Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Apr. 30, 2019 | Jul. 12, 2019 | Oct. 31, 2018 | |
Document Information [Line Items] | |||
Entity Registrant Name | BUTLER NATIONAL CORP | ||
Entity Central Index Key | 0000015847 | ||
Trading Symbol | buks | ||
Current Fiscal Year End Date | --04-30 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Common Stock, Shares Outstanding (in shares) | 68,281,071 | ||
Entity Public Float | $ 16,039,527 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Apr. 30, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 30, 2019 | Apr. 30, 2018 |
CURRENT ASSETS: | ||
Cash | $ 9,014 | $ 7,353 |
Accounts receivable, net of allowance for doubtful accounts | 3,265 | 3,107 |
Asset held for sale, net of accumulated depreciation | 447 | |
Income tax receivable | 27 | 219 |
Inventories | ||
Parts and raw materials | 7,370 | 5,858 |
Work in process | 1,441 | 1,234 |
Finished goods | 74 | 27 |
Total inventory, net of allowance | 8,885 | 7,119 |
Prepaid expenses and other current assets | 1,646 | 978 |
Total current assets | 23,284 | 18,776 |
PROPERTY, PLANT AND EQUIPMENT: | ||
Land and building | 7,464 | 5,779 |
Aircraft | 8,467 | 6,157 |
Machinery and equipment | 4,085 | 3,922 |
Office furniture and fixtures | 7,477 | 6,658 |
Leasehold improvements | 4,032 | 4,032 |
31,525 | 26,548 | |
Accumulated depreciation | (16,714) | (15,725) |
Total property, plant and equipment | 14,811 | 10,823 |
SUPPLEMENTAL TYPE CERTIFICATES (net of accumulated amortization of $6,054 at April 30, 2019 and $5,164 at April 30, 2018) | 6,407 | 6,597 |
OTHER ASSETS: | ||
Deferred tax asset | 295 | 193 |
Other assets (net of accumulated amortization of $9,370 at April 30, 2019 and $8,213 at April 30, 2018) | 4,105 | 5,042 |
Total other assets | 4,400 | 5,235 |
Total assets | 48,902 | 41,431 |
CURRENT LIABILITIES: | ||
Promissory notes | 2,387 | |
Current maturities of long-term debt | 1,899 | 1,612 |
Current maturities of capital lease obligation | 8 | |
Accounts payable | 1,774 | 2,215 |
Customer deposits | 2,758 | 1,396 |
Gaming facility mandated payment | 1,280 | 1,219 |
Compensation and compensated absences | 1,664 | 1,439 |
Deferred tax liability, current | 236 | |
Other current liabilities | 230 | 162 |
Total current liabilities | 9,849 | 10,430 |
Long-term debt, net of current maturities | 2,076 | 1,735 |
Capital lease obligation, net of current maturities | 1,689 | |
Deferred tax liability | 944 | |
Total long-term liabilities | 4,709 | 1,735 |
Total liabilities | 14,558 | 12,165 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY: | ||
Common stock, par value $.01: authorized 100,000,000 shares issued 71,008,122 shares, and outstanding 68,281,071 shares at April 30, 2019 and issued 66,196,854 shares, and outstanding 64,743,317 shares at April 30, 2018 | 710 | 662 |
Capital contributed in excess of par | 14,767 | 14,231 |
Treasury stock at cost, 2,727,051 shares at April 30, 2019 and 1,453,537 shares at April 30, 2018 | (1,387) | (951) |
Retained earnings | 13,913 | 10,060 |
Total Butler National Corporation's stockholders' equity | 28,003 | 24,002 |
Noncontrolling interest in BHCMC, LLC | 6,341 | 5,264 |
Total stockholders' equity | 34,344 | 29,266 |
Total liabilities and stockholders' equity | 48,902 | 41,431 |
Preferred Class A [Member] | ||
STOCKHOLDERS' EQUITY: | ||
Preferred stock | ||
Preferred Class B [Member] | ||
STOCKHOLDERS' EQUITY: | ||
Preferred stock |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Supplemental type certificates, accumulated amortization | $ 6,054,000 | $ 5,164,000 |
Other assets, accumulated amortization | $ 9,370,000 | $ 8,213,000 |
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) | 71,008,122 | 66,196,854 |
Common stock, shares outstanding (in shares) | 68,281,071 | 64,743,317 |
Treasury stock, shares (in shares) | 2,727,051 | 1,453,537 |
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 | $ 1,000,000 | $ 1,000,000 |
Preferred stock, redemption value | $ 1,000,000 | $ 1,000,000 |
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 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
REVENUES: | ||
Revenues | $ 58,710 | $ 48,260 |
COSTS AND EXPENSES: | ||
Marketing and advertising | 4,167 | 3,799 |
Employee benefits | 2,304 | 1,973 |
Depreciation and amortization | 1,846 | 1,760 |
General, administrative and other | 7,819 | 6,553 |
Total costs and expenses | 53,432 | 46,137 |
OPERATING INCOME | 5,278 | 2,123 |
OTHER INCOME (EXPENSE): | ||
Interest expense | (248) | (331) |
Other income (expense), net | 4 | |
Refund of sales/use tax | 1,995 | |
Total other income (expense) | 1,747 | (327) |
INCOME BEFORE INCOME TAXES | 7,025 | 1,796 |
PROVISION (BENEFIT) FOR INCOME TAXES | ||
Provision (benefit) for income taxes | 297 | (192) |
Deferred income tax | 1,078 | 732 |
NET INCOME | 5,650 | 1,256 |
Net income attributable to noncontrolling interest in BHCMC, LLC | (1,797) | (915) |
NET INCOME ATTRIBUTABLE TO BUTLER NATIONAL CORPORATION | $ 3,853 | $ 341 |
BASIC EARNINGS PER COMMON SHARE ATTRIBUTABLE TO BUTLER NATIONAL CORPORATION (in dollars per share) | $ 0.06 | $ 0.01 |
WEIGHTED AVERAGE SHARES USED IN PER SHARE CALCULATION (in shares) | 64,511,608 | 64,387,694 |
DILUTED EARNINGS PER COMMON SHARE ATTRIBUTABLE TO BUTLER NATIONAL CORPORATION (in dollars per share) | $ 0.06 | $ 0.01 |
WEIGHTED AVERAGE SHARES USED IN PER SHARE CALCULATION (in shares) | 64,511,608 | 64,387,694 |
Professional Services [Member] | ||
REVENUES: | ||
Revenues | $ 32,017 | $ 31,283 |
COSTS AND EXPENSES: | ||
Cost of services and products | 20,066 | 19,574 |
Aerospace Products [Member] | ||
REVENUES: | ||
Revenues | 26,693 | 16,977 |
COSTS AND EXPENSES: | ||
Cost of services and products | $ 17,230 | $ 12,478 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Apr. 30, 2017 | 65,273,896 | 730,346 | |||||
Balance at Apr. 30, 2017 | $ 652 | $ 13,980 | $ (764) | $ 9,719 | $ 23,587 | $ 4,709 | $ 28,296 |
Issuance of stock benefit plan (in shares) | 922,958 | 922,958 | |||||
Issuance of stock benefit plan | $ 10 | 251 | 261 | $ 261 | |||
Stock repurchase (in shares) | 723,191 | ||||||
Stock repurchase | $ (187) | (187) | (187) | ||||
BHCMC distribution noncontrolling members | (360) | (360) | |||||
Net income | 341 | 341 | 915 | 1,256 | |||
Issuance of restricted stock to employees | |||||||
Balance (in shares) at Apr. 30, 2018 | 66,196,854 | 1,453,537 | |||||
Balance at Apr. 30, 2018 | $ 662 | 14,231 | $ (951) | 10,060 | 24,002 | 5,264 | $ 29,266 |
Issuance of stock benefit plan (in shares) | 2,311,268 | 2,311,268 | |||||
Issuance of stock benefit plan | $ 23 | 561 | 584 | $ 584 | |||
Stock repurchase (in shares) | 1,273,514 | ||||||
Stock repurchase | $ (436) | (436) | (436) | ||||
BHCMC distribution noncontrolling members | (720) | (720) | |||||
Net income | 3,853 | 3,853 | 1,797 | 5,650 | |||
Restricted stock issued (in shares) | 2,500,000 | ||||||
Issuance of restricted stock to employees | $ 25 | 925 | 950 | 950 | |||
Deferred compensation, restricted stock | (950) | (950) | (950) | ||||
Balance (in shares) at Apr. 30, 2019 | 71,008,122 | 2,727,051 | |||||
Balance at Apr. 30, 2019 | $ 710 | $ 14,767 | $ (1,387) | $ 13,913 | $ 28,003 | $ 6,341 | $ 34,344 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 5,650 | $ 1,256 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 3,376 | 3,347 |
Stock issued for benefit plan | 584 | 261 |
Deferred income tax expense | 1,078 | 732 |
Changes in operating assets and liabilities | ||
Accounts receivable | (158) | 988 |
Income tax receivable | 192 | (219) |
Inventories | (1,766) | (262) |
Prepaid expenses and other assets | (668) | 14 |
Accounts payable | (441) | 296 |
Customer deposits | 1,362 | 504 |
Accrued liabilities | 225 | (628) |
Gaming facility mandated payment | 61 | (8) |
Other liabilities | 68 | 33 |
Net cash provided by operating activities | 9,563 | 6,314 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures | (4,985) | (2,289) |
Net cash used in investing activities | (4,985) | (2,289) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Repayments of promissory notes, net | (2,387) | (217) |
Borrowings of long-term debt | 2,325 | |
Repayments of long-term debt | (1,699) | (2,297) |
Repurchase of common stock | (436) | (187) |
Distribution to noncontrolling member | (720) | (360) |
Net cash used in financing activities | (2,917) | (3,061) |
NET INCREASE IN CASH | 1,661 | 964 |
CASH, beginning of year | 7,353 | 6,389 |
CASH, end of year | 9,014 | 7,353 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Interest paid | 251 | 331 |
Income taxes paid | 105 | 615 |
NON CASH INVESTING AND FINANCING ACTIVITY | ||
Issuance of restricted stock to employees | 950 | |
Capital asset and lease obligation additions | 1,699 | |
$ 2,649 |
Note 1 - Nature of Operations,
