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Document and Entity Information
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9 Months Ended | |
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Jan. 31, 2011
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Feb. 22, 2011
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| Document Information [Line Items] | ||
| Document Type | 10-Q | |
| Amendment Flag | false | |
| Document Period End Date | Jan 31, 2011 | |
| Document Fiscal Period Focus | Q3 | |
| Document Fiscal Year Focus | 2011 | |
| Entity Registrant Name | FLOW INTERNATIONAL CORP | |
| Entity Central Index Key | 0000713002 | |
| Current Fiscal Year End Date | --04-30 | |
| Entity Filer Category | Accelerated Filer | |
| Entity Common Stock, Shares Outstanding | 47,331,261 |
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If the value is true, then the document as an amendment to previously-filed/accepted document.
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End date of current fiscal year in the format --MM-DD.
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- Definition
This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.
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- Definition
This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.
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Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
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The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements this will be the filing date. The format of the date is CCYY-MM-DD.
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- Definition
The type of document being provided (such as 10-K, 10-Q, N-1A, etc). The document type should be limited to the same value as the supporting SEC submission type. The acceptable values are as follows: S-1, S-3, S-4, S-11, F-1, F-3, F-4, F-9, F-10, 6-K, 8-K, 10, 10-K, 10-Q, 20-F, 40-F, N-1A, 485BPOS, NCSR, N-Q, and Other.
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A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Indicate number of shares outstanding of each of registrant's classes of common stock, as of latest practicable date. Where multiple classes exist define each class by adding class of stock items such as Common Class A [Member], Common Class B [Member] onto the Instrument [Domain] of the Entity Listings, Instrument
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Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, or (4) Smaller Reporting Company. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.
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The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Recently Issued Accounting Pronouncements
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Jan. 31, 2011
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| Recently Issued Accounting Pronouncements [Abstract] | |||||||||||||||||
| Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In
September 2009, the Financial Accounting Standards Board (“FASB”)
ratified the consensuses reached by the EITF regarding
multiple-deliverable revenue arrangements. The new guidance:
This
new guidance applies to multiple-deliverable revenue arrangements that
contain both software and hardware elements, focusing on determining
which revenue arrangements are within the scope of software revenue
guidance. This new guidance removes tangible products from the scope of
the software revenue guidance and provides guidance on determining
whether software deliverables in an arrangement that includes a tangible
product are within the scope of the software revenue guidance. The
accounting guidance should be applied on a prospective basis for revenue
arrangements entered into or materially modified in the Company’s
fiscal year 2012. Alternatively, an entity can elect to adopt the
provisions of these issues on a retrospective basis. The Company is
currently assessing the potential impact that the application of the new
revenue guidance may have on its consolidated financial statements and
disclosures. |
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Recently Issued Accounting Pronouncements
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- Definition
Represents disclosure of any changes in an accounting principle, including a change from one generally accepted accounting principle to another generally accepted accounting principle when there are two or more generally accepted accounting principles that apply or when the accounting principle formerly used is no longer generally accepted. Also disclose any change in the method of applying an accounting principle, or any change in an accounting principle required by a new pronouncement in the unusual instance that a new pronouncement does not include specific transition provisions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Receivables, Net
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Jan. 31, 2011
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| Receivables, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Accounts, Notes, Loans and Financing Receivable [Text Block] | Receivables, Net Net Receivables as of January 31, 2011 and April 30, 2010 consisted of the following:
Unbilled revenues do not contain any amounts which are expected to be collected after one year. The
allowance for doubtful accounts is the Company’s best estimate of the
amount of probable credit losses on existing receivables. The Company
determines the allowance based on historical write-off experience and
current economic data. Account balances more than 90 days past due and
in excess of a specified amount are reviewed individually for
collectability. All other balances are reviewed on a pooled basis by
type of receivable. Account balances are charged against the allowance
when the Company determines that it is probable the receivable will not
be recovered. |
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Receivables, Net
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- Definition
Disclosure itemizing the various types of trade accounts and notes receivable, and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. This disclosure may include (1) the basis at which such receivables are carried in the entity's statements of financial position (2) how the level of the valuation allowance for receivables is determined (3) when impairments, charge-offs or recoveries are recognized for such receivables (4) the treatment of origination fees and costs, including the amortization method for net deferred fees or costs (5) the treatment of any premiums or discounts or unearned income (6) the entity's income recognition policies for such receivables, including those that are impaired, past due or placed on nonaccrual status and (7) the treatment of foreclosures or repossessions (8) the nature and amount of any guarantees to repurchase receivables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Inventories
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Jan. 31, 2011
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| Inventories | Inventories Inventories
are stated at the lower of cost or market. Costs included in
inventories consist of materials, labor and manufacturing overhead,
which are related to the purchase or production of inventories. The
Company uses the first-in, first-out method or average cost method to
determine its cost of inventories. Inventories as of January 31, 2011 and April 30, 2010 consisted of the following:
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Inventories [Abstract]
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- Definition
This element represents the complete disclosure related to inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Notes Payable
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Jan. 31, 2011
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| Notes Payable | Notes Payable Notes payable as of January 31, 2011 and April 30, 2010 consisted of the following:
The Company has a $40 million secured senior credit facility, set to mature on June 10, 2011. Under the agreement in effect as of January 31, 2011 the Company was required to maintain the following ratios:
These
covenants also required the Company to meet a liquidity test such that
its consolidated indebtedness shall not exceed the total of 65% of the
book value of the Company’s accounts receivable and 40% of the book
value of its inventory. A
violation of any of the covenants above would have resulted in an event
