various aspects of the ASU, including revenue transactions that involve a third party, goods or services that are immaterial in the context of the contract and licensing arrangements. ASC 606 may be adopted on either a full retrospective or modified retrospective basis. The Company plans to adopt the ASU effective the first quarter of fiscal year ending April 30, 2019. As the new standard will supersede all existing revenue guidance affecting the Company, it could impact the timing and amounts of revenue and costs recognized from customer contracts. The Company continues to evaluate the impact that adoption of the standard will have on its consolidated financial statements including the preparation of expanded disclosures. The Company plans to select a transition method as part of its implementation plan by the end of the current fiscal year.  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 and prospective application is required. The Company adopted the ASU on May 1, 2017 and the adoption did not have an impact on our consolidated financial position or results of operations.  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 Note G - Critical Accounting Policies - Continued  standard on its consolidated financial statements, the Company expects that upon adoption in the fiscal year ending April 30, 2020, 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 adopted the ASU on May 1, 2017. Effective with the adoption of the ASU all share-based awards continue to be accounted for as equity awards, excess tax benefits recognized on stock-based compensation expense are reflected in the consolidated statements of income as a component of the provision for income taxes on a prospective basis, excess tax benefits recognized on stock-based compensation expense are classified as an operating activity in the consolidated statements of cash flows on a prospective basis and the Company has elected to continue to estimate expected forfeitures over the course of a vesting period. The adoption of the ASU had no impact on the retained earnings, other components of equity or net assets as of the beginning of the period of adoption.  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.  In August 2016, the FASB issued ASU Update No. 2016-15, “Statement of Cash Flows- Classification of Certain Cash Receipts and Cash Payments, ” which is intended to reduce diversity in practice in how certain transactions are classified in the statements of cash flows. This update will be effective for fiscal years beginning after December 15, 2017 (the Company’s fiscal year ending April 30, 2019), and interim periods within those fiscal years. Early adoption is permitted, provided that all of the amendments are adopted in the same period. The guidance requires application using a retrospective transition method. The Company plans to adopt the ASU in its fiscal year ending April 30, 2019 using the retrospective transition method. The Company does not expect the impact of the adoption of this ASU to have a material impact on the Company’s Consolidated Statements of Cash Flows. Note G - Critical Accounting Policies - Continued  In January 2017, the FASB issued ASU No. 2017-04, “ Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment ,” which removes the step 2 requirement to perform a hypothetical purchase price allocation to measure goodwill impairment. Goodwill impairment will now be the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the recorded amount of goodwill. This guidance is effective for public companies for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019, and early adoption is permitted. The Company does not expect this guidance to have a significant impact on its financial statements and plans to adopt ASU No. 2017-04 in its fiscal year ending April 30, 2018.  In January 2017, the FASB issued ASU No. 2017-01, “ Business Combinations (Topic 805): Clarifying the Definition of a Business ,” which clarifies the definition of a business when evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. For public companies, this ASU is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. The Company plans to adopt this ASU in the first quarter of its fiscal year ending April 30, 2019. The Company will apply the clarified definition of a business, as applicable, from the period of adoption.

