SEGMENT INFORMATION

6 Months Ended

Oct. 31, 2022

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: 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. 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 communication 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. This segment also provides sales and support for the Company’s wireline telecommunications family of products, including US5G, which are sold in the U.S. market.

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 Accounting Policies” in the fiscal year-end financial statements included in the Form 10-K. 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 consolidated statements of operations or the consolidated balance sheets for each of the periods (in thousands):

	Periods ended October 31,
	Three months						Six months
	2022			2021			2022			2021
Revenues:
FEI-NY	$	7,680		$	10,381		$	14,534		$	20,543
FEI-Zyfer		1,561			2,648			3,292			5,783
less intersegment revenues		(292	)		(93	)		(673	)		(436	)
Consolidated revenues	$	8,949		$	12,936		$	17,153		$	25,890

Operating income (loss):
FEI-NY	$	(1,389	)	$	(64	)	$	(3,978	)	$	(1,075	)
FEI-Zyfer		(792	)		(132	)		(1,230	)		(99	)
less intersegment profit		-			-			-			(20	)
Corporate		(102	)		499			(182	)		(191	)
Consolidated operating income (loss)	$	(2,283	)	$	303		$	(5,390	)	$	(1,385	)

	October 31, 2022			April 30, 2022
				(Revised - See Note C)
Identifiable assets:
FEI-NY	$	40,682		$	40,888
FEI-Zyfer		10,756			10,522
less intersegment balances		(124	)		(126	)
Corporate		31,762			33,476
Consolidated identifiable assets	$	83,076		$	84,760

Total revenue recognized over time as POC and Passage of Title (“POT”) were approximately $8.7 million and $0.3 million, respectively, of the $9.0 million reported for the three months ended October 31, 2022. Total revenue recognized over time as POC and POT were approximately $16.6 million and $0.5 million, respectively, of the $17.2 million reported for the six months ended October 31, 2022. Total revenue recognized over time as POC and POT were approximately $12.2 million and $0.7 million, respectively, of the $12.9 million reported for the three months ended October 31, 2021. Total revenue recognized over time as POC and POT were approximately $24.6 million and $1.3 million, respectively, of the $25.9 million reported for the six months ended October 31, 2021. The amounts by segment and product line were as follows:

	Three Months Ended October 31,
	2022								2021
	(In thousands)								(In thousands)
	POC		POT			Total			POC		POT			Total
	Revenue		Revenue			Revenue			Revenue		Revenue			Revenue
FEI-NY	$	7,173	$	507		$	7,680		$	9,928	$	453		$	10,381
FEI-Zyfer		1,481		80			1,561			2,300		348			2,648
Intersegment		-		(292	)		(292	)		-		(93	)		(93	)
Revenue	$	8,654	$	295		$	8,949		$	12,228	$	708		$	12,936

	Six Months Ended October 31,
	2022								2021
	(In thousands)								(In thousands)
	POC		POT			Total			POC		POT			Total
	Revenue		Revenue			Revenue			Revenue		Revenue			Revenue
FEI-NY	$	13,451	$	1,083		$	14,534		$	19,529	$	1,014		$	20,543
FEI-Zyfer		3,156		136			3,292			5,100		683			5,783
Intersegment		-		(673	)		(673	)		-		(436	)		(436	)
Revenue	$	16,607	$	546		$	17,153		$	24,629	$	1,261		$	25,890

	Periods ended October 31,
	(in thousands)
	Three months				Six months
	2022		2021		2022		2021
Revenues by Product Line:
Satellite Revenue	$	4,333	$	6,603	$	7,808	$	13,343
Government Non-Space Revenue		3,918		5,099		7,983		10,590
Other Commercial & Industrial Revenue		698		1,234		1,362		1,957
Consolidated revenues	$	8,949	$	12,936	$	17,153	$	25,890