of default and accelerated the repayment of all unpaid principal and
interest and the termination of any letters of credit. The Company was
in compliance with all its financial covenants as of January 31, 2011. All
the Company’s domestic assets and certain interests in some foreign
subsidiaries are pledged as collateral under its Senior Credit Facility
Agreement. Interest on the Line of Credit is based on the bank’s prime
rate or LIBOR rate plus a percentage spread between 3.25% and 4.5%
depending on whether it uses the bank’s prime rate or LIBOR rate and
based on the Company’s current leverage ratio. The Company also pays an
annual letter of credit fee equal to 3.5% of the amount available to be
drawn under each outstanding stand-by letter of credit. The annual
letter of credit fee is payable quarterly in arrears and varies
depending on the Company’s leverage ratio. As of January 31, 2011, the Company had $38.1 million available under its Senior Credit Facility, net of $1.9 million
in outstanding borrowings. Based on the Company’s maximum allowable
leverage ratio at the end of the period, the incremental amount it could
have borrowed under its Lines of Credit, including the Taiwan credit
facilities discussed below, would have been approximately $32.6 million. Subsequent
to January 31, 2011, the Company amended its existing Senior Credit
Facility and entered into a new three-year borrowing agreement,
effective March 2, 2011. Refer to Note 13 of the Condensed Consolidated Financial Statements for further discussion on the amended agreement. Revolving Credit Facilities in Taiwan There were no outstanding balances under the Company’s unsecured Taiwan credit facilities as of January 31, 2011. The unsecured commitment for the Taiwan credit facilities totaled $3.1 million at January 31, 2011, bearing interest at 2.5% per annum. |
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- Definition
Includes disclosure of claims held for amounts due a company. Examples include trade accounts receivables, notes receivables, loans receivables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Commitments and Contingencies
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Jan. 31, 2011
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| Commitments and Contingencies [Abstract] | |||||||||||||||||||||||||
| Commitments and Contingencies | Commitments and Contingencies Warranty Obligations The
Company’s estimated obligations for warranty, which are included as
part of Costs of Sales in the Condensed Consolidated Statements of
Operations, are accrued concurrently with the revenue recognized. The
Company makes provisions for its warranty obligations based upon
historical costs incurred for such obligations adjusted, as necessary,
for current conditions and factors. Due to the significant uncertainties
and judgments involved in estimating the Company’s warranty
obligations, including rates of warranty claims, changing product
designs and specifications, the ultimate amount incurred for warranty
costs could change in the near term from the current estimate. The
Company believes that its warranty accrual as of January 31, 2011,
which is included in the Other Accrued Liabilities line item in the
Condensed Consolidated Balance Sheets, is sufficient to cover expected
warranty costs. The following table presents the fiscal year 2011 year-to-date activity for the Company’s warranty obligations:
Legal Proceedings At
any time, the Company may be involved in legal proceedings arising in
the normal course of conducting business. The Company’s policy is to
routinely assess the likelihood of any adverse judgments or outcomes
related to legal matters, as well as ranges of probable losses. A
determination of the amount of the reserves required, if any, for these
contingencies is based on historical experience and after analysis of
each known issue. The Company records reserves related to legal matters
for which it is probable that a loss has been incurred and the range of
such loss can be estimated. With respect to other matters, management
has concluded that a loss is only reasonably possible or remote and,
therefore, no liability is recorded. Management discloses the facts
regarding material matters assessed as reasonably possible and potential
exposure, if determinable. Costs incurred defending claims are expensed
as incurred. Other than those described below, the Company does not
believe that the resolution of any such matters will have a material
adverse effect on its consolidated financial position, results of
operations or cash flows. In
In litigation arising out of a June 2002 incident at a Crucible Metals'
(“Crucible”) facility, the Company's excess insurance carrier is
contesting its obligation to provide coverage for property damage. The
carrier settled the claims relating to this incident in the first
quarter of fiscal year 2011 for a total of approximately
$3.4 million and is seeking to recover the amount it paid. The
suits over insurance coverage Flow
Autoclave Systems, Inc., Flow Pressure Systems, ABB Pressure Systems,
Avure Technologies AB and Avure Technologies, Inc. v. Lumbermens Mutual
Casualty and Kemper Insurance Co., and Lumbermens Mutual Casualty
Company v. Flow International Corporation, Flow Autoclave Systems, Inc.,
Flow Pressure Systems, ABB Pressure Systems, Avure Technologies AB and
Avure Technologies, Inc,
Supreme Court of the State of New York, County of Onondaga, Index No.
2005-2126, were originally filed in in 2005, and seek a declaratory
judgment of the rights of the parties under the insurance policy issued
by the carrier. The Company intends to vigorously contest the carrier's
claim; however, the ultimate outcome or likelihood of this specific
claim cannot be determined at this time and an unfavorable outcome
ranging from $0 to $3.4 million is reasonably possible. Other Claims or Assessments In
fiscal year 2009, the Company was notified by the purchaser of its
Avure business, which was reported as a discontinued operation for the
year ended April 30, 2006, that the Swedish Tax Authority was
conducting an audit which included periods during the time that the
Company owned the subsidiary. Pursuant to an agreement with the
purchaser, the Company made commitments to indemnify various liabilities
and claims, including any tax matters relating to the periods when it
owned the business. The Swedish tax authority concluded its audit and
issued a final report in November 2009 asserting that Avure owes
19.5 million Swedish Krona in additional taxes, penalties and
fines. In April 2010, the Company filed an appeal to contest the
findings by the Swedish Tax Authority. The Company is contesting the
findings and an equivalent of $1.1 million
was accrued in the first quarter of fiscal year 2010 related to the
periods during which it owned Avure. This amount was accounted for as an
adjustment to the loss on the disposal of the Avure business and is
reported as a charge to discontinued operations in the Company’s
Condensed Consolidated Statements of Operations. The balance of the
accrued liability will fluctuate period over period with changes in
foreign currency rates until such time as the matter is ultimately
resolved. |
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Commitments and Contingencies
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Includes disclosure of commitments and contingencies. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Restructuring Activities and Other
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Jan. 31, 2011
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| Restructuring Activities and Other [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring Activities and Other | Restructuring and Other Operating Charges As a result of the global recession, the Company expanded its restructuring activities during fiscal year 2010
in order to improve its performance and better position the Company for
current market conditions and longer-term growth. During the three
months ended July 31, 2009, the Company recorded $1.6 million
related to these restructuring activities. These activities included
costs to complete the Company’s plan to relocate its manufacturing
activities from Taiwan to the United States and severance expenses
related to a reduction in global staffing levels. In
September 2009, the Company sold its building in Hsinchu, Taiwan,
receiving $4.7 million from the proceeds of the sale, and
simultaneously entered into a lease agreement for an insignificant
portion of the building, which has been treated as an operating lease.
