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SEGMENT INFORMATION
 6 Months Ended
Oct. 31, 2024
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: communication 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 communication 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. This segment also provides sales and support for the Company’s wireline telecommunications family of products, including US5G, which are sold in the U.S. market.

 

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 “Note 1. Summary of Accounting Policies” to the consolidated financial statements included in the Form 10-K. The Company evaluates the performance of its segments and allocates resources to them based on operating profit (loss). Investment income (expense), interest expense, and other expense, net, as reported in the Condensed Consolidated Statement of Operations and Comprehensive Income, are not allocated to or disclosed for each reportable segment and reconcile segment operating income (loss) to income before provision of income taxes. All acquired assets, including intangible assets, are included in the assets of the applicable reporting segment.

 

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 consolidated balance sheets for each of the periods (in thousands):

 

   

Periods ended October 31,

  
   

Three months

    

Six months

  
   

2024

    

2023

    

2024

    

2023

  

Revenues:

                                

FEI-NY

   $ 11,518     $ 9,271     $ 22,494     $ 18,762  

FEI-Zyfer

     4,559       4,756       8,831       8,023  

less intersegment revenues

     (257 )     (452 )     (427 )     (801 )

Consolidated revenues

   $ 15,820     $ 13,575     $ 30,898     $ 25,984  

 

Operating income:

                                

FEI-NY

   $ 2,402     $ (231 )   $ 3,779     $ 1,249  

FEI-Zyfer

     253       1,484       1,393       2,163  

less intersegment profit

     164       (79 )     149       (140 )

Corporate

     (201 )     (236 )     (338 )     (274 )

Consolidated operating income

   $ 2,618     $ 938     $ 4,983     $ 2,998  

 

   

October 31, 2024

    

April 30, 2024

  

Identifiable assets:

                

FEI-NY

   $ 38,607     $ 36,512  

FEI-Zyfer

     15,622       15,696  

less intersegment balances

     (88 )     (237 )

Corporate

     23,634       31,282  

Consolidated identifiable assets

   $ 77,775     $ 83,253  

 

Total revenue recognized over time as Percentage of Completion (“POC”) and Passage of Title (“POT”) was approximately $15.1 million and $0.7 million, respectively, of the $15.8 million reported for the three months ended October 31, 2024. Total revenue recognized over time as POC and POT was approximately $29.6 million and $1.3 million, respectively, of the $30.9 million reported for the six months ended October 31, 2024. Total revenue recognized over time as POC and POT was approximately $12.3 million and $1.3 million, respectively, of the $13.6 million reported for the three months ended October 31, 2023. Total revenue recognized over time as POC and POT was approximately $24.0 million and $2.0 million, respectively, of the $26.0 million reported for the six months ended October 31, 2023. The amounts by segment and product line were as follows (in thousands):

 

   

Three Months Ended October 31,

  
   

2024

    

2023

  
   

POC

   

POT

   

Total

   

POC

   

POT

   

Total

  
   

Revenue

    

Revenue

    

Revenue

   

Revenue

    

Revenue

   

Revenue

 

FEI-NY

   $ 10,842     $ 676     $ 11,518     $ 7,894     $ 1,377     $ 9,271  

FEI-Zyfer

     4,282       277       4,559       4,402       354       4,756  

Intersegment

     -       (257 )     (257 )     -       (452 )     (452 )

Revenues

   $ 15,124     $ 696     $ 15,820     $ 12,296     $ 1,279     $ 13,575  

 

   

Six Months Ended October 31,

  
   

2024

    

2023

  
   

POC

   

POT

   

Total

   

POC

   

POT

   

Total

 
   

Revenue

     Revenue     Revenue    

Revenue

     Revenue     Revenue  

FEI-NY

   $ 21,349     $ 1,145     $ 22,494     $ 16,569     $ 2,193     $ 18,762  

FEI-Zyfer

     8,283       548       8,831       7,449       574       8,023  

Intersegment

     -       (427 )     (427 )     -       (801 )     (801 )

Revenues

   $ 29,632     $ 1,266     $ 30,898     $ 24,018     $ 1,966     $ 25,984  

 

   

Periods ended October 31,

  
   

Three months

    

Six months

  
   

2024

    

2023

    

2024

    

2023

  

Revenues by product line:

                                

Satellite revenue

   $ 9,390     $ 4,664     $ 17,653     $ 9,522  

Government non-space revenue

     5,839       8,201       12,110       15,080  

Other commercial & industrial revenue

     591       710       1,135       1,382  

Consolidated revenues

   $ 15,820     $ 13,575     $ 30,898     $ 25,984