SEGMENT INFORMATION

9 Months Ended

Jan. 31, 2021

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

NOTE G – SEGMENT INFORMATION

The Company operates under two reportable segments based on the geographic locations of its subsidiaries:

(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: 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. The FEI-NY segment also includes the operations of the Company’s wholly-owned subsidiary, FEI-Elcom. FEI-Elcom, in addition to its own product line, provides design and technical support for the FEI-NY segment’s satellite business.

(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. FEI-Zyfer’s products also incorporate precision time references for terrestrial secure communications and command and control, and frequency products that incorporate GPS.  FEI-Zyfer’s GPS capability complements the Company’s existing technologies and permits the combined entities to provide a broader range of embedded systems for a variety of timing functions and anti-spoofing (“SAASM”) applications.

The Company measures segment performance based on total revenues and profits generated by each geographic location rather than on the specific types of customers or end-users.  Consequently, the Company determined that the segments indicated above most appropriately reflect the way the Company’s management views the business.

The accounting policies of the two segments are the same as those described in the “Summary of Significant Accounting Policies” in the fiscal year-end financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended April 30, 2020, filed on July 29, 2020 with the Securities and Exchange Commission. The Company evaluates the performance of its segments and allocates resources to them based on operating profit which is defined as income before investment income, interest expense and taxes.  All acquired assets, including intangible assets, are included in the assets of both reporting segments.

The tables below present information about reported segments with reconciliation of segment amounts to consolidated amounts as reported in the condensed consolidated statements of operations or the condensed consolidated balance sheets for each of the periods (in thousands):

	Periods ended January 31,
	Three months						Nine months
	2021			2020			2021			2020
Revenues:
FEI-NY	$	9,411		$	7,234		$	30,406		$	24,029
FEI-Zyfer		2,481			2,787			9,833			8,487
less intersegment revenues		(220	)		(393	)		(1,627	)		(1,246	)
Consolidated revenues	$	11,672		$	9,628		$	38,612		$	31,270

Operating (loss) income:
FEI-NY	$	(413	)	$	(1,493	)	$	(991	)	$	(6,967	)
FEI-Zyfer		(456	)		8			211			(36	)
Corporate		(70	)		(76	)		(277	)		(260	)
Consolidated operating loss	$	(939	)	$	(1,561	)	$	(1,057	)	$	(7,263	)

	January 31, 2021		April 30, 2020
Identifiable assets:
FEI-NY	$	35,319	$	44,599
FEI-Zyfer		12,207		13,344
less intersegment balances		-		(8,586	)
Corporate		37,009		41,919
Consolidated identifiable assets	$	84,535	$	91,276

Total revenue recognized over time as POC and Passage of Title (“POT”) were approximately $35.6 million and $3.1 million, respectively, for the nine months ended January 31, 2021. The amounts recognized over time as POC and POT were approximately $28.5 million and $2.8 million, respectively, for the nine months ended January 31, 2020. The amounts by segment and product line were as follows:

	Three Months Ended January 31,
	2021								2020
	(In thousands)								(In thousands)
	POC		POT			Total			POC			POT			Total
	Revenue		Revenue			Revenue			Revenue			Revenue			Revenue
FEI-NY	$	8,990	$	421		$	9,411		$	6,124		$	1,110		$	7,234
FEI-Zyfer		1,825		656			2,481			2,423			364			2,787
Intersegment		-		(220	)		(220	)		(5	)		(388	)		(393	)
Revenue	$	10,815	$	857		$	11,672		$	8,542		$	1,086		$	9,628

	Nine Months Ended January 31,
	2021									2020
	(In thousands)									(In thousands)
	POC			POT			Total			POC			POT			Total
	Revenue			Revenue			Revenue			Revenue			Revenue			Revenue
FEI-NY	$	27,997		$	2,409		$	30,406		$	21,215		$	2,814		$	24,029
FEI-Zyfer		7,569			2,264			9,833			7,348			1,139			8,487
Intersegment		(10	)		(1,617	)		(1,627	)		(81	)		(1,165	)		(1,246	)
Revenue	$	35,556		$	3,056		$	38,612		$	28,482		$	2,788		$	31,270

	Periods ended January 31,
	(in thousands)
	Three months				Nine months
	2021		2020		2021		2020
Revenues by Product Line:
Satellite Revenue	$	5,822	$	5,272	$	20,050	$	14,704
Government Non-Space Revenue		5,469		3,165		16,324		12,680
Other Commercial & Industrial Revenue		381		1,191		2,238		3,886
Consolidated revenues	$	11,672	$	9,628	$	38,612	$	31,270