Related Parties

Related Parties	3 Months Ended
	Jul. 31, 2017
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, 2017, the Company had an outstanding note receivable and account receivable from that customer of approximately $888,000 and $1,429,000 , respectively, compared to an outstanding note receivable and account receivable of approximately $888,000 and $1,271,000 , respectively, at April 30, 2017. As of July 31, 2017, inventory on hand related to this customer approximated $220,000 compared to $310,000 at April 30, 2017. Sales to this customer have not been material for the three months ended July 31, 2017 or during fiscal year 2017.  On January 29, 2016, the Company entered into a memorandum of understanding with this customer. Under the subsequent agreement, effective January 29, 2016, the then 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 was scheduled to mature 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.  On December 6, 2016, the Company extended the maturity of the promissory note to July 31, 2017 . The promissory note continues to bear interest at the rate of 8% per annum, payable Note H - Related Parties - Continued  monthly. As consideration, the Company received additional warrants under the agreement, which the Company currently believes have nil value.  On August 25, 2017, effective as of July 31, 2017, the Company and the customer entered into a new forbearance agreement. The Company agreed to extend the maturity of the promissory note and forbear exercising its remedies until the earliest of a capital raise , the sale of the customer, or October 31, 2017, and to fund the customer’s operations while the customer explores its options by advancing a maximum of $315,000 through October 31, 2017, pursuant to a new promissory note that bears interest at 8% per annum. Additionally, should the customer’s business be sold at a price exceeding the amount necessary to pay its creditors, the Company would receive a fee in addition to the debt owed to the Company. The customer is obligated to pay proceeds of an account receivable to the Company on receipt, expected in October. The forbearance period and maturity date of the notes expire on the earliest of a capital raise, the sale of the customer or October 31, 2017 , but the Company has a unilateral right to extend the forbearance period and maturity of the notes and to make additional advances.  Management continues to assess whether the recorded accounts receivable, notes receivable and inventory are recoverable and whether reserves are necessary. This assessment includes (1) the customer’s successful efforts to raise capital in the past; (2) orders that continue to come in from large big-box and online customers; and (3) an assessment of the value of the customer by an investment banker with significant experience in the customer’s industry. The Company retains its priority position as a secured creditor in a potential sale, liquidation or bankruptcy filing by or against the customer. Based on these factors, the Company believes the accounts receivable, notes receivable and inventory are recoverable. However, in the event that the customer fails to sell its business or raise additional capital in the short term, the Company may not receive payment in full of the obligations owed by the customer or payments by the customer to the Company may be further delayed. The Company will continue to monitor and assess any need to record a reserve against this obligation.

Critical Accounting Policies (P

Critical Accounting Policies (Policy)	3 Months Ended
	Jul. 31, 2017
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 and goodwill, deferred taxes, contingent consideration and other commitments and litigation. 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 in time that title passes under the terms of the purchase order and control passes to the customer. 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 in time 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 cost. 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. 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 records these inventory reserves against the 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 results differing from these estimates could significantly affect the Company’s inventories and cost of products sold as the inventory is sold or otherwise relieved.
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, “Intangibles – Goodwill and Other,” 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, 2017 and determined no impairment existed as of that date. The step one analysis was performed using a combination of a market approach and an income approach based on a discounted cash flow approach. The Company did no t note any triggering events that might indicate an impairment during the three month period ended July 31, 2017.
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 first performs an impairment review 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. If the carrying value exceeds the undiscounted cash flows, the Company records an impairment, if any, for the difference between the estimated fair value of the asset group and its carrying value. The Company further conducts annual reviews for idle and underutilized equipment, and reviews business plans for possible impairment. As of July 31, 2017, there were no indicators of possible impairment of long-lived assets.