Note 1 - Nature of Operations, Organization and Significant Accounting Policies | 12 Months Ended |
Apr. 30, 2019 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. NATURE OF OPERATIONS, ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES: The accompanying consolidated financial statements include the accounts of Butler National Corporation (BNC) and its wholly-owned active subsidiaries, Avcon Industries, Inc., AVT Corporation, BCS Design, Inc., Butler National Services, Inc., Butler National Service Corporation, Butler National Corporation-Tempe, Butler Avionics, Inc., Butler National, Inc., Butler Temporary Services, Inc., Kansas International Corporation, Kansas International DDC, LLC, Wild West Heritage Foundation, Inc., and a majority owned subsidiary, BHCMC, LLC (collectively, The Company). These consolidated financial statements and related notes are presented in accordance with generally accepted accounting principles in the United States (“GAAP”), expressed in U.S. dollars. All amounts are in thousands, except share and par values, unless otherwise noted. All significant intercompany balances and transactions have been eliminated in consolidation. The fiscal year end of the Company is April 30. Avcon Industries, Inc. modifies business category aircraft at its Newton, Kansas facility. Modifications can include passenger-to-freighter configuration, addition of aerial photography capability, ISR modifications, and stability enhancing modifications. Butler Avionics sells, installs and repairs avionics equipment (airplane radio equipment and flight control systems). Butler National Inc. acquires airplanes, principally Learjets, to refurbish and sell. Butler National Corporation-Tempe is primarily engaged in the manufacture electronic upgrades for classic weapon control systems used by the military. Butler National Service Corporation is a management consulting and administrative services firm providing business planning and financial coordination to Indian tribes interested in owning and operating casinos under the terms of the Indian Gaming Regulatory Act of 1988. SIGNIFICANT ACCOUNTING POLICIES: a) Accounts receivable: Accounts receivable are carried on a gross basis, with no not no 90 April 30, 2019 2018, $143 $112 b) Use of Estimates: The preparation of financial statements in conformity with generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Future events and their effects cannot be determined with certainty. Therefore, the determination of estimates requires the exercise of judgment. Actual results could differ from those estimates, and any such differences may c) Inventories: Inventories are priced at the lower of cost, determined on a 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 April 30, 2019 2018, $718 $571 d) Property and Related Depreciation: Machinery and equipment are recorded at cost and depreciated over their estimated useful lives. Depreciation is provided on a straight-line basis. The lives used for the significant items within each property classification range from 3 39 Maintenance and repairs are charged to expense as incurred. The cost and accumulated depreciation of assets retired are removed from the accounts and any resulting gains or losses are reflected as income or expense. e) Long-Lived Assets: The Company accounts for its long-lived assets in accordance with ASC Topic 360 10, 360 10 may no f) Other Assets: Our other asset account includes assets of $5,500 $5,646 $1,417, $912. $5,500 December 2024. no three fifteen Other assets net values are as follows: (dollars in thousands) 2019 2018 Privilege fee $ 5,500 $ 5,500 Less amortized costs 3,103 2,679 Privilege fee balance $ 2,397 $ 2,821 Intangible gaming equipment $ 5,646 $ 5,426 Less amortized costs 5,214 4,574 Intangible gaming equipment balance $ 432 $ 852 JET autopilot intellectual property $ 1,417 $ 1,417 Less amortized costs 1,053 960 JET autopilot intellectual property balance $ 364 $ 457 g) Supplemental Type Certificates: Supplemental Type Certificates (STCs) are authorizations granted by the Federal Aviation Administration (FAA) for specific modification of a certain aircraft. The STC authorizes us to perform modifications, installations, and assemblies on applicable customer-owned aircraft. Costs incurred to obtain STCs are capitalized and subsequently amortized over seven (dollars in thousands) 2019 2018 Direct labor $ 2,670 $ 2,494 Direct materials 3,345 3,099 Consultant costs 1,922 1,922 Overhead 4,524 4,246 12,461 11,761 Less-amortized costs 6,054 5,164 STC balance $ 6,407 $ 6,597 h) Revenue Recognition: Adoption of ASC Topic 606, “Revenue from Contracts with Customers” On May 1, 2018, the Company adopted Topic 606, using the modified retrospective transition method applied to those contracts which were not completed as of May 1, 2018. Results for reporting periods beginning after May 1, 2018 are presented under Topic 606, while prior period amounts have not been adjusted and continue to be reported in accordance with our historic accounting under Topic 605. There was no adjustment to beginning accumulated earnings on May 1, 2018 due to the impact of adopting Topic 606. Under ASC 606, revenue is recognized when a customer obtains control of promised services in an amount that reflects the consideration we expect to receive in exchange for those services. To achieve this core principal, the Company applies the following five steps: 1 ) Identify the contract, or contracts, with a customer A contract with a customer exists when (i) the Company enters into an enforceable contract with a customer that defines each party’s rights regarding the services to be transferred and identifies the payment terms related to these services, (ii) the contract has commercial substance and (iii) the Company determines that collection of substantially all consideration for services that are transferred is probable based on the customer’s intent and ability to pay the promised consideration. 2 ) Identification of the performance obligations in the contract At contract inception, an entity shall assess the goods or services promised in a contract with a customer and shall identify as a performance obligation each promise to transfer to the customer. Performance obligations promised in a contract are identified based on the services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the service either on its own or together with other resources that are readily available from third parties or from the Company, and are distinct in the context of the contract, whereby the transfer of the services is separately identifiable from other promises in the contract. To the extent a contract includes multiple promised services, the Company must apply judgment to determine whether promised services are capable of being distinct and distinct in the context of the contract. If these criteria are not met the promised services are accounted for as a combined performance obligation. 3 ) Determination of the transaction price The transaction price is the amount that an entity allocates to the performance obligations identified in the contract and, therefore, represents the amount of revenue recognized as those performance obligations are satisfied. The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. 4 ) Allocation of the transaction price to the performance obligations in the contract Once a contract and associated performance obligations have been identified and the transaction price has been determined, ASC 606 requires an entity to allocate the transaction price to each performance obligation identified. This is generally done in proportion to the standalone selling prices of each performance obligation (i.e., on a relative standalone selling price basis). As a result, any discount within the contract generally is allocated proportionally to all the separate performance obligations in the contract. The Company is applying the right to invoice practical expedient to recognize revenue. As a result, the entity bypasses the steps of determining the transaction price, allocating that transaction price and determining when to recognize revenue as it will recognize revenue as billed by multiplying the price assigned to the good or service, by the units. 