Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Jan. 31, 2018 | Mar. 09, 2018 | |
Document Information [Line Items] | ||
Entity Registrant Name | BUTLER NATIONAL CORP | |
Entity Central Index Key | 15,847 | |
Trading Symbol | buks | |
Current Fiscal Year End Date | --04-30 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 63,998,885 | |
Document Type | 10-Q | |
Document Period End Date | Jan. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jan. 31, 2018 | Apr. 30, 2017 |
CURRENT ASSETS: | ||
Cash | $ 5,121 | $ 6,389 |
Accounts receivable | 1,944 | 4,095 |
Inventories | ||
Raw materials | 6,358 | 5,644 |
Work in process | 1,632 | 1,174 |
Finished goods | 30 | 39 |
Total inventory | 8,020 | 6,857 |
Prepaid expenses and other current assets | 1,116 | 994 |
Total current assets | 16,201 | 18,335 |
PROPERTY, PLANT AND EQUIPMENT: | ||
Land and building | 5,197 | 5,132 |
Aircraft | 5,888 | 5,888 |
Machinery and equipment | 3,843 | 3,639 |
Office furniture and fixtures | 7,000 | 6,497 |
Leasehold improvements | 4,032 | 4,032 |
25,960 | 25,188 | |
Accumulated depreciation | (15,463) | (14,506) |
Total property, plant and equipment | 10,497 | 10,682 |
SUPPLEMENTAL TYPE CERTIFICATES (net of accumulated amortization of $4,959 at January 31, 2018 and $4,345 at April 30, 2017) | 6,524 | 6,354 |
OTHER ASSETS: | ||
Deferred tax asset | 651 | 925 |
Other assets (net of accumulated amortization of $7,941 at January 31, 2018 and $6,904 at April 30, 2017) | 5,725 | 6,482 |
Total other assets | 6,376 | 7,407 |
Total assets | 39,598 | 42,778 |
CURRENT LIABILITIES: | ||
Promissory notes | 2,495 | 2,604 |
Current maturities of long-term debt | 1,722 | 2,297 |
Accounts payable | 1,425 | 1,919 |
Customer deposits | 742 | 892 |
Gaming facility mandated payment | 905 | 1,227 |
Compensation and compensated absences | 1,158 | 1,478 |
Income tax payable | 589 | |
Other current liabilities | 268 | 129 |
Total current liabilities | 8,715 | 11,135 |
LONG-TERM DEBT, NET OF CURRENT MATURITIES | 2,127 | 3,347 |
Total liabilities | 10,842 | 14,482 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY: | ||
Common stock, par value $.01: authorized 100,000,000 shares issued 65,273,896 and outstanding 63,998,885 shares at January 31, 2018 and issued 65,273,896 shares and outstanding 64,543,550 shares at April 30, 2017 | 652 | 652 |
Capital contributed in excess of par | 13,980 | 13,980 |
Treasury stock at cost, 1,275,011 shares at January 31, 2018, and 730,346 shares at April 30, 2017 | (906) | (764) |
Retained earnings | 10,061 | 9,719 |
Total stockholders' equity Butler National Corporation | 23,787 | 23,587 |
Noncontrolling interest in BHCMC, LLC | 4,969 | 4,709 |
Total stockholders' equity | 28,756 | 28,296 |
Total liabilities and stockholders' equity | 39,598 | 42,778 |
Preferred Class A [Member] | ||
STOCKHOLDERS' EQUITY: | ||
Preferred stock | ||
Preferred Class B [Member] | ||
STOCKHOLDERS' EQUITY: | ||
Preferred stock |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Jan. 31, 2018 | Apr. 30, 2017 | |
Supplemental type certificates, accumulated amortization | $ 4,959 | $ 4,345 |
Other assets, accumulated amortization | $ 7,941 | $ 6,904 |
Preferred stock, par value (in dollars per share) | $ 5 | $ 5 |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 65,273,896 | 65,273,896 |
Common stock, shares outstanding (in shares) | 63,998,885 | 64,543,550 |
Treasury stock, shares (in shares) | 1,275,011 | 730,346 |
Preferred Class A [Member] | ||
Preferred stock, stated value (in dollars per share) | $ 100 | $ 100 |
Preferred stock, dividend rate | 9.80% | 9.80% |
Preferred stock, liquidation value | $ 100 | $ 100 |
Preferred stock, redemption value | $ 100 | $ 100 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Preferred stock, designated classes (in shares) | 200,000 | 200,000 |
Preferred Class B [Member] | ||