The Company recorded a gain of $0.6 million
from the sale of the building, after paying closing costs and other
adjustments. This sale concluded the Company’s overall efforts to
consolidate its manufacturing activities and there were no further
planned restructuring activities as of January 31, 2011. In
May 2009, the Company also recorded a $6 million charge pursuant
to the provisions of an amended Merger Agreement with OMAX, net of a
$2.8 million discount on two subordinated notes issued to OMAX in
fiscal year 2010. The following table summarizes the Company’s restructuring and other operating charges for the three and nine months ended January 31, 2010:
The following table summarizes the Company’s fiscal year 2011 year-to-date restructuring activity:
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Restructuring Activities and Other
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Description and amount of restructuring costs by type of cost including the expected cost, the costs incurred during the period, and the cumulative costs incurred as of the balance sheet date for the restructuring activity, and the income statement caption that includes the restructuring charges recognized for the period. This element may be used to encapsulate all of the disclosures for the costs of a restructuring and related activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Stock-based Compensation
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Jan. 31, 2011
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| Stock-based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-based Compensation | Stock-based Compensation The
Company maintains a stock-based compensation plan (the “2005 Plan”)
which was adopted in September 2005 to attract and retain talented
employees and promote the growth and success of the business by aligning
long-term interests of employees with those of shareholders. At the
Annual Meeting of Shareholders held on September 10, 2009,
shareholders of the Company approved an amendment to the 2005 Plan which
provided for an increase in the aggregate number of shares of common
stock that may be issued pursuant to this Plan from 2,500,000 shares to
5,000,000 shares issuable in the form of stock, stock units, stock
options, stock appreciation rights, or cash awards. Stock Options The
Company grants stock options to employees of the Company with service
and/or performance conditions. The compensation cost of stock options
with service conditions is based on their fair value at the grant date
and recognized ratably over the service period. Compensation cost of
stock options with performance conditions is based upon current
performance projections and the percentage of the requisite service that
has been rendered. All options become exercisable upon a change in
control of the Company unless the surviving company assumes the
outstanding options or substitutes similar awards for the outstanding
awards of the 2005 Plan. Options are granted with an exercise price
equal to the fair market value of the Company’s common stock on the date
of grant. The maximum term of options is 10 years from the date of
grant. The following table summarizes stock option activities for the nine months ended January 31, 2011:
There were no options granted or exercised for the respective nine months ended January 31, 2011 and 2010. For the respective nine months ended January 31, 2011 and 2010, the Company recognized compensation expense related to stock options of $437,000 and $435,000. As of January 31, 2011, total unrecognized compensation cost related to nonvested stock options was $441,000, which is expected to be recognized over a weighted average period of 1 year. Service-Based Stock Awards The
Company grants common stock or stock units to employees and
non-employee directors of the Company with service conditions. Each
non-employee director is eligible to receive and is granted fully vested
common stock worth $40,000 annually. The compensation cost of the
common stock or stock units are based on their fair value at the grant
date and recognized ratably over the service period. The following table summarizes the service-based stock award activities for employees for the nine months ended January 31, 2011:
For the respective nine months ended January 31, 2011 and 2010, the Company recognized compensation expense related to service-based stock awards of $1.4 million and $1.0 million. As of January 31, 2011, total unrecognized compensation cost related to service-based stock awards of $3.7 million is expected to be recognized over a weighted average period of 2.2 years. |
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Stock-based Compensation
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Disclosure of compensation-related costs for share-based compensation which may include disclosure of policies, compensation plan details, allocation of stock compensation, incentive distributions, share-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Basic and Diluted Income (Loss) per Share
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Jan. 31, 2011
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| Basic and Diluted Income (Loss) per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basic and Diluted Income (Loss) per Share | Basic and Diluted Income (Loss) per Share Basic
income (loss) per share is calculated by dividing income
(loss) from continuing operations by the weighted average number of
common shares outstanding during the period. Diluted income
(loss) per share is calculated by dividing income (loss) from
continuing operations by the weighted average number of common shares
and potential common shares outstanding during the period. Potential
common shares include the dilutive effects of outstanding stock options
and non-vested stock units except where their inclusion would be
antidilutive. The
following table sets forth the computation of basic and diluted income
(loss) from continuing operations per share for the respective
three and nine months ended January 31, 2011 and 2010:
There were 0.9 million
potentially dilutive common shares from employee stock options and
stock units which were excluded from the diluted weighted average per
share calculation for the respective three and nine months ended January 31, 2010, as their effect would be antidilutive. |
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Basic and Diluted Income (Loss) per Share
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- Definition
This element may be used to capture the complete disclosure pertaining to an entity's earnings per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Other Income (Expense), Net
|
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
Jan. 31, 2011
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| Other Income (Expense), Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Income (Expense), Net | Other Income (Expense), Net The
Company’s subsidiaries have adopted the local currency of the country
in which they operate as the functional currency. All assets and
liabilities of these foreign subsidiaries are translated at period-end
rates. Income and expense accounts of the foreign subsidiaries are
translated at the average rates in effect during the period. Assets and
liabilities (including inter-company accounts that are transactional in
nature) of the Company which are denominated in currencies other than
the functional currency of the entity are translated based on current
exchange rates and gains or losses are included in the Condensed
Consolidated Statements of Operations. The
following table shows the detail of Other Income (Expense), net, in the
accompanying Condensed Consolidated Statements of Operations:
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| X | ||||||||||
|
- Definition
Other Income (Expense), Net
|
| X | ||||||||||
|
- Definition
Disclosure of those nonoperating income or nonoperating expense that may include amounts earned from dividends, interest on securities, profits (losses) on securities, net and miscellaneous other income or income deductions.