5 ) Recognition of revenue when, or as, we satisfy a performance obligation Revenue is recognized when or as performance obligations are satisfied by transferring control of a promised good or service to a customer. Control transfers either over time or at a point in time. Revenue is recognized when control of the promised services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those services. Aircraft modifications are performed under fixed-price contracts. Revenue from fixed-priced contracts are recognized on the percentage-of-completion method, measured by the direct labor incurred compared to total estimated direct labor. Revenue from Avionics products are recognized when shipped. Payment for these Avionics products is due within 30 days of the invoice date after shipment. Revenue from Gaming Management and other Corporate/Professional Services is recognized as the service is rendered. Regarding warranties and returns, our products are special order and are not suitable for return. Our products are unique upon installation and tested prior to their release to the customer and acceptance by the customer. In the rare event of a warranty claim, the claim is processed through the normal course of business and may include additional charges to the customer. In our opinion, any future warranty work would not be material to the consolidated financial statements. Gaming revenue is the gross gaming win as reported by the Kansas Lottery casino reporting systems, less the mandated payments by and for the State of Kansas. Electronic games-slots and table games revenue is the aggregate of gaming wins and losses. Liabilities are recognized for chips and "ticket-in, ticket-out" coupons in the customers' possession, and for accruals related to anticipated payout of progressive jackpots. Progressive gaming machines, which contain base jackpots that increase at a progressive rate based on the number of coins played, are deducted from revenue as the value of jackpots increase. Food, beverage, and other revenue is recorded when the service is received and paid. i) Slot Machine Jackpots: If the casino is not No j) Advanced Payments and Billings in Excess of Costs Incurred: We receive advances, performance-based payments and progress payment from customers which may exceed costs incurred on certain contracts. We classify advance payments and billings in excess of costs incurred, other than those reflected as a reduction of contracts in process, as customer deposits in current liabilities. k) Earnings Per Share: Earnings per common share is based on the weighted average number of common shares outstanding during the year. The computation of the Company basic and diluted earnings per common share is as follows: (in thousands, except per share data) 2019 2018 Net income attributable to Butler National Corporation $ 3,853 $ 341 Weighted average common shares outstanding 64,511,608 64,387,694 Dilutive effect of non-qualified stock option plans - - Weighted average common shares outstanding, assuming dilution 64,511,608 64,387,694 Potential common shares if all options were exercised and shares issued 64,511,608 64,387,694 Basic earnings per common share $ 0.06 $ 0.01 Diluted earnings per common share $ 0.06 $ 0.01 l) Stock-based Compensation: The Company accounts for stock-based compensation under ASC Topic 505 50, Share-Based Payment 718, Accounting for Stock-Based Compensation m) Income Taxes: The Company utilizes ASC 740, Accounting for Income Taxes. Amounts provided for income tax expense are based on income reported for financial statement purposes and do not necessarily represent amounts currently payable under tax laws. Deferred taxes, which arise principally from temporary differences between the period in which certain income and expense items are recognized for financial reporting purposes and the period in which they affect taxable income, are included in the amounts provided for income taxes. Under this method, the computation of deferred tax assets and liabilities give recognition to enacted tax rates in effect in the year the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to amounts that we expect to realize. n) Cash and Cash Equivalents: Cash and cash equivalents consist primarily of cash and investments in a money market fund. We consider all highly liquid investments with an original maturity of three may April 30, 2019 2018, $5,365 $3,750, o) Concentration of Credit Risk: We extend credit to customers based on an evaluation of their financial condition and collateral is not p) Research and Development: We invested in research and development activities. The amount invested in the year ended April 30, 2019 2018 $1,888 $1,763 q) Recent Accounting Pronouncements: In February 2016, the FASB issued ASU 2016 - 02, Leases (Topic 842 ), in order to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under previous GAAP. ASU 2016 - 02 requires that a lessee should recognize a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term on the balance sheet. ASU 2016 - 02 requires expanded disclosures about the nature and terms of lease agreements and is effective for annual reporting periods beginning after December 15, 2018. The Company is currently evaluating the potential impact of this standard on its consolidated financial statements. r) Reclassifications: Certain reclassifications within the financial statement captions have been made to maintain consistency in presentation between years. These reclassifications have no |
Note 2 - Debt
Note 2 - Debt | 12 Months Ended |
Apr. 30, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 2. DEBT: Principal amounts of debt at April 30, 2019 2018, Promissory Notes 2019 2018 Bank line of credit, available LOC $5.0 million interest at 3.4% due on demand, collateralized by a first and second position on all assets of the Company. - 2,387 $ - $ 2,387 Long-Term Debt Note payable, interest at 5.75% due January 2020 collateralized by Aircraft Security Agreements. $ 119 $ 270 Note payable, interest at 6.25% due January 2023, collateralized by an Aircraft Security Agreement. 2,239 - Note payable, interest at bank prime paid off in 2019. - 62 Note payable, interest at bank prime paid off in 2019. - 65 Note payable, interest at bank prime paid off in 2019. - 147 Note payable, interest at 6.25%, due June 2024, collateralized by real estate. 241 259 Note payable, interest at 4.89% due May 2020, collateralized by all of BNSC's assets and compensation due under the State Management contract. 1,313 2,464 Notes payable, interest at 4.5%, due April 2022, collateralized by equipment. 63 80 3,975 3,347 Less: Current maturities 1,899 1,612 $ 2,076 $ 1,735 Maturities of long-term debt are as follows: Year Ending April 30 Amount 2020 $ 1,899 2021 712 2022 649 2023 557 2024 24 Thereafter 134 $ 3,975 |
Note 3 - Capitalized Lease
Note 3 - Capitalized Lease | 12 Months Ended |
Apr. 30, 2019 | |
Notes to Financial Statements | |
Debt and Capital Leases Disclosures [Text Block] | 3. CAPITALIZED LEASE: The Company leases a hangar and office space under a long-term lease. Included in land and building are the following assets held under capital lease: April 30, 2019 Building $ 1,699 Less accumulated depreciation 11 Total $ 1,688 Future minimum lease payments for assets under capital leases at April 30, 2019 2020 $ 93 2021 93 2022 93 2023 93 2024 93 Thereafter 4,137 Total minimum lease payments 4,602 Less amount representing interest 2,905 Present value of net minimum lease payments 1,697 Less current maturities of capital lease obligation 8 Long-term capital lease obligation $ 1,689 Financial and Other Covenants We are in compliance with our covenants at April 30, 2019. |
Note 4 - Income Taxes
Note 4 - Income Taxes | 12 Months Ended |
Apr. 30, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 4. INCOME TAXES: Deferred taxes are determined based on the estimated future tax effects of differences between the financial statements and tax basis of assets and liabilities given the provision of the enacted tax laws. Significant components of the Company's deferred tax liabilities and assets as of April 30, 2019 2018 April 30, 2019 April 30, 2018 Deferred tax liabilities: Depreciation and amortization $ (923 ) $ (112 ) Deferred compensation, restricted stock (257 ) - Total deferred tax liabilities (1,180 ) (112 ) Deferred tax assets: Accounts receivable allowance 39 30 Inventory and other allowances 194 154 Vacation accruals 25 31 Jackpot reserves 37 26 R&D credits - 64 Total deferred tax assets 295 305 Less valuation allowance - - Net deferred tax assets (liabilities) $ (885 ) $ 193 The reconciliation of the federal statutory income tax rate to the effective tax rate is as follows: April 30, 2019 April 30, 2018 Statutory federal income tax rate expense, net of noncontrolling interest 21.00 % 30.00 % State income tax, net of federal benefits 1.90 % 8.16 % Permanent tax 1.93 % 11.33 % Other 1.46 % 11.82 % 26.29 % 61.31 % Income tax expense: Deferred income tax $ 1,078 $ 732 Current income tax (benefit) 297 (192 ) Total income tax expense $ 1,375 $ 540 Current income tax expense (benefit) of $297 $192 $170 $295 $127 $103 April 30, 2019 2018, The Tax Cuts and Jobs Act (the "ACT") was enacted on December 22, 2017. 35% 21% 21%. April 30, 2018. The Company believes that its income tax filing positions and deductions will be sustained on audit and does not no The Company files income tax returns in the U.S. Federal jurisdiction and various state jurisdictions. The Company is no May 1, 2014 no |
