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Document and Entity Information (USD $)
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12 Months Ended | ||
|---|---|---|---|
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Apr. 30, 2011
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Jun. 14, 2011
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Oct. 31, 2010
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| Document Information [Line Items] | |||
| Document Type | 10-K | ||
| Amendment Flag | false | ||
| Document Period End Date | Apr 30, 2011 | ||
| Document Fiscal Period Focus | FY | ||
| 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 | 47,430,992 | ||
| Entity Well-known Seasoned Issuer | No | ||
| Entity Public Float | $ 119,923,022 | ||
| Entity Current Reporting Status | Yes | ||
| Entity Voluntary Filers | Yes |
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- Definition
If the value is true, then the document as an amendment to previously-filed/accepted document.
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- Definition
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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| X | ||||||||||
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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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- Definition
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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- Definition
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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| X | ||||||||||
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- Definition
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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| X | ||||||||||
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- Definition
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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| X | ||||||||||
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- Definition
Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.
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| X | ||||||||||
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- Definition
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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| X | ||||||||||
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- Definition
State aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to price at which the common equity was last sold, or average bid and asked price of such common equity, as of the last business day of registrant's most recently completed second fiscal quarter. The public float should be reported on the cover page of the registrants form 10K.
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| X | ||||||||||
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- Definition
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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- Definition
Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
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| X | ||||||||||
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- Definition
Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.
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| X | ||||||||||
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- 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.
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| X | ||||||||||
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- 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
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| X | ||||||||||
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- 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
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| X | ||||||||||
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- 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 | ||||||||||
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- Details
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| X | ||||||||||
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- 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 | ||||||||||
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- 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
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| X | ||||||||||
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- 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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- Details
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| X | ||||||||||
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- 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
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| X | ||||||||||
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- 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 | ||||||||||
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- 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 | ||||||||||
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- 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
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| X | ||||||||||
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- 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 | ||||||||||
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- 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
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| X | ||||||||||
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- 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
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| X | ||||||||||
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- 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).
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| X | ||||||||||
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- 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.
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| X | ||||||||||
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- Definition
Total of all Liabilities and Stockholders' Equity items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- 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
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- Details
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| X | ||||||||||
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- 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
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| X | ||||||||||
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- 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
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| X | ||||||||||
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- 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
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| X | ||||||||||
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- 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
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| X | ||||||||||
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- 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
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| X | ||||||||||
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- 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
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| X | ||||||||||
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- 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
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| X | ||||||||||
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- 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 | ||||||||||
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- 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 | ||||||||||
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- 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 | ||||||||||
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- Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- 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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- Details
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| X | ||||||||||
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- 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 | ||||||||||
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- 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
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Consolidated Balance Sheets Parenthetical (USD $)
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12 Months Ended | |
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Apr. 30, 2011
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Apr. 30, 2010
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| 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 | 47,378,000 | 46,927,000 |
| Common Stock, shares outstanding | 47,378,000 | 46,927,000 |
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- Definition
Preferred stock, stated percentage rate
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| X | ||||||||||
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- 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
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| X | ||||||||||
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- 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
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| X | ||||||||||
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- 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
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| X | ||||||||||
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- 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
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| X | ||||||||||
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- 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
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| X | ||||||||||
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- 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
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| X | ||||||||||
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- 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
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| X | ||||||||||
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- 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
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| X | ||||||||||
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- Definition
Discontinued Operations (Basic and Diluted)
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| X | ||||||||||
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- Definition
Loss from Continuing Operations (Basic and Diluted)
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| X | ||||||||||
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- Definition
Net Loss (Basic and Diluted)
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| X | ||||||||||
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- Definition
Provision for Patent Ligitation
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| X | ||||||||||
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- 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
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- Details
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- 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.
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| X | ||||||||||
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- Definition
Loss recognized during the period that results from the write-down of goodwill after comparing the implied fair value of reporting unit goodwill with the carrying amount of that goodwill. Goodwill is assessed at least annually for impairment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.
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| X | ||||||||||
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- 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
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| X | ||||||||||
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- 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
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| X | ||||||||||
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- 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
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| X | ||||||||||
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- 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
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| X | ||||||||||
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- 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
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| X | ||||||||||
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- 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
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| X | ||||||||||
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- 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.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The net result for the period of deducting operating expenses from operating revenues.
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| X | ||||||||||
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- 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
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| X | ||||||||||
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- 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
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| X | ||||||||||
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- 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
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| X | ||||||||||
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- 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
