XML 34 R20.htm IDEA: XBRL DOCUMENT
v3.25.2

Segment Information | 12 Months Ended
--- | ---
Apr. 30, 2025
Segment Reporting [Abstract] |
Segment Reporting Disclosure [Text Block] | 13. 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 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 the operating income generated by the geographic location of its subsidiaries 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. Our Chief Executive Officer (“CEO”) serves as our CODM who evaluates the segment performance and allocates resources to them based on operating income which is defined as income before investment income, interest expense, other expenses, and income taxes. Operating income by segment is used to monitor segment results compared to prior periods, forecasted results, and the annual plan. All acquired assets, including intangible assets, are included in the assets of both reporting segments. The tables below present segment revenue, significant segment expenses which consist of segment cost of revenue and segment research and development costs, and segment operating income for each reportable segment and on a consolidated basis as reported in the consolidated statements of operations for the fiscal years ended April 30, 2025 and 2024 (in thousands):
|  | For the Fiscal Years Ended April 30, |
|  | 2025 |  |  | 2024 |
Revenues: |  |  |  |  |  |
FEI-NY |  | $ | 53,269 |  |  | $ | 40,261 |
FEI-Zyfer |  |  | 18,660 |  |  |  | 18,138 |
Less intersegment revenues |  |  | (2,118 | ) |  |  | (3,125 | )
Consolidated revenues |  | $ | 69,811 |  |  | $ | 55,274 |
Cost of revenues: |  |  |  |  |  |  |  |
FEI-NY |  | $ | 29,331 |  |  | $ | 27,225 |
FEI-Zyfer |  |  | 12,598 |  |  |  | 12,414 |
Less intersegment cost of revenues |  |  | (2,215 | ) |  |  | (2,948 | )
Consolidated cost of revenues |  | $ | 39,714 |  |  | $ | 36,691 |
Research and development expenses: |  |  |  |  |  |  |  |
FEI-NY |  | $ | 3,374 |  |  | $ | 2,678 |
FEI-Zyfer |  |  | 2,702 |  |  |  | 702 |
Consolidated research and development expenses |  | $ | 6,076 |  |  | $ | 3,380 |
Operating income: |  |  |  |  |  |  |  |
FEI-NY |  | $ | 11,514 |  |  | $ | 2,410 |
FEI-Zyfer |  |  | 743 |  |  |  | 3,295 |
Less intersegment |  |  | 98 |  |  |  | (179 | )
Corporate |  |  | (623 | ) |  |  | (507 | )
Consolidated operating income |  | $ | 11,732 |  |  | $ | 5,019 |
Other segment items included in the determination of operating income includes SG&A of $9.1 million and $8.0 million for the fiscal years ended April 30, 2025 and 2024, respectively, for the FEI-NY segment, and $2.6 million and $1.7 million for the fiscal years ended April 30, 2025 and 2024, respectively, for the FEI-Zyfer segment. The tables below present the identifiable assets of each reportable segment and on a consolidated basis as reported in the consolidated balance sheets as of April 30, 2025 and 2024 and the depreciation and amortization charges related to these identifiable assets for the fiscal years ended then ended (in thousands):
|  | April 30, 2025 |  |  | April 30, 2024 |
Identifiable assets: |  |  |  |  |  |
FEI-NY |  | $ | 39,125 |  |  | $ | 36,512 |
FEI-Zyfer |  |  | 23,865 |  |  |  | 15,696 |
less intersegment balances |  |  | (140 | ) |  |  | (237 | )
Corporate |  |  | 30,887 |  |  |  | 31,282 |
Consolidated identifiable assets |  | $ | 93,737 |  |  | $ | 83,253 |
|  | For the Fiscal Years Ended April 30, |
|  | 2025 |  |  | 2024 |
Depreciation and amortization: |  |  |  |  |  |  |  |
FEI-NY |  | $ | 1,932 |  |  | $ | 1,944 |
FEI-Zyfer |  |  | 123 |  |  |  | 180 |
Corporate |  |  | - |  |  |  | - |
Consolidated depreciation and amortization expense |  | $ | 2,055 |  |  | $ | 2,124 |
Major Customers The Company’s products are sold to both commercial and governmental customers. For the fiscal years ended April 30, 2025 and 2024, approximately 94% and 98%, respectively, of the Company’s sales were made under contracts to the U.S. Government or subcontracts for U.S. Government end-use. In the fiscal year ended April 30, 2025, revenues from one customer of the FEI-NY segment, which accounted for more than 10% of that segment’s revenues, was $26.9 million. In the fiscal year ended April 30, 2024, revenues from four customers of the FEI-NY segment, which each accounted for more than 10% of that segment’s revenues, were $7.5 million, $10.9 million, $4.7 million, and $4.5 million. In the FEI-Zyfer segment, two customers, which each accounted for more than 10% of that segment’s revenues, were $2.9 million and $3.4 million in the fiscal year ended April 30, 2025. In the FEI-Zyfer segment, two customers, which each accounted for more than 10% of that segment’s revenues, were $4.2 million and $5.2 million in the fiscal year ended April 30, 2024. The loss by the Company of any one of these customers would have a material adverse effect on the Company’s business. The Company believes its relationship with these customers is mutually satisfactory. Sales to the major customers referenced above can include commercial and governmental end users. Foreign Sales Revenues in each of the Company’s segments include sales to foreign governments or to companies located in foreign countries. For the fiscal years ended April 30, 2025 and 2024, revenues, based on the location of the procurement entity were derived from the following locations (in thousands):
|  | For the Fiscal Years Ended April 30, |
|  | 2025 |  |  | 2024 |
Domestic |  | $ | 65,362 |  |  | $ | 53,185 |
Foreign |  |  | 4,449 |  |  |  | 2,089 |
|  | $ | 69,811 |  |  | $ | 55,274 |
During the fiscal year ended April 30, 2025, material foreign sales to one Asian country amounted to approximately $3.5 million. During the fiscal year ended April 30, 2024, there were no material foreign sales to one specific foreign country.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 12: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 14: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 15: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 16: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 17: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration