ý | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended April 30, 2013 | |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from [ ] to [ ] |
MISSOURI (State or other jurisdiction of incorporation or organization) | 44-0610086 (I.R.S. Employer Identification No.) | |
620 N. LINDENWOOD DRIVE, OLATHE, KANSAS (Address of principal executive offices) | 66062 (Zip Code) |
Title of each class | Name of each exchange on which registered | |
NONE | NONE |
Large accelerated filer o | Accelerated filer o | Non-accelerated filer o (Do not check if a smaller reporting company) | Smaller reporting company ý |
• | economic and legislative factors that could impact defense spending; |
• | our relatively concentrated customer base; |
• | risks in fulfilling military subcontracts; |
• | our ability to finance operations; |
• | continued production of the Hellfire II missile system for which we supply parts; |
• | the ability to adequately pass through to customers unanticipated future increases in raw material and labor costs; |
• | decreased demand for products; |
• | delays in developing new products; |
• | markets for new products and the cost of developing new markets; |
• | expected orders that do not occur; |
• | our ability to adequately protect and safeguard our network infrastructure from cyber security vulnerabilities; |
• | loss of key customers; |
• | our ability to satisfy our debt covenant requirements; |
• | our ability to generate sufficient taxable income to realize the amount of our deferred tax assets; |
• | the impact of competition and price erosion as well as supply and manufacturing constraints; and |
• | other risks and uncertainties. |
2013 | 2012 | |||||||||||
Fiscal Period | High | Low | High | Low | ||||||||
May to July | $ | 0.34 | $ | 0.11 | $ | 0.60 | $ | 0.41 | ||||
August to October | 0.53 | 0.26 | 0.67 | 0.43 | ||||||||
November to January | 0.62 | 0.25 | 0.45 | 0.40 | ||||||||
February to April | 0.70 | 0.41 | 0.40 | 0.20 |
Title of Class | Number of Record Holders as of July 10, 2013 | |
Common stock, $0.01 par value | 465 |
Equity Compensation Plan Information | ||||||
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 shareholders | — | — | — | |||
Equity Compensation Plans not approved by shareholders | — | — | 734,250 | |||
Total | — | — | 734,250 |
• | aircraft navigational equipment; |
• | digital control devices; |
• | airport runway lighting devices; |
• | medical equipment; |
• | avionics systems; |
• | radar equipment; |
• | down-hole drilling; |
• | conventional missile guidance systems; and |
• | other aerospace and defense applications. |
Years ended April 30, | 2013 | 2012 | ||||
Torotel Products: | ||||||
Magnetic components | $ | 5,759,000 | $ | 4,594,000 | ||
Potted coil assembly | 4,738,000 | 5,541,000 | ||||
Electro-mechanical assemblies | 1,409,000 | 279,000 | ||||
Injection molded products | 70,000 | 394,000 | ||||
Total Torotel Products | $ | 11,976,000 | $ | 10,808,000 | ||
Electronika | $ | 5,000 | $ | 20,000 | ||
Total consolidated net sales | $ | 11,981,000 | $ | 10,828,000 |
Years ended April 30, | 2013 | 2012 | ||||
Torotel Products: | ||||||
Gross profit | $ | 4,099,000 | $ | 2,907,000 | ||
Gross profit % of net sales | 34 | % | 27 | % | ||
Electronika: | ||||||
Gross profit | $ | 3,000 | $ | 12,000 | ||
Gross profit % of net sales | 60 | % | 60 | % | ||
Combined: | ||||||
Gross profit | $ | 4,102,000 | $ | 2,919,000 | ||
Gross profit % of net sales | 34 | % | 27 | % |
Years ended April 30, | 2013 | 2012 | ||||
Engineering | $ | 535,000 | $ | 522,000 | ||
Selling, general and administrative | 2,519,000 | 2,366,000 | ||||
Total | $ | 3,054,000 | $ | 2,888,000 |
Years ended April 30, | 2013 | 2012 | ||||
Torotel Products | $ | 1,336,000 | $ | 288,000 | ||
Electronika | 3,000 | 12,000 | ||||
Torotel | (291,000 | ) | (269,000 | ) | ||
Total | $ | 1,048,000 | $ | 31,000 |
Years ended April 30, | 2013 | 2012 | ||||
Earnings from operations | $ | 1,048,000 | $ | 31,000 | ||
Interest expense | (42,000 | ) | (47,000 | ) | ||
Loss on asset disposal | (3,000 | ) | ||||
Earnings before income taxes | 1,003,000 | (16,000 | ) | |||
Benefit for income taxes | (218,000 | ) | — | |||
Net earnings (loss) | $ | 1,221,000 | $ | (16,000 | ) |
2013 | 2012 | |||||
Net cash provided by operating activities | $ | 1,664,000 | $ | 450,000 | ||
Net cash used in investing activities | $ | (229,000 | ) | $ | (496,000 | ) |
Net cash used in financing activities | $ | (150,000 | ) | $ | (136,000 | ) |
• | Performing extensive detailed price testing on our raw material inventory balance; |
• | Expanding reviews of certain functional areas including revenue and accounts payable transactions; and |
• | Implementing a new ERP system. |
2013 | 2012 | |||||
ASSETS | ||||||
Current assets: | ||||||
Cash | $ | 1,593,000 | $ | 308,000 | ||
Trade receivables, net | 1,345,000 | 1,408,000 | ||||
Inventories | 1,391,000 | 1,229,000 | ||||
Prepaid expenses and other current assets | 134,000 | 71,000 | ||||
Deferred income taxes | 183,000 | 116,000 | ||||
4,646,000 | 3,132,000 | |||||
Property, plant and equipment: | ||||||
Land | 265,000 | 265,000 | ||||
Buildings and improvements | 978,000 | 968,000 | ||||
Equipment | 2,304,000 | 2,179,000 | ||||
3,547,000 | 3,412,000 | |||||
Less accumulated depreciation | 2,150,000 | 1,826,000 | ||||
1,397,000 | 1,586,000 | |||||
Deferred income taxes | 657,000 | 492,000 | ||||
Other assets | 40,000 | 56,000 | ||||
Total Assets | $ | 6,740,000 | $ | 5,266,000 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
Current liabilities: | ||||||
Current maturities of long-term debt | $ | 140,000 | $ | 150,000 | ||
Trade accounts payable | 405,000 | 658,000 | ||||
Accrued liabilities | 571,000 | 281,000 | ||||
Customer deposits | 608,000 | 206,000 | ||||
1,724,000 | 1,295,000 | |||||
Long-term debt, less current maturities | 655,000 | 795,000 | ||||
Commitments and contingencies | ||||||
Stockholders' equity: | ||||||
Common stock; par value $0.01; 6,000,000 shares authorized; 5,265,750 and 5,515,650 shares issued and outstanding as of April 30, 2013 and 2012, respectively | 60,000 | 60,000 | ||||
Capital in excess of par value | 12,283,000 | 12,319,000 | ||||
Accumulated deficit | (7,963,000 | ) | (9,184,000 | ) | ||
Treasury stock, at cost | (19,000 | ) | (19,000 | ) | ||
$ | 4,361,000 | $ | 3,176,000 | |||
Total Liabilities and Stockholders' Equity | $ | 6,740,000 | $ | 5,266,000 |
2013 | 2012 | |||||
Net sales | $ | 11,981,000 | $ | 10,828,000 | ||
Cost of goods sold | 7,879,000 | 7,909,000 | ||||
Gross profit | 4,102,000 | 2,919,000 | ||||
Operating expenses: | ||||||
Engineering | 535,000 | 522,000 | ||||
Selling, general and administrative | 2,519,000 | 2,366,000 | ||||
3,054,000 | 2,888,000 | |||||
Earnings from operations | 1,048,000 | 31,000 | ||||
Other expense (income): | ||||||
Interest expense, net | 42,000 | 47,000 | ||||
Loss on asset disposal | 3,000 | — | ||||
Earnings (loss) before provision for income taxes | 1,003,000 | (16,000 | ) | |||
Provision (benefit) for income taxes | (218,000 | ) | — | |||
Net earnings (loss) | $ | 1,221,000 | $ | (16,000 | ) | |
Basic earnings (loss) per share | $ | 0.23 | $ | — |
Shares | Common Stock | Excess of Par Value | Accumulated Deficit | Treasury Stock, at cost | Total Stockholders' Equity | ||||||||||||
Balance, April 30, 2011 | 5,983,545 | $ | 60,000 | $ | 12,425,000 | $ | (9,168,000 | ) | $ | (19,000 | ) | $ | 3,298,000 | ||||
Stock compensation earned | — | — | 11,000 | — | — | 11,000 | |||||||||||
Restricted stock cancelled | — | — | (117,000 | ) | — | — | (117,000 | ) | |||||||||
Net loss | — | — | — | (16,000 | ) | — | (16,000 | ) | |||||||||
Balance, April 30, 2012 | 5,983,545 | 60,000 | 12,319,000 | (9,184,000 | ) | (19,000 | ) | 3,176,000 | |||||||||
Restricted stock cancelled | — | — | (36,000 | ) | — | — | (36,000 | ) | |||||||||
Net earnings | — | — | — | 1,221,000 | — | 1,221,000 | |||||||||||
Balance, April 30, 2013 | 5,983,545 | $ | 60,000 | $ | 12,283,000 | $ | (7,963,000 | ) | $ | (19,000 | ) | $ | 4,361,000 |
2013 | 2012 | |||||
Cash flows from operating activities: | ||||||
Net earnings (loss) | $ | 1,221,000 | $ | (16,000 | ) | |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | ||||||
Benefit recognized on restricted stock award activity | (36,000 | ) | (117,000 | ) | ||
Stock compensation cost amortized | — | 11,000 | ||||
Depreciation | 347,000 | 306,000 | ||||
Deferred income taxes | (232,000 | ) | — | |||
Loss on disposal | 3,000 | — | ||||
Loss on impairment | 108,000 | — | ||||
Change in value of stock appreciation rights | 44,000 | (28,000 | ) | |||
Increase (decrease) in cash flows from operations resulting from changes in: | ||||||
Trade receivables | 63,000 | 800,000 | ||||
Inventories | (202,000 | ) | 172,000 | |||
Prepaid expenses and other assets | (47,000 | ) | (51,000 | ) | ||
Trade accounts payable | (253,000 | ) | (4,000 | ) | ||
Accrued liabilities | 246,000 | 95,000 | ||||
Customer deposits | 402,000 | (710,000 | ) | |||
Income taxes payable | — | (8,000 | ) | |||
Net cash provided by operating activities | 1,664,000 | 450,000 | ||||
Cash flows from investing activities: | ||||||
Capital expenditures | (249,000 | ) | (496,000 | ) | ||
Proceeds from sale of equipment | 20,000 | — | ||||
Net cash used in investing activities | (229,000 | ) | (496,000 | ) | ||
Cash flows from financing activities: | ||||||
Principal payments on long-term debt | (107,000 | ) | (102,000 | ) | ||
Payments on capital lease obligations | (43,000 | ) | (34,000 | ) | ||
Net cash provided by (used in) financing activities | (150,000 | ) | (136,000 | ) | ||
Net increase (decrease) in cash | 1,285,000 | (182,000 | ) | |||
Cash, beginning of year | 308,000 | 490,000 | ||||
Cash, end of year | $ | 1,593,000 | $ | 308,000 | ||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||||||
Cash paid during the year for: | ||||||
Interest | $ | 42,000 | $ | 47,000 | ||
Income taxes | $ | 21,000 | $ | 8,000 | ||
Non-cash investing and financing activities: | ||||||
Capital expenditure | $ | — | $ | (57,000 | ) | |
Proceeds from capital lease | $ | — | $ | 57,000 |
• | Level 1. Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. |
• | Level 2. Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. |
• | Level 3. Inputs to the valuation methodology are unobservable and significant to the fair value measurement. |
2013 | 2012 | |||||
Raw materials | $ | 850,000 | $ | 848,000 | ||
Work in process | 281,000 | 296,000 | ||||
Finished goods | 260,000 | 85,000 | ||||
$ | 1,391,000 | $ | 1,229,000 |
Line of Credit | Mortgage note payable to Commerce Bank | Equipment loan note payable to Commerce Bank | |||||||
Face amount | $ | 500,000 | $ | 650,000 | $ | 500,000 | |||
Proceeds received | — | 650,000 | 380,000 | ||||||
Unused borrowing capacity | 500,000 | — | 120,000 | ||||||
Amount previously repaid | — | 82,000 | 185,000 | ||||||
Total debt outstanding | $ | — | $ | 568,000 | $ | 195,000 | |||
Rate | 4.00 | % | 4.63 | % | 4.63 | % | |||
Maturity date | September 27, 2013 | September 26, 2015 | September 26, 2015 | ||||||
Monthly payment | $ | — | $ | 5,038 | $ | 7,123 | |||
Additional Criteria | Borrowing base limited to 75% of eligible receivables | 15 year amortization schedule | Advance rate equal to 80% of the price of the equipment purchased |
2013 | 2012 | |||||
Mortgage note payable to Commerce Bank, maturing September 2015 | $ | 568,000 | $ | 601,000 | ||
Equipment loan note payable to Commerce Bank, maturing September 2015 | 195,000 | 269,000 | ||||
Capital lease obligations | 32,000 | 75,000 | ||||
795,000 | 945,000 | |||||
Less: Current maturities | 140,000 | 150,000 | ||||
$ | 655,000 | $ | 795,000 |
Year Ending April 30, | Amount | ||
2014 | $ | 140,000 | |
2015 | 123,000 | ||
2016 | 532,000 | ||
2017 | — | ||
$ | 795,000 |
2013 | 2012 | |||||
Computed tax expense (benefit) at statutory rates | $ | 341,000 | $ | (5,000 | ) | |
Permanent differences | 3,000 | 11,000 | ||||
State tax, credits, and other | 57,000 | 5,000 | ||||
Increase (decrease) in valuation allowance | (619,000 | ) | (11,000 | ) | ||
$ | (218,000 | ) | $ | — |
2013 | 2012 | |||||
Current tax expense | $ | 14,000 | $ | — | ||
Deferred tax benefit | (232,000 | ) | — | |||
$ | (218,000 | ) | $ | — |
Year of Expiration | NOL Carryforwards | ||
2019 | $ | 2,247,000 | |
2022 | 32,000 | ||
2023 | 1,000 | ||
2024 | 77,000 | ||
2026 | 253,000 | ||
2027 | 217,000 | ||
2029 | 28,000 | ||
2032 | 366,000 | ||
$ | 3,221,000 |
• | Taxable earnings have been present in recent years; |
• | We have realized a significant amount of our net deferred tax asset created in fiscal year 2011; |
• | The available carryforward periods of most of our net operating losses are of sufficient length and are at minimum risk of expiring unused; |
• | We currently are performing on a contract that should enable us to sustain the current sales volume for the next few fiscal years; and |
• | Our products are included in applications that generally have a longer lifecycle. |
• | We have a history of inconsistent earnings; |
• | Long-term demand for the potted coil assembly used on the Hellfire II missile system is uncertain due to Department of Defense budget constraints and the possibility that the potted coil assembly could eventually be replaced; |
• | The trend of positive and negative cycles may be difficult to predict due to the nature of our industry; and |
• | We are in a highly competitive industry. |
2013 | 2012 | |||||
Net operating loss carryforwards | $ | 1,095,000 | $ | 1,359,000 | ||
Inventory valuation reserve | 146,000 | 150,000 | ||||
Amortization and impairment of intangibles | 175,000 | 271,000 | ||||
Loss on equity and impairment in investee | 427,000 | 427,000 | ||||
Tax credit carryforwards | 130,000 | 143,000 | ||||
Other | 81,000 | 91,000 | ||||
2,054,000 | 2,441,000 | |||||
Less: valuation allowance | 1,214,000 | 1,833,000 | ||||
$ | 840,000 | $ | 608,000 |
2013 | 2012 | |||||
Current deferred income tax asset | $ | 183,000 | $ | 116,000 | ||
Noncurrent deferred income tax asset | 657,000 | 492,000 | ||||
$ | 840,000 | $ | 608,000 |
2013 | 2012 | |||||
Information technology equipment | $ | 104,000 | $ | 121,000 | ||
Less accumulated amortization | (72,000 | ) | (46,000 | ) | ||
$ | 32,000 | $ | 75,000 |
Year Ending April 30, | Capital Leases | Operating Leases | ||||
2014 | $ | 28,000 | $ | 120,000 | ||
2015 | 4,000 | 9,000 | ||||
2016 | — | 5,000 | ||||
$ | 32,000 | $ | 134,000 |
2013 | 2012 | |||||||||
Restricted Shares Under Option | Weighted Average Grant Price | Restricted Shares Under Option | Weighted Average Grant Price | |||||||