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| X | ||||||||||
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- 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
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| X | ||||||||||
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- Definition
The aggregate total amount of expenses directly related to the marketing or selling of products or services.
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| X | ||||||||||
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- 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
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| X | ||||||||||
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- 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
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Consolidated Statements of Operations Parenthetical (USD $)
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12 Months Ended | ||
|---|---|---|---|
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Apr. 30, 2011
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Apr. 30, 2010
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Apr. 30, 2009
|
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| Income Tax effect on Loss from Discontinued Operations | $ 0 | $ 0 | $ 0.00 |
| X | ||||||||||
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- 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 for Contemplated OMAX Acquisition
|
| X | ||||||||||
|
- Definition
Provision for Patent Ligitation
|
| 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
Write-off of Previously Deferred Direct Transaction Fees
|
| 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
Loss recognized during the period that results from the write-down of goodwill after comparing the implied fair value of reporting unit goodwill with the carrying amount of that goodwill. Goodwill is assessed at least annually for impairment. 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 net cash outflow (inflow) from other investing activities. This element is used when there is not a more specific and appropriate element 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 other investments held by the entity for investment purposes not otherwise defined in the taxonomy. 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 a borrowing supported by a written promise to pay an obligation. 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
|
|
Consolidated Statements of Shareholders' Equity and Comprehensive Income (Loss) Parenthetical (USD $)
|
12 Months Ended | |||
|---|---|---|---|---|
|
Apr. 30, 2011
|
Apr. 30, 2010
|
Apr. 30, 2009
|
Jan. 31, 2010
|
|
| Other Comprehensive Income, Minimum Pension Liability Net Adjustment, Tax | $ (14,000) | $ (6,000) | $ 56,000 | |
| Other Comprehensive Income, Foreign Currency Translation Adjustment, Tax | (578,000) | 190,000 | (256,000) | |
| 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
|
|
Note 1: The Company and Summary of Significant Accounting Policies
|
12 Months Ended |
|---|---|
|
Apr. 30, 2011
|
|
| Note 1: The Company and Summary of Significant Accounting Policies: [Abstract] | |
| Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1: The Company and Summary of Significant Accounting Policies Reporting Policies Operations and Segments Flow
International Corporation and its subsidiaries (“Flow" or the
"Company”) is a global technology-based company providing
customer-driven waterjet cutting, surface preparation and cleaning
solutions. Flow's ultrahigh-pressure water pumps generate pressures from
40,000 to over 94,000 pounds per square inch (psi) and power waterjet
systems that are used to cut and clean materials. Waterjet cutting is a
fast-growing alternative to traditional methods, which utilize lasers,
saws, knives, shears, plasma, electrical discharge machining ("EDM"),
routers, drills, soda blasting and abrasive blasting techniques, and has
uses in many applications from food and paper products to steel and
carbon fiber composites. In addition to ultrahigh-pressure water
systems, the Company provides automation and articulation systems. The
Company provides technologically-advanced, environmentally-sound
solutions to the manufacturing, industrial and marine cleaning markets. The
Company reports its operating results to its Chief Executive Officer,
who is the chief operating decision maker, based on market segments
which is 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 complex Advanced segment systems
which require specific custom configuration and advanced features,
including robotics, to match unique customer applications as well as
parts and services to sustain these installed systems. Financial information about the Company's segments is included in Note 17 - Business Segments and Geographic Information. Principles of Consolidation The
consolidated financial statements include the accounts of Flow
International Corporation and its wholly-owned subsidiaries. All
intercompany transactions and accounts have been eliminated in
consolidation. The Company accounts for its investments in
non-marketable equity securities of less than 20% ownership that do not
have a readily determinable fair value under the cost method of
accounting. Foreign Currency Translation The
local currency is the functional currency for all operations outside of
the United States. Assets and liabilities are translated at the
exchange rate in effect as of our balance sheet date. Revenues and
expenses are translated at the average monthly exchange rates throughout
the year. The effects of exchange rate fluctuations in translating
assets and liabilities of international operations into
U.S. dollars are accumulated and reflected as a cumulative
translation adjustment in the accompanying Consolidated Statements of
Shareholders' Equity and Comprehensive Income (Loss). Use of Estimates The
Company prepares its consolidated financial statements in conformity
with accounting principles generally accepted in the Unites States of
America. The preparation of these consolidated financial statements
requires management to make certain assumptions and estimates about
future events, and apply 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 consolidated
financial statements. The Company bases its assumptions, estimates, and
judgment on historical experience, current trends and other factors
which management believes to be relevant and appropriate at the time the
consolidated financial statements are prepared. Actual results could
differ from those estimates and assumptions. Accounting for Certain Key Items This section provides information about how the Company accounts for certain key items related to: •capital investments; •financing its business; and •operations. Policies related to Capital Investments Valuation of Cost Method Investments The
Company evaluates its cost method investments for impairment on a
quarterly basis. An impairment charge is recorded whenever a decline in
value of an investment below its carrying amount is determined to be
other-than-temporary. In determining if a decline is
other-than-temporary, factors such as the length of time and extent to
which the fair value of the investment has been less than the carrying
amount of the investment, the near-term and longer-term operating and
financial prospects of the affiliate and the intent and ability to hold
the investment for a period of time sufficient to allow for any
anticipated recovery are considered. Intangible Assets Intangible
assets consist of acquired and internally developed patents and
trademarks. Trademarks have an indefinite life and are not amortized.
The Company capitalizes application fees, license fees, legal and other
costs of successfully defending a patent from infringement. The
remaining costs are expensed as incurred. Patents are amortized on a
straight-line basis over the legal life of the underlying patents. The
weighted average amortization period for patents is 20 years. Impairment of Long-Lived Assets The
Company routinely considers whether indicators of impairment are
present for its long-lived assets, which consist of property and
equipment, particularly its manufacturing equipment, and patents subject
to amortization. Factors considered include, but are not limited to,
significant under-performance relative to historical or projected
operating results; significant changes in the manner of use of
long-lived assets or the strategy for the overall business; and
significant negative industry or economic trends. If such indicators are
present, the Company determines whether the sum of the estimated
undiscounted cash flows attributable to the asset group in question is
less than their carrying value. For purposes of impairment testing,
long-lived assets are grouped at the component level, which for the
Company is by regional locations, as this is the lowest level for which
identifiable cash flows are largely independent of the cash flows of
other assets and liabilities. If the sum of the undiscounted cash flows
attributable to the asset group is less than the carrying value of the
asset group, an impairment loss is recognized based on the excess of the
carrying value of the asset group over its respective fair value. Fair
value is determined by discounting estimated future cash flows,
appraisals or other methods deemed appropriate. If the asset group
determined to be impaired is to be held and used, the Company recognizes
an impairment charge to the extent the present value of anticipated net
cash flows attributable to the asset group is less than the assets'
carrying value. The fair value of the assets then becomes the assets'
new carrying value, which is depreciated over the remaining estimated
useful life of the assets. The Company concluded there were no long-lived impairment indicators in each of the fiscal years ended April 30, 2011 and 2010
following an analysis of operating results and consideration of other
significant events or changes in the business environment. The Company
will continue to monitor circumstances and events in future periods to
determine whether asset impairment testing is warranted based on the
existence of one or more of the above impairment indicators. Internally Developed Software The
Company accounts for internally developed software, primarily its
Enterprise Resource Planning (“ERP”) system, based on three distinct
stages. The first stage, the preliminary project stage, includes the
conceptual formulation, design and testing of alternatives. All costs
incurred in this first stage are expensed as incurred. During the second
phase, all costs incurred until the software is substantially complete
and ready for use, including all necessary testing, are capitalized.
Capitalized costs during this phase include external direct costs of
materials and services consumed in developing and obtaining internal-use
computer software and the payroll and payroll-related costs for
employees who are directly associated with and who devote time to
developing the internal-use computer software. The final stage, the
implementation stage, includes the activities associated with placing a
software project into service. All costs related to this implementation
stage are expensed as incurred. Capitalized costs are amortized when the
software is ready for its intended use on a straight-line basis over
the estimated life of the software. Policies related to Financing Financial Instruments The
carrying amount of cash and cash equivalents, restricted cash,
receivables, accounts payable, accrued expenses, deferred revenue and
customer deposits approximate fair value due to their relatively short
maturities. Debt and notes payable reflect a market rate of interest, as
such recorded amounts approximate fair value. Derivative Financial Instruments The
Company selectively utilizes forward exchange rate contracts to hedge
its exposure to adverse exchange rate fluctuations on foreign currency
denominated accounts receivable and accounts payable (both trade and
inter-company). These forward contracts have typically not been
designated as hedges. At the end of each month, the Company marks the
outstanding forward contracts to market and records an unrealized
foreign exchange gain or loss for the mark-to-market valuation. As of April 30, 2011,
the Company did not have any open forward contracts. The effect of
derivative instruments on the Consolidated Statement of Operations is
discussed further in Note 16 - Fair Value of Financial Instruments. Cash and Cash Equivalents The
Company considers highly liquid short-term investments with original
maturities from the date of purchase of three months or less, if any, to
be cash equivalents. The Company's cash consists of demand deposits in
large financial institutions. At times, balances may exceed federally
insured limits. Cash balances which are not available for general
corporate purposes are classified as restricted cash and are primarily
related to cash which collateralizes commercial letters of credit. Policies related to Operations Revenue Recognition The
Company sells ultrahigh-pressure waterjet systems. Sales of waterjet
systems within the Standard segment are primarily related to the
Company's cutting and cleaning systems using ultrahigh-pressure water
pumps and do not require significant custom configuration or
modifications. Installation of these waterjet systems by the Company is
not essential to the functionality of the waterjet systems but the
Company does provide installation as a separate service. Sales of
waterjet systems within the Advanced segment are generally 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. Installation by the Company is essential to the functionality
of waterjet systems sold within the Advanced segment. The
Company recognizes revenue for sales of ultrahigh-pressure waterjet
pumps, consumables, and services, and billing for freight charges, in
accordance with ASC 605, Revenue Recognition, (“ASC 605”). Additionally, because FlowMaster TM
software, the Company's PC-based waterjet control, is essential to the
functionality of the its waterjet systems, the Company recognizes
revenue on sales of waterjet systems in accordance with ASC 985, Software.