Income Taxes	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  Note G - Critical Accounting Policies - Continued  judgments and estimates by management are required in determining the consolidated income tax expense assessment.  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 Company established a valuation allowance of $78,100 related to its foreign tax credit carry-forward at April 30, 2017. The Company did no t change the previous valuation allowance or establish any new valuation allowances at July 31, 2017.  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 2017 financial statements to conform to the 2018 presentation. There was no change to net income.  
New Accounting Standards	New Accounting Standards:  In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, "Revenue from Contracts with Customers" (Topic 606) which supersedes the revenue recognition requirements in ASC 605, “ Revenue Recognition” . This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue. In August 2015, the FASB amended the effective date to be annual reporting periods beginning after December 15, 2017, including interim periods within that year (effective the first quarter of the Company’s fiscal year ending April 30, 2019), with early adoption permitted for annual reporting periods beginning after December 15, 2016 including the interim period within that year. The FASB issued several amendments clarifying various aspects of the ASU, including revenue transactions that involve a third party, goods or services that are immaterial in the context of the contract and licensing arrangements. ASC 606 may be adopted on either a full retrospective or modified retrospective basis. The Company plans to adopt the ASU effective the first quarter of fiscal year ending April 30, 2019. As the new standard will supersede all existing revenue guidance affecting the Company, it could impact the timing and amounts of revenue and costs recognized from customer contracts. The Company continues to evaluate the impact that adoption of the standard will have on its consolidated financial statements including the preparation of expanded disclosures. The Company plans to select a transition method as part of its implementation plan by the end of the current fiscal year.  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 and prospective application is required. The Company adopted the ASU on May 1, 2017 and the adoption did not have an impact on our consolidated financial position or results of operations.  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 Note G - Critical Accounting Policies - Continued  standard on its consolidated financial statements, the Company expects that upon adoption in the fiscal year ending April 30, 2020, 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 adopted the ASU on May 1, 2017. Effective with the adoption of the ASU all share-based awards continue to be accounted for as equity awards, excess tax benefits recognized on stock-based compensation expense are reflected in the consolidated statements of income as a component of the provision for income taxes on a prospective basis, excess tax benefits recognized on stock-based compensation expense are classified as an operating activity in the consolidated statements of cash flows on a prospective basis and the Company has elected to continue to estimate expected forfeitures over the course of a vesting period. The adoption of the ASU had no impact on the retained earnings, other components of equity or net assets as of the beginning of the period of adoption.  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.  In August 2016, the FASB issued ASU Update No. 2016-15, “Statement of Cash Flows- Classification of Certain Cash Receipts and Cash Payments, ” which is intended to reduce diversity in practice in how certain transactions are classified in the statements of cash flows. This update will be effective for fiscal years beginning after December 15, 2017 (the Company’s fiscal year ending April 30, 2019), and interim periods within those fiscal years. Early adoption is permitted, provided that all of the amendments are adopted in the same period. The guidance requires application using a retrospective transition method. The Company plans to adopt the ASU in its fiscal year ending April 30, 2019 using the retrospective transition method. The Company does not expect the impact of the adoption of this ASU to have a material impact on the Company’s Consolidated Statements of Cash Flows. Note G - Critical Accounting Policies - Continued  In January 2017, the FASB issued ASU No. 2017-04, “ Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment ,” which removes the step 2 requirement to perform a hypothetical purchase price allocation to measure goodwill impairment. Goodwill impairment will now be the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the recorded amount of goodwill. This guidance is effective for public companies for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019, and early adoption is permitted. The Company does not expect this guidance to have a significant impact on its financial statements and plans to adopt ASU No. 2017-04 in its fiscal year ending April 30, 2018.  In January 2017, the FASB issued ASU No. 2017-01, “ Business Combinations (Topic 805): Clarifying the Definition of a Business ,” which clarifies the definition of a business when evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. For public companies, this ASU is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. The Company plans to adopt this ASU in the first quarter of its fiscal year ending April 30, 2019. The Company will apply the clarified definition of a business, as applicable, from the period of adoption.

