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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Frequency Electronics Inc | NASDAQ:FEIM | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.05 | 0.52% | 9.69 | 9.26 | 10.95 | 9.955 | 9.6101 | 9.69 | 3,048 | 21:30:00 |
☒ |
ANNUAL REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
11-1986657
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
|
|
55 CHARLES LINDBERGH BLVD., MITCHEL FIELD, N.Y.
|
11553
|
(Address of principal executive offices)
|
(Zip Code)
|
Title of each class
|
Name of each exchange on
which registered
|
Common Stock (par value $1.00 per share)
|
NASDAQ Global Market
|
Large accelerated filer
☐
|
Accelerated filer
☐
|
Non-accelerated filer
☐
(Do not check if a smaller reporting company)
|
Smaller Reporting Company
☒
|
Emerging growth company
☐
|
PART I
|
||
|
|
|
Item 1.
|
3
|
|
Item 1A.
|
9
|
|
Item 1B.
|
9
|
|
Item 2.
|
9
|
|
Item 3.
|
10
|
|
Item 4.
|
10
|
|
|
|
|
PART II
|
||
|
|
|
Item 5.
|
11
|
|
Item 6.
|
12
|
|
Item 7.
|
12
|
|
Item 7A.
|
19
|
|
Item 8.
|
20
|
|
Item 9.
|
45
|
|
Item 9A.
|
45
|
|
Item 9B.
|
45
|
|
|
|
|
PART III
|
||
|
|
|
Item 10.
|
46
|
|
Item 11.
|
46
|
|
Item 12.
|
46
|
|
Item 13.
|
46
|
|
Item 14.
|
46
|
|
|
|
|
PART IV
|
||
|
|
|
Item 15.
|
47
|
|
|
|
|
48
|
||
|
|
|
49
|
1. |
FEI-NY
The Company’s satellite payload products for U.S. Government and commercial satellite programs are designed, developed and manufactured at its Long Island, New York facility. At this location, the Company also applies its technology and legacy to products for the U.S. military and other U.S. Government agencies, as well as products for certain terrestrial commercial communications and other industrial applications.
|
Martin B. Bloch
|
-
|
President, Chief Executive Officer and Director
|
Markus Hechler
|
-
|
Executive Vice President, President of FEI Government Systems, Inc. and Secretary and Treasurer
|
Oleandro Mancini
|
-
|
Senior Vice President, Business Development
|
Steven Strang
|
-
|
President, FEI-Zyfer
|
James Davis
|
-
|
President, FEI-Elcom Tech
|
Thomas McClelland
|
-
|
Vice President, Advanced Development
|
Adrian Lalicata
|
-
|
Vice President, RF & Microwave Systems
|
Steven L. Bernstein
|
-
|
Chief Financial Officer
|
Location
|
Size (sq. ft.)
|
Own or Lease
|
||
Long Island, NY
|
93,000
|
Lease
|
||
Garden Grove, CA
|
27,850
|
Lease
|
||
Tianjin, China
|
28,000
|
Lease
|
||
Rockleigh, NJ
|
32,000
|
Lease
|
FISCAL QUARTER
|
HIGH SALE
|
LOW SALE
|
|||||||
2017–
|
|||||||||
FIRST QUARTER
|
$
|
11.99
|
$
|
8.60
|
|||||
SECOND QUARTER
|
11.99
|
9.05
|
|||||||
THIRD QUARTER
|
11.24
|
9.00
|
|||||||
FOURTH QUARTER
|
11.50
|
10.29
|
|||||||
2016 –
|
|||||||||
FIRST QUARTER
|
$
|
13.42
|
$
|
10.33
|
|||||
SECOND QUARTER
|
11.46
|
9.95
|
|||||||
THIRD QUARTER
|
11.28
|
8.51
|
|||||||
FOURTH QUARTER
|
11.00
|
8.83
|
|
Number of securities to
be issued upon exercise
of outstanding options
warrants and rights
|
Weighted-average
exercise price of
outstanding options
warrants and rights
|
Number of securities
remaining available for
future issuance under
equity compensation plans
(excluding securities
reflected in column (a))
|
|||||||||
|
||||||||||||
|
||||||||||||
|
||||||||||||
Plan Category
|
||||||||||||
|
(a)
|
(b)
|
(c)
|
|||||||||
Equity Compensation Plans
|
|
|
|
|
|
|
||||||
Approved by Security Holders (1)
|
1,642,625
|
$
|
8.97
|
18,563
|
(1) |
The Company’s equity compensation plans are described in Note 12 to the Consolidated Financial Statements.
