Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jul. 31, 2019 | Sep. 11, 2019 | |
Document Information Line Items | ||
Entity Registrant Name | FREQUENCY ELECTRONICS INC | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --04-30 | |
Entity Common Stock, Shares Outstanding | 9,040,969 | |
Amendment Flag | false | |
Entity Central Index Key | 0000039020 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Jul. 31, 2019 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Ex Transition Period | false | |
Entity Interactive Data Current | Yes |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jul. 31, 2019 | Apr. 30, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 2,239 | $ 3,683 |
Marketable securities | 9,016 | 8,199 |
Accounts receivable, net of allowance for doubtful accounts of $182 at July 31, 2019 and $183 at April 30, 2019 | 7,328 | 6,362 |
Costs and estimated earnings in excess of billings, net | 7,204 | 6,670 |
Inventories, net | 23,201 | 23,356 |
Prepaid income taxes | 326 | 499 |
Prepaid expenses and other | 2,223 | 2,583 |
Current assets held for sale | 0 | 1,347 |
Total current assets | 51,537 | 52,699 |
Property, plant and equipment, at cost, net of accumulated depreciation and amortization | 13,151 | 13,038 |
Goodwill | 617 | 617 |
Cash surrender value of life insurance and cash held in trust | 14,466 | 14,292 |
Right-of-Use assets | 11,840 | 0 |
Other assets | 3,553 | 5,923 |
Non-current assets held for sale | 0 | 202 |
Total assets | 95,164 | 86,771 |
Current liabilities: | ||
Accounts payable – trade | 1,061 | 1,188 |
Accrued liabilities | 3,600 | 3,571 |
Lease liability, current | 1,883 | 0 |
Current liabilities held for sale | 0 | 1,078 |
Total current liabilities | 6,544 | 5,837 |
Deferred compensation | 14,296 | 14,216 |
Lease liability | 10,193 | 0 |
Other liabilities | 1,295 | 1,376 |
Non-current liabilities held for sale | 0 | 2,253 |
Total liabilities | 32,328 | 23,682 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock - $1.00 par value; authorized 600 shares, no shares issued | ||
Common stock - $1.00 par value; authorized 20,000 shares, 9,164 shares issued, 9,033 shares outstanding at July 31, 2019; 8,980 shares outstanding at April 30, 2019 | 9,164 | 9,164 |
Additional paid-in capital | 56,796 | 56,831 |
Accumulated deficit | (2,702) | (2,111) |
63,258 | 63,884 | |
Common stock reacquired and held in treasury - at cost (131 shares at July 31, 2019 and 184 shares at April 30, 2019) | (602) | (841) |
Accumulated other comprehensive income | 180 | 46 |
Total stockholders’ equity | 62,836 | 63,089 |
Total liabilities and stockholders’ equity | $ 95,164 | $ 86,771 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) shares in Thousands, $ in Thousands | Jul. 31, 2019 | Apr. 30, 2019 |
Allowance for doubtful accounts (in Dollars) | $ 182 | $ 183 |
Preferred stock, par value (in Dollars per share) | $ 1 | $ 1 |
Preferred stock - shares authorized | 600 | 600 |
Preferred stock - shares issued | 0 | 0 |
Common stock, par value (in Dollars per share) | $ 1 | $ 1 |
Common stock shares issued | 9,164 | 9,164 |
Common stock - authorized shares | 20,000 | 20,000 |
Common stock - shares outstanding | 9,033 | 8,980 |
Treasury stock, shares | 131 | 184 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2019 | Jul. 31, 2018 | |
Revenues | $ 12,554 | $ 11,011 |
Cost of revenues | 8,601 | 6,737 |
Gross margin | 3,953 | 4,274 |
Selling and administrative expenses | 2,453 | 2,540 |
Research and development expense | 2,280 | 1,649 |
Operating (loss) income | (780) | 85 |
Other income (expense): | ||
Investment income | 177 | 45 |
Interest expense | (24) | (18) |
Other income (expense), net | 56 | (74) |
(Loss) income before provision for income taxes | (571) | 38 |
Provision for income taxes | 20 | 7 |
Net (loss) income | $ (591) | $ 31 |
Net loss per common share: | ||
Basic (in Dollars per share) | $ (0.07) | $ 0 |
Diluted (in Dollars per share) | $ (0.07) | $ 0 |
Weighted average shares outstanding: | ||
Basic (in Shares) | 9,001,324 | 8,876,416 |
Diluted (in Shares) | 9,001,324 | 8,990,471 |
Condensed Consolidated Statements of Comprehensive Loss | ||
Net (loss) income | $ (591) | $ 31 |
Other comprehensive loss: | ||
Foreign currency translation adjustment | 0 | (36) |
Unrealized gain (loss) on marketable securities: | ||
Change in market value of marketable securities before reclassification, net of tax | 135 | (8) |
Reclassification adjustment for realized gains included in net income, net of tax | (1) | 0 |
Total unrealized gain (loss) on marketable securities, net of tax | 134 | (8) |
Total other comprehensive income (loss) | 134 | (44) |
Comprehensive loss | $ (457) | $ (13) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2019 | Jul. 31, 2018 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (591) | $ 31 |
Non-cash charges to earnings | 2,506 | 1,151 |
Net changes in operating assets and liabilities | (1,762) | (4,743) |
Net cash provided by (used in) operating activities | 153 | (3,561) |
Cash flows from investing activities: | ||
Proceeds on redemption of marketable securities | 750 | 595 |
Purchase of marketable securities | (1,435) | (1,636) |
Purchase of fixed assets and other assets | (912) | (483) |
Net cash used in investing activities | (1,597) | (1,524) |
Net cash provided by financing activities | 0 | 0 |
Net decrease in cash and cash equivalents before effect of exchange rate changes | (1,444) | (5,085) |
Effect of exchange rate changes on cash and cash equivalents | 0 | (163) |
Net decrease in cash and cash equivalents | (1,444) | (5,248) |
Cash and cash equivalents at beginning of period | 3,683 | 7,869 |
Cash and cash equivalents at end of period | 2,239 | 2,621 |
Supplemental disclosures of cash flow information: | ||
Interest | 24 | 18 |
Income taxes | $ 0 | $ 0 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Apr. 30, 2018 | $ 9,164 | $ 56,439 | $ (65) | $ (1,361) | $ (915) | $ 63,262 |