|
|
Income Taxes
|
9 Months Ended |
|---|---|
|
Jan. 31, 2011
|
|
| Income Taxes [Abstract] | |
| Income Taxes | Income Taxes The
Company recognizes a net deferred tax asset for items that will
generate a reduction in future taxable income to the extent that it is
“more likely than not” that these deferred assets will be realized. A
valuation allowance is provided when it is more likely than not that
some portion or all of a deferred tax asset will not be realized. The
ultimate realization of deferred tax assets depends on the generation of
future taxable income during the period in which the tax benefit will
be realized. Deferred tax assets and liabilities are measured using the
enacted tax rates expected to apply to taxable income in the years in
which the tax benefit will be realized. In determining the realizability
of these assets, the Company considers numerous factors, including
historical profitability, estimated future taxable income and the
industry in which it operates. In fiscal year 2008, the Company reversed
approximately $17.2 million and $1 million of valuation
allowance against deferred tax assets related to U.S. and German net
operating loss (NOL) carryforwards and other net deferred tax assets,
respectively, after concluding that it was more likely than not that
these benefits would be realized based on cumulative positive results of
operations and anticipated future profit levels. For the fiscal year
ended April 30, 2010 and for the three and nine months ended January 31, 2011,
the Company concluded that, after evaluation of all available evidence,
it anticipates generating sufficient future taxable income to realize
the benefits of its U.S. and German deferred tax assets. The Company
continues to provide a full valuation allowance against its net
operating losses and other net deferred tax assets, arising in certain
tax jurisdictions, because the realization of such assets is not more
likely than not. The Company’s valuation allowance was at
$10.7 million at January 31, 2011,
a $600,000 increase from April 30, 2010, which is mainly
attributable to additional foreign net operating losses. Most of the
foreign net losses can be carried forward indefinitely, with certain
amounts expiring between fiscal years 2014 and 2017. For the three and nine months ended January 31, 2011, the Company recorded an income tax expense of $1.1 million and $2.9 million compared to an income tax benefit of $1.1 million and $2.7 million, respectively in the comparative prior year. For the nine months ended January 31, 2011,
the relationship between income tax expense and income before tax is
not customary mainly due to the tax impact of a $1.9 million
repatriation treated as a dividend for income tax purposes, tax reserves
of approximately $275,000 established in the nine months ended January 31, 2011, and the tax impact of losses from subsidiaries for which a full valuation allowance is maintained. The
Company has analyzed its filing positions in all of the federal, state,
and international jurisdictions where it, or its wholly-owned
subsidiaries, are required to file income tax returns for all open tax
years in these jurisdictions. With few exceptions, the Company is no
longer subject to U.S. federal, state and local, or non- U.S. income tax
examinations by tax authorities for years prior to fiscal 2002. There
are no significant uncertain tax positions in tax years prior to fiscal
year 2002. As of January 31, 2011,
the Company’s balance of unrecognized tax benefits is
$9.5 million, which, if recognized, would reduce the Company’s
effective tax rate. The Company has recognized immaterial interest
charges related to unrecognized tax benefits as a component of interest
expense. The Company does not expect that unrecognized tax benefits will
significantly change within the next twelve months other than for
currency fluctuations. With
the exception of certain of its subsidiaries, it is the general
practice and intention of the Company to reinvest the earnings of its
non-U.S. subsidiaries in those operations. As of January 31, 2011
the Company has not made a provision for U.S. or additional foreign
withholding taxes for the excess of the carrying value for financial
reporting over the tax basis of investments in foreign subsidiaries with
the exception of its subsidiaries in Taiwan, Japan, and Switzerland for
which it provides deferred taxes. It is not practical to estimate the
amount of deferred tax liability relating to the Company’s investment in
its other foreign subsidiaries. With the exception of the distribution
treated as a dividend as discussed above, the Company did not have any
other distributions for income tax purposes during the respective nine months ended January 31, 2011 and 2010. However, the Company intends to repatriate funds from certain of its subsidiaries in the future. |
| X | ||||||||||
|
- Definition
Income Taxes
|
| X | ||||||||||
|
- Definition
Description containing the entire income tax disclosure. Examples include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income. Plus, the refundable consideration, usually cash, held by the entity pending satisfactory completion of the entity's obligations or pending the closing of a contract.