Note 5 - Stockholders' Equity
Note 5 - Stockholders' Equity | 12 Months Ended |
Apr. 30, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 5. STOCKHOLDERS' EQUITY: Common Stock Transactions During the year ended April 30, 2019, 2,311,268 $584 401 During the year ended April 30, 2018, 922,958 $261 401 |
Note 6 - Stock Options and Ince
Note 6 - Stock Options and Incentive Plans | 12 Months Ended |
Apr. 30, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 6. STOCK OPTIONS AND INCENTIVE PLANS In November 2016, 2016 may 12.5 On April 12, 2019, 2.5 April 11, 2024. $0.38 $950. $950 five No |
Note 7 - Stock Repurchase Progr
Note 7 - Stock Repurchase Program | 12 Months Ended |
Apr. 30, 2019 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | 7. STOCK REPURCHASE PROGRAM: The Board of Directors approved a stock purchase program authorizing the repurchase of up to $2,225 May 1, 2020. The table below provides information with respect to common stock purchases by the Company during the year ended April 30, 2019. 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 Shares purchased in prior periods 130,346 $ 0.25 130,346 $ 468 Quarter ended July 31, 2017 - $ - - $ 468 Quarter ended October 31, 2017 8,607 $ 0.30 8,607 $ 465 Quarter ended January 31, 2018 (a) 536,058 $ 0.26 536,058 $ 326 Quarter ended April 30, 2018 (a) 178,526 $ 0.25 178,526 $ 281 Increase in program authorization April 2018 (b) - $ - - $ 531 Quarter ended July 31, 2018 (a) 25,277 $ 0.26 25,277 $ 525 Quarter ended October 31, 2018 (a) 480,805 $ 0.30 480,805 $ 381 Quarter ended January 31, 2019 (a) 186,727 $ 0.34 186,727 $ 317 Quarter ended April 30, 2019 (a) 580,705 $ 0.38 580,705 $ 94 Increase in program authorization April 2019 (c) - $ - - $ 1,569 Total 2,127,051 $ 0.31 2,127,051 (a) These shares of common stock purchased were purchased through private transactions (b) Board of Directors increased program authorization from $500 $750 (c) Board of Directors increased program authorization from $750 $2,225 |
Note 8 - Commitments and Contin
Note 8 - Commitments and Contingencies | 12 Months Ended |
Apr. 30, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 8. COMMITMENTS AND CONTINGENCIES Lease and Rent Commitments (in thousands). We lease and rent space with initial terms of ( 3 5 ten 10 twenty five 25 April 30, 2019 2018 $5,209 $5,228 Minimum lease and rent agreement commitments under noncancelable operating leases and rental agreements for the next five 5 Year Ending April 30 Amount 2020 $ 4,890 2021 4,938 2022 4,987 2023 5,037 2024 5,088 $ 24,940 Litigation: From time to time we may not not not |
Note 9 - Related-party Transact
Note 9 - Related-party Transactions | 12 Months Ended |
Apr. 30, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 9. RELATED-PARTY TRANSACTIONS: We paid consulting fees of $135 $135 April 30, 2019 2018 Included in accrued liabilities are $623 $484 April 30, 2019 2018 Included in other assets at April 30, 2019 2018 $780 In fiscal 2019, three $370, $475 $237, 2019 $236, $330, $195, 2018. The policies and procedures for payment of goods and services for related transactions follow our normal course of business standards and require the necessary review and approval process as outlined in our Policies and Procedures manual and as set forth by our Compensation Committee. |
Note 10 - 401(k) Savings Plan
Note 10 - 401(k) Savings Plan | 12 Months Ended |
Apr. 30, 2019 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 10. 401 PROFIT SHARING PLAN: We have a defined contribution plan authorized under Section 401 thirty two may 100 6% 100 2019 2018 $584 $261 |
Note 11 - Refund of Sales_Use T
Note 11 - Refund of Sales/Use Tax | 12 Months Ended |
Apr. 30, 2019 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 11. REFUND OF SALES/USE TAX: On December 29, 2017, not not no 2019 $1,995. No |
Note 12 - Industry Segmentation
Note 12 - Industry Segmentation and Sales by Major Customer | 12 Months Ended |
Apr. 30, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 12. INDUSTRY SEGMENTATION AND SALES BY MAJOR CUSTOMER: Industry Segmentation Current Activities - two Aerospace Products: Aircraft Modifications principally includes the modification of customer and company owned business-size aircraft from passenger to freighter configuration, radar systems, addition of aerial photography capabilities, ISR modifications, and stability enhancing modifications for Learjet, Beechcraft, Cessna, and Dassault Falcon aircraft along with other specialized modifications. We provide these services through our subsidiary, Avcon Industries, Inc. ("Aircraft Modifications" or "Avcon"). Avionics principally includes the manufacture, sale, and service of electronics upgrades for classic weapon control systems used on military aircraft and vehicles. We provide the products through our subsidiary, Butler National Corporation - Tempe, Arizona ("Avionics"). Butler Avionics sells, installs and repairs avionics equipment (airplane radio equipment and flight control systems). These systems are flight display systems which include intuitive touchscreen controls with large display to give users unprecedented access to high-resolution terrain mapping, graphical flight planning, geo-referenced charting, traffic display, satellite weather and much more. Butler Avionics is also recognized nationwide for its troubleshooting and repair work particularly on autopilot systems. Professional Services: Butler National Service Corporation ("BNSC") provides management services to the Boot Hill Casino, a "state-owned casino". BCS Design, Inc. provides licensed architectural services. These services include commercial and industrial building design. Year ended April 30, 2019 Professional Services Aerospace Products Consolidated Total revenues $ 32,017 $ 26,693 $ 58,710 Depreciation and amortization 1,068 778 1,846 Operating income 1,480 3,798 5,278 Capital expenditures, net 1,023 3,962 4,985 Interest expense - - (248 ) Refund of sales/use tax - - 1,995 Income before taxes - - 7,025 Income tax expense - - 1,375 Net income attributable to Butler National Corporation - - 3,853 Identifiable assets, net 22,432 26,470 48,902 Year ended April 30, 2018 Professional Services Aerospace Products Consolidated Total revenues $ 31,283 $ 16,977 $ 48,260 Depreciation and amortization 1,256 504 1,760 Operating income 1,721 402 2,123 Capital expenditures, net 631 1,658 2,289 Interest expense - - (331 ) Other income (expense) - - 4 Income before taxes - - 1,796 Income tax expense - - 540 Net income attributable to Butler National Corporation - - 341 Identifiable assets, net 21,538 19,893 41,431 Major Customers: 10 2019 2018 Aerospace Products – one customer 15.1 % 12.3 % Professional Services - - In fiscal 2019 25.5% five 15.1% four 2.2% 3.0%. |
Note 13 - Fair Value Measuremen
Note 13 - Fair Value Measurements | 12 Months Ended |
Apr. 30, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 1 3 . FAIR VALUE MEASUREMENTS: The Company adopted ASC Topic 820 10 2009 820 10 not 820 10 1 3 820 10 three 820 10 Level 1 Level 2 not Level 3 no The following table presents a reconciliation of all assets and liabilities measured at fair value on a recurring basis as of April 30, 2019 ( Level 1 Level 2 Level 3 Fair Value Promissory notes $ - $ - $ - $ - Long-term debt - - 3,975 3,975 $ - $ - $ 3,975 $ 3,975 The following table presents a reconciliation of all assets and liabilities measured at fair value on a recurring basis as of April 30, 2018 ( Level 1 Level 2 Level 3 Fair Value Promissory notes $ - $ - $ 2,387 $ 2,387 Long-term debt - - 3,347 3,347 $ - $ - $ 5,734 $ 5,734 |
Note 14 - Subsequent Events
Note 14 - Subsequent Events | 12 Months Ended |
Apr. 30, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 1 4 . SUBSEQUENT EVENTS In May 2019, $975. $447 April 30, 2019 first 2020. In June 2019, two five two $57 $144, The Company evaluated its April 30, 2019 July 19, 2019, not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 30, 2019 | |
Accounting Policies [Abstract] | |
Accounts Receivable [Policy Text Block] | a) Accounts receivable: Accounts receivable are carried on a gross basis, with no discounting, less the allowance for doubtful accounts. Management estimates the allowance for doubtful accounts based on existing economic conditions, the financial conditions of the customers, and the amount and the age of past due accounts. Receivables are considered past due if full payment is not received by the contractual due date. Past due accounts are generally written off against the allowance for doubtful accounts only after all collection attempts have been exhausted. Allowance for doubtful accounts are calculated on the historical write-off of doubtful accounts of the individual subsidiaries. Invoices are generally considered a doubtful account if no payment has been made in the past 90 days. We review these policies on a quarterly basis, and based on these reviews, we believe we maintain adequate reserves. At April 30, 2019 and 2018, the allowance for doubtful accounts was $143 and $112 respectively. |
