FLOW INTERNATIONAL CORP

CIK:0000713002|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Oct. 31, 2013	Oct. 31, 2012	Oct. 31, 2013	Oct. 31, 2012
Income Statement [Abstract]
Sales	$ 66,313	$ 67,038	$ 125,317	$ 133,273
Cost of Sales	40,570	41,618	77,965	83,060
Gross Margin	25,743	25,420	47,352	50,213
Operating Expenses:
Sales and Marketing	11,505	12,719	22,299	25,198
Research and Engineering	2,864	3,007	5,810	5,218
General and Administrative	5,930	5,730	11,261	11,599
Other Operating Charges	1,392	0	2,995	0
Total Operating Expenses	21,691	21,456	42,365	42,015
Operating Income	4,052	3,964	4,987	8,198
Interest Income	11	12	27	67
Interest Expense	(138)	(325)	(522)	(665)
Other Income (Expense), net	338	(124)	(1,185)	(389)
Income Before Income Taxes	4,263	3,527	3,307	7,211
Provision for Income Taxes	(1,956)	(1,352)	(1,835)	(2,829)
Income from Continuing Operations	2,307	2,175	1,472	4,382
Loss from Discontinued Operations, net of Income Tax	(217)	(65)	(227)	(51)
Net Income	$ 2,090	$ 2,110	$ 1,245	$ 4,331
Basic Earnings (Loss) Per Share:
Continuing Operations (in dollars per share)	$ 0.05	$ 0.04	$ 0.03	$ 0.09
Discontinued Operations (in dollars per share)	$ (0.01)	$ 0.00	$ 0.00	$ 0.00
Net Income (in dollars per share)	$ 0.04	$ 0.04	$ 0.03	$ 0.09
Diluted Earnings (Loss) Per Share:
Continuing Operations (in dollars per share)	$ 0.05	$ 0.04	$ 0.03	$ 0.09
Discontinued Operations (in dollars per share)	$ (0.01)	$ 0.00	$ 0.00	$ 0.00
Net Income (in dollars per share)	$ 0.04	$ 0.04	$ 0.03	$ 0.09
Weighted Average Shares Used in Computing Basic and Diluted Income (Loss) Per Share:
Basic (in shares)	48,981	48,368	48,755	48,203
Diluted (in shares)	49,307	48,904	49,118	48,941

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Oct. 31, 2013	Oct. 31, 2012
Cash Flows from Operating Activities:
Net Income	$ 1,245	$ 4,331
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation and Amortization	3,227	2,839
Deferred Income Taxes	1,393	2,667
Provision for Slow Moving and Obsolete Inventory	204	128
Bad Debt Expense	164	220
Warranty Expense	3,147	3,034
Incentive Stock Compensation Expense	1,116	1,299
Unrealized Foreign Exchange Currency Losses	973	112
Indemnification Charge (Recovery)	22	(51)
Interest Accretion on Subordinated Notes	265	472
Other	216	48
Changes in Operating Assets and Liabilities:
Receivables	(7,686)	(1,693)
Inventories	(2,286)	(2,607)
Other Operating Assets	1,411	(340)
Accounts Payable	4,125	553
Accrued Payroll and Related Liabilities	(620)	(1,017)
Deferred Revenue and Customer Deposits	1,557	(2,571)
Other Operating Liabilities	407	(2,038)
Net Cash Provided by Operating Activities	8,880	5,386
Cash Flows from Investing Activities:
Expenditures for Property and Equipment	(2,023)	(3,426)
Expenditures for Intangible Assets	(320)	(350)
Proceeds from Sale of Property and Equipment	0	5
Restricted Cash	0	527
Net Cash Used in Investing Activities	(2,343)	(3,244)
Cash Flows from Financing Activities:
Borrowings Under Credit Facility	29,000	31,140
Repayments Under Credit Facility	(26,450)	(31,140)
Repayments Under Other Financing Arrangements	(3)	(2)
Repayment of Subordinated Notes	(10,824)	0
Net Cash Used in Financing Activities	(8,277)	(2)
Effect of Changes in Exchange Rates	592	191
Net Change in Cash And Cash Equivalents	(1,148)	2,331
Cash and Cash Equivalents, Beginning of Period	15,465	12,942
Cash and Cash Equivalents, End of Period	14,317	15,273
Supplemental Disclosures of Cash Flow Information:
Interest	183	130
Income Taxes	718	1,581
Supplemental Disclosures of Noncash Investing Activities:
Accounts Payable Incurred to Acquire Property and Equipment and Intangible Assets	$ 351	$ 968

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Oct. 31, 2013	Apr. 30, 2013
Current Assets:
Cash and Cash Equivalents	$ 14,317	$ 15,465
Receivables, net	49,770	42,741
Inventories	42,568	41,059
Other Current Assets	12,659	17,194
Total Current Assets	119,314	116,459
Property and Equipment, net	16,840	17,894
Intangible Assets, net	5,147	5,120
Deferred Income Taxes, net	18,885	16,515
Other Long-Term Assets	5,654	6,105
Total Assets	165,840	162,093
Current Liabilities:
Note Payable	2,550	0
Subordinated Notes	0	10,559
Accounts Payable	20,890	17,166
Accrued Payroll and Related Liabilities	7,108	7,078
Taxes Payable and Other Accrued Taxes	3,612	3,908
Deferred Revenue and Customer Deposits	8,970	7,340
Other Accrued Liabilities	14,352	11,213
Total Current Liabilities	57,482	57,264
Deferred Income Taxes	6,544	6,313
Other Long-Term Liabilities	2,502	1,782
Total Liabilities	66,528	65,359
Commitments and Contingencies
Shareholders’ Equity:
Series A 8% Convertible Preferred Stock, $.01 par value, 1,000 shares authorized; no shares issued and outstanding	0	0
Common Stock, $.01 par value, 84,000 shares authorized; 49,046 and 48,452 shares issued and outstanding	490	484
Capital in Excess of Par	167,363	166,737
Accumulated Deficit	(63,390)	(64,635)
Accumulated Other Comprehensive Loss:
Defined Benefit Plan Obligation, net of income tax	(127)	(127)
Cumulative Translation Adjustment, net of income tax	(5,024)	(5,725)
Total Shareholders’ Equity	99,312	96,734
Total Liabilities and Shareholders’ Equity	$ 165,840	$ 162,093