v2.4.0.6
Fair Value of Financial Assets and Liabilities
 3 Months Ended
Jul. 31, 2012
Fair Value of Financial Assets and Liabilities [Abstract]  
Fair Value of Financial Assets and Liabilities

3. Fair Value of Financial Assets and Liabilities

The following table summarizes the Company’s cash and cash equivalents as of July 31, 2012 and April 30, 2012:

 

                 
(in thousands)   July 31, 2012     April 30, 2012  

Demand deposit accounts

   $ 62,698     $ 45,361  

Money market funds

     447       288  

U.S. Treasury bills

     5,000       7,499  

Corporate bonds (U.S. Gov. guaranteed)

     —         21,219  
   

 

 

    

 

 

  

Total cash and cash equivalents

   $ 68,145     $ 74,367  
   

 

 

    

 

 

  

The following table summarizes the Company’s short-term investments as of July 31, 2012:

 

                         
(in thousands)   Cost     Gross
Unrealized
Gains
(Losses)		     Fair Value  

Available-for-sale securities:

                        

Certificates of deposit (U.S. Gov. guaranteed)

   $ 7,354     $ (10 )    $ 7,344  

U.S. Treasury notes

     49,153       (4 )      49,149  

Corporate bonds (U.S. Gov. guaranteed)

     18,175       (8 )      18,167  
   

 

 

    

 

 

    

 

 

  

Total short-term investments

   $ 74,682     $ (22 )    $ 74,660  
   

 

 

    

 

 

    

 

 

  

All short-term investments have an original maturity date less than 12 months, at July 31, 2012

The following table summarizes the fair value of the Company’s financial assets and liabilities that were measured on a recurring basis as of July 31, 2012 and April 30, 2012:

 

                                                                 
    Fair Value Measurements at July 31, 2012     Fair Value Measurements at April 30, 2012  
(in thousands)   Level 1     Level 2     Level 3     Total     Level 1     Level 2     Level 3     Total  

Assets:

                                                               

Cash equivalents:

                                                                

Money market funds

   $ 447     $ —       $ —       $ 447     $ 288     $ —       $ —       $ 288  

U.S. Treasury bills

     5,000       —         —         5,000       7,499       —         —         7,499  

Corporate bonds (U.S. Gov. guaranteed)

     —         —         —         —         21,219       —         —         21,219  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total cash equivalents

     5,447       —         —         5,447       29,006       —         —         29,006  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Restricted cash

     604       —         —         604       500       —         —         500  

Short-term investments:

                                                                

Certificates of deposit (U.S. Gov. guaranteed)

     7,344       —         —         7,344       4,496       —         —         4,496  

U.S. Treasury notes

     49,149       —         —         49,149       28,099       —         —         28,099  

Corporate bonds (U.S. Gov. guaranteed)

     18,167       —         —         18,167       18,239       —         —         18,239  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total short-term investments

     74,660       —         —         74,660       50,834       —         —         50,834  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total assets

   $ 80,711     $ —       $ —       $ 80,711     $ 80,340     $ —       $ —       $ 80,340  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

The Company measures certain assets, including property and equipment, goodwill and intangible assets, at fair value on a nonrecurring basis. These assets are recognized at fair value when they are deemed to be other-than-temporarily impaired. During the three months ended July 31, 2012 and 2011, there were no fair value measurements of assets or liabilities measured at fair value on a nonrecurring basis subsequent to their initial recognition.