Use of Estimates, Policy [Policy Text Block] | b) Use of Estimates: The preparation of financial statements in conformity with generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Future events and their effects cannot be determined with certainty. Therefore, the determination of estimates requires the exercise of judgment. Actual results could differ from those estimates, and any such differences may be material to our financial statements. Significant estimates include assumptions about collection of accounts receivable, the valuation and recognition of stock-based compensation expense, valuation for deferred tax assets and useful life of fixed assets. |
Inventory, Policy [Policy Text Block] | c) Inventories: Inventories are priced at the lower of cost, determined on a 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 April 30, 2019 2018, $718 $571 |
Property, Plant and Equipment, Policy [Policy Text Block] | d) Property and Related Depreciation: Machinery and equipment are recorded at cost and depreciated over their estimated useful lives. Depreciation is provided on a straight-line basis. The lives used for the significant items within each property classification range from 3 39 Maintenance and repairs are charged to expense as incurred. The cost and accumulated depreciation of assets retired are removed from the accounts and any resulting gains or losses are reflected as income or expense. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | e) Long-Lived Assets: The Company accounts for its long-lived assets in accordance with ASC Topic 360-10, "Accounting for the Impairment or Disposal of Long-Lived Assets." ASC Topic 360-10 requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the historical cost carrying value of an asset may no longer be appropriate. The Company assesses recoverability of the carrying value of an asset by estimating the future net cash flows expected to result from the asset, including eventual disposition. If the future net cash flows are less than the carrying value of the asset, an impairment loss is recorded equal to the difference between the asset's carrying value and fair value or disposable value |
Other Assets Policy [Policy Text Block] | f) Other Assets: Our other asset account includes assets of $5,500 $5,646 $1,417, $912. $5,500 December 2024. no three fifteen Other assets net values are as follows: (dollars in thousands) 2019 2018 Privilege fee $ 5,500 $ 5,500 Less amortized costs 3,103 2,679 Privilege fee balance $ 2,397 $ 2,821 Intangible gaming equipment $ 5,646 $ 5,426 Less amortized costs 5,214 4,574 Intangible gaming equipment balance $ 432 $ 852 JET autopilot intellectual property $ 1,417 $ 1,417 Less amortized costs 1,053 960 JET autopilot intellectual property balance $ 364 $ 457 |
Supplemental Type Certificates [Policy Text Block] | g) Supplemental Type Certificates: Supplemental Type Certificates (STCs) are authorizations granted by the Federal Aviation Administration (FAA) for specific modification of a certain aircraft. The STC authorizes us to perform modifications, installations, and assemblies on applicable customer-owned aircraft. Costs incurred to obtain STCs are capitalized and subsequently amortized over seven (dollars in thousands) 2019 2018 Direct labor $ 2,670 $ 2,494 Direct materials 3,345 3,099 Consultant costs 1,922 1,922 Overhead 4,524 4,246 12,461 11,761 Less-amortized costs 6,054 5,164 STC balance $ 6,407 $ 6,597 |
Revenue from Contract with Customer [Policy Text Block] | h) Revenue Recognition: Adoption of ASC Topic 606, On May 1, 2018, 606, not May 1, 2018. May 1, 2018 606, not 605. no May 1, 2018 606. Under ASC 606, five 1 A contract with a customer exists when (i) the Company enters into an enforceable contract with a customer that defines each party’s rights regarding the services to be transferred and identifies the payment terms related to these services, (ii) the contract has commercial substance and (iii) the Company determines that collection of substantially all consideration for services that are transferred is probable based on the customer’s intent and ability to pay the promised consideration. 2 At contract inception, an entity shall assess the goods or services promised in a contract with a customer and shall identify as a performance obligation each promise to transfer to the customer. Performance obligations promised in a contract are identified based on the services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the service either on its own or together with other resources that are readily available from third not 3 The transaction price is the amount that an entity allocates to the performance obligations identified in the contract and, therefore, represents the amount of revenue recognized as those performance obligations are satisfied. The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. 4 Once a contract and associated performance obligations have been identified and the transaction price has been determined, ASC 606 5 Revenue is recognized when or as performance obligations are satisfied by transferring control of a promised good or service to a customer. Control transfers either over time or at a point in time. Revenue is recognized when control of the promised services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those services. Aircraft modifications are performed under fixed-price contracts. Revenue from fixed-priced contracts are recognized on the percentage-of-completion method, measured by the direct labor incurred compared to total estimated direct labor. Revenue from Avionics products are recognized when shipped. Payment for these Avionics products is due within 30 Regarding warranties and returns, our products are special order and are not may not Gaming revenue is the gross gaming win as reported by the Kansas Lottery casino reporting systems, less the mandated payments by and for the State of Kansas. Electronic games-slots and table games revenue is the aggregate of gaming wins and losses. Liabilities are recognized for chips and "ticket-in, ticket-out" coupons in the customers' possession, and for accruals related to anticipated payout of progressive jackpots. Progressive gaming machines, which contain base jackpots that increase at a progressive rate based on the number of coins played, are deducted from revenue as the value of jackpots increase. Food, beverage, and other revenue is recorded when the service is received and paid. |
Slot Machine Jackpots [Policy Text Block] | i) Slot Machine Jackpots: If the casino is not No |
Advanced Payments and Billings in Excess of Costs Incurred [Policy Text Block] | j) Advanced Payments and Billings in Excess of Costs Incurred: We receive advances, performance-based payments and progress payment from customers which may exceed costs incurred on certain contracts. We classify advance payments and billings in excess of costs incurred, other than those reflected as a reduction of contracts in process, as customer deposits in current liabilities. |
Earnings Per Share, Policy [Policy Text Block] | k) Earnings Per Share: Earnings per common share is based on the weighted average number of common shares outstanding during the year. The computation of the Company basic and diluted earnings per common share is as follows: (in thousands, except per share data) 2019 2018 Net income attributable to Butler National Corporation $ 3,853 $ 341 Weighted average common shares outstanding 64,511,608 64,387,694 Dilutive effect of non-qualified stock option plans - - Weighted average common shares outstanding, assuming dilution 64,511,608 64,387,694 Potential common shares if all options were exercised and shares issued 64,511,608 64,387,694 Basic earnings per common share $ 0.06 $ 0.01 Diluted earnings per common share $ 0.06 $ 0.01 |
Share-based Payment Arrangement [Policy Text Block] | l) Stock-based Compensation: The Company accounts for stock-based compensation under ASC Topic 505-50, " Share-Based Payment Accounting for Stock-Based Compensation |
Income Tax, Policy [Policy Text Block] | m) Income Taxes: The Company utilizes ASC 740, not |
Cash and Cash Equivalents, Policy [Policy Text Block] | n) Cash and Cash Equivalents: Cash and cash equivalents consist primarily of cash and investments in a money market fund. We consider all highly liquid investments with an original maturity of three may April 30, 2019 2018, $5,365 $3,750, |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | o) Concentration of Credit Risk: We extend credit to customers based on an evaluation of their financial condition and collateral is not required. We perform ongoing credit evaluations of our customers and maintain an allowance for doubtful accounts. |