Balance (in Shares) at Apr. 30, 2018 | 9,163,940 | 297,083 | ||||
Opening BS adjustment for adoption of ASU 2014-09 | 483 | 483 | ||||
Balance at May. 01, 2018 | $ 9,164 | 56,439 | 418 | $ (1,361) | (915) | 63,745 |
Balance (in Shares) at May. 01, 2018 | 9,163,940 | 297,083 | ||||
Balance at Apr. 30, 2018 | $ 9,164 | 56,439 | (65) | $ (1,361) | (915) | 63,262 |
Balance (in Shares) at Apr. 30, 2018 | 9,163,940 | 297,083 | ||||
Contribution of stock to 401(k) plan | 50 | $ 66 | 116 | |||
Contribution of stock to 401(k) plan (in Shares) | (14,339) | |||||
Stock-based compensation expense | 121 | 121 | ||||
Other comprehensive income, net of tax | (44) | (44) | ||||
Net income (loss) | 31 | 31 | ||||
Balance at Jul. 31, 2018 | $ 9,164 | 56,610 | 449 | $ (1,295) | (959) | 63,969 |
Balance (in Shares) at Jul. 31, 2018 | 9,163,940 | 282,744 | ||||
Balance at Apr. 30, 2019 | $ 9,164 | 56,831 | (2,111) | $ (841) | 46 | 63,089 |
Balance (in Shares) at Apr. 30, 2019 | 9,163,940 | 183,661 | ||||
Contribution of stock to 401(k) plan | 74 | $ 50 | 124 | |||
Contribution of stock to 401(k) plan (in Shares) | (10,906) | |||||
Stock-based compensation expense | 80 | 80 | ||||
Exercise of stock options and stock appreciation rights - net of shares tendered for exercise price | (189) | $ 189 | ||||
Exercise of stock options and stock appreciation rights - net of shares tendered for exercise price (in Shares) | (41,325) | |||||
Other comprehensive income, net of tax | 134 | 134 | ||||
Net income (loss) | (591) | (591) | ||||
Balance at Jul. 31, 2019 | $ 9,164 | $ 56,796 | $ (2,702) | $ (602) | $ 180 | $ 62,836 |
Balance (in Shares) at Jul. 31, 2019 | 9,163,940 | 131,430 |
NOTE A - CONDENSED CONSOLIDATED
NOTE A - CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | 3 Months Ended |
Jul. 31, 2019 | |
Disclosure Text Block [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE A – CONDENSED CONSOLIDATED FINANCIAL STATEMENTS In the opinion of management of Frequency Electronics, Inc. (the “Company”), the accompanying unaudited condensed consolidated interim financial statements reflect all adjustments (which include only normal recurring adjustments) necessary to present fairly, in all material respects, the consolidated financial position of the Company as of July 31, 2019 and the results of its operations and cash flows for the three months ended July 31, 2019 and July 31, 2018. The April 30, 2019 condensed consolidated balance sheet was derived from audited financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States (‘U.S. GAAP”) have been condensed or omitted. It is suggested that these condensed consolidated financial statements be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended April 30, 2019, filed on July 26, 2019 with the Securities and Exchange Commission, and the financial statements and notes thereto. The results of operations for such interim periods are not necessarily indicative of the operating results for the full fiscal year. |
NOTE B - EARNINGS PER SHARE
NOTE B - EARNINGS PER SHARE | 3 Months Ended |
Jul. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | NOTE B – EARNINGS PER SHARE Reconciliation of the weighted average shares outstanding for basic and diluted Earnings Per Share were as follows: Three months ended July 31, 2019 2018 Weighted average shares outstanding: Basic 9,001,324 8,876,416 Effect of dilutive securities ** 114,055 Diluted 9,001,324 8,990,471 ** For the three-month period ended July 31, 2019, dilutive securities are excluded since the inclusion of such shares would be antidilutive due to the net loss for the period. The exercisable shares excluded as of July 31, 2019 are 179,000 options. The effect of dilutive securities would have been 250,101 options, for the three-month period ended July 31, 2019. |
NOTE C - COSTS AND ESTIMATED EA
NOTE C - COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET | 3 Months Ended |
Jul. 31, 2019 | |
Contractors [Abstract] | |
Long-term Contracts or Programs Disclosure [Text Block] | NOTE C – COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET At July 31, 2019 and April 30, 2019, costs and estimated earnings in excess of billings, net, consisted of the following: July 31, 2019 April 30, 2019 (In thousands) Costs and estimated earnings in excess of billings $ 9,464 $ 8,278 Billings in excess of costs and estimated earnings (2,260 ) (1,608 ) Net asset $ 7,204 $ 6,670 Such amounts represent revenue recognized on long-term contracts that had not been billed at the balance sheet dates or represent a liability for amounts billed in excess of the revenue recognized. Amounts are billed to customers pursuant to contract terms, whereas the related revenue is recognized on the percentage of completion (“POC”) basis at the measurement date. In general, the recorded amounts will be billed and collected or revenue recognized within twelve months of the balance sheet date. Revenue on these long-term contracts is accounted for on the POC basis. During the three months ended July 31, 2019 and 2018, revenue recognized under POC contracts was approximately $11.5 million and $9.3 million, respectively. If contract losses are anticipated, costs and estimated earnings in excess of billings are reduced for the full amount of such losses when they are determinable. Contract losses of approximately $314,000 were recorded for the three months ended July 31, 2019. |
NOTE D - TREASURY STOCK TRANSAC
NOTE D - TREASURY STOCK TRANSACTIONS | 3 Months Ended |
Jul. 31, 2019 | |
Disclosure Text Block Supplement [Abstract] | |
Treasury Stock [Text Block] | NOTE D – TREASURY STOCK TRANSACTIONS During the three month period ended July 31, 2019, the Company made contributions of 10,906 shares of its common stock held in treasury to the Company’s profit-sharing plan and trust under Section 401(k) of the Internal Revenue Code. Such contributions are in accordance with the Company’s discretionary match of employee voluntary contributions to this plan. |