Inventories, Net (Tables)

Inventories, Net (Tables)	3 Months Ended
	Jul. 31, 2017
Inventories, Net [Abstract]
Components Of Inventory	   July 31, April 30,  2017 2017   Finished products $ 22,006,677 $ 20,291,768  Work-in-process 2,087,011 1,795,852  Raw materials 58,453,987 52,748,542  82,547,675 74,836,162  Less excess and obsolescence reserve (1,252,988) (1,264,924)  $ 81,294,687 $ 73,571,238 

Earnings Per Share And Stockh16

Earnings Per Share And Stockholders' Equity (Tables)	3 Months Ended
	Jul. 31, 2017
Earnings Per Share And Stockholders' Equity [Abstract]
Computation Of Basic And Diluted Earnings Per Share	  Three Months Ended  July 31,  2017 2016   Net income $ 382,882 $ 146,597  Weighted-average shares  Basic 4,195,985 4,183,955  Effect of dilutive stock options 73,516 30,580   Diluted 4,269,501 4,214,535   Basic earnings per share $ 0.09 $ 0.04   Diluted earnings per share $ 0.09 $ 0.03 

Goodwill And Other Intangible17

Goodwill And Other Intangible Assets (Tables)	3 Months Ended
	Jul. 31, 2017
Goodwill And Other Intangible Assets [Abstract]
Summary Of Intangible Assets Subject To Amortization	Intangible assets subject to amortization are summarized as of July 31, 2017 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 9.83 4,690,000 1,329,320  Backlog - 22,000 22,000  Trade names 14.83 980,000 253,146  Non-compete agreements 1.83 50,000 36,890  Patents - 400,000 400,000  Total $ 8,912,000 $ 4,811,356   Note E - Goodwill and Other Intangible Assets - Continued  Intangible assets subject to amortization are summarized as of April 30, 2017, 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 10.08 4,690,000 1,237,410  Backlog - 22,000 22,000  Trade names 15.08 980,000 240,897  Non-compete agreements 2.08 50,000 35,105  Patents 0.08 400,000 393,353  Total $ 8,912,000 $ 4,698,765 
Estimated Aggregate Amortization Expense	   For the remaining 9 months of the fiscal year ending April 30: 2018 $ 322,452  For the fiscal year ending April 30: 2019 423,721  2020 411,406  2021 403,199  2022 395,578  Thereafter 2,144,288  $ 4,100,644 

Inventories, Net (Components Of

Inventories, Net (Components Of Inventory) (Details) - USD ($)	Jul. 31, 2017	Apr. 30, 2017
Inventories, Net [Abstract]
Finished products	$ 22,006,677	$ 20,291,768
Work-in-process	2,087,011	1,795,852
Raw materials	58,453,987	52,748,542
Total inventory, gross	82,547,675	74,836,162
Less excess and obsolescence reserve	(1,252,988)	(1,264,924)
Total inventory, net	$ 81,294,687	$ 73,571,238

Earnings Per Share And Stockh19

Earnings Per Share And Stockholders' Equity (Narrative) (Details) - USD ($)	Oct. 01, 2016	Jul. 31, 2017	Jul. 31, 2016
Earnings Per Share And Stockholders' Equity [Line Items]
Common stock shares were outstanding		362,803	367,963
Options granted		0	0
Stock option expense		$ 83,659	$ 83,673
Balance of unrecognized compensation expense related to stock options plans		$ 0	$ 329,210
Anti-dilutive common stock excluded from the calculation of diluted earnings per share		0	24,123
ESPP compensation expense		$ 0	$ 1,882
Employee Stock Purchase Plan [Member]
Earnings Per Share And Stockholders' Equity [Line Items]
Shares of common stock for issuance		500,000
Additional shares of common stock for issuance each fiscal year		25,000
ESPP termination date		Aug. 15, 2016
ESPP final purchase date		Aug. 31, 2016
Stockholders' equity relating to purchases under the ESPP			$ 6,875
Restricted Stock [Member] | 2013 Non-Employee Director Restricted Stock Plan [Member]
Earnings Per Share And Stockholders' Equity [Line Items]
Shares of restricted stock granted	11,250
Restricted stock, fully vest date	Apr. 1, 2017
Restricted stock expense		$ 0

Earnings Per Share And Stockh20

Earnings Per Share And Stockholders' Equity (Computation Of Basic And Diluted Earnings Per Share) (Details) - USD ($)	3 Months Ended
	Jul. 31, 2017	Jul. 31, 2016
Earnings Per Share And Stockholders' Equity [Abstract]
Net income	$ 382,882	$ 146,597
Weighted average shares, Basic	4,195,985	4,183,955
Weighted-average shares, Effect of dilutive stock options	73,516	30,580
Weighted-average shares, Diluted	4,269,501	4,214,535
Basic earnings per share	$ 0.09	$ 0.04
Diluted earnings per share	$ 0.09	$ 0.03

Long-Term Debt (Narrative) (Det

Long-Term Debt (Narrative) (Details)

Jun. 01, 2017USD ($)

Mar. 31, 2017USD ($)

Mar. 24, 2017CNY (¥)

Feb. 01, 2017USD ($)

Nov. 01, 2016USD ($)

Aug. 04, 2015CNY (¥)

Nov. 24, 2014USD ($)

Oct. 24, 2013USD ($)

Jan. 08, 2010USD ($)

Jul. 31, 2017USD ($)

Jul. 31, 2015USD ($)

Jul. 31, 2016USD ($)

Apr. 30, 2017USD ($)

Debt Instrument [Line Items]

Other long-term liabilities

$ 1,040,916

$ 991,017

Associated Bank, National Association [Member] | Capital Lease Obligations [Member]

Debt Instrument [Line Items]

Total equipment purchased under the capital lease

$ 689,359

Outstanding amount under capital lease

3,951,842

3,627,760

Net book value of capital leased assets

5,225,480

4,713,044

CIT Finance LLC [Member] | Capital Lease Obligations [Member]