Research and Development Expense, Policy [Policy Text Block] | p) Research and Development: We invested in research and development activities. The amount invested in the year ended April 30, 2019 and 2018 was $1,888 and $1,763 respectively. |
New Accounting Pronouncements, Policy [Policy Text Block] | q) Recent Accounting Pronouncements: In February 2016, 2016 02, 842 2016 02 2016 02 December 15, 2018. |
Reclassification, Policy [Policy Text Block] | r) Reclassifications: Certain reclassifications within the financial statement captions have been made to maintain consistency in presentation between years. These reclassifications have no |
Note 1 - Nature of Operations_2
Note 1 - Nature of Operations, Organization and Significant Accounting Policies (Tables) | 12 Months Ended |
Apr. 30, 2019 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | (dollars in thousands) 2019 2018 Privilege fee $ 5,500 $ 5,500 Less amortized costs 3,103 2,679 Privilege fee balance $ 2,397 $ 2,821 Intangible gaming equipment $ 5,646 $ 5,426 Less amortized costs 5,214 4,574 Intangible gaming equipment balance $ 432 $ 852 JET autopilot intellectual property $ 1,417 $ 1,417 Less amortized costs 1,053 960 JET autopilot intellectual property balance $ 364 $ 457 |
Supplemental Type Certificates Capitalized Costs [Table Text Block] | (dollars in thousands) 2019 2018 Direct labor $ 2,670 $ 2,494 Direct materials 3,345 3,099 Consultant costs 1,922 1,922 Overhead 4,524 4,246 12,461 11,761 Less-amortized costs 6,054 5,164 STC balance $ 6,407 $ 6,597 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (in thousands, except per share data) 2019 2018 Net income attributable to Butler National Corporation $ 3,853 $ 341 Weighted average common shares outstanding 64,511,608 64,387,694 Dilutive effect of non-qualified stock option plans - - Weighted average common shares outstanding, assuming dilution 64,511,608 64,387,694 Potential common shares if all options were exercised and shares issued 64,511,608 64,387,694 Basic earnings per common share $ 0.06 $ 0.01 Diluted earnings per common share $ 0.06 $ 0.01 |
Note 2 - Debt (Tables)
Note 2 - Debt (Tables) | 12 Months Ended |
Apr. 30, 2019 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Promissory Notes 2019 2018 Bank line of credit, available LOC $5.0 million interest at 3.4% due on demand, collateralized by a first and second position on all assets of the Company. - 2,387 $ - $ 2,387 Long-Term Debt Note payable, interest at 5.75% due January 2020 collateralized by Aircraft Security Agreements. $ 119 $ 270 Note payable, interest at 6.25% due January 2023, collateralized by an Aircraft Security Agreement. 2,239 - Note payable, interest at bank prime paid off in 2019. - 62 Note payable, interest at bank prime paid off in 2019. - 65 Note payable, interest at bank prime paid off in 2019. - 147 Note payable, interest at 6.25%, due June 2024, collateralized by real estate. 241 259 Note payable, interest at 4.89% due May 2020, collateralized by all of BNSC's assets and compensation due under the State Management contract. 1,313 2,464 Notes payable, interest at 4.5%, due April 2022, collateralized by equipment. 63 80 3,975 3,347 Less: Current maturities 1,899 1,612 $ 2,076 $ 1,735 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Year Ending April 30 Amount 2020 $ 1,899 2021 712 2022 649 2023 557 2024 24 Thereafter 134 $ 3,975 |
Note 3 - Capitalized Lease (Tab
Note 3 - Capitalized Lease (Tables) | 12 Months Ended |
Apr. 30, 2019 | |
Notes Tables | |
Schedule of Capital Leased Assets [Table Text Block] | April 30, 2019 Building $ 1,699 Less accumulated depreciation 11 Total $ 1,688 |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | 2020 $ 93 2021 93 2022 93 2023 93 2024 93 Thereafter 4,137 Total minimum lease payments 4,602 Less amount representing interest 2,905 Present value of net minimum lease payments 1,697 Less current maturities of capital lease obligation 8 Long-term capital lease obligation $ 1,689 |
Note 4 - Income Taxes (Tables)
Note 4 - Income Taxes (Tables) | 12 Months Ended |
Apr. 30, 2019 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | April 30, 2019 April 30, 2018 Deferred tax liabilities: Depreciation and amortization $ (923 ) $ (112 ) Deferred compensation, restricted stock (257 ) - Total deferred tax liabilities (1,180 ) (112 ) Deferred tax assets: Accounts receivable allowance 39 30 Inventory and other allowances 194 154 Vacation accruals 25 31 Jackpot reserves 37 26 R&D credits - 64 Total deferred tax assets 295 305 Less valuation allowance - - Net deferred tax assets (liabilities) $ (885 ) $ 193 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | April 30, 2019 April 30, 2018 Statutory federal income tax rate expense, net of noncontrolling interest 21.00 % 30.00 % State income tax, net of federal benefits 1.90 % 8.16 % Permanent tax 1.93 % 11.33 % Other 1.46 % 11.82 % 26.29 % 61.31 % Income tax expense: Deferred income tax $ 1,078 $ 732 Current income tax (benefit) 297 (192 ) Total income tax expense $ 1,375 $ 540 |
Note 7 - Stock Repurchase Pro_2
Note 7 - Stock Repurchase Program (Tables) | 12 Months Ended |
Apr. 30, 2019 | |
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 Shares purchased in prior periods 130,346 $ 0.25 130,346 $ 468 Quarter ended July 31, 2017 - $ - - $ 468 Quarter ended October 31, 2017 8,607 $ 0.30 8,607 $ 465 Quarter ended January 31, 2018 (a) 536,058 $ 0.26 536,058 $ 326 Quarter ended April 30, 2018 (a) 178,526 $ 0.25 178,526 $ 281 Increase in program authorization April 2018 (b) - $ - - $ 531 Quarter ended July 31, 2018 (a) 25,277 $ 0.26 25,277 $ 525 Quarter ended October 31, 2018 (a) 480,805 $ 0.30 480,805 $ 381 Quarter ended January 31, 2019 (a) 186,727 $ 0.34 186,727 $ 317 Quarter ended April 30, 2019 (a) 580,705 $ 0.38 580,705 $ 94 Increase in program authorization April 2019 (c) - $ - - $ 1,569 Total 2,127,051 $ 0.31 2,127,051 |
Note 8 - Commitments and Cont_2
Note 8 - Commitments and Contingencies (Tables) | 12 Months Ended |
Apr. 30, 2019 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year Ending April 30 Amount 2020 $ 4,890 2021 4,938 2022 4,987 2023 5,037 2024 5,088 $ 24,940 |
Note 12 - Industry Segmentati_2
Note 12 - Industry Segmentation and Sales by Major Customer (Tables) | 12 Months Ended |
Apr. 30, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year ended April 30, 2019 Professional Services Aerospace Products Consolidated Total revenues $ 32,017 $ 26,693 $ 58,710 Depreciation and amortization 1,068 778 1,846 Operating income 1,480 3,798 5,278 Capital expenditures, net 1,023 3,962 4,985 Interest expense - - (248 ) Refund of sales/use tax - - 1,995 Income before taxes - - 7,025 Income tax expense - - 1,375 Net income attributable to Butler National Corporation - - 3,853 Identifiable assets, net 22,432 26,470 48,902 Year ended April 30, 2018 Professional Services Aerospace Products Consolidated Total revenues $ 31,283 $ 16,977 $ 48,260 Depreciation and amortization 1,256 504 1,760 Operating income 1,721 402 2,123 Capital expenditures, net 631 1,658 2,289 Interest expense - - (331 ) Other income (expense) - - 4 Income before taxes - - 1,796 Income tax expense - - 540 Net income attributable to Butler National Corporation - - 341 Identifiable assets, net 21,538 19,893 41,431 |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | 2019 2018 Aerospace Products – one customer 15.1 % 12.3 % Professional Services - - |
Note 13 - Fair Value Measurem_2
Note 13 - Fair Value Measurements (Tables) | 12 Months Ended |
Apr. 30, 2019 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Level 1 Level 2 Level 3 Fair Value Promissory notes $ - $ - $ - $ - Long-term debt - - 3,975 3,975 $ - $ - $ 3,975 $ 3,975 Level 1 Level 2 Level 3 Fair Value Promissory notes $ - $ - $ 2,387 $ 2,387 Long-term debt - - 3,347 3,347 $ - $ - $ 5,734 $ 5,734 |
Note 1 - Nature of Operations_3
Note 1 - Nature of Operations, Organization and Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Duration after Which Invoices Are Considered to Be Doubtful | 90 days | |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 143 | $ 112 |
Duration During Which Inventory If Inactive Taken as Obsolete | 5 years | |
Inventory Valuation Reserves, Ending Balance | $ 718 | 571 |
Period for Payment Due | 30 days | |
Cash, Uninsured Amount | $ 5,365 | 3,750 |
Research and Development Expense, Total | 1,888 | 1,763 |
Kansas Expanded Lottery Act Management Contract Privilege Fee [Member] | ||
Finite-Lived Intangible Assets, Gross, Total | 5,500 | 5,500 |
Gaming Equipment [Member] | ||
Finite-Lived Intangible Assets, Gross, Total | $ 5,646 | 5,426 |