Preferred stock, stated value (in dollars per share) | $ 1,000 | $ 1,000 |
Preferred stock, dividend rate | 6.00% | 6.00% |
Preferred stock, liquidation value | $ 1,000 | $ 1,000 |
Preferred stock, redemption value | $ 1,000 | $ 1,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Preferred stock, designated classes (in shares) | 200,000 | 200,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | |
REVENUE: | ||||
Professional Services | $ 7,559 | $ 7,202 | $ 22,340 | $ 22,407 |
Aerospace Products | 3,451 | 4,093 | 11,476 | 13,090 |
Total revenue | 11,010 | 11,295 | 33,816 | 35,497 |
COSTS AND EXPENSES: | ||||
Cost of Professional Services | 4,747 | 4,729 | 14,344 | 13,899 |
Cost of Aerospace Products | 2,636 | 2,985 | 8,469 | 9,554 |
Marketing and advertising | 920 | 1,145 | 2,729 | 3,229 |
Employee benefits | 480 | 483 | 1,416 | 1,397 |
Depreciation and amortization | 362 | 496 | 1,344 | 1,510 |
General, administrative and other | 1,426 | 1,335 | 4,112 | 3,912 |
Total costs and expenses | 10,571 | 11,173 | 32,414 | 33,501 |
OPERATING INCOME | 439 | 122 | 1,402 | 1,996 |
OTHER INCOME (EXPENSE): | ||||
Interest expense | (83) | (95) | (250) | (319) |
Other income (expense), net | 1 | 1 | (18) | |
Total other expense | (82) | (95) | (249) | (337) |
INCOME BEFORE INCOME TAXES | 357 | 27 | 1,153 | 1,659 |
PROVISION FOR INCOME TAXES | ||||
Deferred income tax expense | 8 | 426 | ||
Provision for income taxes | 10 | 191 | ||
NET INCOME | 347 | 19 | 962 | 1,233 |
Net income attributable to noncontrolling interest in BHCMC, LLC | (327) | (5) | (620) | (477) |
NET INCOME ATTRIBUTABLE TO BUTLER NATIONAL CORPORATION | $ 20 | $ 14 | $ 342 | $ 756 |
BASIC EARNINGS PER COMMON SHARE (in dollars per share) | $ 0 | $ 0 | $ 0.01 | $ 0.01 |
WEIGHTED AVERAGE SHARES USED IN PER SHARE CALCULATION (in shares) | 64,506,986 | 63,416,953 | 64,531,138 | 63,416,953 |
DILUTED EARNINGS PER COMMON SHARE (in dollars per share) | $ 0 | $ 0 | $ 0.01 | $ 0.01 |
WEIGHTED AVERAGE SHARES USED IN PER SHARE CALCULATION (in shares) | 64,506,986 | 63,416,953 | 64,531,138 | 63,416,953 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 962 | $ 1,233 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 2,608 | 2,694 |
Changes in assets and liabilities | ||
Accounts receivable | 2,151 | (1,456) |
Inventories | (1,163) | 308 |
Prepaid expenses and other current assets | (124) | (300) |
Deferred tax asset | 274 | 426 |
Accounts payable | (494) | (488) |
Customer deposits | (150) | 1,821 |
Accrued liabilities | (909) | (264) |
Gaming facility mandated payment | (322) | (362) |
Other current liabilities | 139 | 141 |
Net cash provided by operating activities | 2,972 | 3,753 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures | (1,834) | (1,957) |
Net cash used in investing activities | (1,834) | (1,957) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Repayments of promissory notes, net | (109) | (1,731) |
Borrowings of long-term debt | 213 | |
Repayments of long-term debt | (1,795) | (1,966) |
Distribution to non-controlling member | (360) | (360) |
Purchase of Treasury Stock | (142) | (10) |
Net cash used in financing activities | (2,406) | (3,854) |
NET DECREASE IN CASH | (1,268) | (2,058) |
CASH, beginning of period | 6,389 | 7,381 |
CASH, end of period | 5,121 | 5,323 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Interest paid | 250 | 321 |
Income taxes paid | $ 609 |
Note 1 - Organization, Consolid
Note 1 - Organization, Consolidated and Presentation of Financial Statements | 9 Months Ended |
Jan. 31, 2018 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. 10 8 X not 10 April 30, 2017. three nine January 31, 2018 not may April 30, 2018. Certain reclassifications within the condensed financial statement captions have been made to maintain consistency in presentation between years. These reclassifications have no In May 2014, No. 2014 09, 606 December 15, 2017 December 15, 2016. two ’s first 2019. In February 2016, 2016 02, 842 2016 02 2016 02 December 15, 2018, no |