Specifically, for the Company's waterjet systems that do not require
significant modification or customization, the Company recognizes
revenue when persuasive evidence of an arrangement exists, title and
risk of loss have passed to the customer, the price is fixed or
determinable, and collectibility is reasonably assured, or probable in
the case of sale of waterjet systems. Deferred
revenue is recorded for products or services that have not been
provided but have been invoiced under contractual agreements or paid for
by a customer, or when products or services have been provided but all
the criteria for revenue recognition have not been met. The
Company recognizes revenue for delivered elements only when the
delivered elements have standalone value, fair values of undelivered
elements are known, uncertainties regarding customer acceptance are
resolved, and there are no customer-negotiated refund or return rights
affecting the revenue recognized for delivered elements. For contract
arrangements that combine deliverables such as systems with embedded
software, and installation, each deliverable is generally considered a
separate unit of accounting or element. The consideration received is
allocated among the separate units of accounting based on their
respective fair values, and the applicable revenue recognition criteria
are applied to each of the separate units. In cases where there is
objective and reliable evidence of the fair value of the undelivered
item in an arrangement but no such evidence for the delivered item, the
residual method is used to allocate the arrangement consideration. In
general, sales of the Company's waterjet systems within its Standard
segment are FOB shipping point or FOB destination, depending on
geographical location, and the title passes to the customer based on the
specific terms in each contract. For
complex aerospace and application systems designed and manufactured to
buyers' specification, the Company recognizes revenue using the
percentage of completion method. Typical lead times can range from 12 to
24 months. Sales and profits on such contracts are recorded based
on the ratio of total actual incurred costs to date to the total
estimated costs for each contract (the “cost-to-cost” method).
Management reviews these estimates as work progresses and the effect of
any change in cost estimates is reflected in the calculation of the
expected margin and the percent complete. If the contract is projected
to create a loss, the entire estimated loss is recognized in the period
such loss first becomes known. Accounting for the profit on a contract
requires (1) the total contract value, (2) the estimated total
cost to complete which is equal to the sum of the actual incurred costs
to date on the contract and the estimated costs to complete the scope
of work, and (3) the measurement of progress towards completion.
The estimated profit or loss on a contract is equal to the difference
between the contract value and the estimated total cost to completion.
Adjustments to original estimates may be required as work progresses
under a contract, as experience is gained and as more information is
obtained, even though the scope of work required under the contract may
not change, or if contract modifications occur. For contract
modifications supported by a change in contract price, profit on such
contract modifications are only recognized upon receipt of a signed
contract amendment and only in the proportion of such contract's
progress towards completion. For modifications not supported by a change
in contract price, those additional costs are treated as contract costs
and charged to expense in the proportion of such contract's progress
towards completion. A number of internal and external factors affect the
Company's cost of sales estimates, including material costs, labor
rates and efficiency variances and installation and testing
requirements. While management believes that the Company's historical
experience provides a sound basis for its estimates, changes in the
customer's requirements, design or other changes in the specifications,
or in the timing of delivery and installation may affect the timing of
revenue related to, or the gross margin on, a system if they are
substantially different from what was anticipated. The complexity of the
estimation process and issues related to the assumptions, risks and
uncertainties inherent with the application of the percentage of
completion method affect the amounts reported in our financial
statements. Shipping revenues and expenses are recorded in revenue and cost of goods sold, respectively. Cost of Sales Cost
of sales are generally recognized when products are shipped or services
are delivered. In the case of waterjet systems, cost of sales for
delivered systems are generally recognized in the period when the
revenue for all or portion of the waterjet system sale is recognized.
Cost of sales includes direct and indirect costs associated with the
manufacture, installation and service of the Company's systems and
consumable parts sales, including estimated future warranty obligations.
Direct costs include material and labor, while indirect costs include,
but are not limited to, depreciation, inbound freight charges,
purchasing and receiving costs, inspection costs, warehousing costs,
internal transfer costs and other costs of the Company's distribution
network. Advertising Expense The
Company recognizes advertising expense as incurred including costs to
promote its brands. For the respective fiscal years ended April 30,
2011, 2010 and 2009, the Company's advertising expense was $0.8 million, $0.5 million and $1.2 million. Allowance for Doubtful Accounts The
allowance for doubtful accounts is the Company's best estimate of the
amount of probable credit losses on existing receivables. The Company
estimates the allowance based on the age of the related receivables,
knowledge of the financial condition of its customers, review of
historical receivables and reserve trends and other relevant
information. Account balances are charged against the allowance when the
Company determines that it is probable the receivable will not be
recovered. 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. The
Company writes-down obsolete or excess parts and equipment inventory
that is no longer used due to design changes to its products or lack of
customer demand. The Company regularly monitors its inventory levels
and, if it identifies an excess condition based on its usage, the
Company records a corresponding inventory reserve which establishes a
new cost basis for its inventory. Subsequent changes in facts or
circumstances do not result in the reversal of previously recorded
markdowns or an increase in that newly established cost basis. The
amount of inventory write-down requires the use of management judgment
regarding technological obsolescence and forecasted customer demand. Income Taxes The
Company accounts for income taxes under the asset and liability method,
which requires the recognition of deferred tax assets and liabilities
for the expected future tax consequences of events that have been
included in the consolidated financial statements. Under this method,
deferred tax assets and liabilities are determined based on the
differences between the financial statements and tax basis of assets and
liabilities using enacted tax rates in effect for the year in which the
differences are expected to reverse. The effect of a change in tax
rates on deferred tax assets and liabilities is recognized in income in
the period that includes the enactment date. The
Company records net deferred tax assets to the extent it believes these
assets will more likely than not be realized. In making such
determination, the Company considers all available positive and negative
evidence, including scheduled reversals of deferred tax liabilities,
projected future taxable income, tax planning strategies and recent
financial operations. In the event the Company was to determine that it
would not be able to realize its deferred income tax assets in the
future in excess of its net recorded amount, the Company would make an
adjustment to the valuation allowance which would increase the provision
for income taxes. The
Company's income tax returns are periodically audited by
U.S. federal, state and local and foreign tax authorities. These
audits include questions regarding our tax filing positions, including
the timing and amount of deductions and the allocation of income among
various tax jurisdictions. At any one time, multiple tax years are
subject to audit by the various tax authorities. In evaluating the tax
benefits associated with the Company's various tax filing positions, the
Company records a tax benefit for uncertain tax positions using the
highest cumulative tax benefit that is more likely than not to be
realized. A number of years may elapse before a particular matter, for
which a liability has been established, is audited and effectively
settled. The Company adjusts its liability for unrecognized tax benefits
in the period in which it determines the issue is effectively settled
with the tax authorities, the statute of limitations expires for the
relevant taxing authority to examine the tax position or when more
information becomes available. The
Company recognizes interest and penalties related to unrecognized tax
benefits within the interest expense line in the accompanying
Consolidated Statement of Operations. Accrued interest and penalties are
included within the Other Long-Term Liabilities line in the
consolidated balance sheets as the amounts are not material for any of
the balance sheet periods presented. Concentration of Credit Risk In
countries or industries where the Company is exposed to significant
credit risk, sufficient collateral, including cash deposits and/or
letters of credit, is required prior to the completion of a transaction. The
Company makes use of foreign exchange contracts to cover material
transactions denominated in other than the functional currency of the
relevant business unit. Credit risks are mitigated by the diversity of
customers in the Company's customer base across many different
geographic regions and performing creditworthiness analyses on such
customers. The Company's largest customer in the Advanced segment accounted for approximately 11%
of consolidated sales in fiscal year 2010. No single customer or group
of customers under common control accounted for 10% or more of sales
during the fiscal years ended April 30, 2011 and 2009. Warranty Liability Products
are warranted to be free from material defects for a period of at least