Finite-Lived Intangible Asset, Useful Life | 3 years | |
JET Autopilot Intellectual Property [Member] | ||
Finite-Lived Intangible Assets, Gross, Total | $ 1,417 | $ 1,417 |
Finite-Lived Intangible Asset, Useful Life | 15 years | |
Other Miscellaneous Long-Term Assets [Member] | ||
Finite-Lived Intangible Assets, Gross, Total | $ 912 | |
Supplemental Type Certificates [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 7 years | |
Minimum [Member] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Maximum [Member] | ||
Property, Plant and Equipment, Useful Life | 39 years |
Note 1 - Nature of Operations_4
Note 1 - Nature of Operations, Organization and Significant Accounting Policies - Schedule of Other Assets (Details) - USD ($) $ in Thousands | Apr. 30, 2019 | Apr. 30, 2018 |
Kansas Expanded Lottery Act Management Contract Privilege Fee [Member] | ||
Other assets intangible | $ 5,500 | $ 5,500 |
Less amortized costs | 3,103 | 2,679 |
Other assets net intangible, net | 2,397 | 2,821 |
Gaming Equipment [Member] | ||
Other assets intangible | 5,646 | 5,426 |
Less amortized costs | 5,214 | 4,574 |
Other assets net intangible, net | 432 | 852 |
JET Autopilot Intellectual Property [Member] | ||
Other assets intangible | 1,417 | 1,417 |
Less amortized costs | 1,053 | 960 |
Other assets net intangible, net | $ 364 | $ 457 |
Note 1 - Nature of Operations_5
Note 1 - Nature of Operations, Organization and Significant Accounting Policies - Supplemental Type Certificates Capitalized Costs (Details) - USD ($) | Apr. 30, 2019 | Apr. 30, 2018 |
Direct labor | $ 2,670,000 | $ 2,494,000 |
Direct materials | 3,345,000 | 3,099,000 |
Consultant costs | 1,922,000 | 1,922,000 |
Overhead | 4,524,000 | 4,246,000 |
12,461,000 | 11,761,000 | |
Supplemental type certificates, accumulated amortization | 6,054,000 | 5,164,000 |
STC balance | $ 6,407,000 | $ 6,597,000 |
Note 1 - Nature of Operations_6
Note 1 - Nature of Operations, Organization and Significant Accounting Policies - Computation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Net income attributable to Butler National Corporation | $ 3,853 | $ 341 |
Weighted average common shares outstanding (in shares) | 64,511,608 | 64,387,694 |
Dilutive effect of non-qualified stock option plans (in shares) | ||
Weighted average common shares outstanding, assuming dilution (in shares) | 64,511,608 | 64,387,694 |
Potential common shares if all options were exercised and shares issued (in shares) | 64,511,608 | 64,387,694 |
Basic earnings per common share (in dollars per share) | $ 0.06 | $ 0.01 |
Diluted earnings per common share (in dollars per share) | $ 0.06 | $ 0.01 |
Note 2 - Debt - Schedule of Deb
Note 2 - Debt - Schedule of Debt (Details) - USD ($) $ in Thousands | Apr. 30, 2019 | Apr. 30, 2018 |
Promissory notes | $ 2,387 | |
Long-Term Debt | ||
Notes payable | 3,975 | 3,347 |
Less: Current maturities | 1,899 | 1,612 |
2,076 | 1,735 | |
Note Collateralized by Real Estate [Member] | ||
Promissory notes | 2,387 | |
Notes Collateralized by Aircraft Security Agreements, Due January 2020 [Member] | ||
Long-Term Debt | ||
Notes payable | 119 | 270 |
Notes Collateralized by Aircraft Security Agreements [Member] | ||
Long-Term Debt | ||
Notes payable | 2,239 | |
Notes Collateralized by Aircraft Security Agreements, Due January 2023 [Member] | ||
Long-Term Debt | ||
Notes payable | ||
Note Payable 1, Interest at Bank Paid Off in 2019 [Member] | ||
Long-Term Debt | ||
Notes payable | 62 | |
Note Payable 2, Interest at Bank Paid Off in 2019 [Member] | ||
Long-Term Debt | ||
Notes payable | 65 | |
Note Payable 3, Interest at Bank Paid Off in 2019 [Member] | ||
Long-Term Debt | ||
Notes payable | 147 | |
Note Collateralized by Real Estate Due June 2024 [Member] | ||
Long-Term Debt | ||
Notes payable | 241 | 259 |
Note Collateralized by BNSC's Assets and Compensation due under State Management Contract Due May 2020 [Member] | ||
Long-Term Debt | ||
Notes payable | 1,313 | 2,464 |
Note Collateralized by Equipment Due April 2022 [Member] | ||
Long-Term Debt | ||
Notes payable | $ 63 | $ 80 |
Note 2 - Debt - Schedule of D_2
Note 2 - Debt - Schedule of Debt (Details) (Parentheticals) - USD ($) $ in Millions | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Notes Collateralized by Aircraft Security Agreements, Due January 2020 [Member] | ||
Interest rate | 5.75% | 5.75% |
Maturity date | Jan. 31, 2020 | Jan. 31, 2020 |
Notes Collateralized by Aircraft Security Agreements, Due January 2023 [Member] | ||
Interest rate | 6.25% | 6.25% |
Maturity date | Jan. 31, 2023 | Jan. 31, 2023 |
Note Collateralized by Real Estate Due June 2024 [Member] | ||
Interest rate | 6.25% | 6.25% |
Maturity date | Jun. 30, 2024 | Jun. 30, 2024 |
Note Collateralized by BNSC's Assets and Compensation due under State Management Contract Due May 2020 [Member] | ||
Interest rate | 4.89% | 4.89% |
Maturity date | May 31, 2020 | May 31, 2020 |
Note Collateralized by Equipment Due April 2022 [Member] | ||
Interest rate | 4.50% | 4.50% |
Maturity date | Apr. 30, 2022 | Apr. 30, 2022 |
Note Collateralized by Real Estate [Member] | ||
Borrowing capacity | $ 5 | $ 5 |
Basis spread | 3.40% | 3.40% |
Note 2 - Debt - Maturities of L
Note 2 - Debt - Maturities of Long-term Debt (Details) - USD ($) $ in Thousands | Apr. 30, 2019 | Apr. 30, 2018 |
2020 | $ 1,899 | |
2021 | 712 | |
2022 | 649 | |
2023 | 557 | |
2024 | 24 | |
Thereafter | 134 | |
$ 3,975 | $ 3,347 |
Note 3 - Capitalized Lease - Ca
Note 3 - Capitalized Lease - Capital Lease Assets (Details) $ in Thousands | Apr. 30, 2019USD ($) |
Less accumulated depreciation | $ 11 |
Total | 1,688 |
Building [Member] | |
Building | $ 1,699 |
Note 3 - Capitalized Lease - Fu
Note 3 - Capitalized Lease - Future Minimum Payments (Details) - USD ($) $ in Thousands | Apr. 30, 2019 | Apr. 30, 2018 |
2020 | $ 93 | |
2021 | 93 | |
2022 | 93 | |
2023 | 93 | |
2024 | 93 | |
Thereafter | 4,137 | |
Total minimum lease payments | 4,602 | |
Less amount representing interest | 2,905 | |
Present value of net minimum lease payments | 1,697 | |
Less current maturities of capital lease obligation | 8 | |
Long-term capital lease obligation | $ 1,689 |
Note 4 - Income Taxes (Details
Note 4 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Current Income Tax Expense (Benefit), Total | $ 297 | $ (192) |
Current Federal Tax Expense (Benefit) | 170 | (295) |
Current State and Local Tax Expense (Benefit) | 127 | $ 103 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 0 |
Note 4 - Income Taxes - Compone
Note 4 - Income Taxes - Components of Deferred Tax Liabilities and Assets (Details) - USD ($) $ in Thousands | Apr. 30, 2019 | Apr. 30, 2018 |
Deferred tax liabilities: | ||
Depreciation and amortization | $ (923) | $ (112) |
Deferred compensation, restricted stock | (257) | |
Total deferred tax liabilities | (1,180) | (112) |
Deferred tax assets: | ||
Accounts receivable allowance | 39 | 30 |
Inventory and other allowances | 194 | 154 |
Vacation accruals | 25 | 31 |
Jackpot reserves | 37 | 26 |
R&D credits | 64 | |
Total deferred tax assets | 295 | 305 |
Less valuation allowance | ||
Net deferred tax assets (liabilities) | $ (885) | |
Net deferred tax assets (liabilities) | $ 193 |
Note 4 - Income Taxes - Reconci
Note 4 - Income Taxes - Reconciliation of the Federal Statutory Income Tax Rate to the Effective Tax Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Statutory federal income tax rate expense, net of noncontrolling interest | 21.00% | 30.00% |
State income tax, net of federal benefits | 1.90% | 8.16% |
Permanent tax | 1.93% | 11.33% |
Other | 1.46% | 11.82% |
26.29% | 61.31% | |
PROVISION (BENEFIT) FOR INCOME TAXES | ||
Deferred income tax | $ 1,078 | $ 732 |
Current Income Tax Expense (Benefit), Total | 297 | (192) |
Total income tax expense | $ 1,375 | $ 540 |
Note 5 - Stockholders' Equity (
Note 5 - Stockholders' Equity (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Stock Issued During Period, Shares, Employee Benefit Plan | 2,311,268 | 922,958 |
Stock Issued During Period, Value, Employee Benefit Plan | $ 584 | $ 261 |
Note 6 - Stock Options and In_2
Note 6 - Stock Options and Incentive Plans (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Apr. 12, 2019 | Apr. 30, 2019 | Apr. 30, 2018 | Nov. 30, 2016 |
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 950 | |||
Butler National Corporation 2016 Equity Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 12,500 | |||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 950 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | |||
Butler National Corporation 2016 Equity Incentive Plan [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 2,500 | |||
Share Price | $ 0.38 | |||
Deferred Compensation Equity, Ending Balance | $ 950 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years |