|
| X | ||||||||||
|
- Definition
Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The total of net (gain) loss, prior service cost (credit), and transition assets (obligations), as well as minimum pension liability if still remaining, included in accumulated other comprehensive income associated with a defined benefit pension or other postretirement plan(s) because they have yet to be recognized as components of net periodic benefit cost. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Accumulated adjustment, net of tax, that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency from the functional currency of the reporting entity, net of reclassification of realized foreign currency translation gains (losses). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of APIC associated with common AND preferred stock. For APIC associated with only common stock, use the element Additional Paid In Capital, Common Stock. For APIC associated with only preferred stock, use the element Additional Paid In Capital, Preferred Stock. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. This caption alerts the reader that one or more notes to the financial statements disclose pertinent information about the entity's commitments and contingencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Dollar value of issued common stock whether issued at par value, no par or stated value. This item includes treasury stock repurchased by the entity. Note: elements for number of common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The noncurrent portion as of the balance sheet date of the aggregate carrying amount of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws; after the valuation allowance, if any, to reduce such amount to net realizable value. Deferred tax liabilities and assets shall be classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, shall be classified according to the expected reversal date of the temporary difference. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Represents the noncurrent portion of deferred tax liabilities, which result from applying the applicable tax rate to net taxable temporary differences pertaining to each jurisdiction to which the entity is obligated to pay income tax. A noncurrent taxable temporary difference is a difference between the tax basis and the carrying amount of a noncurrent asset or liability in the financial statements prepared in accordance with generally accepted accounting principles. In a classified statement of financial position, an enterprise shall separate deferred tax liabilities and assets into a current amount and a noncurrent amount. Deferred tax liabilities and assets shall be classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, shall be classified according to the expected reversal date of the temporary difference. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Total of the carrying values as of the balance sheet date of obligations incurred through that date and payable for obligations related to services received from employees, such as accrued salaries and bonuses, payroll taxes and fringe benefits. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer).
|
| X | ||||||||||
|
- Definition
Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.
|
| X | ||||||||||
|
- Definition
Total of all Liabilities and Stockholders' Equity items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total of the portions of the carrying amounts as of the balance sheet date of long-term debt, which may include notes payable, bonds payable, debentures, mortgage loans, and commercial paper, which are scheduled to be repaid within one year or the normal operating cycle, if longer, and after deducting unamortized discount or premiums, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Sum of the carrying values as of the balance sheet date of the portions of long-term notes payable due within one year or the operating cycle if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying value as of the balance sheet date of obligations incurred through that date and payable arising from transactions not otherwise specified in the taxonomy. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Aggregate carrying amount, as of the balance sheet date, of current assets not separately presented elsewhere in the balance sheet. Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet due to materiality considerations. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent obligations not separately disclosed in the balance sheet due to materiality considerations. Noncurrent liabilities are expected to be paid after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Dollar value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) whether issued at par value, no par or stated value. This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, and production equipment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The total amount due to the entity within one year of the balance sheet date (or one operating cycle, if longer) from outside sources, including trade accounts receivable, notes and loans receivable, as well as any other types of receivables, net of allowances established for the purpose of reducing such receivables to an amount that approximates their net realizable value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The carrying amounts of cash and cash equivalent items which are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet. For a classified balance sheet represents the current portion only (the noncurrent portion has a separate concept); there is a separate and distinct element for unclassified presentations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Carrying value as of the balance sheet date of collateralized/uncollateralized debt obligation (with maturities initially due after one year or beyond the operating cycle if longer), excluding current portion. Subordinated debt places a lender in a lien position behind the primary lender of the company. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Carrying value as of the balance sheet date of obligations incurred and payable for statutory income, sales, use, payroll, excise, real, property and other taxes. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Segment Information
|
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
Jan. 31, 2011
|
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| Segment Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information | Segment Information The
Company reports its operating results to its Chief Executive Officer,
who is the chief operating decision maker, based on market segments
which are consistent with management’s long-term growth strategy. The
Company has two reportable segments: Standard and Advanced. The Standard
segment includes sales and cost of sales related to the Company’s
cutting, surface preparation and cleaning systems using
ultrahigh-pressure water pumps, as well as parts and services to sustain
these installed systems. Systems included in this segment do not
require significant custom configuration. The Advanced segment includes
sales and cost of sales related to the Company’s complex aerospace and
automation systems which require specific custom configuration and
advanced features to match unique customer applications as well as parts
and services to sustain these installed systems. Segment
results are measured based on revenue growth and gross margin. A
summary of operations by reportable segment is as follows:
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| X | ||||||||||
|
- Definition
Segment Information
|
| X | ||||||||||
|
- Definition
This element may be used to capture the complete disclosure of 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% 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Subsequent Events
|
9 Months Ended |
|---|---|
|
Jan. 31, 2011
|
|
| Subsequent Events [Abstract] | |
| Schedule of Subsequent Events [Text Block] | Subsequent Events On March 2, 2011,
the Company amended its existing Senior Credit Facility Agreement, set
to mature on June 11, 2011, and entered into a new three-year Credit
Facility Agreement which will mature March 2, 2014.