|
|
2017
|
2016
|
||||||
Revenues
|
||||||||
FEI-NY
|
78.4
|
%
|
79.8
|
%
|
||||
FEI-Zyfer
|
29.5
|
22.2
|
||||||
Less intersegment revenues
|
(7.9
|
)
|
(2.0
|
)
|
||||
|
100.0
|
100.0
|
||||||
Cost of Revenues
|
77.7
|
65.2
|
||||||
Gross Margin
|
22.3
|
34.8
|
||||||
Selling and Administrative expenses
|
23.6
|
20.5
|
||||||
Research and Development expenses
|
13.7
|
9.8
|
||||||
Operating (Loss) Profit
|
(15.0
|
)
|
4.5
|
|||||
Other Income (Expenses), net
|
1.0
|
1.5
|
||||||
(Benefit) Provision for Income Taxes
|
(4.2
|
)
|
1.9
|
|||||
(Loss) Income from continuing operations
|
(9.8
|
)
|
4.1
|
|||||
Income (Loss) from discontinued operations, net of tax
|
0.2
|
(2.2
|
)
|
|||||
Net (Loss) Income
|
(9.6
|
)%
|
1.9
|
%
|
Fiscal years ended April 30,
(in thousands)
|
||||||||||||||||
|
Change
|
|||||||||||||||
|
2017
|
2016
|
$ | % | ||||||||||||
FEI-NY
|
$
|
39,486
|
$
|
44,238
|
$
|
(4,752
|
) |
(11
|
%)
|
|||||||
FEI-Zyfer
|
14,853
|
12,285
|
2,568
|
21
|
%
|
|||||||||||
Intersegment sales
|
(3,988
|
)
|
(1,107
|
)
|
(2,881
|
) | ||||||||||
|
$
|
50,351
|
$
|
55,416
|
$
|
(5,065
|
) |
(9
|
%)
|
|
Fiscal years ended April 30,
|
|||||||||||||||
|
(in thousands)
|
|||||||||||||||
|
Change
|
|||||||||||||||
|
2017
|
2016
|
$ |
%
|
||||||||||||
|
$
|
11,249
|
$
|
19,275
|
$
|
(8,026
|
)
|
(42
|
%)
|
|||||||
GM Rate
|
22.3
|
%
|
34.8
|
%
|
Fiscal years ended April 30,
|
||||||||||||||
(in thousands)
|
||||||||||||||
Change
|
||||||||||||||
2017
|
2016
|
$ |
%
|
|||||||||||
$
|
11,898
|
$
|
11,379
|
$
|
519
|
5
|
%
|
Fiscal years ended April 30,
|
||||||||||||||
(in thousands)
|
||||||||||||||
Change
|
||||||||||||||
2017
|
2016
|
$
|
%
|
|||||||||||
$
|
6,876
|
$
|
5,428
|
$
|
1,448
|
27
|
%
|
Fiscal years ended April 30,
|
||||||||||||||
(in thousands)
|
||||||||||||||
Change
|
||||||||||||||
2017
|
2016
|
$
|
%
|
|||||||||||
$
|
(7,525
|
)
|
$
|
2,468
|
$
|
(9,993
|
)
|
(405
|
%)
|
Fiscal years ended April 30,
|
||||||||||||||||
(in thousands)
|
||||||||||||||||
|
Change
|
|||||||||||||||
|
2017
|
2016
|
$ |
%
|
||||||||||||
Investment income
|
$
|
549
|
$
|
490
|
$
|
59
|
12
|
%
|
||||||||
Interest expense
|
(150
|
)
|
(131
|
)
|
(19
|
)
|
15
|
%
|
||||||||
Other income (expense), net
|
87
|
447
|
(360
|
)
|
NM
|
|||||||||||
|
$
|
486
|
$
|
806
|
$
|
(320
|
)
|
(40
|
%)
|
Fiscal years ended April 30,
|
||||||||||||||
(in thousands)
|
||||||||||||||
Change
|
||||||||||||||
2017
|
2016
|
$
|
%
|
|||||||||||
$ |
(2,115
|
)
|
$ |
1,070
|
$
|
(3,185
|
)
|
298
|
%
|
30.0
|
%
|
32.7
|
%
|
|
|
|
Fiscal years ended April 30,
|
|||||||||||||||
|
(in thousands)
|
|||||||||||||||
|
Change
|
|||||||||||||||
|
2017
|
2016
|
$ |
%
|
||||||||||||
Net Income (Loss)
|
$
|
103
|
$
|
(1,199
|
)
|
$
|
1,302
|
NM
|
|
|
2017
|
2016
|
||||||
ASSETS:
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
2,163
|
$
|
5,818
|
||||
Marketable securities
|
7,815
|
11,111
|
||||||
Accounts receivable, net of allowance for doubtful accounts of $187 in 2017 and $189 in 2016
|
10,986
|
7,166
|
||||||
Costs and estimated earnings in excess of billings, net
|
7,964
|
12,377
|
||||||
Inventories, net
|
29,051
|
36,280
|
||||||
Prepaid income taxes
|
2,606
|
3,213
|
||||||
Prepaid expenses and other
|
1,105
|
1,059
|
||||||
Current assets of discontinued operations
|
8,165
|
8,838
|
||||||
Total current assets
|
69,855
|
85,862
|
||||||
Property, plant and equipment, at cost, net of
accumulated depreciation and amortization
|
14,813
|
12,314
|
||||||
Deferred income taxes
|
11,902
|
7,702
|
||||||
Goodwill and other intangible assets
|
617
|
617
|
||||||
Cash surrender value of life insurance
|
13,376
|
12,819
|
||||||
Other assets
|
2,187
|
2,091
|
||||||
Non-current assets of discontinued operations
|
569
|
772
|
||||||
Total assets
|
$
|
113,319
|
$
|
122,177
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
:
|
||||||||
|
||||||||
Current liabilities:
|
||||||||
Accounts payable - trade
|
$
|
2,437
|
$
|
3,165
|
||||
Accrued liabilities
|
3,425
|
4,479
|
||||||
Current liabilities of discontinued operations
|
2,249
|
2,664
|
||||||
Total current liabilities
|
8,111
|
10,308
|
||||||
Long-term debt - noncurrent
|
-
|
6,000
|
||||||
Deferred compensation
|
13,252
|
11,773
|
||||||
Deferred rent and other liabilities
|
1,409
|
103
|
||||||
Non-current liabilities of discontinued operations
|
1,215
|
641
|
||||||
Total liabilities
|
23,987
|
28,825
|
||||||
Commitments and contingencies
|
||||||||
Stockholders’ equity:
|
||||||||
Preferred stock, $1.00 par value authorized 600 shares, no shares issued
|
-
|
-
|
||||||
Common stock, $1.00 par value; authorized 20,000 shares, 9,164 shares issued and 8,817 outstanding in 2017; 8,753 outstanding in 2016
|
9,164
|
9,164
|
||||||
Additional paid-in capital
|
55,767
|
55,576
|
||||||
Retained earnings
|
23,712
|
28,533
|
||||||
88,643
|
93,273
|
|||||||
Common stock reacquired and held in treasury - at cost (347 shares in 2017 and 411 shares in 2016)