NOTE E - INVENTORIES
NOTE E - INVENTORIES | 3 Months Ended |
Jul. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | NOTE E – INVENTORIES Inventories, which are reported at the lower of cost and net realizable value, consisted of the following: Ju l y 31, 2019 April 30, 201 9 (In thousands) Raw Materials and Component Parts $ 15,364 $ 11,600 Work in Progress 6,445 8,896 Finished Goods 1,392 2,860 $ 23,201 $ 23,356 The amounts above are net of reserves of $7.2 million and $6.6 million as of July 31, 2019 and April 30, 2019, respectively. As of July 31, 2019 and April 30, 2019, all inventory was located in the United States. |
NOTE F - RIGHT-OF-USE ASSETS AN
NOTE F - RIGHT-OF-USE ASSETS AND LEASE LIABILITIES | 3 Months Ended |
Jul. 31, 2019 | |
Disclosure Text Block [Abstract] | |
Lessee, Operating Leases [Text Block] | NOTE F – RIGHT-OF-USE ASSETS AND LEASE LIABILITIES The Company’s leases primarily represent offices, warehouses, vehicles, and manufacturing and research and development facilities which expire at various times through 2029 and are generally operating leases. Contractual arrangements are evaluated at inception to determine if the agreement contains a lease. Certain lease agreements contain renewal options, rent abatement, and escalation clauses that are factored into our determination of lease payments when appropriate. Right-of-use (“ROU”) assets and lease liabilities are recorded based on the present value of future lease payments which will factor in certain qualifying initial direct costs incurred as well as any lease incentives that may have been received. Lease expenses for operating lease payments are recognized on a straight-line basis over the lease term. Lease terms may factor in options to extend or terminate the lease. The Company elected the practical expedient for short-term leases which allows leases with terms of twelve months or less to be recorded on a straight-line basis over the lease term without being recognized on the balance sheet. Effective May 1, 2019, the Company adopted ASU 2016-02. The table below presents ROU assets and liabilities recorded on the unaudited condensed consolidated balance sheet related to ASU 2016-02 as follows: Classification July 31, 2019 (in thousands) Assets Operating lease ROU assets Right-of-Use assets $ 11,840 Liabilities Operating lease liabilities (short-term) Lease liability, current 1,883 Operating lease liabilities (long-term) Lease liability 10,193 Total lease liabilities $ 12,076 Total operating lease expense was $504,000 for the three months ended July 31, 2019, the majority of which is included in cost of revenues and the remaining amount in selling and administrative expenses on the unaudited condensed consolidated statement of operations. There were no new leases entered into for the current period ended July 31, 2019. Net non-cash operating activities related to leases was approximately $236,000 for the three months ended July 31, 2019. As previously disclosed in our April 30, 2019 Annual Report on Form 10-K, and under the previous lease accounting standard, future minimum lease payments for operating leases having initial or remaining non-cancellable lease terms in excess of one year would have been as follows (in thousands): For the years ending April 30, Operating Leases 2020 $ 1,316 2021 1,521 2022 1,436 2023 1,469 2024 1,502 Thereafter 6,349 Total future minimum lease payments $ 13,593 The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded on the unaudited consolidated balance sheet as of July 31, 2019: Fiscal Year Ending April 30, (in thousands) Remainder of 2020 $ 1,304 2021 1,919 2022 1,783 2023 1,801 2024 1,834 Thereafter 7,215 Total lease payments 15,856 Less imputed interest (3,780 ) Present value of future lease payments 12,076 Less current obligations under leases 1,883 Long-term lease obligations 10,193 As of July 31, 2019, the weighted-average remaining lease term for all operating leases was 8.9 years. The Company does not generally have access to the rate implicit in the leases and therefore utilized the Company’s borrowing rate as the discount rate. The weighted average discount rate for operating leases as of July 31, 2019 was 6.16%. |
NOTE G - SEGMENT INFORMATION
NOTE G - SEGMENT INFORMATION | 3 Months Ended |
Jul. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | NOTE G – SEGMENT INFORMATION The Company operates under two reportable segments based on the geographic locations of its subsidiaries: (1) FEI-NY – operates out of New York and its operations consist principally of precision time and frequency control products used in three principal markets: satellites (both commercial and U.S. Government-funded); terrestrial cellular telephone or other ground-based telecommunication stations; and other components and systems for the U.S. military. The FEI-NY segment also includes the operations of the Company’s wholly-owned subsidiary, FEI-Elcom. FEI-Elcom, in addition to its own product line, provides design and technical support for the FEI-NY segment’s satellite business. (2) FEI-Zyfer – operates out of California and its products incorporate Global Positioning System (GPS) technologies into systems and subsystems for secure communications, both government and commercial, and other locator applications. FEI-Zyfer’s products also incorporate precision time references for terrestrial secure communications and command and control, and frequency products that incorporate GPS. FEI-Zyfer’s GPS capability complements the Company’s existing technologies and permits the combined entities to provide a broader range of embedded systems for a variety of timing functions and anti-spoofing (“SAASM”) applications. The Company measures segment performance based on total revenues