Outstanding at May 1 | 250,000 | $ | 0.270 | 562,900 | $ | 0.398 | ||||
Granted | — | — | — | — | ||||||
Vested | — | — | — | — | ||||||
Forfeited | (250,000 | ) | 0.270 | (312,900 | ) | 0.500 | ||||
Outstanding at April 30 | — | $ | — | 250,000 | $ | 0.270 |
2013 | 2012 | |||
Balance, May 1 | 5,515,750 | 5,828,650 | ||
Restricted stock activity | (250,000 | ) | (312,900 | ) |
Treasury stock activity | — | — | ||
Balance, April 30 | 5,265,750 | 5,515,750 |
2013 | 2012 | |||||
Net earnings | $ | 1,221,000 | $ | (16,000 | ) | |
Amounts allocated to participating securities (nonvested restricted shares) | — | — | ||||
Net income attributable to common shareholders | $ | 1,221,000 | $ | (16,000 | ) | |
Basic weighted average common shares | 5,265,750 | 5,515,750 | ||||
Earnings per share attributable to common shareholders: | ||||||
Basic earnings per share | $ | 0.23 | $ | — |
2013 | 2012 | |||||
Employee related expenses: | ||||||
Accrued payroll | $ | 298,000 | $ | 111,000 | ||
Accrued payroll taxes | 53,000 | 42,000 | ||||
Accrued employee benefits | 80,000 | 43,000 | ||||
431,000 | 196,000 | |||||
Other, including interest: | ||||||
Warranty reserve | 13,000 | 20,000 | ||||
Property taxes | 30,000 | 12,000 | ||||
Deferred director compensation | 96,000 | 52,000 | ||||
Other | 1,000 | 1,000 | ||||
140,000 | 85,000 | |||||
$ | 571,000 | $ | 281,000 |
2013 | 2012 | |||
Sales to a major customer as a % of net sales | 49 | % | 51 | % |
Number of Years the Grantee has remained a Torotel director following the Date of Grant | Shares represented by a SAR in which a Grantee is Vested | |
Under one | — | % |
At least one but less than two | 33 | % |
At least two but less than three | 67 | % |
Three or more | 100 | % |
2013 | 2012 | |||||||||
SARs Under Option | Weighted Average Grant Price | SARs Under Option | Weighted Average Grant Price | |||||||
Outstanding at beginning of year | 280,000 | $ | 0.429 | 240,000 | $ | 0.407 | ||||
Granted | 40,000 | $ | 0.270 | 40,000 | $ | 0.558 | ||||
Exercised | — | — | $ | — | ||||||
Forfeited | — | — | $ | — | ||||||
Outstanding at end of year | 320,000 | $ | 0.409 | 280,000 | $ | 0.429 | ||||
SARs exercisable at end of year | 243,300 | $ | 0.419 | 210,000 | $ | 0.439 | ||||
Weighted average fair value of SARs granted during the year | $ | 0.270 | $ | 0.256 |
2013 | 2012 | |||||
Number outstanding | 320,000 | 280,000 | ||||
Range of grant prices, upper limit | $ | 0.695 | $ | 0.695 | ||
Range of grant prices, lower limit | $ | 0.208 | $ | 0.208 | ||
Weighted average grant price | $ | 0.414 | $ | 0.429 | ||
Weighted average contractual life remaining (in years) | 4.85 | 5.28 | ||||
10-day average market price | $ | 0.419 | $ | 0.270 | ||
Weighted average stock volatility | 144.67 | % | 135.82 | % | ||
Weighted average expected life | 4.44 | 4.86 | ||||
Weighted average risk free rate | 0.66 | % | 0.95 | % | ||
Weighted average dividend yield | — | % | — | % | ||
Weighted average fair value price | $ | 0.389 | $ | 0.278 | ||
Total vested SARs | 243,300 | 210,000 | ||||
Weighted average aggregate fair value | $ | 82,000 | $ | 6,650 | ||
Weighted average aggregate intrinsic value | $ | 16,000 | $ | 220 | ||
Total compensation expense (benefit) | $ | 135,000 | $ | (28,000 | ) | |
Unrecognized compensation expense related to non-vested SARs granted | $ | 15,000 | $ | 9,000 | ||
Expected period to recognize compensation expense related to non-vested SARs granted (in years) | 1.67 | 1.90 | ||||
Total liability for SARs on consolidated balance sheets | $ | 96,000 | $ | 52,000 |
April 30, 2013 | |||
Equipment | 68,000 | ||
Inventory | 40,000 | ||
Total | $ | 108,000 |
Name and Principal Position | Restricted Shares Awarded | |
Dale H. Sizemore, Jr. President and Chief Executive Officer | 200,000 | |
H. James Serrone Vice President of Finance and Chief Financial Officer | 150,000 | |
All Officers and Key Employees as a Group (3 persons) | 400,000 |
Exhibit 3.1 | Articles of Incorporation, as amended (incorporated by reference to Exhibit 3.1 of Form 8-K filed with the SEC on September 25, 2009) | |
Exhibit 3.2 | By-laws (incorporated by reference to Exhibit 3.1 of Form 8-K filed with the SEC on July 7, 2006) | |
Exhibit 10.1 | Form of Amended and Restated Employment Agreement (incorporated by reference to Exhibit 10.1 of Form 8-K filed with the SEC on July 7, 2006) | |
Exhibit 10.2 | Manufacturing Agreement with Magnetika, Inc. (incorporated by reference to Exhibit 8.4 of Form 8-K filed with the SEC on April 15, 2002) | |
Exhibit 10.3 | Form of Restricted Stock Agreement (incorporated by reference to Exhibit 10.1 of Form 8-K filed with the SEC on June 19, 2013). | |
Exhibit 10.4 | Directors Stock Appreciation Rights Plan | |
Exhibit 10.5 | Short-term Cash Incentive Plan (incorporated by reference to Exhibit 10.8 of Form 10-KSB filed with the SEC on July 30, 2007) | |