Debt Instrument [Line Items]

Total equipment purchased under the capital lease

$ 2,512,051

Outstanding amount under capital lease

1,334,749

1,448,269

Net book value of capital leased assets

$ 1,893,691

1,946,026

Wells Fargo Bank [Member] | Notes Payable - Buildings [Member] | Corporate Headquarters And Manufacturing Facility [Member]

Debt Instrument [Line Items]

Mortgage agreement, amount

$ 2,500,000

Mortgage agreement, final payment

$ 2,289,500

Mortgage agreement, maturity date

Nov. 8, 2019

Mortgage agreement, monthly principal payment

$ 9,500

Mortgage agreement, payable period

60 months

Outstanding amount

$ 2,546,000

2,574,500

Wells Fargo Bank [Member] | Notes Payable - Buildings [Member] | Engineering And Design Center [Member]

Debt Instrument [Line Items]

Mortgage agreement, 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

$ 1,083,750

1,096,500

Wells Fargo Bank [Member] | LIBOR [Member] | Notes Payable - Buildings [Member] | Corporate Headquarters And Manufacturing Facility [Member]

Debt Instrument [Line Items]

Mortgage agreement, interest rate

2.25%

Mortgage agreement, effective interest rate

3.50%

U.S. Bank [Member] | Senior Secured Credit Facility [Member] | Notes Payable - Banks [Member]

Debt Instrument [Line Items]

Credit facility credit limit

$ 35,000,000

Expiration date

Mar. 31, 2022

Fixed interest rate

4.00%

Variable interest rate

1.50%

Effective interest rate

2.75%

Deferred financing costs

207,647

Outstanding balance under the credit facility

$ 24,996,309

23,178,429

Unused availability under the credit facility

10,003,691

11,821,571

Engencap Fin S.A. DE C.V. [Member] | Notes Payable - Equipment 1 [Member] | Equipment [Member]

Debt Instrument [Line Items]

Fixed interest rate

6.65%

Secured note agreement amount

$ 596,987

Term extended agreement date

Nov. 1, 2021

Average quarterly payment under secured note agreement

$ 35,060

Secured note agreement, first payment date

Feb. 1, 2017

Outstanding amount under note agreement

537,288

567,138

Engencap Fin S.A. DE C.V. [Member] | Notes Payable - Equipment 2 [Member] | Equipment [Member]

Debt Instrument [Line Items]

Fixed interest rate

7.35%

Secured note agreement amount

$ 335,825

Term extended agreement date

Feb. 1, 2022

Average quarterly payment under secured note agreement

$ 20,031

Secured note agreement, first payment date

May 1, 2017

Outstanding amount under note agreement

319,034

335,825

Engencap Fin S.A. DE C.V. [Member] | Notes Payable - Equipment 3 [Member] | Equipment [Member]

Debt Instrument [Line Items]

Fixed interest rate

7.35%

Secured note agreement amount

$ 636,100

Term extended agreement date

Jun. 1, 2022

Average quarterly payment under secured note agreement

$ 37,941

Secured note agreement, first payment date

Sep. 1, 2017

Outstanding amount under note agreement

$ 636,100

Minimum [Member] | Associated Bank, National Association [Member] | Capital Lease Obligations [Member]

Debt Instrument [Line Items]

Lease financing agreement date

Sep. 1, 2018

Payments under capital lease

$ 1,455

Fixed interest rate under capital lease

3.75%

Minimum [Member] | CIT Finance LLC [Member] | Capital Lease Obligations [Member]

Debt Instrument [Line Items]

Lease financing agreement date

Mar. 1, 2019

Payments under capital lease

$ 1,931

Fixed interest rate under capital lease

5.65%

Maximum [Member] | Associated Bank, National Association [Member] | Capital Lease Obligations [Member]

Debt Instrument [Line Items]

Lease financing agreement date

May 1, 2022

Payments under capital lease

$ 40,173

Fixed interest rate under capital lease

4.90%

Maximum [Member] | CIT Finance LLC [Member] | Capital Lease Obligations [Member]

Debt Instrument [Line Items]

