ELECSYS CORP

CIK:0000914398|SEC Filings

Note 1 - Nature of Operations and Summary of Significant Accounting Policies (Tables)

6 Months Ended

Oct. 31, 2014

Property, Plant and Equipment [Table Text Block]

Description		Years
Building and improvements		39
Equipment	3	-	8

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)	6 Months Ended
	Oct. 31, 2014	Oct. 31, 2013
Cash Flows from Operating Activities:
Net income	$ 353,000us-gaap_NetIncomeLoss	$ 917,000us-gaap_NetIncomeLoss
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Share-based compensation expense	142,000us-gaap_ShareBasedCompensation	93,000us-gaap_ShareBasedCompensation
Depreciation	201,000us-gaap_Depreciation	190,000us-gaap_Depreciation
Amortization	103,000us-gaap_AdjustmentForAmortization	103,000us-gaap_AdjustmentForAmortization
Provision for doubtful accounts	(15,000)us-gaap_ProvisionForDoubtfulAccounts	38,000us-gaap_ProvisionForDoubtfulAccounts
Deferred income taxes	(46,000)us-gaap_DeferredIncomeTaxExpenseBenefit	2,000us-gaap_DeferredIncomeTaxExpenseBenefit
Gain on sales of equipment	(1,000)
Changes in operating assets and liabilities:
Accounts receivable	841,000	(262,000)
Inventories	(340,000)us-gaap_IncreaseDecreaseInInventories	(2,209,000)us-gaap_IncreaseDecreaseInInventories
Income tax payable/receivable	133,000	387,000
Accounts payable	24,000	610,000
Accrued expenses	(627,000)	6,000
Other	6,000	(46,000)
Net cash provided by (used in) operating activities	774,000	(171,000)
Cash Flows from Investing Activities:
Purchases of property and equipment	(94,000)	(230,000)
Proceeds from sales of equipment	2,000
Net cash used in investing activities	(92,000)	(230,000)
Cash Flows from Financing Activities:
Purchases of common stock for repurchase program		(484,000)
Proceeds from the exercise of stock options	8,000	14,000
Principal payments on long-term debt	(95,000)us-gaap_RepaymentsOfLongTermDebt	(92,000)us-gaap_RepaymentsOfLongTermDebt
Net cash used in financing activities	(87,000)	(562,000)
Net increase (decrease) in cash and cash equivalents	595,000	(963,000)
Cash and cash equivalents at beginning of period	1,398,000	1,464,000
Cash and cash equivalents at end of period	1,993,000	501,000
Supplemental Disclosure of Cash Flow Information:
Cash paid during the period for interest	27,000us-gaap_InterestPaidNet	29,000us-gaap_InterestPaidNet
Cash paid during the period for income taxes	$ 181,000us-gaap_IncomeTaxesPaidNet	$ 290,000us-gaap_IncomeTaxesPaidNet

Condensed Consolidated Balance Sheets (Current Period Unaudited) (USD $)	Oct. 31, 2014	Apr. 30, 2014
Current assets:
Cash and cash equivalents	$ 1,993,000	$ 1,398,000
Accounts receivable, less allowances of $63 and $78, respectively	2,956,000us-gaap_AccountsReceivableNetCurrent	3,782,000us-gaap_AccountsReceivableNetCurrent
Inventories, net	7,884,000us-gaap_InventoryNet	7,544,000us-gaap_InventoryNet
Prepaid expenses	166,000us-gaap_PrepaidExpenseCurrent	171,000us-gaap_PrepaidExpenseCurrent
Income tax receivable		50,000us-gaap_IncomeTaxesReceivable
Deferred taxes	664,000us-gaap_DeferredTaxAssetsNetCurrent	644,000us-gaap_DeferredTaxAssetsNetCurrent
Total current assets	13,663,000us-gaap_AssetsCurrent	13,589,000us-gaap_AssetsCurrent
Property and equipment:
Land	1,737,000us-gaap_Land	1,737,000us-gaap_Land
Building and improvements	3,395,000us-gaap_BuildingsAndImprovementsGross	3,395,000us-gaap_BuildingsAndImprovementsGross
Equipment	4,123,000us-gaap_MachineryAndEquipmentGross	4,050,000us-gaap_MachineryAndEquipmentGross
Total property and equipment, gross	9,255,000us-gaap_PropertyPlantAndEquipmentGross	9,182,000us-gaap_PropertyPlantAndEquipmentGross
Accumulated depreciation	(3,918,000)	(3,735,000)
Total property and equipment, net	5,337,000us-gaap_PropertyPlantAndEquipmentNet	5,447,000us-gaap_PropertyPlantAndEquipmentNet
Goodwill	1,942,000us-gaap_Goodwill	1,942,000us-gaap_Goodwill
Intangible assets, net	1,382,000	1,483,000
Other assets, net	42,000us-gaap_OtherAssetsNoncurrent	43,000us-gaap_OtherAssetsNoncurrent
Total assets	22,366,000us-gaap_Assets	22,504,000us-gaap_Assets
Current liabilities:
Accounts payable	1,068,000us-gaap_AccountsPayableCurrent	1,044,000us-gaap_AccountsPayableCurrent
Accrued expenses	1,487,000us-gaap_AccruedLiabilitiesCurrent	2,114,000us-gaap_AccruedLiabilitiesCurrent
Income taxes payable	94,000us-gaap_AccruedIncomeTaxesCurrent	11,000us-gaap_AccruedIncomeTaxesCurrent
Current maturities of long-term debt	190,000us-gaap_LongTermDebtCurrent	189,000us-gaap_LongTermDebtCurrent
Total current liabilities	2,839,000us-gaap_LiabilitiesCurrent	3,358,000us-gaap_LiabilitiesCurrent
Deferred taxes	729,000	755,000
Long-term debt, less current maturities	2,334,000us-gaap_LongTermDebtNoncurrent	2,430,000us-gaap_LongTermDebtNoncurrent
Stockholders' equity:
Preferred stock, $.01 par value, 5,000,000 shares authorized; issued and outstanding – none
Common stock, $.01 par value, 10,000,000 shares authorized; outstanding – 3,826,558 at October 31, 2014 and 3,820,041 at April 30, 2014	40,000us-gaap_CommonStockValue	40,000us-gaap_CommonStockValue
Additional paid-in capital	11,847,000	11,697,000
Treasury stock, at cost; 158,181 shares at October 31, 2014 and April 30, 2014	(985,000)us-gaap_TreasuryStockValue	(985,000)us-gaap_TreasuryStockValue
Retained earnings	5,562,000	5,209,000
Total stockholders' equity	16,464,000us-gaap_StockholdersEquity	15,961,000us-gaap_StockholdersEquity
Total liabilities and stockholders' equity	$ 22,366,000	$ 22,504,000