|
(1,592
|
)
|
(1,885
|
)
|
||||
Accumulated other comprehensive income
|
2,281
|
1,964
|
||||||
Total stockholders’ equity
|
89,332
|
93,352
|
||||||
Total liabilities and stockholders’ equity
|
$
|
113,319
|
$
|
122,177
|
|
2017
|
2016
|
||||||
(In thousands, except per share data)
|
||||||||
|
||||||||
Revenues
|
$
|
50,351
|
$
|
55,416
|
||||
Cost of revenues
|
39,102
|
36,141
|
||||||
Gross margin
|
11,249
|
19,275
|
||||||
Selling and administrative expenses
|
11,898
|
11,379
|
||||||
Research and development expenses
|
6,876
|
5,428
|
||||||
Operating (loss) profit
|
(7,525
|
)
|
2,468
|
|||||
Other income (expense):
|
||||||||
Investment income
|
549
|
490
|
||||||
Interest expense
|
(150
|
)
|
(131
|
)
|
||||
Other income (expense), net
|
87
|
447
|
||||||
(Loss) Income before provision for income taxes
|
(7,039
|
)
|
3,274
|
|||||
(Benefit) Provision for income taxes
|
(2,115
|
)
|
1,070
|
|||||
Net (loss) income from continuing operations
|
(4,924
|
)
|
2,204
|
|||||
Income (loss) from discontinued operations, net of tax
|
103
|
(1,199
|
)
|
|||||
Net (loss) income
|
$
|
(4,821
|
)
|
$
|
1,005
|
|||
Net (loss) income per common share:
|
||||||||
Basic (loss) earnings from continued operations
|
$
|
(0.56
|
)
|
$
|
0.25
|
|||
Basic earnings (loss) from discontinued operations
|
$
|
0.01
|
$
|
(0.13
|
)
|
|||
Basic (loss) earnings per share
|
$
|
(0.55
|
)
|
$
|
0.12
|
|||
Diluted (loss) earnings from continued operations
|
$
|
(0.56
|
)
|
$
|
0.24
|
|||
Diluted earnings (loss) from discontinued operations
|
$
|
0.01
|
$
|
(0.13
|
)
|
|||
Diluted (loss) earnings per share
|
$
|
(0.55
|
)
|
$
|
0.11
|
|||
Average shares outstanding:
|
||||||||
Basic
|
8,787
|
8,728
|
||||||
Diluted
|
8,787
|
8,937
|
||||||
|
||||||||
Consolidated Statements of Comprehensive (Loss) Income
|
||||||||
Net (loss) income
|
$
|
(4,821
|
)
|
$
|
1,005
|
|||
Other comprehensive (loss) income:
|
||||||||
Foreign currency translation adjustment
|
(38
|
)
|
(753
|
)
|
||||
Unrealized gain (loss) on marketable securities:
|
||||||||
Change in market value of marketable securities before reclassification, net of tax of ($182) and $51, respectively
|
352
|
(99
|
)
|
|||||
Reclassification adjustment for realized gains included in net income, net of tax of ($25) and $57, respectively
|
3
|
(74
|
)
|
|||||
Total unrealized gain (loss) on marketable securities, net of tax
|
355
|
(173
|
)
|
|||||
|
||||||||
Total other comprehensive income (loss)
|
317
|
(926
|
)
|
|||||
Comprehensive (loss) income
|
$
|
(4,504
|
)
|
$
|
79
|
|
2017
|
2016
|
||||||
|
(In thousands)
|
|||||||
Cash flows from operating activities:
|
||||||||
Net (loss) income from continuing operations
|
$
|
(4,924
|
)
|
$
|
2,204
|
|||
Net income (loss) from discontinued operations
|
103
|
(1,199
|
)
|
|||||
Net (loss) income
|
(4,821
|
)
|
1,005
|
|||||
Adjustments to reconcile net (loss) income
to net cash provided in operating activities:
|
||||||||
Deferred income tax benefit
|
(1,355
|
)
|
(1,265
|
)
|
||||
Depreciation and amortization
|
2,638
|
2,498
|
||||||
Deferred lease obligation and other liabilities
|
1,265
|
(75
|
)
|
|||||
Provision for losses on accounts
receivable, inventories and warranty reserve
|
4,788
|
(15
|
)
|
|||||
Losses (gains) on marketable securities
|
28
|
(131
|
)
|
|||||
Loss (gain) on sale of fixed and other assets, net
|
42
|
(367
|
)
|
|||||
Employee benefit plans expense
|
2,519
|
1,450
|
||||||
Stock-based compensation expense
|
662
|
824
|
||||||
Tax effect (benefit) from exercise of stock-based compensation
|
671
|
(141
|
)
|
|||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
(3,602
|
)
|
(911
|
)
|
||||
Costs and estimated earnings in excess of billings
|
4,663
|
3,340
|
||||||
Inventories
|
2,172
|
(3,737
|
)
|
|||||
Prepaid expenses and other
|
(143
|
)
|
135
|
|||||
Other assets
|
(470
|
)
|
(570
|
)
|
||||
Accounts payable - trade
|
(746
|
)
|
1,223
|
|||||
Accrued liabilities
|
(829
|
)
|
(975
|
)
|
||||
Income taxes (payable) refundable
|
(3,099
|
)
|
1,013
|
|||||
Other liabilities
|
(877
|
)
|
(519
|
)
|
||||
Cash provided by operating activities – continuing operations
|
3,506
|
2,782
|
||||||
Cash provided by operating activities – discontinued operations
|
382
|
141
|
||||||
Net cash provided by operating activities
|
3,888
|
2,923
|
||||||
|
||||||||
Cash flows from investing activities:
|
||||||||
Purchase of marketable securities
|
(575
|
)
|
(1,356
|
)
|
||||
Proceeds from sale or redemption of marketable securities
|
4,397
|
1,267
|
||||||
Capital expenditures
|
(5,233
|
)
|
(3,263
|
)
|
||||
Cash used in investing activities – continuing operations
|
(1,411
|
)
|
(3,352
|
)
|
||||
Cash used in investing activities – discontinued operations
|
(40
|
)
|
(174
|
)
|
||||
Net cash (used in) investing activities
|
(1,451
|
)
|
(3,526
|
)
|
|
2017
|
2016
|
||||||
|
(In thousands)
|
|||||||
Cash flows from financing activities:
|
||||||||
Proceeds from credit line borrowing