and profits generated by each geographic location rather than on the specific types of customers or end-users. Consequently, the Company determined that the segments indicated above most appropriately reflect the way the Company’s management views the business. The accounting policies of the two segments are the same as those described in the “Summary of Significant Accounting Policies” in the Company’s Annual Report on Form 10-K for the year ended April 30, 2019, filed on July 26, 2019 with the Securities and Exchange Commission. The Company evaluates the performance of its segments and allocates resources to them based on operating profit which is defined as income before investment income, interest expense and taxes. All acquired assets, including intangible assets, are included in the assets of both reporting segments. The tables below present information about reported segments with reconciliation of segment amounts to consolidated amounts as reported in the condensed consolidated statements of operations or the condensed consolidated balance sheets for each of the periods (in thousands): Three months ended July 31, 2019 2018 Revenues: FEI-NY $ 9,010 $ 8,577 FEI-Zyfer 3,701 2,561 less intercompany revenues (157 ) (127 ) Consolidated revenues $ 12,554 $ 11,011 Operating (loss) profit: FEI-NY $ (1,232 ) $ (215 ) FEI-Zyfer 517 386 Corporate (65 ) (86 ) Consolidated operating (loss) profit $ (780 ) $ 85 July 31, 2019 April 30, 2019 Identifiable assets: FEI-NY (approximately $1.5 million in China as of the fiscal year ended April 30, 2019) $ 51,621 $ 54,295 FEI-Zyfer 12,824 10,478 less intersegment balances (8,586 ) (8,346 ) Corporate 39,305 30,344 Consolidated identifiable assets $ 95,164 $ 86,771 Total revenue related to the adoption of ASU 2014-09, Revenue from Contracts with Customers (Topic 606), (“ASU 2014-09”) and recognized over time as POC and Passage of Title (“POT”) were approximately $11.5 million and $1.1 million, respectively, of the $12.6 million reported for the three months ended July 31, 2019. The amounts recognized over time as POC and POT were approximately $9.2 million and $1.8 million of the $11.0 million reported for the three months ended July 31, 2018. The amounts by segment and product line were as follows: Three Months Ended July 31, 2019 Three Months Ended July 31, 2018 (In thousands) (In thousands) POC Revenue POT Revenue Total Revenue POC Revenue POT Revenue Total Revenue FEI-NY $ 8,160 $ 850 $ 9,010 $ 8,079 $ 498 $ 8,577 FEI-Zyfer 3,323 378 3,701 1,175 1,386 2,561 Intersegment 26 (183 ) (157 ) (7 ) (120 ) (127 ) Revenue $ 11,509 $ 1,045 $ 12,554 $ 9,247 $ 1,764 $ 11,011 Three Months Ended July 31, 2019 2018 (In thousands) Revenue by Product Line: Satellite Revenue $ 3,895 $ 5,534 Government Non-Space Revenue 6,744 4,781 Other Commercial & Industrial Revenue 1,915 696 Consolidated revenues $ 12,554 $ 11,011 |
NOTE H - INVESTMENT IN MORION,
NOTE H - INVESTMENT IN MORION, INC. | 3 Months Ended |
Jul. 31, 2019 | |
Investment Holdings [Abstract] | |
Investment Holdings [Text Block] | NOTE H – INVESTMENT IN MORION, INC. The Company has an investment in Morion, Inc. (“Morion”), a privately-held Russian company, which manufactures high precision quartz resonators and crystal oscillators. The Company’s investment consists of 4.6% of Morion’s outstanding shares, accordingly, the Company accounts for its investment in Morion on the cost basis. This investment is included in other assets in the accompanying condensed consolidated balance sheets. During the three months ended July 31, 2019 and 2018, the Company acquired product from Morion in the aggregate amount of approximately $245,000 and $68,000, respectively, and the Company sold product and training services to Morion in the aggregate amount of approximately $47,000 and $2,000, respectively, included in revenues in the condensed consolidated statements of operations as part of the FEI-NY segment. At July 31, 2019 there was approximately $54,000 payable to Morion, up from approximately $38,000 at April 30, 2019, and there were no receivables related to Morion for either period. During the three months ended July 31, 2019, the Company received a dividend from Morion in the amount of approximately $125,000, which is included in other income, net in the condensed consolidated statements of operations as part of the FEI-NY segment. Morion operates as a subsidiary of Gazprombank, a state-owned Russian bank. On July 16, 2014, after the Company’s investment in Morion, Gazprombank became subject to the U.S. Department of Treasury’s prohibition against U.S. persons from providing it with new financing. |
NOTE I - FAIR VALUE OF FINANCIA
NOTE I - FAIR VALUE OF FINANCIAL INSTRUMENTS | 3 Months Ended |
Jul. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE I – FAIR VALUE OF FINANCIAL INSTRUMENTS The cost, gross unrealized gains, gross unrealized losses, and fair market value of available-for-sale securities at July 31, 2019 and April 30, 2019, respectively, were as follows (in thousands): Ju l y 31, 2019 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Fixed income securities $ 8,836 $ 182 $ (2 ) $ 9,016 April 30, 201 9 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Fixed income securities $ 8,152 $ 71 $ (24 ) $ 8,199 The following table presents the fair value and unrealized losses, aggregated by investment type and length of time that individual securities have been in a continuous unrealized loss position (in thousands): Less than 12 months 12 Months or more Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses July 31, 2019 Fixed Income Securities $ 250 $ (0 ) $ 861 $ (2 ) $ 1,111 $ (2 ) April 30, 2019 Fixed Income Securities $ 995 $ (4 ) $ 3,349 $ (20 ) $ 4,344 $ (24 ) The Company regularly reviews its investment portfolio to identify and evaluate investments that have indications of possible impairment. The Company does