one year from the date of installation. Warranty obligations are
limited to the repair or replacement of products. Warranty liability is
recorded at time of the sale. The Company's warranty accrual is reviewed
quarterly by management for adequacy based upon recent shipments and
historical warranty experience. Credit is issued upon receipt of the
returned goods, or, if material, at the time of notification and
approval. Product Liability The
Company is obligated under terms of its product liability insurance
contracts to pay all costs up to deductible amounts. These costs are
reported in General and Administrative expenses and include insurance,
investigation and legal defense costs when such amounts are reasonably
estimable. Refer to Note 8 - Commitments and Contingencies for a description of any material product liability claims and litigation. Health Benefits The
Company is self insured for a portion of the cost of employee group
health insurance, medical, dental, and vision in the United States. The
Company maintains excess loss insurance that covers health care costs in
excess of $100,000 per person per year. Each
reporting period, the Company records the costs of its health insurance
plan including paid claims, the change in the estimate of incurred but
not reported (“IBNR”) claims, taxes, and administrative fees
(collectively the “Plan Cost”). The Company regularly reviews its
estimates of reported and unreported claims and provides for these
losses through insurance reserves. These reserves are influenced by
rising costs of health care and other costs, increases in claims, time
lag in claim information, and levels of excess loss insurance coverage
carried. As claims develop and additional information becomes available
to us, adjustments to the related loss reserves may occur. The Company's annual Plan Cost were approximately $3.5 million, $2.9 million, and $2.9 million for the fiscal years ended April 30, 2011, 2010 and 2009, respectively, and the liability, including IBNR, recorded in Accrued Payroll and Related Liabilities, was $0.3 million and $0.3 million as of April 30, 2011 and 2010, respectively. Research and Engineering The
majority of research and engineering expenses are related to research
and development efforts undertaken by the Company which are expensed as
incurred. Research and engineering expenses were $10.1 million, $8.1 million and $8.6 million for the fiscal years ended April 30, 2011, 2010 and 2009, respectively. Stock Based Compensation The
Company measures the fair value of share-based awards on the dates they
are granted or modified. The Company estimates the grant-date fair
value of awards using the Black-Scholes option valuation model,
recognizing the stock-based compensation expense on a straight-line
basis over the requisite service period, and adjusted for forfeitures
expected to occur over the vesting period of the award. Refer to Note 11 - Stock-Based Compensation for further information related to the Company's stock compensation plans. Related Parties For
the purposes of these financial statements, parties are considered to
be related to the Company if the Company has the ability, directly or
indirectly, to control the party or exercise significant influence over
the party in making financial and operating decisions, or vice versa, or
where the Company and the party are subject to common control or common
significant influence. Related parties may be individuals or other
entities. A
former director of the Company was a founder and is a senior member of
management in a company which provides insurance brokerage services to
the Company. The Company believes that its transactions with this
related entity are negotiated at a price that approximates fair value. Premium payments for insurance coverage that this related entity passes on to the insurance underwriters have totaled $0.9 million, $1.6 million and $1.8 million for the respective fiscal years ended April 30, 2011, 2010, and 2009. These amounts included commissions of $0.2 million, $0.2 million and $0.3 million, in each of the respective fiscal years. As of April 30, 2011, the Company did not owe any amounts to the related entity. The Company owed $0.3 million
to the related entity as of April 30, 2010 which is included in the
Other Accrued Liabilities balance on the Consolidated Financial
Statements. Reclassification Certain
amounts within the fiscal year 2010 Consolidated Balance Sheets and
fiscal year 2010 and 2009 Consolidated Statements of Cash Flows 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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Note 1: The Company and Summary of Significant Accounting Policies: [Abstract]
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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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Note 2: Recently Issued Accounting Pronouncements
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| Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Note 2: Recently Issued Accounting Pronouncements In
October 2009, the Financial Accounting Standards Board (“FASB”)
ratified the consensuses reached by the Emerging Issues Task Force
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 will be applied on a prospective basis for revenue
arrangements entered into or materially modified in the Company’s fiscal
year 2012. Adoption of the new guidance is not expected to have a
material impact on the consolidated financial statements. |
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Note 2: Recently Issued Accounting Pronouncements [Abstract]
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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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Note 3: Receivables, net
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| Schedule of Accounts, Notes, Loans and Financing Receivable [Text Block] | Note 3: Receivables, Net Net Receivables as of April 30, 2011 and 2010 consisted of the following:
The Company's unbilled revenues do not contain any amounts which are expected to be collected after one year. |
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Note 3: Receivables, Net [Abstract]
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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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Note 4: Inventories
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| Inventory Disclosure [Text Block] | Note 4: Inventories Inventories as of April 30, 2011 and April 30, 2010 consisted of the following:
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Note 4: Inventories [Abstract]
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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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Note 5: Property and Equipment
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| Property, Plant and Equipment Disclosure [Text Block] | Note 5: Property and Equipment Property
and equipment are stated at cost. Additions, leasehold improvements and
major replacements are capitalized. When assets are sold, retired or
otherwise disposed of, the cost and accumulated depreciation are removed
from the accounts and any resulting gain or loss is reflected in the
statement of operations within operating income (loss). Depreciation for
financial reporting purposes is provided using the straight-line method
over the estimated useful lives of the assets. Leasehold improvements
are amortized over the shorter of the related lease term, or the life of
the asset. Expenditures for maintenance and repairs are charged to
expense as incurred. In fiscal year 2010,
the Company sold its building in Hsinchu, Taiwan, receiving
$4.7 million in proceeds from the sale, and simultaneously entered
into a lease agreement for an insignificant portion of the building for a
one-year period, which has been treated as an operating lease. This
sale concluded the Company's overall efforts to consolidate its
manufacturing activities. The Company recorded a gain of approximately $0.6 million
from the sale of the building, after paying closing costs and other
adjustments. The gain was recorded in Restructuring and Other Operating
Charges in the Company's Consolidated Statement of Operations in fiscal
year 2010. The carrying value of the Company's Property and Equipment and estimated service lives as of April 30, 2011 and 2010 were as follows:
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Note 5: Property and Equipment [Abstract]
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Disclosure of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, building and production equipment. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures. This element may be used as a single block of text to include the entire PPE disclosure, including data and tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Note 6: Intangible Assets
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| Intangible Assets Disclosure [Text Block] | Note 6: Intangible Assets The components of the Company's finite lived intangible assets consisted of the following:
Amortization expense for intangible assets with definite lives for continuing operations for the respective fiscal years ended April 30, 2011, 2010 and 2009 amounted to $0.4 million, $0.4 million, and $0.4 million. The estimated annual amortization expense is $0.5 million for continuing operations for each fiscal year through April 30, 2016. Intangible assets with indefinite lives consisted of the following:
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Note 6: Intangible Assets [Abstract]
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This block of text may be used to disclose all or part of the information related to intangible assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Note 7: Notes Payable
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| Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 7: Notes Payable Notes payable as of April 30, 2011 and 2010 consisted of the following:
The
Company amended its existing Senior Credit Facility Agreement during
the fourth quarter of fiscal year 2011, set to mature on June 10, 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 in effect as of April 30, 2011, the Company was required to maintain the following ratios:
A
violation of any of the covenants above would result in an event of
default and accelerate 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 the end of each
quarter during the fiscal year ended April 30, 2011.