|
$
|
(6,000
|
)
|
$
|
-
|
|||
Tax (effect) benefit from exercise of stock-based compensation
|
(671
|
)
|
141
|
|||||
Cash used in financing activities – continuing operations
|
(6,671
|
)
|
141
|
|||||
Cash used in financing activities – discontinued operations
|
-
|
-
|
||||||
Net cash (used in) provided by financing activities
|
(6,671
|
)
|
141
|
|||||
|
||||||||
Net decrease in cash and cash equivalents before effect of exchange rate changes
|
(4,234
|
)
|
(462
|
)
|
||||
|
||||||||
Effect of exchange rate changes on cash and cash equivalents
|
890
|
(678
|
)
|
|||||
|
||||||||
Net decrease in cash and cash equivalents
|
(3,344
|
)
|
(1,140
|
)
|
||||
|
||||||||
Cash and cash equivalents at beginning of year
|
6,082
|
7,222
|
||||||
|
||||||||
Cash and equivalents at end of year
|
2,738
|
6,082
|
||||||
Less cash and equivalents of discontinued operations at end of year
|
575
|
264
|
||||||
Cash and cash equivalents of continuing operations at end of year
|
$
|
2,163
|
$
|
5,818
|
||||
|
||||||||
|
||||||||
Supplemental disclosures of cash flow information:
|
||||||||
Cash paid during the year for:
|
||||||||
Interest
|
$
|
146
|
$
|
128
|
||||
Income taxes
|
$
|
335
|
$
|
1,311
|
|
Additional
|
Treasury stock
|
Accumulated other
|
|||||||||||||||||||||||||||||
|
Common Stock
|
paid in
|
Retained
|
(at cost)
|
comprehensive
|
|||||||||||||||||||||||||||
|
Shares
|
Amount
|
capital
|
earnings
|
Shares
|
Amount
|
income
|
Total
|
||||||||||||||||||||||||
Balance at April 30, 2015
|
9,163,940
|
$
|
9,164
|
$
|
54,360
|
$
|
27,528
|
465,163
|
$
|
(2,132
|
)
|
$
|
2,890
|
$
|
91,810
|
|||||||||||||||||
Contribution of stock to 401(k) plan
|
283
|
(46,743
|
)
|
215
|
498
|
|||||||||||||||||||||||||||
Stock-based compensation expense
|
818
|
(1,300
|
)
|
6
|
824
|
|||||||||||||||||||||||||||
Tax benefit from stock option exercise
|
141
|
141
|
||||||||||||||||||||||||||||||
Exercise of stock options and stock appreciation rights - net of shares tendered for exercise price
|
(26
|
)
|
(5,736
|
)
|
26
|
-
|
||||||||||||||||||||||||||
Change in unrealized gains and losses on marketable securities, net of taxes
|
(173
|
)
|
(173
|
)
|
||||||||||||||||||||||||||||
Foreign currency translation adjustment
|
(753
|
)
|
(753
|
)
|
||||||||||||||||||||||||||||
Net Income
|
1,005
|
1,005
|
||||||||||||||||||||||||||||||
Balance at April 30, 2016
|
9,163,940
|
9,164
|
55,576
|
28,533
|
411,384
|
(1,885
|
)
|
1,964
|
93,352
|
|||||||||||||||||||||||
Contribution of stock to 401(k) plan
|
274
|
(47,839
|
)
|
219
|
493
|
|||||||||||||||||||||||||||
Stock-based compensation expense
|
658
|
(850
|
)
|
4
|
662
|
|||||||||||||||||||||||||||
Change in excess tax benefits from stock-based compensation
|
(671
|
)
|
(671
|
)
|
||||||||||||||||||||||||||||
Exercise of stock options and stock appreciation rights - net of shares tendered for exercise price
|
(70
|
)
|
(15,273
|
)
|
70
|
-
|
||||||||||||||||||||||||||
Change in unrealized gains and losses on marketable securities, net of taxes
|
355
|
355
|
||||||||||||||||||||||||||||||
Foreign currency translation adjustment
|
(38
|
)
|
(38
|
)
|
||||||||||||||||||||||||||||
Net Loss
|
(4,821
|
)
|
(4,821
|
)
|
||||||||||||||||||||||||||||
Balance at April 30, 2017
|
9,163,940
|
$
|
9,164
|
$
|
55,767
|
$
|
23,712
|
347,422
|
$
|
(1,592
|
)
|
$
|
2,281
|
$
|
89,332
|
|
Years ended April 30
|
|||||||
|
2017
|
2016
|
||||||
Expected volatility
|
35
|
%
|
35
|
%
|
||||
Dividend yield
|
0.0
|
%
|
0.0
|
%
|
||||
Risk-free interest rate
|
1.85% and 1.14
|
%
|
1.35% and 1.50
|
%
|
||||
Expected lives
|
5.0 years
|
5.0 years
|
|
For the years ended April 30,
|
|||||||
|
2017
|
2016
|
||||||
Revenues
|
$
|
5,985
|
$
|
5,942
|
||||
Cost of revenues
|
4,407
|
4,781
|
||||||
Gross Margin
|
1,578
|
1,161
|
||||||
Selling and administrative expenses
|
1,714
|
1,826
|
||||||
Research and development expenses
|
408
|
501
|
||||||
Operating Loss
|
(544
|
)
|
(1,166
|
)
|
||||
Other income (expense):
|
||||||||
Investment (loss) income
|
(3
|
)
|
2
|
|||||
Other income (expense), net
|
-
|
(35
|
)
|
|||||
Loss before provision for income taxes
|
(547
|
)
|
(1,199
|
)
|
||||
Provision for income taxes
|
650
|
-
|
||||||
Net income (loss)
|
$
|
103
|
$
|
(1,199
|
)
|
|
April 30,
|
|||||||
|
2017
|
2016
|
||||||
Cash and cash equivalents
|
$
|
575
|
$
|
264
|
||||
Accounts receivable, net of allowance for doubtful accounts
|
3,202
|
3,384
|
||||||
Inventories, net
|
3,980
|
4,999
|
||||||
Prepaid expenses and other
|
408
|
191
|
||||||
Total current assets of discontinued operations
|
$
|
8,165
|
$
|
8,838
|
||||
Property, plant and equipment, at cost, net of accumulated depreciation and amortization
|
$
|
555
|
$
|
757
|
||||
Investments
|
14
|
15
|
||||||
Deferred taxes – non-current
|
-
|
-
|
||||||
Total non-current assets of discontinued operations
|
$
|
569
|
$
|
772
|
||||
Accounts payable – trade
|
$
|
949
|
$
|
1,035
|
||||
Accrued liabilities
|