not believe that its investments in marketable securities with unrealized losses at July 31, 2019 were other-than-temporary due to market volatility of the security’s fair value, analysts’ expectations, and the Company’s ability to hold the securities for a period of time sufficient to allow for any anticipated recoveries in market value. During the three months ended July 31, 2019, the Company sold or redeemed available-for-sale securities of approximately $750,000, realizing gains of approximately $1,000. Maturities of fixed income securities classified as available-for-sale at July 31, 2019 were as follows, at cost (in thousands): Current $ 2,403 Due after one year through five years 3,981 Due after five years through ten years 2,701 $ 9,085 The fair value accounting framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels of the fair value hierarchy are described below: Level 1 Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access. Level 2 Inputs to the valuation methodology include: -Quoted prices for similar assets or liabilities in active markets; -Quoted prices for identical or similar assets or liabilities in inactive markets; -Inputs other than quoted prices that are observable for the asset or liability; and -Inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. All of the Company’s investments in marketable securities are valued on a Level 1 basis. |
NOTE J - RECENTLY ISSUED ACCOUN
NOTE J - RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | 3 Months Ended |
Jul. 31, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | NOTE J – RECENT ACCOUNTING PRONOUNCEMENTS In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-13 Fair Value Measurement (Topic 820) In January 2017, the FASB issued ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Newly Adopted Accounting Standards Leases (Topic 842) In the first quarter of fiscal 2020 the Company adopted ASU No. 2016-02 Leases (Topic 842) |
NOTE K - CREDIT FACILITY
NOTE K - CREDIT FACILITY | 3 Months Ended |
Jul. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | NOTE K – CREDIT FACILITY As of July 31, 2019, the Company had available credit at variable terms based on its securities holdings under an advisory arrangement, under which no borrowings have been made. |
NOTE L - VALUATION ALLOWANCE ON
NOTE L - VALUATION ALLOWANCE ON DEFERRED TAX ASSETS | 3 Months Ended |
Jul. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | NOTE L – VALUATION ALLOWANCE ON DEFERRED TAX ASSETS Deferred income taxes arise from temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements, which will result in taxable or deductible amounts in the future. As required by the authoritative guidance on accounting for income taxes, we evaluate the realizability of deferred tax assets on a jurisdictional basis at each reporting date. We consider all positive and negative evidence, including the reversal of deferred tax liabilities, projected future taxable income, tax planning strategies, and results of recent operations. Accounting for income taxes requires that a valuation allowance be established when it is more likely than not that all or a portion of the deferred tax assets will not be realized. In circumstances where there is sufficient negative evidence indicating that the deferred tax assets will not be realizable, we establish a valuation allowance. As of July 31, 2019, and April 30, 2019, the Company maintained a full valuation allowance against its deferred tax assets. If these estimates and assumptions change in the future, the Company may be required to adjust its existing valuation allowance resulting in changes to deferred income tax expense. |
NOTE B - EARNINGS PER SHARE (Ta
NOTE B - EARNINGS PER SHARE (Tables) | 3 Months Ended |
Jul. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Reconciliation of the weighted average shares outstanding for basic and diluted Earnings Per Share were as follows: Three months ended July 31, 2019 2018 Weighted average shares outstanding: Basic 9,001,324 8,876,416 Effect of dilutive securities ** 114,055 Diluted 9,001,324 8,990,471 ** For the three-month period ended July 31, 2019, dilutive securities are excluded since the inclusion of such shares would be antidilutive due to the net loss for the period. The exercisable shares excluded as of July 31, 2019 are 179,000 options. The effect of dilutive securities would have been 250,101 options, for the three-month period ended July 31, 2019. |
NOTE C - COSTS AND ESTIMATED _2
NOTE C - COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Tables) | 3 Months Ended |
Jul. 31, 2019 | |
Contractors [Abstract] | |
Costs and Estimated Earnings in Excess of Billings, Net [Table Text Block] | At July 31, 2019 and April 30, 2019, costs and estimated earnings in excess of billings, net, consisted of the following: July 31, 2019 April 30, 2019 (In thousands) Costs and estimated earnings in excess of billings $ 9,464 $ 8,278 Billings in excess of costs and estimated earnings (2,260 ) (1,608 ) Net asset $ 7,204 $ 6,670 |
NOTE E - INVENTORIES (Tables)
NOTE E - INVENTORIES (Tables) | 3 Months Ended |
Jul. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories, which are reported at the lower of cost and net realizable value, consisted of the following: Ju l y 31, 2019 April 30, 201 9 (In thousands) Raw Materials and Component Parts $ 15,364 $ 11,600 Work in Progress 6,445 8,896 Finished Goods 1,392 2,860 $ 23,201 $ 23,356 |
NOTE F - RIGHT-OF-USE ASSETS _2
NOTE F - RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Tables) | 3 Months Ended |
Jul. 31, 2019 | |
Disclosure Text Block [Abstract] | |