All of the Company's domestic assets and certain interests in some
foreign subsidiaries are pledged as collateral under the three-year
Credit Facility Agreement. In addition, the terms of the Credit Facility
limit the Company's ability to pay dividends. Interest
on the Credit Facility is based on the bank’s prime rate or LIBOR rate
plus a percentage spread between 0.00% and 2.25% 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 ranging from 1.25% to 2.25% 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 April 30, 2011, the Company had $17.2 million available under its Credit Facility, net of $5.5 million in outstanding borrowings, and $2.3 million in outstanding letters of credit. Revolving Credit Facilities in Taiwan There were no outstanding balances under the Company’s unsecured Taiwan credit facilities as of April 30, 2011. The unsecured commitment for the Taiwan credit facilities totaled $3.1 million at April 30, 2011, bearing interest at 2.4% per annum. |
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Note 7: Notes Payable [Abstract]
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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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Note 8: Commitments and Contingencies
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| Commitments and Contingencies Disclosure [Text Block] | Note 8: Commitments and Contingencies Warranty Obligations The
Company’s estimated obligations for warranty, which are included as
part of Costs of Sales in the 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 April 30, 2011,
which is included in the Other Accrued Liabilities line item in the
Consolidated Balance Sheets, is sufficient to cover expected warranty
costs. The following table presents the activity for the Company’s warranty obligations:
Product Liability Currently
there are outstanding product liability claims arising out of the sale
of current and former products of the Company. To minimize the financial
impact of product liability claims, the Company purchases product
liability insurance in amounts and under terms considered acceptable to
management. Management
periodically evaluates the merit of all claims, including product
liability claims, as well as considering unasserted claims. Recoveries,
if any, may be realized from indemnitors, codefendants, insurers or
insurance guaranty funds. Management believes its insurance coverage is
adequate to satisfy any liabilities that are incurred 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
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 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.,
were originally filed in Supreme Court of the State of New York, County
of Onondaga, Index No. 2005-2126 in 2005, and sought a declaratory
judgment of the rights of the parties under the insurance policy issued
by the carrier. The carrier settled the claims relating to this incident
for a total of approximately $3.4 million and is seeking to
recover from the Company the amount it paid in the remaining lawsuit,
Lumberment Mutual Casualty Company v. Flow International Corporation,
Flow Autoclave Systems, Inc., Flow Pressure Systems, ABB Pressure
Systems, Avure Technologies AB, Avure Technologies, Inc., Travelers
Property Casualty Company of America and Zurich American Insurance
Company as subrogees of Crucible Materials Corporation, and Crucible
Materials Corporation, filed in United States District Court for the
Northern District of New York on August 13, 2008, case number 08-CV-865.
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 initially 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. Since the filing of
the Company's appeal, there has been on-going dialogue with the Swedish
tax authorities throughout the year and the Company will continue to
contest the findings. A charge was recorded in the first quarter of
fiscal year 2010 related to the periods during which it owned Avure and
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 Consolidated Statements of
Operations. As of April 30, 2011 the Company has accrued $1.4 million
related to the Avure matter.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. Note 9 |
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- Definition
Note 8: Commitments and Contingencies [Abstract]
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- Definition
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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Note 9: Pension and Other Post Retirement Benefits
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Apr. 30, 2011
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| Note 9: Pension and Other Post Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pension and Other Postretirement Benefits Disclosure [Text Block] | Note 9: Pension and Other Post Retirement Benefits The
Company has a 401(k) savings plan in which employees may contribute a
percentage of their compensation. At its discretion, the Company may
make contributions based on employee contributions and length of
employee service. Company contributions and expense under the plan for
the respective fiscal years ended April 30, 2011 and 2009 were $0.4 million and $0.8 million. There were no Company contributions made to the plan for the fiscal year ended April 30, 2010. The
Company sponsors a defined benefit pension plan in Taiwan, which is
governed by a local regulation: The Labor Standard Law (1986). As
required by the Labor Standard Law, the Company must remit monthly 4% of
the employee's base salary into a designated investment account for the
Pension Plan. The pension benefit an employee is entitled to ranges
from 2 months to 45 months' salary, based upon years of service. An
employee is eligible to withdraw their pension benefit upon
25 years of service, age 55 with 15 years of service, or
age 60, if the employee is still employed by the Company upon
retirement. If an employee terminates prior to retirement, the employee
forfeits all accrued benefits under the Plan. Due to a change in
Taiwanese law, all new employees hired after July 2005, are not subject
to this plan, thus, the plan is frozen. The Company uses an April 30
measurement date for its plan. All plan assets are deposited in an interest earning account. The amount of net periodic cost recognized in fiscal years 2011 and 2010 was less than $0.1 million, respectively. The accumulated benefit obligation as of April 30, 2011 was $1.0 million. The unrecognized net transition obligation and unrecognized loss were less than $0.1 million, respectively, as of April 30, 2011. The Company does not anticipate any projected benefit payments under this plan over the next year. The
following table provides a reconciliation of the changes in the plan's
benefit obligations and fair value of plan assets for the two-year
period ended April 30, 2011:
Actuarial assumptions used to determine benefit obligations were as follows:
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| X | ||||||||||
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- Definition
Note 9: Pension and Other Post Retirement Benefits [Abstract]
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| X | ||||||||||
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- Definition
Description containing the entire pension and other postretirement benefits disclosure as a single block of text. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Note 10: Shareholders' Equity
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12 Months Ended |
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Apr. 30, 2011
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| Note 10: Shareholders' Equity [Abstract] | |
| Stockholders' Equity Note Disclosure [Text Block] | Note 10: Shareholders' Equity Sale of Common Stock In
September 2009, the Company completed an underwritten public offering
of 8,998,750 shares of common stock at an offering price of $2.10
per share, which included 1,173,750 shares issued as a result of
the underwriter's exercise of their over-allotment option in full. The
offering generated net proceeds of approximately $17.2 million
after deducting underwriting commissions and estimated offering
expenses. The proceeds from this offering were used to reduce the
Company's outstanding debt, including amounts outstanding under its
Senior Credit Facility. Change to Authorized Stock In
September 2009, the Company filed Articles of Amendment of Restated
Articles of Incorporation with the Washington Secretary of State (the “Articles of Amendment”).