1,300
|
1,629
|
||||||
Total current liabilities of discontinued operations
|
2,249
|
2,664
|
||||||
Deferred rent and other liabilities
|
1,215
|
641
|
||||||
Total non-current liabilities of discontinued operations
|
$
|
1,215
|
$
|
641
|
|
Years ended April 30,
|
|||||||
|
2017
|
2016
|
||||||
Basic EPS Shares outstanding (weighted average)
|
8,787,082
|
8,727,874
|
||||||
Effect of Dilutive Securities
|
**
|
|
209,035
|
|||||
Diluted EPS Shares outstanding
|
8,787,082
|
8,936,909
|
|
Years ended April 30,
|
|||||||
|
2017
|
2016
|
||||||
Outstanding options and SARS excluded
|
**
|
|
388,625
|
|
2017
|
2016
|
||||||
|
(in thousands)
|
|||||||
Costs and estimated earnings in excess of billings
|
$
|
8,890
|
$
|
12,460
|
||||
Billings in excess of costs and estimated earnings
|
(926
|
)
|
(83
|
)
|
||||
Net asset
|
$
|
7,964
|
$
|
12,377
|
|
2017
|
2016
|
||||||
Raw Materials and Component Parts
|
$
|
17,702
|
$
|
23,840
|
||||
Work in Progress
|
7,340
|
8,316
|
||||||
Finished Goods
|
4,009
|
4,124
|
||||||
|
$
|
29,051
|
$
|
36,280
|
|
2017
|
2016
|
||||||
Buildings and building improvements
|
$
|
2,646
|
$
|
2,643
|
||||
Machinery, equipment and furniture
|
56,435
|
51,468
|
||||||
|
59,081
|
54,111
|
||||||
Less, accumulated depreciation
|
44,268
|
41,797
|
||||||
|
$
|
14,813
|
$
|
12,314
|
Years ending
|
||||
April 30,
|
Operating Leases
|
|||
2018
|
$
|
1,535
|
||
2019
|
900
|
|||
2020
|
322
|
|||
2021
|
332
|
|||
2022
|
342
|
|||
Thereafter
|
994
|
|||
Total future minimum lease payments
|
$
|
4,425
|
|
April 30, 2017
|
|||||||||||||||
|
Gross
|
Gross
|
Fair
|
|||||||||||||
|
Unrealized
|
Unrealized
|
Market
|
|||||||||||||
|
Cost
|
Gains
|
Losses
|
Value
|
||||||||||||
Fixed income securities
|
$
|
1,516
|
$
|
60
|
$
|
-
|
$
|
1,576
|
||||||||
Equity securities
|
5,230
|
1,248
|
(239
|
)
|
6,239
|
|||||||||||
|
$
|
6,746
|
$
|
1,308
|
$
|
(239
|
)
|
$
|
7,815
|
|
April 30, 2016
|
|||||||||||||||
|
Gross
|
Gross
|
Fair
|
|||||||||||||
|
Unrealized
|
Unrealized
|
Market
|
|||||||||||||
|
Cost
|
Gains
|
Losses
|
Value
|
||||||||||||
Fixed income securities
|
$
|
3,407
|
$
|
121
|
$
|
(6
|
)
|
$
|
3,522
|
|||||||
Equity securities
|
7,197
|
974
|
(582
|
)
|
7,589
|
|||||||||||
|
$
|
10,604
|
$
|
1,095
|
$
|
(588
|
)
|
$
|
11,111
|
|
Less than 12 months
|
12 Months or more
|
Total
|
|||||||||||||||||||||
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
||||||||||||||||||
|
Value
|
Losses
|
Value
|
Losses
|
Value
|
Losses
|
||||||||||||||||||
April 30, 2017
|
||||||||||||||||||||||||
Fixed Income Securities
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||
Equity Securities
|
219
|
(9
|
)
|
1,024
|
(230
|
)
|
1,243
|
(239
|
)
|
|||||||||||||||
|
$
|
219
|
$
|
(9
|
)
|
$
|
1,024
|
$
|
(230
|
)
|
$
|
1,243
|
$
|
(239
|
)
|
|||||||||
April 30, 2016
|
||||||||||||||||||||||||
Fixed Income Securities
|
$
|
-
|
$
|
-
|
$
|
467
|
$
|
(6
|
)
|
$
|
467
|
$
|
(6
|
)
|
||||||||||
Equity Securities
|
574
|
(18
|
)
|
2,232
|
(564
|
)
|
2,806
|
(582
|
)
|
|||||||||||||||
|
$
|
574
|
$
|
(18
|
)
|
$
|
2,699
|
$
|
(570
|
)
|
$
|
3,273
|
$
|
(588
|
)
|
|
For the years ended April 30,
|
|||||||
|
2017
|
2016
|
||||||
Proceeds
|
$
|
4,397
|
$
|
1,267
|
||||
Gross realized gains
|
$
|
156
|
$
|
147
|
||||
Gross realized losses
|
$
|
(184
|
)
|
$
|
(16
|
)
|
Current
|
$
|
-
|
||
Due after one year through five years
|
201
|
|||
Due after five years through ten years
|
1,315
|
|||
|
$
|
1,516
|
Level 1 |
Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access.
|
Level 2 |
Inputs to the valuation methodology include:
|
Level 3 |
Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
|
|
2017
|
2016
|
||||||
Vacation and other compensation
|
$
|
1,467
|
$
|
1,683
|
||||
Incentive compensation
|
265
|
677
|
||||||
Payroll taxes
|
128
|
137
|
||||||
Deferred revenue
|
232
|
578
|
||||||
Warranty reserve
|
557
|
557
|
||||||
Commissions
|
234
|
252
|
||||||
Other
|
542
|
595
|
||||||
|
$
|
3,425
|
$
|
4,479
|
|
Stock Options and Stock Appreciation Rights
|
|||||||||||||
|
Weighted Average
|
|||||||||||||
|
Weighted-
|
Remaining
|
||||||||||||
|
Average
|
Contractual
|
Aggregate
|
|||||||||||
|
Shares
|
Exercise Price
|
Term
|
Intrinsic Value
|
||||||||||
Outstanding – April 30, 2015
|
1,603,125
|
$
|
8.90
|
5.8 years
|
||||||||||
Granted
|
72,000
|
12.30
|
|
|||||||||||
Exercised
|
(19,500
|
)
|
9.15
|
|
$
|
19,110
|
||||||||
Expired or Canceled
|
(3,000
|
)
|
10.39
|
|
||||||||||
Outstanding – April 30, 2016
|
1,652,625
|
$
|
9.05
|
5.1 years
|
||||||||||
Granted
|
175,000
|
10.65
|
|
|||||||||||
Exercised
|
(35,500
|
)
|
6.02
|
|
$
|
158,920
|
||||||||
Expired or Canceled
|
(157,000
|
)
|
12.02
|
|
||||||||||
Outstanding – April 30, 2017
|
1,635,125
|
$
|
9.00
|
4.3 years
|
$
|
2,974,178
|
||||||||
Exercisable
|
1,280,625
|
$
|
8.35
|
4.0 years
|
$
|
2,958,083
|
||||||||
Available for future grants
|
18,563
|
|
|
Year Ended April 30,
|
|||||||
|
2017
|
2016
|
||||||
U.S.