Based on anticipated working capital needs, the Company reduced its
total commitment under the new credit facility to $25.0 million. The new
agreement also provides more favorable terms to the Company, both in
terms of the financial covenants required to be maintained, as well as
lower interest rates. Under the terms of the new Credit Facility,
the Company will be required to maintain two financial covenant ratios, a
maximum leverage ratio of 2.75x and a minimum Fixed Charge Coverage
Ratio of 1.75x. Interest charges will be based on the bank's prime rate
or LIBOR rate plus a percentage spread between 0.00% and 2.25% and based
on our current leverage ratio. All the Company's domestic assets and
certain interests in some foreign subsidiaries will continue to be
pledged as collateral under the new three-year Credit Facility. |
| X | ||||||||||
|
- Definition
Subsequent Events [Abstract]
|
| X | ||||||||||
|
- Definition
Describes disclosed significant events or transactions that occurred after the balance sheet date, but before the issuance of the financial statements. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, losses resulting from fire or flood, losses on receivables, significant realized and unrealized gains and losses that result from changes in quoted market prices of securities, declines in market prices of inventory, changes in authorized or issued debt (SEC), significant foreign exchange rate changes, substantial loans to insiders or affiliates, significant long-term investments, and substantial dividends not in the ordinary course of business. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS Parenthetical (USD $)
|
9 Months Ended | 12 Months Ended |
|---|---|---|
|
Jan. 31, 2011
|
Apr. 30, 2010
|
|
| Preferred Stock, stated percentage rate | 8.00% | 8.00% |
| Preferred Stock, par value | $ 0.01 | $ 0.01 |
| Preferred Stock, shares authorized | 1,000 | 1,000 |
| Preferred Stock, shares issued | 0 | 0 |
| Preferred Stock, shares outstanding | 0 | 0 |
| Common Stock, par value | $ 0.01 | $ 0.01 |
| Common Stock, shares authorized | 84,000,000 | 84,000,000 |
| Common Stock, shares issued | 47,331,000 | 47,168,000 |
| Common Stock, shares outstanding | 47,331,000 | 47,168,000 |
| X | ||||||||||
|
- Definition
Preferred stock, stated percentage rate
|
| X | ||||||||||
|
- Definition
Face amount or stated value of common stock per share; generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Excludes common shares repurchased by the entity and held as Treasury shares. Shares outstanding equals shares issued minus shares held in treasury. Does not include common shares that have been repurchased. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Face amount or stated value per share of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer); generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
In Thousands, except Per Share data |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
|
Jan. 31, 2011
|
Jan. 31, 2010
|
Jan. 31, 2011
|
Jan. 31, 2010
|
|
| Sales | $ 57,473 | $ 45,356 | $ 156,988 | $ 125,145 |
| Cost of Sales | 34,381 | 27,133 | 94,710 | 76,314 |
| Gross Margin | 23,092 | 18,223 | 62,278 | 48,831 |
| Operating Expenses: | ||||
| Sales and Marketing | 11,568 | 10,065 | 33,049 | 26,956 |
| Research and Engineering | 2,513 | 2,235 | 7,095 | 5,782 |
| General and Administrative | 6,194 | 6,198 | 17,811 | 19,391 |
| Restructuring and Other Operating Charges | 0 | 0 | 0 | 4,222 |
| Total Operating Expenses | 20,275 | 18,498 | 57,955 | 56,351 |
| Operating Income (Loss) | 2,817 | (275) | 4,323 | (7,520) |
| Interest Income | 21 | 39 | 86 | 132 |
| Interest Expense | (418) | (468) | (1,268) | (1,906) |
| Other Income (Expense), net | (81) | (1,218) | 315 | (866) |
| Income (Loss) Before Taxes | 2,339 | (1,922) | 3,456 | (10,160) |
| Benefit (Provision) for Income Taxes | (1,058) | 1,124 | (2,926) | 2,653 |
| Income (Loss) from Continuing Operations | 1,281 | (798) | 530 | (7,507) |
| Income (Loss) from Discontinued Operations, net of Income Tax of $0, $0, $0, and $0 | (40) | 51 | (152) | (1,089) |
| Net Income (Loss) | $ 1,241 | $ (747) | $ 378 | $ (8,596) |
| Basic and Diluted Income (Loss) Per Share: | ||||
| Income (Loss) from Continuing Operations | $ 0.03 | $ (0.02) | $ 0.01 | $ (0.18) |
| Discontinued Operations | $ 0 | $ 0 | $ 0 | $ (0.02) |
| Net Income (Loss) | $ 0.03 | $ (0.02) | $ 0.01 | $ (0.2) |
| Weighted Average Shares Used in Computing Basic and Diluted Income (Loss) Per Share: | ||||
| Basic | 47,301 | 46,879 | 47,168 | 42,490 |
| Diluted | 47,312 | 46,879 | 47,174 | 42,490 |
| X | ||||||||||
|
- Definition
Discontinued Operations (Basic and Diluted)
|
| X | ||||||||||
|
- Definition
Loss from Continuing Operations (Basic and Diluted)
|
| X | ||||||||||
|
- Definition
Net Loss (Basic and Diluted)
|
| X | ||||||||||
|
- Definition
The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.
|
| X | ||||||||||
|
- Definition
Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.
|
| X | ||||||||||
|
- Definition
Sum of operating profit and nonoperating income (expense) before income (loss) from equity method investments, income taxes, extraordinary items, cumulative effects of changes in accounting principles, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items, cumulative effects of changes in accounting principles, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents the overall income (loss) from a disposal group that is classified as a component of the entity, net of income tax, reported as a separate component of income before extraordinary items and the cumulative effect of accounting changes before deduction or consideration of the amount which may be allocable to noncontrolling interests, if any. Includes the following (net of tax): income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The sum of the current income tax expense (benefit) and the deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cost of borrowed funds accounted for as interest that was charged against earnings during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Income derived from investments in debt securities and on cash and cash equivalents the earnings of which reflect the time value of money or transactions in which the payments are for the use or forbearance of money. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The net result for the period of deducting operating expenses from operating revenues.
