Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jul. 31, 2019 | Sep. 06, 2019 | |
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 Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 68,160,250 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Jul. 31, 2019 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Title of 12(g) Security | Common Stock |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jul. 31, 2019 | Apr. 30, 2019 |
CURRENT ASSETS: | ||
Cash | $ 10,249 | $ 9,014 |
Accounts receivable, net of allowance for doubtful accounts | 5,382 | 3,265 |
Asset held for sale, net of accumulated depreciation | 447 | |
Income tax receivable | 27 | |
Inventories | ||
Parts and raw materials | 7,507 | 7,370 |
Work in process | 1,679 | 1,441 |
Finished goods | 73 | 74 |
Total inventory, net of allowance | 9,259 | 8,885 |
Prepaid expenses and other current assets | 1,746 | 1,646 |
Total current assets | 26,636 | 23,284 |
PROPERTY, PLANT AND EQUIPMENT: | ||
Finance lease right-to-use assets | 43,680 | 1,699 |
Land and building | 5,765 | 5,765 |
Aircraft | 8,467 | 8,467 |
Machinery and equipment | 4,075 | 4,075 |
Office furniture and fixtures | 7,545 | 7,487 |
Leasehold improvements | 4,032 | 4,032 |
73,564 | 31,525 | |
Accumulated depreciation | (17,824) | (16,714) |
Total property, plant and equipment | 55,740 | 14,811 |
SUPPLEMENTAL TYPE CERTIFICATES (net of accumulated amortization of $6,298 at July 31, 2019 and $6,054 at April 30, 2019) | 6,163 | 6,407 |
OTHER ASSETS: | ||
Deferred tax asset | 295 | 295 |
Other assets (net of accumulated amortization of $9,570 at July 31, 2019 and $9,370 at April 30, 2019) | 3,905 | 4,105 |
Total other assets | 4,200 | 4,400 |
Total assets | 92,739 | 48,902 |
CURRENT LIABILITIES: | ||
Current maturities of long-term debt | 1,596 | 1,899 |
Current maturities of finance lease liability | 1,070 | 8 |
Accounts payable | 1,736 | 1,774 |
Customer deposits | 2,948 | 2,758 |
Gaming facility mandated payment | 975 | 1,280 |
Compensation and compensated absences | 1,508 | 1,664 |
Deferred tax liability, current | 236 | 236 |
Income taxes payable | 735 | |
Other current liabilities | 245 | 230 |
Total current liabilities | 11,049 | 9,849 |
Long-term debt, net of current maturities | 1,823 | 2,076 |
Finance lease liability, net of current maturities | 42,384 | 1,689 |
Deferred tax liability | 944 | 944 |
Total long-term liabilities | 45,151 | 4,709 |
Total liabilities | 56,200 | 14,558 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY: | ||
Common stock, par value $.01: authorized 100,000,000 shares issued 71,008,122 shares, and outstanding 68,160,250 shares at July 31, 2019 and issued 71,008,122 shares, and outstanding 68,281,071 shares at April 30, 2019 | 710 | 710 |
Capital contributed in excess of par | 14,814 | 14,767 |
Treasury stock at cost, 2,847,872 shares at July 31, 2019 and 2,727,051 shares at April 30, 2019 | (1,430) | (1,387) |
Retained earnings | 15,974 | 13,913 |
Total Butler National Corporation's stockholders' equity | 30,068 | 28,003 |
Noncontrolling interest in BHCMC, LLC | 6,471 | 6,341 |
Total stockholders' equity | 36,539 | 34,344 |
Total liabilities and stockholders' equity | 92,739 | 48,902 |
Preferred Class A [Member] | ||
STOCKHOLDERS' EQUITY: | ||
Preferred stock | ||
Preferred Class B [Member] | ||
STOCKHOLDERS' EQUITY: | ||
Preferred stock |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Jul. 31, 2019 | Apr. 30, 2019 | |
Supplemental type certificates, accumulated amortization | $ 6,298 | $ 6,054 |
Other assets, accumulated amortization | $ 9,570 | $ 9,370 |
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 | 71,008,122 |
Common stock, shares outstanding (in shares) | 68,160,250 | 68,281,071 |
Treasury stock, shares (in shares) | 2,847,872 | 2,727,051 |
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 | |
Jul. 31, 2019 | Jul. 31, 2018 | |
REVENUE: | ||
Revenues | $ 17,016 | $ 13,404 |
COSTS AND EXPENSES: | ||
Marketing and advertising | 1,104 | 975 |
Employee benefits | 547 | 505 |