|
$
|
(6,625
|
)
|
$
|
4,011
|
|||
Foreign
|
(414
|
)
|
(737
|
)
|
||||
|
$
|
(7,039
|
)
|
$
|
3,274
|
|
2017
|
2016
|
||||||
Current:
|
||||||||
Federal
|
$
|
(677
|
)
|
$
|
1,060
|
|||
Foreign
|
-
|
-
|
||||||
State
|
(84
|
)
|
250
|
|||||
Current provision
|
(761
|
)
|
1,310
|
|||||
Deferred:
|
||||||||
Federal
|
(1,861
|
)
|
(150
|
)
|
||||
Foreign
|
-
|
-
|
||||||
State
|
507
|
(90
|
)
|
|||||
Deferred benefit
|
(1,354
|
)
|
(240
|
)
|
||||
|
||||||||
Total provision
|
$
|
(2,115
|
)
|
$
|
1,070
|
|
2017
|
2016
|
||||||
Statutory rate
|
$
|
(2,394
|
)
|
$
|
1,113
|
|||
State and local tax
|
(317
|
)
|
85
|
|||||
Valuation allowance on deferred tax assets
|
260
|
425
|
||||||
Effect of foreign operations
|
21
|
41
|
||||||
Nondeductible expenses
|
36
|
166
|
||||||
Worthless Securities
|
(1,543
|
)
|
-
|
|||||
Uncertain tax positions
|
1,511
|
-
|
||||||
Domestic production activities deduction
|
66
|
(159
|
)
|
|||||
Nontaxable life insurance cash value increase
|
(135
|
)
|
(282
|
)
|
||||
Tax credits
|
(203
|
)
|
(417
|
)
|
||||
Rate Change
|
477
|
-
|
||||||
Other items
|
106
|
98
|
||||||
|
$
|
(2,115
|
)
|
$
|
1,070
|
|
2017
|
2016
|
||||||
Deferred tax assets:
|
||||||||
Employee benefits
|
$
|
7,590
|
$
|
8,295
|
||||
Inventory
|
4,220
|
1,860
|
||||||
Accounts receivable
|
360
|
490
|
||||||
Tax credits
|
1,040
|
835
|
||||||
Foreign subsidiary – outside basis
|
2,710
|
-
|
||||||
Other assets
|
152
|
220
|
||||||
Net operating loss carryforwards
|
1,710
|
1,595
|
||||||
Total deferred tax asset
|
17,782
|
13,295
|
||||||
Deferred tax liabilities:
|
||||||||
Marketable securities
|
(410
|
)
|
(200
|
)
|
||||
Property, plant and equipment
|
(1,710
|
)
|
(660
|
)
|
||||
Other liabilities
|
(60
|
)
|
(45
|
)
|
||||
Deferred state income tax
|
(410
|
)
|
(600
|
)
|
||||
Net deferred tax asset
|
15,192
|
11,790
|
||||||
Valuation allowance
|
(3,290
|
)
|
(950
|
)
|
||||
Net deferred tax assets
|
$
|
11,902
|
$
|
10,840
|
|
2017
|
2016
|
||||||
Gross deferred assets
|
$
|
15,192
|
$
|
11,790
|
||||
Valuation allowance
|
(3,290
|
)
|
(950
|
)
|
||||
Net deferred tax asset
|
$
|
11,902
|
$
|
10,840
|
*
|
Balance at April 30, 2016
|
$
|
-
|
||
Additions based on positions taken in the current year
|
1,323
|
|||
Additions based on positions taken in prior years
|
303
|
|||
Decreases based on positions taken in prior years
|
-
|
|||
Balance at April 30, 2017
|
$
|
1,626
|
(1) |
FEI-NY – operates out of New York and its operations consist principally of precision time and frequency control products used in three principal markets- communication satellites (both commercial and U.S. Government-funded); terrestrial cellular telephone or other ground-based telecommunication stations and other components and systems for the U.S. military.
|
(2) |
FEI-Zyfer – operates out of California and its products incorporate Global Positioning System (GPS) technologies into systems and subsystems for secure communications, both government and commercial, and other locator applications. This segment also provides sales and support for the Company’s wireline telecommunications family of products, including US5G, which are sold in the United States market.