Prior to the filing of the Articles of Amendment, the Restated Articles
of Incorporation of the Company provided for the authorization of two
classes of stock, consisting of 49,000,000 shares designated as
common stock, and 1,000,000 shares designated as preferred stock.
In connection with the Articles of Amendment, the authorized stock of
the Company was increased to 85,000,000 shares, consisting of
84,000,000 shares of common stock and 1,000,000 shares of
preferred stock. The Articles of Amendment were approved by the Board of
Directors of the Company and by the shareholders of the Company at the
Annual Meeting of Shareholders held on September 10, 2009. All
other provisions of the Company's Restated Articles of Incorporation
remain the same. Common Share Rights Purchase Plan The
Company entered into a Rights Agreement, effective as of
September 1, 2009, between the Company and Mellon Investor Services
LLC, as Rights Agent (the “Rights Agent”). On August 28, 2009, the Board of Directors of the Company declared a dividend of one common share purchase right (a“Right”)
for each outstanding share of common stock, $0.01 par value per
share of the Company. Each Right entitles the registered holder to
purchase from the Company one share of Common Stock at a price per share
of $18.00 (as the same may be adjusted, the “Purchase Price”) . The
Rights are not exercisable until after the date of commencement of, or
the first public announcement of an intention to commence, a tender
offer or exchange offer the consummation of which would result in the
beneficial ownership by a person (other than an Exempted Entity) or
group of 15% or more of the shares of Common Stock then outstanding (the
earlier of such dates being herein referred to as the “Distribution Date”. The Rights will expire on September 1, 2019 (the “Final Expiration Date”),
unless the Final Expiration Date is extended or unless the Rights are
earlier redeemed or exchanged by the Company, in each case as described
below. The Purchase Price payable, and the number of shares of Common
Stock or other securities or property issuable, upon exercise of the
Rights are subject to adjustment from time to time to prevent dilution
(i) in the event of a stock dividend on, or a subdivision,
combination or reclassification of, the Common Stock, (ii) upon the
grant to holders of the Common Stock of certain rights or warrants to
subscribe for or purchase Common Stock at a price, or securities
convertible into Common Stock with a conversion price, less than the
then-current market price of the Common Stock or (iii) upon the
distribution to holders of the Common Stock of evidences of indebtedness
or assets (excluding regular periodic cash dividends or dividends
payable in Common Stock) or of subscription rights or warrants (other
than those referred to above). |
| X | ||||||||||
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- Definition
Note 10: Shareholders' Equity [Abstract]
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| X | ||||||||||
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- Definition
Disclosures related to accounts comprising shareholders' equity, including other comprehensive income. Includes: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables; effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Note 11: Stock-based Compensation
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12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2011
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| Note 11: Stock based Compensation [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 11: 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 fiscal year ended April 30, 2011:
The
Company uses the Black-Scholes option-pricing model to calculate
grant-date fair value of its stock options. There were no options
granted during the respective fiscal years ended April 30, 2011 and 2010.
Information pertaining to the Company's assumptions to calculate the
fair value of the stock options granted during the fiscal year ended April 30, 2009 is as follows:
The
Company uses historical volatility in estimating expected volatility
and historical employee exercise activity and option expiration data to
estimate the expected term assumption for the Black-Scholes grant-date
valuation. The risk-free interest rate assumption is based on
U.S. Treasury constant maturity interest rate whose terms are
consistent with the expected term of the Company's stock options. The
Company has not declared or paid any cash dividends on its Common Stock
and does not anticipate that any dividends will be paid in the
foreseeable future For each of the respective fiscal years ended April 30, 2011, 2010, and 2009 the Company recognized compensation expense related to stock options of $0.6 million. As of April 30, 2011, total unrecognized compensation cost related to nonvested stock options was $0.3 million, which is expected to be recognized over the next 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 fiscal years ended April 30, 2011 and 2010:
For the respective fiscal years ended April 30, 2011, 2010 and 2009, the Company recognized compensation expense related to service-based stock awards of $1.8 million, $1.3 million and $1.1 million. As of April 30, 2011, total unrecognized compensation cost related to service-based stock awards of $3.2 million is expected to be recognized over a weighted average period of 2 years. |
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| X | ||||||||||
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- Definition
Note 11: Stock-based Compensation [Abstract]
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| X | ||||||||||
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- Definition
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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Note 12: Basic and Diluted Income (Loss) Per Share
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Apr. 30, 2011
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| Earnings Per Share [Text Block] | Note 12: 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:
There were 2,089,216, 888,780 and 1,201,365
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 fiscal years ended April 30, 2011, 2010 and 2009 as their effect would be antidilutive. |
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| X | ||||||||||
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- Definition
Note 12: Basic and Diluted Income (Loss) Per Share [Abstract]
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| X | ||||||||||
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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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Note 13: Other Income (Expense), net
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Apr. 30, 2011
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| Note 13: Other Income (Expense), net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other income (Expense) Nonoperating [Text Block] | Note 13: Other Income (Expense), Net The following table shows the detail of Other Income (Expense), net:
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- Definition
Note 13: Other Income (Expense), net [Abstract]
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| X | ||||||||||
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- 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.
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Note 14: Income Taxes
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Apr. 30, 2011
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| Note 14: Income Taxes [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Text Block] | Note 14: Income Taxes The components of the Company's consolidated income (loss) before income taxes consisted of the following:
The provision (benefit) for income taxes is comprised of:
The
reconciliation between the Company's effective tax rate on income from
continuing operations and the statutory tax rate is as follows:
Components of the net deferred tax assets (liabilities) consisted of the following:\
As
of April 30, 2011, the Company had approximately
$56.4 million of domestic net operating loss and $36.8 million
of state net operating loss carryforwards to offset future taxable
income for federal and state income tax purposes. These net operating
loss carryforwards expire between fiscal year 2023 and fiscal year 2031.