Depreciation and amortization | 1,239 | 388 |
General, administrative and other | 1,786 | 1,693 |
Total costs and expenses | 13,495 | 12,503 |
OPERATING INCOME | 3,521 | 901 |
OTHER INCOME (EXPENSE): | ||
Interest expense | (1,097) | (70) |
Refund of sales/use tax | 279 | |
Gain on sale of airplane | 529 | |
Total other income (expense) | (568) | 209 |
INCOME BEFORE INCOME TAXES | 2,953 | 1,110 |
PROVISION FOR INCOME TAXES | ||
Provision for income taxes | 762 | 188 |
NET INCOME | 2,191 | 922 |
Net income attributable to noncontrolling interest in BHCMC, LLC | (130) | (413) |
NET INCOME ATTRIBUTABLE TO BUTLER NATIONAL CORPORATION | $ 2,061 | $ 509 |
BASIC EARNINGS PER COMMON SHARE (in dollars per share) | $ 0.03 | $ 0.01 |
WEIGHTED AVERAGE SHARES USED IN PER SHARE CALCULATION (in shares) | 68,270,565 | 64,743,042 |
DILUTED EARNINGS PER COMMON SHARE (in dollars per share) | $ 0.03 | $ 0.01 |
WEIGHTED AVERAGE SHARES USED IN PER SHARE CALCULATION (in shares) | 68,270,565 | 64,743,042 |
Professional Services [Member] | ||
REVENUE: | ||
Revenues | $ 8,116 | $ 7,948 |
COSTS AND EXPENSES: | ||
Cost of services and products | 3,850 | 4,812 |
Aerospace Products [Member] | ||
REVENUE: | ||
Revenues | 8,900 | 5,456 |
COSTS AND EXPENSES: | ||
Cost of services and products | $ 4,969 | $ 4,130 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - 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, 2018 | 66,196,854 | 1,453,537 | ||||||
Balance at Apr. 30, 2018 | $ 662 | $ 14,231 | $ (951) | $ 10,060 | $ 24,002 | $ 5,264 | $ 29,266 | |
Stock repurchase (in shares) | 25,277 | 25,277 | [1] | |||||
Stock repurchase | $ (6) | (6) | $ (6) | |||||
Net Income | 509 | 509 | 413 | 922 | ||||
Balance (in shares) at Jul. 31, 2018 | 66,196,854 | 1,478,814 | ||||||
Balance at Jul. 31, 2018 | $ 662 | 14,231 | $ (957) | 10,569 | 24,505 | 5,677 | 30,182 | |
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 | |
Stock repurchase (in shares) | 120,821 | 120,821 | [1] | |||||
Stock repurchase | $ (43) | (43) | $ (43) | |||||
Net Income | 2,061 | 2,061 | 130 | 2,191 | ||||
Deferred compensation, restricted stock | 47 | 47 | 47 | |||||
Balance (in shares) at Jul. 31, 2019 | 71,008,122 | 2,847,872 | ||||||
Balance at Jul. 31, 2019 | $ 710 | $ 14,814 | $ (1,430) | $ 15,974 | $ 30,068 | $ 6,471 | $ 36,539 | |
[1] | These shares of common stock purchased were purchased through a private transaction. |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Jul. 31, 2019 | Jul. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Income | $ 2,191,000 | $ 922,000 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 1,555,000 | 750,000 |
Gain on sale of airplane | (529,000) | |
Deferred compensation, restricted stock | 47,000 | 0 |
Changes in assets and liabilities | ||
Accounts receivable | (2,117,000) | (118,000) |
Income tax receivable | 27,000 | 188,000 |
Inventories | (374,000) | (391,000) |
Prepaid expenses and other current assets | (100,000) | (462,000) |
Accounts payable | (38,000) | (288,000) |
Customer deposits | 190,000 | 1,340,000 |
Accrued liabilities | (156,000) | (181,000) |
Gaming facility mandated payment | (305,000) | (282,000) |
Income tax payable | 735,000 | |
Other current liabilities | 15,000 | 61,000 |
Net cash provided by operating activities | 1,141,000 | 1,539,000 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures | (58,000) | (227,000) |
Proceeds from sale of airplane | 975,000 | |
Net cash provided by (used in) investing activities | 917,000 | (227,000) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Repayments of promissory notes, net | (711,000) | |
Repayments of long-term debt | (556,000) | (401,000) |
Reduction of finance lease liability | (224,000) | (2,000) |
Repurchase of common stock | (43,000) | (6,000) |
Net cash used in financing activities | (823,000) | (1,120,000) |
NET INCREASE IN CASH | 1,235,000 | 192,000 |
CASH, beginning of period | 9,014,000 | 7,353,000 |
CASH, end of period | 10,249,000 | 7,545,000 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Interest paid | 1,096,000 | 71,000 |