|
| X | ||||||||||
|
- Definition
The net amount of other nonoperating income and expense, which does not qualify for separate disclosure on the income statement under materiality guidelines. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility, and costs allocated in accounting for a business combination to in-process projects deemed to have no alternative future use. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount charged against earnings in the period for incurred and estimated costs, excluding asset retirement obligations, associated with exit from or disposal of business activities or restructurings pursuant to a program that is planned and controlled by management, and materially changes either the scope of a business undertaken by an entity, or the manner in which that business is conducted. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate total amount of expenses directly related to the marketing or selling of products or services.
|
| X | ||||||||||
|
- Definition
The average number of shares issued and outstanding that are used in calculating diluted EPS, determined based on the timing of issuance of shares in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of [basic] shares, after adjustment for contingently issuable shares and other shares not deemed outstanding, determined by relating the portion of time within a reporting period that common shares have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Parenthetical (USD $)
In Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
|
Jan. 31, 2011
|
Jan. 31, 2010
|
Jan. 31, 2011
|
Jan. 31, 2010
|
|
| Income Tax effect on Loss from Discontinued Operations | $ 0 | $ 0 | $ 0 | $ 0 |
| X | ||||||||||
|
- Definition
Tax expense (benefit) on the gain (loss), not previously recognized and resulting from the sale of a business component, which is recognized at the date of sale. A gain (loss) reflects the amount by which the consideration received exceeds (is exceeded by) the net carrying amount (reflecting previous provisions for loss on disposal, if any) of the disposal group. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Charge against earnings in the period associated with unsuccessful business acquisition.
|
| X | ||||||||||
|
- Definition
The net change during the reporting period, excluding the portion taken into income, in the liability reflecting services yet to be performed by the reporting entity for which cash or other forms of consideration was received or recorded as a receivable. Plus the net change during the period in the amount of customer money held in customer accounts, including security deposits, collateral for a current or future transactions, initial payment of the cost of acquisition or for the right to enter into a contract or agreement.
|
| X | ||||||||||
|
- Definition
Net change during the reporting period in the amount related to merger and acquisition costs.
|
| X | ||||||||||
|
- Definition
"Net change during the reporting period in the amount related to the settlement of litigation
|
| X | ||||||||||
|
- Definition
Payments held in escrow for unsuccessful business combination including legal, accounting, and other costs that were charged to expense during the period, but would have been capitalized had the contemplated transaction been completed
|
| X | ||||||||||
|
- Definition
Amount recognized for the passage of time, typically for liabilities, that have been discounted to their net present values. Excludes accretion associated with asset retirement obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Transactions that do not result in cash inflows or outflows in the period in which they occur, but affect net income and thus are removed when calculating net cash flow from operating activities using the indirect cash flow method. This element is used when there is not a more specific and appropriate element. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Future cash outflow to pay for purchases of fixed assets that have occurred.
|
| X | ||||||||||
|
- Definition
Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net change between the beginning and ending balance of cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Designated to encapsulate the entire footnote disclosure that gives information on the supplemental cash flow activities for noncash (or part noncash) transactions for the period. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.
|
| X | ||||||||||
|
- Definition
The component of income tax expense for the period representing the net change in the entity's deferred tax assets and liabilities pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.
|
| X | ||||||||||
|
- Definition
The gain (loss) resulting from the sale of a disposal group that is not a discontinued operation. It is included in income from continuing operations before income taxes in the income statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The effect of exchange rate changes on cash balances held in foreign currencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate unrealized foreign currency transaction gain or loss (pretax) included in determining net income for the reporting period. Represents the aggregate of gains and losses on transactions that are unsettled as of the balance sheet date, which is therefore an adjustment to reconcile income (loss) from continuing operations to net cash provided by (used in) continuing operations. (Excludes foreign currency transactions designated as hedges of net investment in a foreign entity and intercompany foreign currency transactions that are of a long-term nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting entity's financial statements. For certain entities, primarily banks, that are dealers in foreign exchange, foreign currency transaction gains or losses may be disclosed as dealer gains or losses.) Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net change during the reporting period in the aggregate amount of obligations due within one year (or one business cycle). This may include trade payables, amounts due to related parties, royalties payable, and other obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net change during the reporting period in the aggregate amount of pension, postretirement, workers' compensation, and other similar obligations and liabilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net change during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The net change during the reporting period in other operating assets not otherwise defined in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net change during the reporting period in other operating obligations not otherwise defined in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net change during the reporting period in the total amount due within one year (or one operating cycle) from all parties, associated with underlying transactions that are classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net cash inflow (outflow) for the net change associated with funds that are not available for withdrawal or use (such as funds held in escrow) and are associated with underlying transactions that are classified as investing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of cash paid during the current period for interest owed on money borrowed; includes amount of interest capitalized Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Charge to cost of goods sold that represents the reduction of the carrying amount of inventory, generally attributable to obsolescence or market conditions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net cash inflow (outflow) from financing activity for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The net cash inflow (outflow) from investing activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Cash generated by or used in operating activities of continuing operations; excludes cash flows from discontinued operations.
