v2.4.0.6
Fair Value of Financial Assets and Liabilities
 6 Months Ended
Oct. 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 October 31, 2012 and April 30, 2012:

 

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

Demand deposit accounts

   $ 41,427     $ 45,361  

Money market funds

     3,689       288  

U.S. Treasury bills

     —         7,499  

Corporate bonds (U.S. Gov. guaranteed)

     —         21,219  
   

 

 

    

 

 

  

Total cash and cash equivalents

   $ 45,116     $ 74,367  
   

 

 

    

 

 

  

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

 

                         
(in thousands)   Cost     Gross
Unrealized
Losses		     Fair Value  

Available-for-sale securities:

                        

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

   $ 10,226     $ (8 )    $ 10,218  

Corporate bonds

     23,395       (9 )      23,386  

U.S. Treasury notes

     62,814       (10 )      62,804  
   

 

 

    

 

 

    

 

 

  

Total short-term investments

   $ 96,435     $ (27 )    $ 96,408  
   

 

 

    

 

 

    

 

 

  

The following table summarizes the Company’s short-term investments as of April 30, 2012:

 

                         
    Year Ended April 30, 2012  
   

Gross

Unrealized

  
(in thousands)   Cost     Gains
(Losses)		     Fair Value  

Available-for-sale securities:

                        

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

   $ 4,510     $ (14 )    $ 4,496  

U.S. Treasury notes

     28,126       (28 )      28,099  

Corporate bonds

     18,245       (5 )      18,239  
   

 

 

    

 

 

    

 

 

  

Total short-term investments

   $  50,881     $ (47 )    $ 50,834  
   

 

 

    

 

 

    

 

 

  

All short-term investments have an original maturity date less than 12 months at October 31, 2012 and April 30, 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 October 31, 2012 and April 30, 2012:

 

                                                                 
    Fair Value Measurements at October 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

   $ 3,689     $ —       $ —       $ 3,689     $ 288     $ —       $ —       $ 288  

U.S. Treasury bills

     —         —         —         —         7,499       —         —         7,499  

Corporate bonds (U.S. Gov. guaranteed)

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total cash equivalents

     3,689       —         —         3,689       29,006       —         —         29,006  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Restricted cash

     604       —         —         604       500       —         —         500  

Short-term investments:

                                                                

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

     10,218       —         —         10,218       4,496       —         —         4,496  

Corporate bonds

     23,386       —         —         23,386       18,239       —         —         18,239  

U.S. Treasury notes

     62,804       —         —         62,804       28,099       —         —         28,099  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total short-term investments

     96,408       —         —         96,408       50,834       —         —         50,834  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total assets

   $ 100,701     $ —       $ —       $ 100,701     $ 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 and six months ended October 31, 2012 and 2011, there were no non-recurring fair value measurements of assets or liabilities.