Income taxes paid | ||
NON CASH INVESTING AND FINANCING ACTIVITY | ||
Finance lease right-of-use assets and finance lease liability | $ 41,981,000 |
Note 1
Note 1 | 3 Months Ended |
Jul. 31, 2019 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. 10 8 X not 10 April 30, 2019. three July 31, 2019 not may April 30, 2020. Certain reclassifications within the condensed financial statement captions have been made to maintain consistency in presentation between years. These reclassifications have no |
Note 2 - Net Income Per Share
Note 2 - Net Income Per Share | 3 Months Ended |
Jul. 31, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 2. 260 260, July 31, 2019 68,160,250. |
Note 3 - Revenue Recognition
Note 3 - Revenue Recognition | 3 Months Ended |
Jul. 31, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. May 1, 2018, 606, Under ASC 606, five 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 not 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. 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 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 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. |
Note 4 - Use of Estimates
Note 4 - Use of Estimates | 3 Months Ended |
Jul. 31, 2019 | |
Notes to Financial Statements | |
Use of Estimates [Text Block] | 4. may |
Note 5 - Inventories
Note 5 - Inventories | 3 Months Ended |
Jul. 31, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 5. 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 July 31, 2019 April 30, 2019, $718 $718 |
Note 6 - Research and Developme
Note 6 - Research and Development | 3 Months Ended |
Jul. 31, 2019 | |
Notes to Financial Statements | |
Research, Development, and Computer Software Disclosure [Text Block] | 6. three July 31, 2019 2018 $397 $318 |
Note 7 - Debt
Note 7 - Debt | 3 Months Ended |
Jul. 31, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7. July 31, 2019, $5,000. July 31, 2019 $5,000. first second At July 31, 2019, one 6.25% $2.1 January 2023. At July 31, 2019, one $238 6.25%. June 2024. At July 31, 2019, one $57. 4.5%. April 2022. At July 31, 2019, one $1.0 4.89%. May 2020. We are not July 31, 2019. 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 2019 |
Note 8 - Other Assets
Note 8 - Other Assets | 3 Months Ended |
Jul. 31, 2019 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 8. $5,500 $5,646 $1,417 $912. $5,500 December 2024. no three fifteen |
Note 9 - Stock Options and Ince
Note 9 - Stock Options and Incentive Plans | 3 Months Ended |
Jul. 31, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 9. In November 2016, 2016 may 12.5 On April 12, 2019, 2.5 April 11, 2024. $0.38 $950. $950 five No For the three July 31, 2019 July 31, 2018, $47 $0, |
Note 10 - Stock Repurchase Prog
Note 10 - Stock Repurchase Program | 3 Months Ended |
Jul. 31, 2019 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | 10. 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 through July 31, 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 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 Quarter ended July 31, 2019 (a) 120,821 $ 0.35 120,821 $ 1,526 Total 2,247,872 $ 0.31 2,247,872 (a) These shares of common stock purchased were purchased through a private transaction (b) Board of Directors increased program authorization from $500 $750 (c) Board of Directors increased program authorization from $750 $2,225 |
Note 11 - Finance Lease Right-o
Note 11 - Finance Lease Right-of-use Assets | 3 Months Ended |
Jul. 31, 2019 | |
Notes to Financial Statements | |
Lessee, Finance Leases [Text Block] | 11. On May 1, 2019, 2016 02 842. 2016 02 We lease the casino as well as hangar and office space with initial lease terms of two five twenty-five fifty July 31, 2019 Right-of-use assets $ 43,680 Less accumulated depreciation 693 Total $ 42,987 Future minimum lease payments for assets under capital leases at July 31, 2019 2020 $ 5,195 2021 5,242 2022 5,241 2023 5,293 2024 5,333 Thereafter 60,365 Total minimum lease payments 86,669 Less amount representing interest 43,215 Present value of net minimum lease payments 43,454 Less current maturities of finance lease liability 1,070 Finance lease liability, net of current maturities $ 42,384 The adoption of ASU 2016 02 three July 31, 2019. Increase in depreciation $ 693 Increase in interest expense 1,035 Decrease in rent expense (1,218 ) Decrease in net income for the three months ended July 31, 2019 $ 510 |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 3 Months Ended |