Net operating loss carryforwards in foreign jurisdictions amount to
$47.1 million. A valuation allowance of $29.5 million has been
provided against these net operating loss carryforwards in certain of
the Company's foreign jurisdictions as realization of the tax benefit in
those jurisdictions is uncertain. Most of the foreign net operating
losses can be carried forward indefinitely, with certain amounts
expiring between fiscal years 2014 and 2017. The federal, state and
foreign net operating loss carryforwards pursuant to the income tax
returns filed include uncertain tax positions taken in prior years. The
net operating loss carryforwards pursuant to the income tax returns are
larger than the net operating loss carryforwards considered more likely
than not to be realized in recognizing deferred tax assets for financial
statement purposes. The Company also has a capital loss carryover of
$1.4 million, for which it has provided a valuation allowance, that
expires after fiscal year 2016. Utilization of net operating losses may
be subject to limitation due to ownership changes and other limitations
provided by the Internal Revenue Code and similar state and foreign
provisions. If such a limitation applies, the net operating loss may
expire before full utilization. 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 April 30,
2011, the Company had not made a provision for U.S. or additional
foreign withholding taxes of the excess of the amount 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 practicable to estimate the
amount of deferred tax liability relating to the Company's investment
in its other foreign subsidiaries. The Company repatriated the following amounts from its foreign subsidiaries:
The
Company is subject to taxation in the United States, various state and
foreign jurisdictions. The Company is no longer subject to examinations
by tax authorities for years prior to fiscal year 2002. The
table of deferred tax assets and liabilities shown above does not
include certain deferred tax assets at April 30, 2011 and 2010 that
arose directly from tax deductions related to equity compensation in
excess of compensation recognized for financial reporting. Equity will
be increased by $1.5 million if and when such deferred tax assets
are ultimately realized. The Company uses ASC 740 ordering for purposes
of determining when excess tax benefits have been realized. The
following is a tabular reconciliation of the total amounts of the
Company's unrecognized tax benefits for the years ended April 30,
2011 and 2010:
The
balance of unrecognized tax benefits as of April 30, 2011 was
$9.8 million of tax benefits that, if recognized, would affect the
effective tax rate and would result in adjustments to other tax
accounts, primarily deferred taxes. The timing of payments related to
these unrecognized tax benefits is uncertain; however, none of this
amount is expected to be paid within the next twelve months. There is a
reasonable possibility that the unrecognized tax benefits may change
within the next twelve months, but the Company does not expect this
change to be material to the consolidated financial statements. Note 15 |
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| X | ||||||||||
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- Definition
Note 14: Income Taxes [Abstract]
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| X | ||||||||||
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- 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
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Note 15: Restructuring and Other Operating Charges
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Apr. 30, 2011
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| Note 15: Restructuring and Other Operating Charges [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Restructuring and Related Costs [Text Block] | Note 15: Restructuring and Other Operating Charges During fiscal year 2009,
the Company implemented initiatives to improve its cost structure,
better utilize overall capacity and improve general operating
efficiencies. As a result of the global recession, the Company expanded
its restructuring activities in fiscal year 2010
in order to improve performance and better position the Company for
current market conditions and longer-term growth. During the respective
fiscal years ended April 30, 2010 and 2009, the Company recorded $1.0 million and $6.8 million related to these restructuring activities. The restructuring charges recorded in fiscal year 2010 were net of a $0.6 million credit related to the gain recognized on the sale of the Company's building in Hsinchu, Taiwan discussed in Note 5 - Property and Equipment. There were no further restructuring activities during fiscal year 2011 and there are no further planned restructuring activities as of April 30, 2011. In
May 2009, the Company 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. Refer to further detail in Note 18 - Provision for Patent Litigation and Termination of OMAX Merger Agreement. In fiscal year 2009, the Company expensed $3.8 million
of previously deferred direct transaction costs which had been
capitalized as part of the contemplated acquisition cost of OMAX . The following table summarizes the Company’s restructuring and other operating charges, net:
The following table summarizes the activity of the Company’s restructuring liability:
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| X | ||||||||||
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- Definition
Note 15: Restructuring and Other Operating Charges [Abstract]
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| X | ||||||||||
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- Definition
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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Note 16: Fair Value of Financial Instruments
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Apr. 30, 2011
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| Note 16: Fair Value of Financial Instruments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Text Block] | Note 16 : Fair Value of Financial Instruments The Company discloses and classifies fair value measurements in one of the following three categories: Level 1: Unadjusted
quoted prices in active markets that are accessible at the measurement
date for identical, unrestricted assets or liabilities; Level 2: Quoted
prices in markets that are not active or inputs which are observable,
either directly or indirectly, for substantially the full term of the
asset or liability; Level 3: Prices
or valuation techniques that require inputs that are both significant
to the fair value measurement and unobservable (i.e., supported by
little or no market activity). Assets and Liabilities Measured at Fair Value on a Recurring Basis The
Company selectively utilizes forward exchange rate contracts to hedge
its exposure to adverse exchange rate fluctuations on foreign currency
denominated accounts receivable and accounts payable (both trade and
inter-company). The Company records derivatives at fair value.
Historically, such derivatives have consisted primarily of foreign
currency forward contracts for which hedge accounting has not been
applied. The Company has therefore marked such forward contracts to
market with an unrealized gain or loss for the mark-to-market valuation.
Such forward contracts were classified under Level 2 because such
measurements are determined using published market prices or estimated
based on observable inputs such as future exchange rates. The
effect of derivative instruments on the Consolidated Statement of
Operations for the respective fiscal years ended April 30, 2011, 2010 and 2009 was as follows:
There were no open forward exchange contracts for the respective fiscal years ended April 30, 2011 and 2010. Accordingly, the Company had no financial assets and liabilities that qualified for fair value measurement and disclosure. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Nonfinancial
nonrecurring assets and liabilities included on the Company's
Consolidated Balance Sheets consist of long-lived assets, including
cost-method investments and long-term subordinated notes issued to OMAX,
that are measured at fair value and tested and measured for impairment,
when necessary. Cost Method Investment As of April 30, 2011,
the carrying value of the Company's investment in Dardi was
$3.7 million. The fair value of the Company's investment in Dardi
was not estimated as there were no events or changes in circumstances
that may have a significant adverse effect on the fair value of the
investment, and the Company's management determined that it was not
practicable to estimate the fair value of the investment. Further, there
are no quoted market prices for the Company's investment, and
sufficient information is not readily available for the Company to
utilize a valuation model to determine its fair value without incurring
excessive costs relative to the materiality of the investment. The
Company's cost method investment is evaluated, on at least a quarterly
basis for potential other-than-temporary impairment, or when an event of
change in circumstances has occurred, that may have a significant
adverse effect on the fair value of the investment. Impairment
indicators the Company considers in each reporting period include the
following: whether there has been a significant deterioration in
earnings performance, asset quality or business prospects; a significant
adverse change in the regulatory, economic, or technological
environment; a significant adverse change in the general market
condition or geographic area in which the investment operates; industry
and sector performance; current equity and credit market conditions; any
bona fide offers to purchase the investment for less than the carrying
value; and factors that raise significant concern, such as negative cash
flow from operations or working capital deficiencies. Since there is no
active trading market for this investment, it is for the most part
illiquid. Future changes in market conditions, the future performance of
the investment, or new information provided by Dardi's management could
affect the recorded value of the investment and the amount realized
upon liquidation. Due to the significant unobservable inputs, the fair
value measurements used to evaluate impairment are a Level 3 input. Subordinated Notes In
fiscal year 2010, the Company had an initial measurement of long-term
subordinated notes issued to OMAX. These notes were issued to OMAX
during the second quarter of fiscal year 2010. These subordinated notes
do not trade in an active market and, therefore observable price
quotations are not available. In the absence of observable price
quotations, the fair value was determined based on a discounted cash
flow model which incorporated the effects of the Company's own credit
risk in the fair value of the liability. The cash flow assumptions were
based on the Company's contractual cash flows and the anticipation that
the Company will pay the debt according to its contractual terms and
were considered Level 3 inputs. Specifically, in calculating the
fair value of these notes, the Company used a four-year maturity date of
August 17, 2013 and a discount rate of 10% which was the rate at
which management believed the Company could obtain financing of a
similar nature from other sources. Since there have been no material
changes in the Company's financial condition and no material
modifications to the subordinated notes, the estimated fair value of
these notes approximates carrying value as of April 30, 2011. The carrying amount of these notes as of April 30, 2011 was $8.7 million. The
carrying values of the Company's current assets and liabilities due
within one-year approximate fair values due to the short-term maturity
of these instruments. Note 17 |
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| X | ||||||||||
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- Definition
Note 16: Fair Value of Financial Instruments [Abstract]
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| X | ||||||||||
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- Definition
This item represents the complete disclosure regarding the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the Company is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risk is are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Note 17: Business Segments and Geographic Information
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Apr. 30, 2011
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| Note 17: Business Segments and Geographic Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting Disclosure [Text Block] | Note 17: Business Segments and Geographic Information The
Company reports its operating results to its Chief Executive Officer,
who is the chief operating decision maker, based on market segments
which is 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, including robotics, 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. All
other expenses and earnings are aggregated and reported on a
consolidated basis. It is not practicable to segregate total assets by
segment. Total assets for the respective fiscal years ended April 30, 2011 and 2010 were $153.1 million and $131.2 million. A summary of operations by reportable segment is as follows:
For the fiscal year ended April 30, 2010 sales the Company's largest customer in the Advanced segment, accounted for 11% of its consolidated sales. Total Sales to this customer were $19.2 million for the fiscal year ended April 30, 2010.