Exhibit 10.6 | Stock Award Plan (incorporated by reference to Exhibit 10.8 of Form 10-KSB filed with the SEC on July 30, 2007) | |
Exhibit 10.7 | Long-term Cash Incentive Plan (incorporated by reference to Exhibit 10.8 of Form 10-KSB filed with the SEC on July 30, 2007) | |
Exhibit 10.8 | Lease Agreement dated July 30, 2010 by and between 96-OP Prop, LLC, a Kansas limited liability company and Torotel, Inc., a Missouri corporation, for the Company's 18,000 square foot manufacturing facility | |
Exhibit 10.11 | Commerce Financing Agreements (incorporated by reference to Exhibit 10.11 of Form 10-Q filed with the SEC on December 15, 2010) | |
Exhibit 14 | Code of Ethics for Directors, Executive Officers, Significant Employees (incorporated by reference to Exhibit 14 of Form 10-KSB filed with the SEC on February 16, 2005) | |
Exhibit 21 | Subsidiaries of the Registrant | |
Exhibit 31.1 | Officer Certification | |
Exhibit 31.2 | Officer Certification | |
Exhibit 32.1 | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
Exhibit 32.2 | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
Exhibit 101.INS | XBRL Instance Document | |
Exhibit 101.SCH | XBRL Taxonomy Extension Schema Document | |
Exhibit 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |
Exhibit 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |
Exhibit 101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |
Exhibit 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
By: | /s/ DALE H. SIZEMORE, JR. | By: | /s/ H. JAMES SERRONE | ||
Dale H. Sizemore, Jr. Chief Executive Officer | H. James Serrone Chief Financial Officer | ||||
Date: | July 19, 2013 | Date: | July 19, 2013 |
By: | /s/ DALE H. SIZEMORE, JR. | By: | /s/ ANTHONY L. LEWIS | ||
Dale H. Sizemore, Jr. Chairman of the Board, President, Chief Executive Officer and Director | Anthony L. Lewis Director | ||||
Date: | July 19, 2013 | Date: | July 19, 2013 |
By: | /s/ RICHARD A. SIZEMORE | By: | /s/ STEPHEN K. SWINSON | ||
Richard A. Sizemore Director | Stephen K. Swinson Director | ||||
Date: | July 19, 2013 | Date: | July 19, 2013 |
By: | /s/ BARRY B. HENDRIX | ||||
Barry B. Hendrix Director | |||||
Date: | July 19, 2013 |
Date: | July 19, 2013 | |
/s/ Dale H. Sizemore, Jr. | ||
Dale H. Sizemore, Jr. | ||
Chief Executive Officer |
Date: | July 19, 2013 | |
/s/ H. James Serrone | ||
H. James Serrone | ||
Chief Financial Officer |
/s/ Dale H. Sizemore, Jr. | |
Dale H. Sizemore, Jr. | |
Chief Executive Officer | |
July 19, 2013 |
/s/ H. James Serrone | |
H. James Serrone | |
Chief Financial Officer | |
July 19, 2013 |
Information About Major Customers
|
12 Months Ended | ||||||||||||||||||||
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Apr. 30, 2013
|
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Risks and Uncertainties [Abstract] | |||||||||||||||||||||
Concentration Risk Disclosure [Text Block] | INFORMATION ABOUT MAJOR CUSTOMERS Sales to one major customer as a percentage of consolidated net sales as of April 30 of each year was the following:
|
Employee Incentive Plans Other Compensation (Details) (Performance Bonus [Member], USD $)
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12 Months Ended | |
---|---|---|
Apr. 30, 2013
|
Apr. 30, 2012
|
|
Performance Bonus [Member]
|
||
OtherLaborExpense [Line Items] | ||
Other Labor-related Expenses | $ 51,000 | $ 0 |
Consolidated Statement of Changes in Stockholders' Equity (USD $)
|
Total
|
Common Stock [Member]
|
Common Stock [Member]
|
Additional Paid-in Capital [Member]
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Retained Earnings [Member]
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Treasury Stock [Member]
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Stockholders' Equity at Period Start at Apr. 30, 2011 | $ 60,000 | |||||
Stock compensation cost amortized | 11,000 | 0 | 11,000 | 0 | 0 | |
Restricted Stock Cancelled | (117,000) | 0 | (117,000) | 0 | 0 | |
Net Income (Loss) Attributable to Parent | (16,000) | (16,000) | 0 | 0 | (16,000) | 0 |
Stockholders' Equity at Period End at Apr. 30, 2012 | 3,176,000 | 60,000 | 12,319,000 | (9,184,000) | (19,000) | |
Common Stock, Shares, Outstanding at Apr. 30, 2012 | 5,515,750 | 5,983,545 | ||||
Restricted Stock Cancelled | (36,000) | 0 | (36,000) | 0 | 0 | |
Net Income (Loss) Attributable to Parent | 1,221,000 | 1,221,000 | 0 | 0 | 1,221,000 | 0 |
Stockholders' Equity at Period End at Apr. 30, 2013 | $ 4,361,000 | $ 60,000 | $ 12,283,000 | $ (7,963,000) | $ (19,000) | |
Common Stock, Shares, Outstanding at Apr. 30, 2013 | 5,265,750 | 5,983,545 |
Income Taxes
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Apr. 30, 2013