Jul. 31, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 12. The Company evaluated its July 31, 2019 not |
Note 10 - Stock Repurchase Pr_2
Note 10 - Stock Repurchase Program (Tables) | 3 Months Ended |
Jul. 31, 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 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 Quarter ended July 31, 2019 (a) 120,821 $ 0.35 120,821 $ 1,526 Total 2,247,872 $ 0.31 2,247,872 |
Note 11 - Finance Lease Right_2
Note 11 - Finance Lease Right-of-use Assets (Tables) | 3 Months Ended |
Jul. 31, 2019 | |
Notes Tables | |
Lessee, Finance Lease, Right of Use Assets [Table Text Block] | July 31, 2019 Right-of-use assets $ 43,680 Less accumulated depreciation 693 Total $ 42,987 |
Finance Lease, Liability, Maturity [Table Text Block] | 2020 $ 5,195 2021 5,242 2022 5,241 2023 5,293 2024 5,333 Thereafter 60,365 Total minimum lease payments 86,669 Less amount representing interest 43,215 Present value of net minimum lease payments 43,454 Less current maturities of finance lease liability 1,070 Finance lease liability, net of current maturities $ 42,384 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | Increase in depreciation $ 693 Increase in interest expense 1,035 Decrease in rent expense (1,218 ) Decrease in net income for the three months ended July 31, 2019 $ 510 |
Note 2 - Net Income Per Share (
Note 2 - Net Income Per Share (Details Textual) | 3 Months Ended |
Jul. 31, 2019shares | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 68,160,250 |
Note 5 - Inventories (Details T
Note 5 - Inventories (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2019 | Apr. 30, 2019 | |
Duration During Which Inventory If Inactive Taken as Obsolete | 5 years | |
Inventory Valuation Reserves, Ending Balance | $ 718 | $ 718 |
Note 6 - Research and Develop_2
Note 6 - Research and Development (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2019 | Jul. 31, 2018 | |
Research and Development Expense, Total | $ 397 | $ 318 |
Note 7 - Debt (Details Textual)
Note 7 - Debt (Details Textual) | Jul. 31, 2019USD ($) |
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000,000 |
Line of Credit Facility, Remaining Borrowing Capacity | $ 5,000,000 |
Notes Collateralized by Aircraft Security Agreements, Due January 2023 [Member] | |
Number of Notes | 1 |
Debt Instrument, Interest Rate, Stated Percentage | 6.25% |
Notes Payable, Total | $ 2,100 |
Note Collateralized by Real Estate Due June 2024 [Member] | |
Number of Notes | 1 |
Debt Instrument, Interest Rate, Stated Percentage | 6.25% |
Notes Payable, Total | $ 238,000 |
Note Collateralized by Equipment Due April 2022 [Member] | |
Number of Notes | 1 |
Debt Instrument, Interest Rate, Stated Percentage | 4.50% |
Notes Payable, Total | $ 57,000 |
Note Collateralized by BNSC's Assets and Compensation due under State Management Contract Due May 2020 [Member] | |
Number of Notes | 1 |
Debt Instrument, Interest Rate, Stated Percentage | 4.89% |
Notes Payable, Total | $ 1,000 |
Note 8 - Other Assets (Details
Note 8 - Other Assets (Details Textual) $ in Thousands | 3 Months Ended |
Jul. 31, 2019USD ($) | |
Other Assets, Miscellaneous, Total | $ 912 |
Kansas Expanded Lottery Act Contract Privilege [Member] | |
Other Intangible Assets, Net | 5,500 |
Intangible Gaming Support Items [Member] | |
Other Intangible Assets, Net | $ 5,646 |
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 9 - Stock Options and In_2
Note 9 - Stock Options and Incentive Plans (Details Textual) - USD ($) $ / shares in Units, shares in Thousands | Apr. 12, 2019 | Jul. 31, 2019 | Jul. 31, 2018 | Nov. 30, 2016 |