|
| X | ||||||||||
|
- Definition
Other expenses included in net income that result in no cash inflows or outflows in the period which are not otherwise defined in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow paid to third parties in connection with debt origination, which will be amortized over the remaining maturity period of the associated long-term debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow to acquire asset without physical form usually arising from contractual or other legal rights, excluding goodwill. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow from the additional capital contribution to the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with either short term or long term maturity that is collateralized (backed by pledge, mortgage or other lien in the entity's assets). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow from other borrowing not otherwise defined in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow from the sale of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The expense charged against earnings for the period pertaining to standard and extended warranties on the entity's goods and services granted to customers. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of the current period expense charged against operations, the offset which is generally to the allowance for doubtful accounts for the purpose of reducing receivables, including notes receivable, to an amount that approximates their net realizable value (the amount expected to be collected). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow to pay off an obligation from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with either short term or long term maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow for the payment of other borrowing not otherwise defined in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow for borrowing not otherwise defined in the taxonomy (with maturities initially due after one year or beyond the operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock options, amortization of restricted stock, and adjustment for officers compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Write-off of amounts previously capitalized as debt issuance cost in an extinguishment of debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Components of Comprehensive Income
|
| X | ||||||||||
|
- Definition
Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Excludes common shares repurchased by the entity and held as Treasury shares. Shares outstanding equals shares issued minus shares held in treasury. Does not include common shares that have been repurchased. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into functional currency of the reporting entity, net of tax. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Reclassification adjustment for translation gains or losses realized upon the sale or complete or substantially complete liquidation of an investment in foreign entity, after tax. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents Other Comprehensive Income (Loss), Net of Tax, for the period. Includes deferred gains (losses) on qualifying hedges, unrealized holding gains (losses) on available-for-sale securities, minimum pension liability, and cumulative translation adjustment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The after-tax amount of the change in the additional pension liability not yet recognized pursuant to FAS 87 par 37 and 38 as a net periodic pension cost. If the additional pension liability required to be recognized exceeds the unrecognized prior service costs, then the excess (which is the net loss not yet recognized as net periodic pension cost) is to be recorded as a reduction of other comprehensive income, before adjusting for tax effects. If in a subsequent measurement, the amount of minimum liability is eliminated or adjusted, this adjustment is offset against other comprehensive income in Accumulated Comprehensive Income. This line also includes changes in an entity's share of an equity investee's increase (decrease) in additional pension liability not yet recognized as a net periodic pension cost. Eliminated upon adoption of FAS 158. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of stock granted during the period as a result of any share-based compensation plan other than en employee stock ownership plan Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of new stock issued during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Value of new stock issued during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Value of stock issued during the period as a result of any share-based compensation plan other than an employee stock ownership plan (ESOP). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY AND COMPREHENSIVE LOSS Parenthetical (USD $)
|
9 Months Ended | |
|---|---|---|
|
Jan. 31, 2011
|
Jan. 31, 2010
|
|
| Other Comprehensive Income, Minimum Pension Liability Net Adjustment, Tax | $ 5,000 | |
| Other Comprehensive Income, Foreign Currency Translation Adjustment, Tax | 16,000 | 215,000 |
| Sales price per share of common stock | $ 2.10 | |
| Stock issuance costs on common stock sale | $ 1,700,000 | |
| X | ||||||||||
|
- Definition
Tax effect of the adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into functional currency of the reporting entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The tax effect of the amount of the change in the additional minimum pension liability not yet recognized pursuant to FAS 87 as a net periodic pension cost. If the additional pension liability required to be recognized exceeds the unrecognized prior service costs, then the excess (which is the net loss not yet recognized as net periodic pension cost) is to be recorded as a separate component in other comprehensive income, before adjusting for tax effects. In a subsequent measurement, the elimination or adjustment to the amount of the minimum pension liability recorded in accumulated other comprehensive income is included in this line. Eliminated upon adoption of FAS 158. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow for cost incurred directly with the issuance of an equity security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The dollar amount received by subsidiary or equity investee for each share of common stock issued or sold in the stock transaction. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Basis of Presentation
|
9 Months Ended |
|---|---|
|
Jan. 31, 2011
|
|
| Basis of Presentation [Abstract] | |
| Basis of Presentation | Basis of Presentation In
the opinion of the management of Flow International Corporation (the
“Company”), the accompanying unaudited condensed consolidated financial
statements (“financial statements”) are prepared in accordance with
Generally Accepted Accounting Principles (“GAAP”) for interim financial
information and rules and regulations of the Securities and Exchange
Commission. Accordingly, certain information and footnote disclosures
usually found in financial statements prepared in accordance with GAAP
have been condensed or omitted. The unaudited financial statements
reflect all adjustments, which in the opinion of management are
necessary to fairly state the financial position, results of operations
and cash flows for the interim periods presented. These financial
statements should be read in conjunction with the audited consolidated
financial statements and related notes included in the Company’s Annual
Report on Form 10-K for the fiscal year ended April 30, 2010. The
preparation of these interim condensed consolidated financial
statements requires management to make estimates and judgments that
affect the reported amount of assets and liabilities, revenues and
expenses, and related disclosure of contingent assets and liabilities at
the date of the Company’s financial statements. Operating results for
the three and nine months ended January 31, 2011 may not be indicative of future results. Fair Value of Financial Instruments The
carrying value of the Company’s current assets and liabilities
approximate fair values due to the short-term maturity of these assets
and liabilities. Nonfinancial assets and liabilities measured on a
nonrecurring basis that are included on the Company’s Condensed
Consolidated Balance Sheets consist of long-lived assets, including
cost-method investments and long-term subordinated notes issued to the
OMAX Corporation ("OMAX") that are measured at fair value when
impairment indicators exist. Due to significant unobservable inputs, the
fair value measures used to evaluate impairment and to calculate a
prevailing market interest rate are Level 3 inputs. The carrying amount
of these nonfinancial assets and liabilities measured on a nonrecurring
basis approximates fair value unless otherwise disclosed in these
financial statements. Reclassification Certain amounts within the fiscal year 2010 Condensed Consolidated Balance Sheet have been reclassified to conform to the fiscal year 2011 presentation. These reclassifications did not impact total assets or total liabilities of the Company. |
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- Definition
Basis of Presentation [Abstract]
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- Definition
Description containing the entire organization, consolidation and basis of presentation of financial statements disclosure. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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