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Income Taxes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Text Block] | INCOME TAXES The provision for income taxes reflected in the consolidated statements of operations differs from the amounts computed at the federal statutory tax rates. The principal differences between our statutory income tax expense and the effective provision for income taxes are summarized as follows:
The amount classified as other relates to the expiration of state net operating loss carryforwards that have expired. The components of the provision (benefit) for income taxes are as follows:
We have available as benefits to reduce future income taxes, subject to applicable limitations, the following estimated net operating loss ("NOL") carryforwards:
We record deferred income tax assets for the expected future tax consequences of events that have been included in the financial statements. Under this method, the difference between the financial and tax bases of assets and liabilities are determined. Deferred income taxes and liabilities are computed for those differences that have future tax consequences using the currently enacted tax laws and rates that apply to the periods in which they are expected to affect taxable income. We record net deferred income tax assets to the extent we believe these assets will more likely than not be realized. In making such determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. As of April 30, 2013, we anticipate the realization of a portion of our deferred income tax assets that are expected to reverse within the next few fiscal years. The amounts not associated with assets and liabilities on the balance sheet are allocated between current and non-current portions on the consolidated balance sheet based upon when we believe the underlying items will reverse. We have adjusted the valuation allowance accordingly, which has reduced the provision for income taxes. We evaluate the appropriateness of our deferred income tax asset valuation allowance on a quarterly basis. This adjustment was made based upon evaluating the following positive and negative evidence: Positive:
Negative:
The following table summarizes the components of the net deferred income tax asset:
The tax credit carryforwards as presented above have no expiration date. The net deferred tax assets are presented in the accompanying April 30, 2013 and 2012 balance sheets as follows:
As of April 30, 2013, the federal tax returns for the fiscal years ended 2009 through 2013 are open to audit until the statute of limitations closes for the years in which the net operating losses are utilized. Torotel would recognize interest and penalties accrued on unrecognized tax benefits as well as interest received from favorable tax settlements within income tax expense. As of April 30, 2013, Torotel recorded no accrued interest or penalties related to uncertain tax positions. Management expects no significant change in the amount of unrecognized tax benefit, accrued interest or penalties within the next twelve months. |
Subsequent Event (Notes)
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Apr. 30, 2013
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Subsequent Events [Abstract] | |||||||||||||||||||
Subsequent Events [Text Block] | SUBSEQUENT EVENTS On June 17, 2013, Restricted Stock Agreements were entered into for the issuance of an aggregate total of 400,000 restricted shares (the “Shares”) of the Company's common stock, pursuant to the Long-Term Incentive Plans, which were filed as Exhibit 10.9 of Form 10-KSB on July 30, 2007, and incorporated herein by reference. The agreements were authorized by the Compensation and Nominating Committee (the “Committee”) and the Board of Directors of Torotel, Inc. A total of three key employees received restricted shares pursuant to individual Restricted Stock Agreements. The form of the Restricted Stock Agreement were filed as Exhibit 10.1 of Form 8-K on June 19, 2013, and is incorporated herein by reference as Exhibit 10.3. The Shares issued pursuant to the Restricted Stock Agreements are restricted and may not be sold, assigned, pledged or otherwise disposed of until the restrictions lapse. The restrictions will lapse on the fifth anniversary of the date of grant if during the five (5) year restriction period, (1) the Company's cumulative annual growth in earnings before interest and taxes ("EBIT") is at least 10% and (2) the Company's average return on capital employed ("ROCE") is at least 25%. The restrictions will also lapse, if prior to the fifth anniversary of the date of grant, (1) the grantee's employment with the Company is terminated by reason of disability, (2) the grantee dies, or (3) the Committee, in its sole discretion, terminates the restrictions. If the restrictions on the Shares have not lapsed by the fifth anniversary of the date of grant, the Shares will be forfeited to the Company. The following table lists the officers of the Company that received the Shares.