Note 2 - Net Income Per Share
Note 2 - Net Income Per Share | 9 Months Ended |
Jan. 31, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 2. Per Share: Butler National Corporation ("the Company”) follows ASC 260 260, January 31, 2018 63,998,885. |
Note 3 - Inventories
Note 3 - Inventories | 9 Months Ended |
Jan. 31, 2018 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 3. first first Inventory obsolescence is examined on a regular basis. When determining our estimate of obsolescence we consider inventory that has been inactive for five January 31, 2018 April 30, 2017, $1,177 $1,177 |
Note 4 - Research and Developme
Note 4 - Research and Development | 9 Months Ended |
Jan. 31, 2018 | |
Notes to Financial Statements | |
Research, Development, and Computer Software Disclosure [Text Block] | 4. nine January 31, 2018 2017 $1,336 $1,151 |
Note 5 - Debt
Note 5 - Debt | 9 Months Ended |
Jan. 31, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 5. January 31, 2018, $5,000. January 31, 2018 $2,505. first second At January 31, 2018, one $306. 2020. There are three $348 March 2019. One note totaling $263 June 2019. At January 31, 2018, one $85. April 2022. BHCMC arranged to acquire additional gaming machines for ownership by the Kansas Lottery. The balance of these financed payables is $103. One note secured by all of the BNSC assets and compensation due under the State Management contract totals $2,744 May 2020. We are not January 31, 2018. We believe that our current banks will provide the necessary capital for our business operations. However, we continue to maintain contact with other banks that have an interest in funding our working capital needs to continue our growth in operations in 2018 |
Note 6 - Other Assets
Note 6 - Other Assets | 9 Months Ended |
Jan. 31, 2018 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 6. $5,500 $5,290 $1,417 $1,459. BHCMC expects the $5,500 December 2024. no three fifteen |
Note 7 - Stock Options and Ince
Note 7 - Stock Options and Incentive Plans | 9 Months Ended |
Jan. 31, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 7. January 31, 2018 no In November 2016, 2016 may 12.5 No |
Note 8 - Stock Repurchase Progr
Note 8 - Stock Repurchase Program | 9 Months Ended |
Jan. 31, 2018 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | 8. In December 2016, $500 ’s management based on market conditions and other factors. The program is currently authorized through May 1, 2018. The table below provides information with respect to common stock purchases by the Company through January 31, 2018. Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs Program authorization $ 500 Quarter ended January 31, 2017 (a) 49,920 $ 0.20 49,920 $ 490 Quarter ended April 30, 2017 80,426 $ 0.27 80,426 $ 468 Quarter ended July 31, 2017 - $ - - $ 468 Quarter ended October 31, 2017 8,607 $ 0.30 8,607 $ 465 Quarter ended January 31, 2018 (b) 536,058 $ 0.26 536,058 $ 326 Total 675,011 $ 0.26 675,011 (a) 49,920 (b) 536,058 |
Note 9 - Subsequent Events
Note 9 - Subsequent Events | 9 Months Ended |
Jan. 31, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 9. Subsequent Events: The Company evaluated its January 31, 2018 not |
Note 8 - Stock Repurchase Pro15
Note 8 - Stock Repurchase Program (Tables) | 9 Months Ended |
Jan. 31, 2018 | |
Notes Tables | |
Class of Treasury Stock [Table Text Block] | Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs Program authorization $ 500 Quarter ended January 31, 2017 (a) 49,920 $ 0.20 49,920 $ 490 Quarter ended April 30, 2017 80,426 $ 0.27 80,426 $ 468 Quarter ended July 31, 2017 - $ - - $ 468 Quarter ended October 31, 2017 8,607 $ 0.30 8,607 $ 465 Quarter ended January 31, 2018 (b) 536,058 $ 0.26 536,058 $ 326 Total 675,011 $ 0.26 675,011 |
Note 2 - Net Income Per Share (