|
|
2017
|
2016
|
||||||
Net revenues:
|
||||||||
FEI-NY
|
$
|
39,486
|
$
|
44,238
|
||||
FEI-Zyfer
|
14,853
|
12,285
|
||||||
Less intersegment revenues
|
(3,988
|
)
|
(1,107
|
)
|
||||
Consolidated revenues
|
$
|
50,351
|
$
|
55,416
|
Operating profit (loss):
|
||||||||
FEI-NY
|
$
|
(3,093
|
)
|
$
|
943
|
|||
FEI-Zyfer
|
(2,937
|
)
|
1,996
|
|||||
Corporate
|
(1,495
|
)
|
(471
|
)
|
||||
Consolidated operating (loss) profit
|
$
|
(7,525
|
)
|
$
|
2,468
|
|
2017
|
2016
|
||||||
Identifiable assets:
|
||||||||
FEI-NY (approximately $1.7 and $2.5 million in China)
|
$
|
64,828
|
$
|
62,999
|
||||
FEI-Zyfer
|
10,427
|
13,275
|
||||||
less intersegment receivables
|
(11,992
|
)
|
(7,658
|
)
|
||||
Corporate
|
50,056
|
53,561
|
||||||
Consolidated identifiable assets
|
$
|
113,319
|
$
|
122,177
|
Depreciation and amortization (allocated):
|
||||||||
FEI-NY
|
$
|
2,471
|
$
|
2,323
|
||||
FEI-Zyfer
|
152
|
160
|
||||||
Corporate
|
15
|
15
|
||||||
Consolidated depreciation and amortization expense
|
$
|
2,638
|
$
|
2,498
|
|
(in thousands)
|
|||||||
|
2017
|
2016
|
||||||
Belgium
|
$
|
167
|
$
|
132
|
||||
France
|
508
|
1,681
|
||||||
China
|
1,052
|
1,798
|
||||||
Israel
|
110
|
1,139
|
||||||
Russia
|
168
|
853
|
||||||
Germany
|
5
|
283
|
||||||
Italy
|
1,059
|
356
|
||||||
South Korea
|
912
|
-
|
||||||
Other
|
519
|
534
|
||||||
|
$
|
4,500
|
$
|
6,776
|
|
Year Ended April 30,
|
|||||||
|
2017
|
2016
|
||||||
Balance at beginning of year
|
$
|
557
|
$
|
557
|
||||
Warranty costs incurred
|
(159
|
)
|
(296
|
)
|
||||
Product warranty accrual
|
159
|
296
|
||||||
Balance at end of year
|
$
|
557
|
$
|
557
|
|
Change in
|
Foreign
|
||||||||||||||
|
Market Value
|
Currency
|
||||||||||||||
|
of Marketable
|
Translation
|
||||||||||||||
|
Securities
|
Adjustment
|
Total
|
|||||||||||||
Balance April 30, 2015, net of taxes
|
$
|
985
|
$
|
1,905
|
$
|
2,890
|
||||||||||
Items of other comprehensive income (loss)
before reclassification, pretax
|
(150
|
)
|
(753
|
)
|
(903
|
)
|
||||||||||
Tax effect
|
51
|
-
|
51
|
|||||||||||||
Items of other comprehensive income (loss)
before reclassification, net of taxes
|
(99
|
)
|
(753
|
)
|
(852
|
)
|
||||||||||
Reclassification adjustments, pretax **
|
(131
|
)
|
||||||||||||||
Tax effect
|
57
|
(74
|
)
|
-
|
(74
|
)
|
||||||||||
Total other comprehensive income (loss), net of taxes
|
(173
|
)
|
(753
|
)
|
(926
|
)
|
||||||||||
Balance April 30, 2016, net of taxes
|
812
|
1,152
|
1,964
|
|||||||||||||
Items of other comprehensive income (loss)
before reclassification, pretax
|
534
|
(38
|
)
|
496
|
||||||||||||
Tax effect
|
(182
|
)
|
-
|
(182
|
)
|
|||||||||||
Items of other comprehensive income (loss)
before reclassification, net of taxes
|
352
|
(38
|
)
|
314
|
||||||||||||
Reclassification adjustments, pretax **
|
28
|
|||||||||||||||
Tax effect
|
(25
|
)
|
3
|
-
|
3
|
|||||||||||
Total other comprehensive income (loss), net of taxes
|
355
|
(38
|
)
|
317
|
||||||||||||
Balance April 30, 2017, net of taxes
|
$
|
1,167
|
$
|
1,114
|
$
|
2,281
|
(a) |
Index to Financial Statements and Exhibits
|
|
Page(s)
|
20
|
|
|
|
|
|
- April 30, 2017 and 2016
|
21
|
|
|
|
|
- years ended April 30, 2017 and 2016
|
22
|
|
|
|
|
- years ended April 30, 2017 and 2016
|
23-24
|
|
|
|
|
- years ended April 30, 2017 and 2016
|
25
|
|
|
26-44
|
(2) EXHIBITS
|
|
|
|
Exhibit 21
|
List of Subsidiaries of Registrant
|
Exhibit 23.1
|
Consent of Independent Registered Public Accounting Firm
|
Exhibit 31.1
|
Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
Exhibit 31.2
|
Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
Exhibit 32
|
Certification of the Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
Exhibit 101
|
The following materials from the Frequency Electronics, Inc. Annual Report on Form 10-K for the year ended April 30, 2017 formatted in eXtensible Business Reporting Language (XBRL): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations and Comprehensive (Loss) Income, (iii) Consolidated Statements of Cash Flows, (iv) Consolidated Statements of Changes in Stockholders’ Equity and (v) Notes to Consolidated Financial Statements
|
|
FREQUENCY ELECTRONICS, INC.