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Enterprise Resource Management System Recoverability (Details) (Software [Member], USD $)
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12 Months Ended |
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Apr. 30, 2012
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Software [Member]
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Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |
Impaired Assets to be Disposed of by Method Other than Sale, Partial Refund | $ 40,000 |
Impaired Assets to be Disposed of by Method Other than Sale, Amount of Impairment Loss | $ 0 |
Restricted Stock 2009 Agreement (Details) (2009 Tranche [Member], Restricted Stock [Member], Common Stock [Member], USD $)
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12 Months Ended | |
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Apr. 30, 2013
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Sep. 02, 2009
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2009 Tranche [Member] | Restricted Stock [Member] | Common Stock [Member]
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Restricted Stock 2009 Agreement [Line Items] | ||
Number of Shares Granted | 250,000 | |
Par Value of Shares Granted | $ 0.01 | |
Grant Date Stock Price | $ 0.27 | |
Fair Value on Grant Date | $ 67,500 | |
Restricted Stock Forfeiture Recovery | $ (42,000) |
Stock Appreciation Rights
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Apr. 30, 2013
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SARS [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Appreciation Rights [Text Block] | STOCK APPRECIATION RIGHTS The board of directors of Torotel approved the Directors Stock Appreciation Rights Plan (the "Plan") for non-employee directors in September 2004. This plan was filed as Exhibit 10.4 of the form 10-QSB for the quarter ended October 31, 2004. Each SAR granted as a part of the plan may be exercised to the extent that the Grantee is vested in such SAR. The SARs will vest according to the following schedule:
A Grantee shall become fully vested in each of his or her SARs under the following circumstances: (i) upon termination of the Grantee's service as a director of Torotel for reasons of death, disability or retirement; (ii) if the Compensation and Nominating Committee (the "Committee"), in its sole discretion, determines that acceleration of the SAR vesting schedule would be desirable for Torotel; or (iii) if Torotel shall, pursuant to action by its Board of Directors, at any time propose to merge into, consolidate with, or sell or otherwise transfer all or substantially all of its assets to another corporation, and provision is not made pursuant to the terms of such transaction for the assumption by the surviving, resulting or acquiring corporation of outstanding SARs or for substitution of new SARs therefore, the Committee shall cause written notice of the proposed transaction to be given to each Grantee not less than twenty days prior to the anticipated effective date of the proposed transaction, and his or her SARs shall become fully vested and, prior to a date specified in such notice, which shall be not more than ten days prior to the anticipated effective date of the proposed transaction, each Grantee shall have the right to exercise his or her SARs. In accordance with ASC 718, compensation expense is recognized over the vesting period based upon the estimated fair value of the SARs pursuant to the terms of the Plan using the Black-Scholes options-pricing model as of the end of each financial reporting period. The stock volatility rate was determined using the historical volatility rates of our common stock based on the weekly closing price of our stock. The expected life represents the actual life as well as the use of the simplified method prescribed by the SEC, which uses the average of the vesting period and expiration period of each group of SARs. The interest rates used were the government Treasury bill rate on the date of valuation. Dividend yield was based on the historical policy that we have not issued any form of dividend since 1985. SARs transactions for each period though April 30 are summarized as follows:
The following information applies to SARs outstanding for each year through April 30:
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Commitments and Contingencies Schedule of Future Minimum Lease Payments (Details) (USD $)
|
Apr. 30, 2013
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Capital Lease Obligations [Member]
|
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Capital Leases, Future Minimum Payments Due, Next Twelve Months | $ 28,000 |
Capital Leases, Future Minimum Payments Due in Two Years | 4,000 |
Capital Leases, Future Minimum Payments Due in Three Years | 0 |
Capital Leases, Future Minimum Payments Due | 32,000 |
Operating Lease Obligations [Member]
|
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Operating Leases, Future Minimum Payments Due, Next Twelve Months | 120,000 |
Operating Leases, Future Minimum Payments, Due in Two Years | 9,000 |
Operating Leases, Future Minimum Payments, Due in Three Years | 5,000 |
Capital Leases, Future Minimum Payments Due | 33,000 |
Operating Leases, Future Minimum Payments Due | $ 134,000 |
Restricted Stock Stock Compensation Expense (Details) (USD $)
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12 Months Ended | |
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Apr. 30, 2013
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Apr. 30, 2012
|
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Restricted Stock Compensation Expense [Line Items] | ||
Allocated Share-based Compensation Expense | $ 44,000 | $ (28,000) |
Stock Award Plan [Member] | Restricted Stock [Member] | Common Stock [Member]
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Restricted Stock Compensation Expense [Line Items] | ||
Allocated Share-based Compensation Expense | $ 36,000 | $ 106,000 |
Inventories (Details) (USD $)