Note 2 - Net Income Per Share (Details Textual) | 9 Months Ended |
Jan. 31, 2018shares | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 63,998,885 |
Note 3 - Inventories (Details T
Note 3 - Inventories (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |
Jan. 31, 2018 | Apr. 30, 2017 | |
Duration During Which Inventory If Inactive Taken as Obsolete | 5 years | |
Inventory Valuation Reserves | $ 1,177 | $ 1,177 |
Note 4 - Research and Develop18
Note 4 - Research and Development (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Research and Development Expense | $ 1,336 | $ 1,151 |
Note 5 - Debt (Details Textual)
Note 5 - Debt (Details Textual) $ in Thousands | Jan. 31, 2018USD ($) |
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000 |
Line of Credit Facility, Remaining Borrowing Capacity | $ 2,505 |
Notes Collateralized by Aircraft Security Agreements [Member] | |
Number of Notes | 1 |
Notes Payable | $ 306 |
Notes Payable to Bank [Member] | |
Number of Notes | 3 |
Notes Payable | $ 348 |
Notes for Real Estate [Member] | |
Number of Notes | 1 |
Notes Payable | $ 263 |
Note for Equipment [Member] | |
Number of Notes | 1 |
Notes Payable | $ 85 |
BHCMC Lottery Gaming Machines [Member] | |
Notes Payable | $ 103 |
Note Collateralized by BNSC Assets and Compensation Due under State Management Contract [Member] | |
Number of Notes | 1 |
Notes Payable | $ 2,744 |
Note 6 - Other Assets (Details
Note 6 - Other Assets (Details Textual) $ in Thousands | 9 Months Ended |
Jan. 31, 2018USD ($) | |
Other Assets, Miscellaneous | $ 1,459 |
Kansas Expanded Lottery Act Contract Privilege [Member] | |
Other Intangible Assets, Net | 5,500 |
Intangible Gaming Support Items [Member] | |
Other Intangible Assets, Net | $ 5,290 |
Finite-Lived Intangible Asset, Useful Life | 3 years |
JET Autopilot Intellectual Property [Member] | |
Other Intangible Assets, Net | $ 1,417 |
Finite-Lived Intangible Asset, Useful Life | 15 years |
Note 7 - Stock Options and In21
Note 7 - Stock Options and Incentive Plans (Details Textual) - shares shares in Thousands | 9 Months Ended | |
Jan. 31, 2018 | Nov. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 0 | |
Butler National Corporation 2016 Equity Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 12,500 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 |
Note 8 - Stock Repurchase Pro22
Note 8 - Stock Repurchase Program (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 14 Months Ended | |||||||
Jan. 31, 2018 | [1] | Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2017 | [2] | Jan. 31, 2018 | Dec. 31, 2016 | |
Stock Repurchase Program, Authorized Amount | $ 0.5 | ||||||||
Treasury Stock, Shares, Acquired | 536,058 | 8,607 | 80,426 | 49,920 | 675,011 | ||||
[1] | 536,058 shares of common stock purchased were purchased through a private transaction | ||||||||
[2] | 49,920 shares of common stock purchased were purchased through a private transaction |
Note 8 - Stock Repurchase Pro23
Note 8 - Stock Repurchase Program - Schedule of Stock Purchases (Details) - USD ($) | 3 Months Ended | 14 Months Ended | ||||||||
Jan. 31, 2018 | [1] | Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2017 | [2] | Jan. 31, 2018 | Dec. 31, 2016 | ||
Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plan or Programs | $ 326,000 | $ 465,000 | $ 468,000 | $ 468,000 | $ 490,000 | $ 326,000 | [1] | $ 500 | ||
Number of Shares Purchased (in shares) | 536,058 | 8,607 | 80,426 | 49,920 | 675,011 | |||||
Average Price Paid per Share (in dollars per share) | $ 0.26 | $ 0.30 | $ 0.27 | $ 0.20 | $ 0.26 | |||||
Number of Shares Purchased as Part of Publicly Announced Plans or Programs (in shares) | 536,058 | 8,607 | 80,426 | 49,920 | 675,011 | |||||
[1] | 536,058 shares of common stock purchased were purchased through a private transaction | |||||||||
[2] | 49,920 shares of common stock purchased were purchased through a private transaction |