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SEGMENT INFORMATION | 6 Months Ended
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Oct. 31, 2021
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 fiscal year-end financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended April 30, 2021, filed on June 30, 2021 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):
|  | Periods ended October 31, |
|  | Three months |  |  | Six months |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FEI-NY |  | $ | 10,381 |  |  | $ | 11,156 |  |  | $ | 20,543 |  |  | $ | 20,996 |
FEI-Zyfer |  |  | 2,648 |  |  |  | 3,430 |  |  |  | 5,783 |  |  |  | 7,353 |
less intersegment revenues |  |  | (93 | ) |  |  | (596 | ) |  |  | (436 | ) |  |  | (1,409 | )
Consolidated revenues |  | $ | 12,936 |  |  | $ | 13,990 |  |  | $ | 25,890 |  |  | $ | 26,940 |
Operating income (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FEI-NY |  | $ | (64 | ) |  | $ | 41 |  |  | $ | (1,075 | ) |  | $ | (582 | )
FEI-Zyfer |  |  | (132 | ) |  |  | 306 |  |  |  | (99 | ) |  |  | 667 |
less intersegment revenues |  |  | - |  |  |  |  |  |  |  | (20 | ) |  |  |  |
Corporate |  |  | 499 |  |  |  | (128 | ) |  |  | (191 | ) |  |  | (204 | )
Consolidated operating income (loss) |  | $ | 303 |  |  | $ | 219 |  |  | $ | (1,385 | ) |  | $ | (119 | )
|  | October 31, 2021 |  |  | April 30, 2021 |  |  |  |  |  |  |  |  |
Identifiable assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FEI-NY |  | $ | 36,839 |  |  | $ | 34,869 |  |  |  |  |  |  |  |  |
FEI-Zyfer |  |  | 11,060 |  |  |  | 12,888 |  |  |  |  |  |  |  |  |
less intersegment balances |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Corporate |  |  | 33,479 |  |  |  | 38,259 |  |  |  |  |  |  |  |  |
Consolidated identifiable assets |  | $ | 81,378 |  |  | $ | 86,016 |  |  |  |  |  |  |  |  |
Total revenue recognized over time as POC and Passage of Title (“POT”) were approximately $12.2 million and $0.7 million, respectively, of the $12.9 million reported for the three months ended October 31, 2021. Total revenue recognized over time as POC and POT were approximately $24.6 million and $1.3 million, respectively, of the $25.9 million reported for the six months ended October 31, 2021. The amounts recognized over time as POC and POT were approximately $12.9 million and $1.1 million, respectively, of the $14.0 million reported for the three months ended October 31, 2020. The amount recognized over time as POC and POT were approximately $24.6 million and $2.3 million, respectively, of the $26.9 million for the six months ended October 31, 2020. The amounts by segment and product line were as follows:
|  | Three Months Ended October 31, |
|  | 2021 |  |  | 2020 |
|  | (In thousands) |  |  | (In thousands) |
|  | POC |  |  | POT |  |  | Total |  |  | POC |  |  | POT |  |  | Total |
|  | Revenue |  |  | Revenue |  |  | Revenue |  |  | Revenue |  |  | Revenue |  |  | Revenue |
FEI-NY |  | $ | 9,928 |  |  | $ | 453 |  |  | $ | 10,381 |  |  | $ | 10,235 |  |  | $ | 921 |  |  | $ | 11,156 |
FEI-Zyfer |  |  | 2,300 |  |  |  | 348 |  |  |  | 2,648 |  |  |  | 2,706 |  |  |  | 724 |  |  |  | 3,430 |
Intersegment |  |  | - |  |  |  | (93 | ) |  |  | (93 | ) |  |  | (1 | ) |  |  | (595 | ) |  |  | (596 | )
Revenue |  | $ | 12,228 |  |  | $ | 708 |  |  | $ | 12,936 |  |  | $ | 12,940 |  |  | $ | 1,050 |  |  | $ | 13,990 |
|  | Six Months Ended October 31, |
|  | 2021 |  |  | 2020 |
|  | (In thousands) |  |  | (In thousands) |
|  | POC |  |  | POT |  |  | Total |  |  | POC |  |  | POT |  |  | Total |
|  | Revenue |  |  | Revenue |  |  | Revenue |  |  | Revenue |  |  | Revenue |  |  | Revenue |
FEI-NY |  | $ | 19,529 |  |  | $ | 1,014 |  |  | $ | 20,543 |  |  | $ | 18,857 |  |  | $ | 2,139 |  |  | $ | 20,996 |
FEI-Zyfer |  |  | 5,100 |  |  |  | 683 |  |  |  | 5,783 |  |  |  | 5,744 |  |  |  | 1,609 |  |  |  | 7,353 |
Intersegment |  |  | - |  |  |  | (436 | ) |  |  | (436 | ) |  |  | (10 | ) |  |  | (1,399 | ) |  |  | (1,409 | )
Revenue |  | $ | 24,629 |  |  | $ | 1,261 |  |  | $ | 25,890 |  |  | $ | 24,591 |  |  | $ | 2,349 |  |  | $ | 26,940 |
|  | Periods ended October 31, |
|  | (in thousands) |
|  | Three months |  |  | Six months |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Revenues by Product Line: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Satellite Revenue |  | $ | 6,603 |  |  | $ | 7,576 |  |  | $ | 13,343 |  |  | $ | 14,228 |
Government Non-Space Revenue |  |  | 5,099 |  |  |  | 5,520 |  |  |  | 10,590 |  |  |  | 10,855 |
Other Commercial & Industrial Revenue |  |  | 1,234 |  |  |  | 894 |  |  |  | 1,957 |  |  |  | 1,857 |
Consolidated revenues |  | $ | 12,936 |  |  | $ | 13,990 |  |  | $ | 25,890 |  |  | $ | 26,940 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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