Lease financing agreement date

Jul. 1, 2020

Payments under capital lease

$ 12,764

Fixed interest rate under capital lease

6.50%

Foreign Subsidiaries [Member] | China Construction Bank [Member] | Credit Facility [Member] | Notes Payable - Banks [Member]

Debt Instrument [Line Items]

Credit facility credit limit | ¥

¥ 9,000,000

¥ 5,000,000

Expiration date

Feb. 7, 2018

Aug. 3, 2017

Closed credit facility date

Mar. 1, 2017

Fixed interest rate

6.09%

6.67%

Outstanding balance under the credit facility

$ 0

$ 0

Goodwill And Other Intangible22

Goodwill And Other Intangible Assets (Narrative) (Details)	3 Months Ended		12 Months Ended
	Jul. 31, 2017USD ($)item	Jul. 31, 2016USD ($)	Apr. 30, 2017USD ($)	Apr. 30, 2016USD ($)	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	$ 112,591	$ 121,415
Fully amortized year	2,032
Adjustment on contingent consideration liability	$ 16,493
Spitfire [Member]
Goodwill [Line Items]
Estimated fair value of contingent consideration					$ 2,320,000
Total payment for business acquisition			273,672	$ 342,162
Adjustment on contingent consideration liability			(353,591)
Number of quarterly payments for consideration with the Spitfire aquisition | item	1
Quarterly payment for business acquisition	$ 45,875
Contingent consideration liability	$ 494,436		$ 523,818

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, 2017	Apr. 30, 2017
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 8,912,000	$ 8,912,000
Accumulated Amortization	4,811,356	4,698,765
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	9 years 9 months 29 days	10 years 29 days
Gross Carrying Amount	$ 4,690,000	$ 4,690,000
Accumulated Amortization	1,329,320	1,237,410
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	14 years 9 months 29 days	15 years 29 days
Gross Carrying Amount	$ 980,000	$ 980,000
Accumulated Amortization	$ 253,146	$ 240,897
Spitfire [Member] | Non-Compete Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Amortization Period	1 year 9 months 29 days	2 years 29 days
Gross Carrying Amount	$ 50,000	$ 50,000
Accumulated Amortization	36,890	$ 35,105
Spitfire [Member] | Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Amortization Period		29 days
Gross Carrying Amount	400,000	$ 400,000
Accumulated Amortization	$ 400,000	$ 393,353

Goodwill And Other Intangible24

Goodwill And Other Intangible Assets (Estimated Aggregate Amortization Expense) (Details) - USD ($)	Jul. 31, 2017	Apr. 30, 2017
Goodwill And Other Intangible Assets [Abstract]
For the remaining 9 months of the fiscal year ending April 30, 2018	$ 322,452
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
For the fiscal year ending April 30, 2022	395,578
Thereafter	2,144,288
Total	$ 4,100,644	$ 4,213,235

Critical Accounting Policies (N

Critical Accounting Policies (Narrative) (Details) - USD ($)	Feb. 01, 2017	Jul. 31, 2017	Apr. 30, 2017
Summary Of Critical Accounting Policies [Line Items]
Goodwill impairment	$ 0	$ 0
Long-lived assets impairment		$ 0
Cumulative operating income/loss, in years		3 years
Valuation allowances		$ 0	$ 78,100
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)	Dec. 06, 2016	Jan. 29, 2016USD ($)$ / shares	Jul. 31, 2017USD ($)	Apr. 30, 2017USD ($)	Mar. 31, 2015employee
Related Party Transaction [Line Items]
Outstanding note receivable from related parties			$ 888,000	$ 888,000
Outstanding account receivable from related parties			1,429,000	1,271,000
Inventory on hand from related parties			$ 220,000	$ 310,000
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
Promissory Note [Member] | Extended Maturity [Member]
Related Party Transaction [Line Items]
Maturity date	Jul. 31, 2017
Promissory Note [Member] | Extended Interest Rate [Member]
Related Party Transaction [Line Items]
Interest rate	8.00%
Promissory Note [Member] | Forbearance Agreement [Member]
Related Party Transaction [Line Items]
Interest rate			8.00%
Maturity date			Oct. 31, 2017
Fund to related parties			$ 315,000
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%