|
|
|
By:
|
/s/ Martin B. Bloch
|
|
Martin B. Bloch
|
|
President and CEO
|
|
|
|
|
By:
|
/s/ Steven L. Bernstein
|
|
Steven L. Bernstein
|
|
Chief Financial Officer
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
/s/ Joel Girsky
|
|
Chairman of the Board
|
|
7/31/17
|
Joel Girsky
|
|
|
|
|
|
|
|
|
|
/s/ S. Robert Foley
|
|
Director
|
|
7/31/17
|
S. Robert Foley
|
|
|
|
|
|
|
|
|
|
/s/ Richard Schwartz
|
|
Director
|
|
7/31/17
|
Richard Schwartz
|
|
|
|
|
|
|
|
|
|
/s/ Stanton D. Sloane
|
|
Director
|
|
7/31/17
|
Stanton D. Sloane
|
|
|
|
|
/s/ Russell M. Sarachek
|
|
Director
|
|
7/31/17
|
Russell M. Sarachek
|
|
|
|
|
/s/ General Lance W. Lord
|
|
Director
|
|
7/31/17
|
General Lance W. Lord
|
|
|
|
|
/s/ Ryan J. Levenson
|
|
Director
|
|
7/31/17
|
Ryan J. Levenson
|
|
|
|
|
/s/ Martin B. Bloch
|
|
President and CEO
|
|
7/31/17
|
Martin B. Bloch
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
|
/s/ Steven L. Bernstein
|
|
Chief Financial Officer
|
|
7/31/17
|
Steven L. Bernstein
|
|
|
|
|
Exhibit No. in
|
|
|
|
|
this Form 10-K
|
|
Description of Exhibit
|
|
NOTE
|
|
|
|
|
|
2.1
|
|
Stock Purchase Agreement, dated as of February 21, 2012, by and among the Registrant, Elcom Technologies Inc. and the stockholders of Elcom Technologies Inc. identified on the signature pages thereto
|
|
(12)
|
|
|
|
|
|
3.1
|
|
Copy of Certificate of Incorporation of the Registrant filed with the Secretary of State of Delaware
|
|
(1)
|
|
|
|
|
|
3.2
|
|
Amendment to Certificate of Incorporation of the Registrant filed with the Secretary of State of Delaware on March 27, 1981
|
|
(2)
|
|
|
|
|
|
3.3
|
|
Amendment to Certificate of Incorporation of the Registrant filed with Secretary of State of Delaware on October 26, 1984
|
|
(5)
|
|
|
|
|
|
3.4
|
|
Amendment to Certificate of Incorporation of the Registrant filed with the Secretary of State of Delaware on October 22, 1986
|
|
(7)
|
|
|
|
|
|
3.5
|
|
Amended and Restated Certificate of Incorporation of the Registrant filed with the Secretary of State of Delaware on October 26, 1987
|
|
(9)
|
|
|
|
|
|
3.6
|
|
Amended Certificate of Incorporation of the Company filed with the Secretary of State of Delaware on November 2, 1989
|
|
(9)
|
|
|
|
|
|
3.7
|
|
Copy of By-Laws of the Registrant, as amended to date
|
|
(3)
|
|
|
|
|
|
4.1
|
|
Specimen of Common Stock certificate
|
|
(1)
|
|
|
|
|
|
10.1
|
|
Registrant’s 1997 Independent Contractor Stock Option Plan
|
|
(10)
|
|
|
|
|
|
10.8
|
|
Employment agreement between Registrant and Harry Newman
|
|
(4)
|
|
|
|
|
|
10.9
|
|
Employment agreement between Registrant and Marcus Hechler
|
|
(4)
|
|
|
|
|
|
10.10
|
|
Employment agreement between Registrant and Charles Stone
|
|
(8)
|
|
|
|
|
|
10.13
|
|
Lease agreement between Registrant and Reckson Operating Partnership, L.P. dated January 6, 1998
|
|
(11)
|
|
|
|
|
|
10.16
|
|
Registrant’s Cash or Deferral Profit Sharing Plan and Trust under Internal Revenue Code Section 401, dated April 1, 1985
|
|
(6)
|
|
|
|
|
|
10.21
|
|
Form of Agreement concerning Executive Compensation
|
|
(2)
|
|
|
|
|
|
10.23
|
|
Registrant’s Senior Executive Stock Option Plan
|
|
(8)
|
Exhibit No. in
|
|
|
|
|
this Form 10-K
|
|
Description of Exhibit
|
|
NOTE
|
|
|
|
|
|
10.24
|
|
Amendment dated Jan. 1, 1988 to Registrant’s Cash or Deferred Profit Sharing Plan and Trust under Section 401 of Internal Revenue Code
|
|
(8)
|
|
|
|
|
|
10.25
|
|
Executive Incentive Compensation Plan between Registrant and various employees
|
|
(8)
|
|
|
|
|
|
21
|
|
|
Filed herewith
|
|
|
|
|
|
|
23.1
|
|
|
Filed herewith
|
|
|
|
|
|
|
31.1
|
|
|
Filed herewith
|
|
|
|
|
|
|
31.2
|
|
|
Filed herewith
|
|
|
|
|
|
|
32
|
|
|
Filed herewith
|
|
|
|
|
|
|
101
|
|
The following materials from the Frequency Electronics, Inc. Annual Report on Form 10-K for the fiscal year ended April 30, 2017 formatted in eXtensible Business Reporting Language (XBRL): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations and Comprehensive (Loss) Income, (iii) Consolidated Statements of Cash Flows, (iv) Consolidated Statements of Changes in Stockholders’ Equity and (v) Notes to Consolidated Financial Statements
|
|
|
(1) |
Filed with the SEC as an exhibit, numbered as indicated above, to the registration statement of Registrant on Form S-1, File No. 2-29609, which exhibit is incorporated herein by reference.
|
(2) |
Filed with the SEC as an exhibit, numbered as indicated above, to the registration statement of Registrant on Form S-1, File No. 2-71727, which exhibit is incorporated herein by reference.
|
(3) |
Filed with the SEC as an exhibit, numbered as indicated above, to the annual report of Registrant on Form 10-K, File No. 1-8061 for the year ended April 30, 1981, which exhibit is incorporated herein by reference.
|
(4) |
Filed with the SEC as an exhibit, numbered as indicated above, to the registration statement of Registrant on Form S-1, File No. 2-69527, which exhibit is incorporated herein by reference.
|
(5) |
Filed with the SEC as an exhibit, numbered as indicated above, to the annual report of Registrant on Form 10-K, File No. 1-8061, for the year ended April 30, 1985, which exhibit is incorporated herein by reference.
|
(6) |
Filed with the SEC as exhibit, numbered as indicated above, to the annual report of Registrant on Form 10-K, File No. 1-8061, for the year ended April 30, 1986, which exhibit is incorporated herein by reference.
|
(7) |
Filed with the SEC as an exhibit, numbered as indicated above, to the annual report of Registrant on Form 10-K, File No. 1-8061, for the year ended April 30, 1987, which exhibit is incorporated herein by reference.
|
(8) |
Filed with the SEC as an exhibit, numbered as indicated above, to the annual report of Registrant on Form 10-K, File No. 1-8061, for the year ended April 30, 1989, which exhibit is incorporated herein by reference.
|
(9) |
Filed with the SEC as an exhibit, numbered as indicated above, to the annual report of Registrant on Form 10-K, File No. 1-8061, for the year ended April 30, 1990, which exhibit is incorporated herein by reference.
|
(10) |
Filed with the SEC as an exhibit, numbered as indicated above, to the registration statement of Registrant on Form S-8, File No. 333-42233, which exhibit is incorporated herein by reference.
|
(11) |
Filed with the SEC as an exhibit, numbered as indicated above, to the annual report of Registrant on Form 10-K, File No. 1-8061, for the year ended April 30, 1998, which exhibit is incorporated herein by reference.
|
(12) |
Filed with the SEC as an exhibit, numbered as indicated above, to the current report of Registrant on Form 8-K, File No. 1-8061, on February 27, 2012, which exhibit is incorporated herein by reference.
|
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