Lessee, Operating Lease, Disclosure [Table Text Block] | Effective May 1, 2019, the Company adopted ASU 2016-02. The table below presents ROU assets and liabilities recorded on the unaudited condensed consolidated balance sheet related to ASU 2016-02 as follows: Classification July 31, 2019 (in thousands) Assets Operating lease ROU assets Right-of-Use assets $ 11,840 Liabilities Operating lease liabilities (short-term) Lease liability, current 1,883 Operating lease liabilities (long-term) Lease liability 10,193 Total lease liabilities $ 12,076 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | As previously disclosed in our April 30, 2019 Annual Report on Form 10-K, and under the previous lease accounting standard, future minimum lease payments for operating leases having initial or remaining non-cancellable lease terms in excess of one year would have been as follows (in thousands): For the years ending April 30, Operating Leases 2020 $ 1,316 2021 1,521 2022 1,436 2023 1,469 2024 1,502 Thereafter 6,349 Total future minimum lease payments $ 13,593 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded on the unaudited consolidated balance sheet as of July 31, 2019: Fiscal Year Ending April 30, (in thousands) Remainder of 2020 $ 1,304 2021 1,919 2022 1,783 2023 1,801 2024 1,834 Thereafter 7,215 Total lease payments 15,856 Less imputed interest (3,780 ) Present value of future lease payments 12,076 Less current obligations under leases 1,883 Long-term lease obligations 10,193 |
NOTE G - SEGMENT INFORMATION (T
NOTE G - SEGMENT INFORMATION (Tables) | 3 Months Ended |
Jul. 31, 2019 | |
Segment Reporting [Abstract] | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | The tables below present information about reported segments with reconciliation of segment amounts to consolidated amounts as reported in the condensed consolidated statements of operations or the condensed consolidated balance sheets for each of the periods (in thousands): Three months ended July 31, 2019 2018 Revenues: FEI-NY $ 9,010 $ 8,577 FEI-Zyfer 3,701 2,561 less intercompany revenues (157 ) (127 ) Consolidated revenues $ 12,554 $ 11,011 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Operating (loss) profit: FEI-NY $ (1,232 ) $ (215 ) FEI-Zyfer 517 386 Corporate (65 ) (86 ) Consolidated operating (loss) profit $ (780 ) $ 85 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | July 31, 2019 April 30, 2019 Identifiable assets: FEI-NY (approximately $1.5 million in China as of the fiscal year ended April 30, 2019) $ 51,621 $ 54,295 FEI-Zyfer 12,824 10,478 less intersegment balances (8,586 ) (8,346 ) Corporate 39,305 30,344 Consolidated identifiable assets $ 95,164 $ 86,771 |
Disaggregation of Revenue [Table Text Block] | The amounts by segment and product line were as follows: Three Months Ended July 31, 2019 Three Months Ended July 31, 2018 (In thousands) (In thousands) POC Revenue POT Revenue Total Revenue POC Revenue POT Revenue Total Revenue FEI-NY $ 8,160 $ 850 $ 9,010 $ 8,079 $ 498 $ 8,577 FEI-Zyfer 3,323 378 3,701 1,175 1,386 2,561 Intersegment 26 (183 ) (157 ) (7 ) (120 ) (127 ) Revenue $ 11,509 $ 1,045 $ 12,554 $ 9,247 $ 1,764 $ 11,011 |
Revenue from External Customers by Products and Services [Table Text Block] | Three Months Ended July 31, 2019 2018 (In thousands) Revenue by Product Line: Satellite Revenue $ 3,895 $ 5,534 Government Non-Space Revenue 6,744 4,781 Other Commercial & Industrial Revenue 1,915 696 Consolidated revenues $ 12,554 $ 11,011 |
NOTE I - FAIR VALUE OF FINANC_2
NOTE I - FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Jul. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | The cost, gross unrealized gains, gross unrealized losses, and fair market value of available-for-sale securities at July 31, 2019 and April 30, 2019, respectively, were as follows (in thousands): Ju l y 31, 2019 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Fixed income securities $ 8,836 $ 182 $ (2 ) $ 9,016 April 30, 201 9 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Fixed income securities $ 8,152 $ 71 $ (24 ) $ 8,199 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | The following table presents the fair value and unrealized losses, aggregated by investment type and length of time that individual securities have been in a continuous unrealized loss position (in thousands): Less than 12 months 12 Months or more Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses July 31, 2019 Fixed Income Securities $ 250 $ (0 ) $ 861 $ (2 ) $ 1,111 $ (2 ) April 30, 2019 Fixed Income Securities $ 995 $ (4 ) $ 3,349 $ (20 ) $ 4,344 $ (24 ) |
Investments Classified by Contractual Maturity Date [Table Text Block] | Maturities of fixed income securities classified as available-for-sale at July 31, 2019 were as follows, at cost (in thousands): Current $ 2,403 Due after one year through five years 3,981 Due after five years through ten years 2,701 $ 9,085 |
NOTE B - EARNINGS PER SHARE (De
NOTE B - EARNINGS PER SHARE (Details) - shares | 3 Months Ended | ||
Jul. 31, 2019 | Jul. 31, 2018 | ||
NOTE B - EARNINGS PER SHARE (Details) [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 179,000 | ||
Weighted Average Number Diluted Shares Outstanding Adjustment | [1] | 114,055 | |
Share-based Payment Arrangement, Option [Member] | |||
NOTE B - EARNINGS PER SHARE (Details) [Line Items] | |||
Weighted Average Number Diluted Shares Outstanding Adjustment | 250,101 | ||
[1] | For the three-month period ended July 31, 2019, dilutive securities are excluded since the inclusion of such shares would be antidilutive due to the net loss for the period. The exercisable shares excluded as of July 31, 2019 are 179,000 options. The effect of dilutive securities would have been 250,101 options, for the three-month period ended July 31, 2019. |
NOTE B - EARNINGS PER SHARE (D
NOTE B - EARNINGS PER SHARE (Details) - Schedule of Earnings Per Share, Basic and Diluted - shares | 3 Months Ended | ||
Jul. 31, 2019 | Jul. 31, 2018 | ||
Weighted average shares outstanding: | |||
Basic | 9,001,324 | 8,876,416 | |
Effect of dilutive securities | [1] | 114,055 | |
Diluted | 9,001,324 | 8,990,471 | |