Note 7 - Stock Repurchase Pro_3
Note 7 - Stock Repurchase Program (Details Textual) - USD ($) $ in Thousands | Apr. 30, 2019 | Apr. 01, 2019 | Apr. 30, 2018 | Apr. 01, 2018 |
Stock Repurchase Program, Authorized Amount | $ 2,225 | $ 750 | $ 750 | $ 500 |
Note 7 - Stock Repurchase Pro_4
Note 7 - Stock Repurchase Program - Schedule of Stock Purchases (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | 36 Months Ended | ||||||||||||||||||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | [1] | Jan. 31, 2019 | [1] | Oct. 31, 2018 | [1] | Jul. 31, 2018 | [1] | Apr. 30, 2018 | [1] | Jan. 31, 2018 | [1] | Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Apr. 30, 2019 | Dec. 31, 2016 | ||||
Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plan or Programs | $ 94 | [1] | $ 281 | [1] | $ 94 | $ 317 | $ 381 | $ 525 | $ 281 | $ 326 | $ 465 | $ 468 | $ 468 | $ 94 | [1] | $ 500 | ||||||
Stock repurchase (in shares) | 580,705 | 186,727 | 480,805 | 25,277 | 178,526 | 536,058 | 8,607 | 130,346 | 2,127,051 | |||||||||||||
Average Price Paid per Share (in dollars per share) | $ 0.38 | $ 0.34 | $ 0.30 | $ 0.26 | $ 0.25 | $ 0.26 | $ 0.30 | $ 0.25 | $ 0.31 | |||||||||||||
Number of Shares Purchased as Part of Publicly Announced Plans or Programs (in shares) | 580,705 | 186,727 | 480,805 | 25,277 | 178,526 | 536,058 | 8,607 | 130,346 | 2,127,051 | |||||||||||||
Number of Shares Purchased (in shares) | 580,705 | 186,727 | 480,805 | 25,277 | 178,526 | 536,058 | 8,607 | 130,346 | 2,127,051 | |||||||||||||
Increase in program authorization, Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plan or Programs | $ 1,569 | [2] | $ 531 | [3] | ||||||||||||||||||
[1] | These shares of common stock purchased were purchased through private transactions | |||||||||||||||||||||
[2] | Board of Directors increased program authorization from $750 to $2,225 | |||||||||||||||||||||
[3] | Board of Directors increased program authorization from $500 to $750 |
Note 8 - Commitments and Cont_3
Note 8 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Operating Leases, Rent Expense, Total | $ 5,209 | $ 5,228 |
The 3 Year Initial Term [Member] | ||
Lessee, Operating Lease, Term of Contract | 3 years | |
The 5 Year Initial Term [Member] | ||
Lessee, Operating Lease, Term of Contract | 5 years | |
The 10 Year Initial Term [Member] | ||
Lessee, Operating Lease, Term of Contract | 10 years | |
The 25 Year Initial Term [Member] | ||
Lessee, Operating Lease, Term of Contract | 25 years |
Note 8 - Commitments and Cont_4
Note 8 - Commitments and Contingencies - Minimum Lease and Rent Agreement Commitments (Details) $ in Thousands | Apr. 30, 2019USD ($) |
2020 | $ 4,890 |
2021 | 4,938 |
2022 | 4,987 |
2023 | 5,037 |
2024 | 5,088 |
$ 24,940 |
Note 9 - Related-party Transa_2
Note 9 - Related-party Transactions (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Director David Hayden [Member] | Consulting Fees [Member] | ||
Related Party Transaction, Amounts of Transaction | $ 135 | $ 135 |
Chief Executive Officer [Member] | ||
Accrued Liabilities, Current, Total | 623 | 484 |
BHCMC, LLC [Member] | ||
Accounts Receivable, Related Parties, Current | 780 | 780 |
Wayne Stewart [Member] | ||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 370 | 236 |
Craig Stewart [Member] | ||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 475 | 330 |
Jeff Shinkle [Member] | ||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | $ 237 | $ 195 |
Note 10 - 401(k) Savings Plan (
Note 10 - 401(k) Savings Plan (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Number of Days of Service Eligible to Participate in Plan | 30 days | |
Number of Entry Dates per Calendar Year to Participate in Plan | 2 | |
Defined Contribution Plan Matching Contribution, as Percent of Every Pretax Dollar | 100.00% | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% | |
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 100.00% | |
Defined Contribution Plan, Cost | $ 584 | $ 261 |
Note 11 - Refund of Sales_Use_2
Note 11 - Refund of Sales/Use Tax (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Refund of Tax | $ 1,995 | |
KANSAS1 [Member[ | ||
Refund of Tax | $ 1,995 |
Note 12 - Industry Segmentati_3
Note 12 - Industry Segmentation and Sales by Major Customer (Details Textual) | 12 Months Ended |
Apr. 30, 2019 | |
Number of Operating Segments | 2 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | The Five Aerospace Customers [Member] | |
Concentration Risk, Percentage | 25.50% |
Number of Major Customers | 5 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Top Customer [Member] | |
Concentration Risk, Percentage | 15.10% |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Next Top Four Customers [Member] | Minimum [Member] | |
Concentration Risk, Percentage | 2.20% |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Next Top Four Customers [Member] | Maximum [Member] | |
Concentration Risk, Percentage | 3.00% |
Note 12 - Industry Segmentati_4
Note 12 - Industry Segmentation and Sales by Major Customer - Schedule of Segment Information by Products and Services (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Total revenues | $ 58,710 | $ 48,260 |
Depreciation and amortization | 1,846 | 1,760 |
Operating income | 5,278 | 2,123 |
Capital expenditures, net | 4,985 | 2,289 |
Interest expense | (248) | (331) |
Refund of sales/use tax | 1,995 | |
Income before taxes | 7,025 | 1,796 |
Income tax expense | 1,375 | 540 |
Net income attributable to Butler National Corporation | 3,853 | 341 |
Identifiable assets, net | 48,902 | 41,431 |
Other income (expense), net | 4 | |
Professional Services [Member] | ||
Total revenues | 32,017 | 31,283 |
Professional Services [Member] | Operating Segments [Member] | ||
Total revenues | 32,017 | 31,283 |
Depreciation and amortization | 1,068 | 1,256 |
Operating income | 1,480 | 1,721 |
Capital expenditures, net | 1,023 | 631 |
Interest expense | ||
Refund of sales/use tax | ||
Income before taxes | ||
Income tax expense | ||
Net income attributable to Butler National Corporation | ||
Identifiable assets, net | 22,432 | 21,538 |
Other income (expense), net | ||
Aerospace Products [Member] | ||
Total revenues | 26,693 | 16,977 |
Aerospace Products [Member] | Operating Segments [Member] | ||
Total revenues | 26,693 | 16,977 |
Depreciation and amortization | 778 | 504 |
Operating income | 3,798 | 402 |
Capital expenditures, net | 3,962 | 1,658 |
Interest expense | ||
Refund of sales/use tax | ||
Income before taxes | ||
Income tax expense | ||
Net income attributable to Butler National Corporation | ||
Identifiable assets, net | $ 26,470 | 19,893 |
Other income (expense), net |
Note 12 - Industry Segmentati_5
Note 12 - Industry Segmentation and Sales by Major Customer - Schedule of Revenue by Major Customers by Reporting Segments (Details) - Customer Concentration Risk [Member] - Revenue Benchmark [Member] | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Top Customer [Member] | ||
Concentration risk percentage | 15.10% | |
Aerospace Products [Member] | Top Customer [Member] | ||
Concentration risk percentage | 15.10% | 12.30% |
Professional Services [Member] | ||
Concentration risk percentage |
Note 12 - Industry Segmentati_6
Note 12 - Industry Segmentation and Sales by Major Customer - Schedule of Revenue by Major Customers by Reporting Segments (Details) (Parentheticals) | Apr. 30, 2019 | Apr. 30, 2018 |
Aerospace Products [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||
Number of customers | 1 | 1 |
Note 13 - Fair Value Measurem_3
Note 13 - Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Apr. 30, 2019 | Apr. 30, 2018 |
Promissory notes | $ 2,387 | |
Long-term debt | 3,975 | 3,347 |
3,975 | 5,734 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Promissory notes | ||
Long-term debt | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Promissory notes | ||
Long-term debt | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Promissory notes | 2,387 | |
Long-term debt | 3,975 | 3,347 |
$ 3,975 | $ 5,734 |
Note 14 - Subsequent Events (De
Note 14 - Subsequent Events (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | |||
May 30, 2019 | Jun. 30, 2019 | Apr. 30, 2019 | Apr. 30, 2018 | |
Asset Held for Sale, Net of Accumulated Depreciation | $ 447 | |||
Operating Leases, Future Minimum Payments Due, Total | $ 24,940 | |||
Subsequent Event [Member] | Lease of Hangar [Member] | ||||
Lessee, Operating Lease, Term of Contract | 2 years | |||
Operating Leases, Future Minimum Payments Due, Total | $ 57 | |||
Subsequent Event [Member] | Office Space [Member] | ||||
Lessee, Operating Lease, Term of Contract | 5 years | |||
Operating Leases, Future Minimum Payments Due, Total | $ 144 | |||
Aircraft [Member] | Subsequent Event [Member] | ||||
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 975 |