No single customer or group of customers under common control
accounted for 10% of more of the Company's total consolidated sales for
the respective fiscal years ended April 30, 2011 and 2009. The table below represents the Company's sales by product line:
The table below presents the Company's sales to unaffiliated customers and long-lived assets by geographical region:
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- Definition
Note 17: Business Segments and Geographic Information [Abstract]
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- 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
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Note 18: Provision for Patent Litigation and Termination of OMAX Merger Agreement
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12 Months Ended | ||||||||||||||||||||
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Apr. 30, 2011
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| Note 18: Provision for Patent Litiation and Termination of OMAX Merger Agreement [Abstract] | |||||||||||||||||||||
| flow_ProvisionForPatentLitigationAndTerminationOfMergerAgreementDisclosureTextBlock [Text Block] | Note 18: Provision for Patent Litigation and Termination of OMAX Merger Agreement In March 2009, the Company simultaneously entered into the following two agreements with OMAX: (1) A
Settlement and Cross License Agreement (the “Agreement”) where both
parties agreed to dismiss the litigation pending between them and
release all claims made up to the date of the execution of the
Agreement. The Company agreed to pay $29 million to OMAX in
relation to this agreement which was funded as follows:
(2) An amendment to the existing Merger Agreement which provided for the following:
The
Company recorded a $29 million provision related to the settlement
of this patent litigation, pursuant to the terms of the Settlement and
Cross Licensing Agreement, in fiscal year 2009. In
fiscal year 2010, the Company terminated its option to acquire OMAX
following a thorough investigation of financing alternatives to complete
the merger and unsuccessful attempts to negotiate a lower purchase
price with OMAX. Pursuant to the terms of the amended Merger Agreement
and the Settlement and Cross Licensing Agreement, the $15 million
held in escrow was released to OMAX. The Company recorded a
$6 million charge pursuant to the provisions of the amended Merger
Agreement in the first quarter of fiscal year 2010, net of a
$2.8 million discount as the two subordinated notes issued to OMAX
were at a stated interest rate of 2%, which is below our incremental
borrowing rate. This discount is being amortized as interest expense
through the maturity of the subordinated notes in August 2013. |
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- Definition
Note 18: Provision for Patent Litiation and Termination of OMAX Merger Agreement [Abstract]
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- Definition
Provision for Patent Litigation and Termination of Merger Agreement Disclosure [Text Block]
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Note 19: Discontinued Operations
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2011
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| Note 19: Discontinued Operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||
| Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Note 19: Discontinued Operations The Company recorded a charge of $1.1 million for the fiscal year ended April 30, 2010
as an adjustment to the loss on the disposal of the Avure Business,
which was reported as discontinued operations for the fiscal year ended
April 30, 2006. Refer to further discussion on this charge in Note 8 - Commitments and Contingencies. In fiscal year 2009,
the Company shut down its CIS Technical Solutions division (“CIS”
division), which provided technical services to improve the productivity
of automated assembly lines and would have been reported as part of the
Advanced segment. As a result of this action, the Company recognized
$0.8 million in total closure costs during fiscal 2009, which was
comprised of $0.5 million in employee termination benefits and $0.3
million of facility closure costs, net of $54,000 proceeds from the sale
of divisional assets. All of the severance costs for the CIS division
were paid out as of April 30, 2010. The
Company has classified the financial results of its CIS division as
discontinued operations in the Consolidated Statements of Operations for
all periods presented. The Consolidated Balance Sheets as of April 30, 2011 and 2010 and the Consolidated Statements of Cash Flows for the respective fiscal years ended April 30, 2011, 2010 and 2009 do not reflect discontinued operations treatment for the CIS division as the related amounts are not material. Summarized financial information for this discontinued operation for fiscal year ended April 30, 2009 is set forth below:
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- Definition
Note 19: Discontinued Operations [Abstract]
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- Definition
Disclosure includes the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain or loss recognized in the income statement and the income statement caption that includes that gain or loss, amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Note 20: Selected Quarterly Financial Information (unaudited)
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| Note 20: Selected Quarterly Financial Information (unaudited) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quarterly Financial Information [Text Block] | Note 20: Selected Quarterly Financial Information (unaudited) Quarterly
financial data provides a review of the Company's results and
performance throughout the year. Our earnings (loss) per share for the
full year may not equal the sum of the four quarterly earnings per share
amounts because of common share activity during the year. The operating
results for any quarter are not necessarily indicative of results for
any future period. Summarized unaudited quarterly financial data was as follow:
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- Definition
Note 20: Selected Quarterly Financial Information (unaudited) [Abstract]
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- Definition
This element can be used to disclose the entire quarterly financial data disclosure in the annual financial statements as a single block of text. The disclosure includes a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income (loss) before extraordinary items and cumulative effect of a change in accounting principle and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. Alternatively, the details of this disclosure can be reported using the elements in this group, or by using other taxonomy elements and applying the appropriate quarterly date and period contexts when creating an instance document. For example, the element for "Interest and Dividend Income, Operating" may be used by financial institutions from the Statement of Income, applying the appropriate quarterly date and period context when creating an instance document. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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