[1] | For the three-month period ended July 31, 2019, dilutive securities are excluded since the inclusion of such shares would be antidilutive due to the net loss for the period. The exercisable shares excluded as of July 31, 2019 are 179,000 options. The effect of dilutive securities would have been 250,101 options, for the three-month period ended July 31, 2019. |
NOTE C - COSTS AND ESTIMATED _3
NOTE C - COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2019 | Jul. 31, 2018 | |
NOTE C - COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Details) [Line Items] | ||
Revenues | $ 12,554 | $ 11,011 |
Loss on Contracts | 314 | |
Contracts Accounted for under Percentage of Completion [Member] | ||
NOTE C - COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Details) [Line Items] | ||
Revenues | $ 11,500 | $ 9,300 |
NOTE C - COSTS AND ESTIMATED _4
NOTE C - COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Details) - Costs and Estimated Earnings in Excess of Billings, Net - USD ($) $ in Thousands | Jul. 31, 2019 | Apr. 30, 2019 |
Costs and Estimated Earnings in Excess of Billings, Net [Abstract] | ||
Costs and estimated earnings in excess of billings | $ 9,464 | $ 8,278 |
Billings in excess of costs and estimated earnings | (2,260) | (1,608) |
Net asset | $ 7,204 | $ 6,670 |
NOTE D - TREASURY STOCK TRANS_2
NOTE D - TREASURY STOCK TRANSACTIONS (Details) | 3 Months Ended |
Jul. 31, 2019shares | |
Disclosure Text Block Supplement [Abstract] | |
Defined Contribution Plan, Employer Discretionary Contribution, Shares | 10,906 |
NOTE E - INVENTORIES (Details)
NOTE E - INVENTORIES (Details) - USD ($) $ in Millions | Jul. 31, 2019 | Apr. 30, 2019 |
UNITED STATES | ||
NOTE E - INVENTORIES (Details) [Line Items] | ||
Inventory, Net | $ 7.2 | $ 6.6 |
NOTE E - INVENTORIES (Details)
NOTE E - INVENTORIES (Details) - Schedule of Inventory, Current - USD ($) $ in Thousands | Jul. 31, 2019 | Apr. 30, 2019 |
Schedule of Inventory, Current [Abstract] | ||
Raw Materials and Component Parts | $ 15,364 | $ 11,600 |
Work in Progress | 6,445 | 8,896 |
Finished Goods | 1,392 | 2,860 |
$ 23,201 | $ 23,356 |
NOTE F - RIGHT-OF-USE ASSETS _3
NOTE F - RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Details) | 3 Months Ended |
Jul. 31, 2019USD ($) | |
Disclosure Text Block [Abstract] | |
Operating Leases, Rent Expense | $ 504,000 |
Operating Lease, Cost | $ 236,000 |
Operating Lease, Weighted Average Remaining Lease Term | 8 years 328 days |
Operating Lease, Weighted Average Discount Rate, Percent | 6.16% |
NOTE F - RIGHT-OF-USE ASSETS _4
NOTE F - RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Details) - Lessee, Operating Lease, Disclosure - USD ($) $ in Thousands | Jul. 31, 2019 | Apr. 30, 2019 |
Assets | ||
Operating lease ROU assets | $ 11,840 | $ 0 |
Liabilities | ||
Operating lease liabilities (short-term) | 1,883 | 0 |
Operating lease liabilities (long-term) | 10,193 | $ 0 |
Total lease liabilities | $ 12,076 |
NOTE F - RIGHT-OF-USE ASSETS _5
NOTE F - RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Details) - Schedule of Future Minimum Rental Payments for Operating Leases $ in Thousands | Jul. 31, 2019USD ($) |
Schedule of Future Minimum Rental Payments for Operating Leases [Abstract] | |
2020 | $ 1,316 |
2021 | 1,521 |
2022 | 1,436 |
2023 | 1,469 |
2024 | 1,502 |
Thereafter | 6,349 |
Total future minimum lease payments | $ 13,593 |
NOTE F - RIGHT-OF-USE ASSETS _6
NOTE F - RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Details) - Lessee, Operating Lease, Liability, Maturity - USD ($) $ in Thousands | Jul. 31, 2019 | Apr. 30, 2019 |
Lessee, Operating Lease, Liability, Maturity [Abstract] | ||
Remainder of 2020 | $ 1,304 | |
2021 | 1,919 | |
2022 | 1,783 | |
2023 | 1,801 | |
2024 | 1,834 | |
Thereafter | 7,215 | |
Total lease payments | 15,856 | |
Less imputed interest | (3,780) | |
Present value of future lease payments | 12,076 | |
Less current obligations under leases | 1,883 | $ 0 |
Long-term lease obligations | $ 10,193 | $ 0 |
NOTE G - SEGMENT INFORMATION (D
NOTE G - SEGMENT INFORMATION (Details) $ in Thousands | 3 Months Ended | |
Jul. 31, 2019USD ($) | Jul. 31, 2018USD ($) | |
NOTE G - SEGMENT INFORMATION (Details) [Line Items] | ||
Number of Reportable Segments | 2 | |
Revenues | $ 12,554 | $ 11,011 |
Frequency Electronics Inc New York [Member] | ||
NOTE G - SEGMENT INFORMATION (Details) [Line Items] | ||
Number Of Principal Markets | 3 | |
Revenues | $ 9,010 | 8,577 |
POC Revenue [Member] | ||
NOTE G - SEGMENT INFORMATION (Details) [Line Items] | ||
Revenues | 11,509 | 9,247 |
POC Revenue [Member] | Frequency Electronics Inc New York [Member] | ||
NOTE G - SEGMENT INFORMATION (Details) [Line Items] | ||
Revenues | 8,160 | 8,079 |
POT Revenue [Member] | ||
NOTE G - SEGMENT INFORMATION (Details) [Line Items] | ||
Revenues | 1,045 | 1,764 |
POT Revenue [Member] | Frequency Electronics Inc New York [Member] | ||
NOTE G - SEGMENT INFORMATION (Details) [Line Items] | ||
Revenues | $ 850 | $ 498 |
NOTE G - SEGMENT INFORMATION (
NOTE G - SEGMENT INFORMATION (Details) - Reconciliation of Revenue from Segments to Consolidated - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2019 | Jul. 31, 2018 | |
Revenues: | ||
Revenues | $ 12,554 | $ 11,011 |
Frequency Electronics Inc New York [Member] | ||
Revenues: | ||
Revenues | 9,010 | 8,577 |
Frequency Electronics Inc Zyfer [Member] | ||
Revenues: | ||
Revenues | 3,701 | 2,561 |
Inter Segment [Member] | ||
Revenues: | ||
Revenues | $ (157) | $ (127) |
NOTE G - SEGMENT INFORMATION _2
NOTE G - SEGMENT INFORMATION (Details) - Reconciliation of Operating Profit (Loss) from Segments to Consolidated - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2019 | Jul. 31, 2018 | |
Operating (loss) profit: | ||
Operating profit (loss) | $ (780) | $ 85 |
Frequency Electronics Inc New York [Member] | ||
Operating (loss) profit: | ||
Operating profit (loss) | (1,232) | (215) |