Share-based Payment Arrangement, Noncash Expense, Total | $ 47,000 | $ 0 | ||
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 | $ 950,000 | |||
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 | $ 950,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years |
Note 10 - Stock Repurchase Pr_3
Note 10 - Stock Repurchase Program (Details Textual) - USD ($) $ in Thousands | Jul. 31, 2019 | Apr. 30, 2019 | Apr. 01, 2019 | Apr. 30, 2018 | Apr. 01, 2018 |
Stock Repurchase Program, Authorized Amount | $ 2,225 | $ 2,225 | $ 750 | $ 750 | $ 500 |
Note 10 - Stock Repurchase Pr_4
Note 10 - Stock Repurchase Program - Schedule of Stock Purchases (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 15 Months Ended | 39 Months Ended | ||||||||||||||||||
Apr. 30, 2019 | Apr. 30, 2018 | Jul. 31, 2019 | [1] | Apr. 30, 2019 | [1] | Jan. 31, 2019 | [1] | Oct. 31, 2018 | [1] | Jul. 31, 2018 | [1] | Apr. 30, 2018 | [1] | Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2017 | Jul. 31, 2019 | Dec. 31, 2016 | ||||
Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plan or Programs | $ 94 | [1] | $ 281 | [1] | $ 1,526 | $ 94 | $ 317 | $ 381 | $ 525 | $ 281 | $ 326 | $ 465 | $ 468 | $ 1,526 | [1] | $ 500 | ||||||
Stock repurchase (in shares) | 120,821 | 580,705 | 186,727 | 480,805 | 25,277 | 178,526 | 536,058 | 8,607 | 130,346 | 2,247,872 | ||||||||||||
Average Price Paid per Share (in dollars per share) | $ 0.35 | $ 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) | 120,821 | 580,705 | 186,727 | 480,805 | 25,277 | 178,526 | 536,058 | 8,607 | 130,346 | 2,247,872 | ||||||||||||
Number of Shares Purchased (in shares) | 120,821 | 580,705 | 186,727 | 480,805 | 25,277 | 178,526 | 536,058 | 8,607 | 130,346 | 2,247,872 | ||||||||||||
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 a private transaction. | |||||||||||||||||||||
[2] | Board of Directors increased program authorization from $750 to $2,225 | |||||||||||||||||||||
[3] | Board of Directors increased program authorization from $500 to $750 |
Note 11 - Finance Lease Right_3
Note 11 - Finance Lease Right-of-use Assets (Details Textual) | Jul. 31, 2019 |
Casino, Hangar, and Office Space, Three [Member] | |
Lessee, Finance Lease, Term of Contract | 25 years |
Casino, Hangar, and Office Space, Four [Member] | |
Lessee, Finance Lease, Term of Contract | 50 years |
Casino, Hangar, and Office Space, One [Member] | |
Lessee, Finance Lease, Term of Contract | 2 years |
Casino, Hangar, and Office Space, Two [Member] | |
Lessee, Finance Lease, Term of Contract | 5 years |
Note 11 - Finance Lease Right_4
Note 11 - Finance Lease Right-of-use Assets - Finance Lease Right-of-use Assets (Details) - USD ($) $ in Thousands | Jul. 31, 2019 | Apr. 30, 2019 |
Right-of-use assets | $ 43,680 | $ 1,699 |
Less accumulated depreciation | 693 | |
Total | 42,987 | |
Building [Member] | ||
Right-of-use assets | $ 43,680 |
Note 11 - Finance Lease Right_5
Note 11 - Finance Lease Right-of-use Assets - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Jul. 31, 2019 | Apr. 30, 2019 |
2020 | $ 5,195 | |
2021 | 5,242 | |
2022 | 5,241 | |
2023 | 5,293 | |
2024 | 5,333 | |
Thereafter | 60,365 | |
Total minimum lease payments | 86,669 | |
Less amount representing interest | 43,215 | |
Present value of net minimum lease payments | 43,454 | |
Less current maturities of finance lease liability | 1,070 | $ 8 |
Finance lease liability, net of current maturities | $ 42,384 | $ 1,689 |
Note 11 - Finance Lease Right_6
Note 11 - Finance Lease Right-of-use Assets - Adoptiong of ASU 2016-02 (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2019 | Jul. 31, 2018 | |
Increase in depreciation | $ 1,239 | $ 388 |
Increase in interest expense | 1,097 | 70 |
Decrease in net income for the three months ended July 31, 2019 | (2,061) | $ (509) |
Accounting Standards Update 2016-02 [Member] | ||
Increase in depreciation | 693 | |
Increase in interest expense | 1,035 | |
Decrease in rent expense | (1,218) | |
Decrease in net income for the three months ended July 31, 2019 | $ 510 |