Frequency Electronics Inc Zyfer [Member] | ||
Operating (loss) profit: | ||
Operating profit (loss) | 517 | 386 |
Corporate Segment [Member] | ||
Operating (loss) profit: | ||
Operating profit (loss) | $ (65) | $ (86) |
NOTE G - SEGMENT INFORMATION _3
NOTE G - SEGMENT INFORMATION (Details) - Schedule of Reconciliation of Assets from Segment to Consolidated - USD ($) $ in Thousands | Jul. 31, 2019 | Apr. 30, 2019 |
Identifiable assets: | ||
Identifiable Assets | $ 95,164 | $ 86,771 |
Frequency Electronics Inc New York [Member] | ||
Identifiable assets: | ||
Identifiable Assets | 51,621 | 54,295 |
Frequency Electronics Inc Zyfer [Member] | ||
Identifiable assets: | ||
Identifiable Assets | 12,824 | 10,478 |
Inter Segment [Member] | ||
Identifiable assets: | ||
Identifiable Assets | (8,586) | (8,346) |
Corporate Segment [Member] | ||
Identifiable assets: | ||
Identifiable Assets | $ 39,305 | $ 30,344 |
NOTE G - SEGMENT INFORMATION _4
NOTE G - SEGMENT INFORMATION (Details) - Schedule of Reconciliation of Assets from Segment to Consolidated (Parentheticals) $ in Millions | Apr. 30, 2019USD ($) |
CHINA | Frequency Electronics Inc New York [Member] | |
Segment Reporting, Asset Reconciling Item [Line Items] | |
Identifiable assets | $ 1.5 |
NOTE G - SEGMENT INFORMATION _5
NOTE G - SEGMENT INFORMATION (Details) - Disaggregation of Revenue - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2019 | Jul. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 12,554 | $ 11,011 |
Frequency Electronics Inc New York [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 9,010 | 8,577 |
Frequency Electronics Inc Zyfer [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 3,701 | 2,561 |
Inter Segment [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | (157) | (127) |
POC Revenue [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 11,509 | 9,247 |
POC Revenue [Member] | Frequency Electronics Inc New York [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 8,160 | 8,079 |
POC Revenue [Member] | Frequency Electronics Inc Zyfer [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 3,323 | 1,175 |
POC Revenue [Member] | Inter Segment [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 26 | (7) |
POT Revenue [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 1,045 | 1,764 |
POT Revenue [Member] | Frequency Electronics Inc New York [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 850 | 498 |
POT Revenue [Member] | Frequency Electronics Inc Zyfer [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 378 | 1,386 |
POT Revenue [Member] | Inter Segment [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ (183) | $ (120) |
NOTE G - SEGMENT INFORMATION _6
NOTE G - SEGMENT INFORMATION (Details) - Revenue from External Customers by Products and Services - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2019 | Jul. 31, 2018 | |
Revenue from External Customer [Line Items] | ||
Revenue | $ 12,554 | $ 11,011 |
Satellite Revenue [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenue | 3,895 | 5,534 |
Government Non-Space Revenue [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenue | 6,744 | 4,781 |
Other Commercial & Industrial Revenue [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenue | $ 1,915 | $ 696 |
NOTE H - INVESTMENT IN MORION_2
NOTE H - INVESTMENT IN MORION, INC. (Details) - Morion Inc [Member] - USD ($) | 3 Months Ended | ||
Jul. 31, 2019 | Jul. 31, 2018 | Apr. 30, 2019 | |
NOTE H - INVESTMENT IN MORION, INC. (Details) [Line Items] | |||
Cost Method Investment Ownership Percentage | 4.60% | ||
Related Party Transaction, Purchases from Related Party | $ 245,000 | $ 68,000 | |
Revenue from Related Parties | 47,000 | $ 2,000 | |
Due to Related Parties | 54,000 | $ 38,000 | |
Proceeds from Dividends Received | $ 125,000 |
NOTE I - FAIR VALUE OF FINANC_3
NOTE I - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) | 3 Months Ended |
Jul. 31, 2019USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |
Proceeds from Sale of Debt Securities, Available-for-sale | $ 750,000 |
Available-for-sale Securities, Gross Realized Gains | $ 1,000 |
NOTE I - FAIR VALUE OF FINANC_4
NOTE I - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Schedule of Available-for-sale Securities Reconciliation - Fixed Income Securities [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Jul. 31, 2019 | Apr. 30, 2019 | |
NOTE I - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Schedule of Available-for-sale Securities Reconciliation [Line Items] | ||
Cost | $ 8,836 | $ 8,152 |
Gross Unrealized Gains | 182 | 71 |
Gross Unrealized Losses | (2) | (24) |
Fair Market Value | $ 9,016 | $ 8,199 |
NOTE I - FAIR VALUE OF FINANC_5
NOTE I - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value - Fixed Income Securities [Member] - USD ($) $ in Thousands | Jul. 31, 2019 | Apr. 30, 2019 |
NOTE I - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Line Items] | ||
Fair Value, Less than 12 months | $ 250 | $ 995 |
Unrealized Losses, Less than 12 months | 0 | (4) |
Fair Value, 12 Months or more | 861 | 3,349 |
Unrealized Losses, 12 Months or more | (2) | (20) |
Fair Value | 1,111 | 4,344 |
Unrealized Losses | $ (2) | $ (24) |
NOTE I - FAIR VALUE OF FINANC_6
NOTE I - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Investments Classified by Contractual Maturity Date - Fixed Income Securities [Member] $ in Thousands | Jul. 31, 2019USD ($) |
NOTE I - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Investments Classified by Contractual Maturity Date [Line Items] | |
Current | $ 2,403 |
Due after one year through five years | 3,981 |
Due after five years through ten years | 2,701 |
$ 9,085 |
NOTE J - RECENTLY ISSUED ACCO_2
NOTE J - RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS (Details) $ in Thousands | Jul. 31, 2019USD ($) |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Operating Lease, Liability | $ 12,076 |