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Apr. 30, 2013
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Apr. 30, 2012
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Inventory, Net | $ 1,391,000 | $ 1,229,000 |
Raw Materials [Member]
|
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Inventory, Raw Materials, Net of Reserves | 850,000 | 848,000 |
Work in Process [Member]
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Inventory, Work in Process, Net of Reserves | 281,000 | 296,000 |
Finished Goods [Member]
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Inventory, Finished Goods, Net of Reserves | 260,000 | 85,000 |
Inventory [Member]
|
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Inventory, Net | $ 1,391,000 | $ 1,229,000 |
Financing Agreements (Tables)
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Apr. 30, 2013
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Financing Agreements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt [Table Text Block] |
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Schedule of Long-term Debt Instruments [Table Text Block] |
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Schedule of Maturities of Long-term Debt [Table Text Block] |
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Inventories (Tables)
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Apr. 30, 2013
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Inventories [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory, Current [Table Text Block] |
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Income Taxes Components of Deferred Tax Assets and Liabilities (Details) (USD $)
|
Apr. 30, 2013
|
Apr. 30, 2012
|
---|---|---|
Components of Deferred Taxes [Line Items] | ||
Operating Loss Carryforwards | $ 1,095,000 | $ 1,359,000 |
Deferred Tax Assets, Inventory | 146,000 | 150,000 |
Deferred Tax Assets, Intangible Assets | 175,000 | 271,000 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Impairment Losses | 427,000 | 427,000 |
Tax Credit Carryforward, Deferred Tax Asset | 130,000 | 143,000 |
Deferred Tax Assets, Other | 81,000 | 91,000 |
Deferred Tax Assets, Gross | 2,054,000 | 2,441,000 |
Deferred Tax Assets, Valuation Allowance | 1,214,000 | 1,833,000 |
Deferred Tax Assets, Net of Valuation Allowance | $ 840,000 | $ 608,000 |
Stock Appreciation Rights (Tables)
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Apr. 30, 2013
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Stock Appreciation Rights Vesting Schedule [Table Text Block] |
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Schedule of Share-based Compensation, Stock Options and Stock Appreciation Rights Award Activity [Table Text Block] |
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Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] |
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Financing Agreements Maturities of Long-Term Debt (Details) (USD $)
|
Apr. 30, 2013
|
Apr. 30, 2012
|
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Fiscal Year Maturities [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 140,000 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 123,000 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 532,000 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 | |
Long-term Debt | $ 795,000 | $ 945,000 |
Commitments and Contingencies Rent Expense (Details) (Operating Lease Expense [Member], USD $)
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12 Months Ended | |
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Apr. 30, 2013
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Apr. 30, 2012
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Operating Lease Expense [Member]
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Rent Expense [Line Items] | ||
Operating Leases, Rent Expense, Net | $ 225,000 | $ 229,000 |
Stockholders' Equity (Tables)
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Apr. 30, 2013
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Stockholders' Equity Attributable to Parent [Abstract] | ||||||||||||||||||||||||||||||||||||
Schedule of Stock by Class [Table Text Block] |
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Stock Appreciation Rights Stock Appreciation Rights Vesting Schedule (Details) (Stock Appreciation Rights (SARs) [Member])
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12 Months Ended |
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Apr. 30, 2012
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Stock Appreciation Rights (SARs) [Member]
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Vesting Schedule [Line Items] | |
Vested In Under One Year | 0.00% |
Vested At Least One But Less Than Two Years | 33.00% |
Vested At Least Two But Less Than Three Years | 67.00% |
Vested Three or More Years | 100.00% |
Stock Appreciation Rights Stock Appreciation Rights Rollforward (Details) (Stock Appreciation Rights (SARs) [Member], USD $)
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12 Months Ended | |
---|---|---|
Apr. 30, 2013
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Apr. 30, 2012
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Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at Beginning of Year | 280,000 | 240,000 |
SARs Granted | 40,000 | 40,000 |
SARs Exercised | 0 | 0 |
SARs Forfeited | 0 | 0 |
Outstanding at Ending of Year | 320,000 | 280,000 |
SARs Exercisable at End of Year | 243,300 | 210,000 |
Weighted Average [Member]
|
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Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted Average at Beginning of Year | $ 0.429 | $ 0.407 |
Weighted Average Granted | $ 0.270 | $ 0.558 |
Weighted Average Exercised | $ 0.000 | |
Weighted Average Forfeitures | $ 0.000 | |
Weighted Average at Ending of Year | $ 0.409 | $ 0.429 |
Weighted Average Fair Value of SARs Granted During the Year | $ 0.270 | $ 0.256 |
Weighted Average SARs Exercisable at End of Year | $ 0.419 | $ 0.439 |
Income Taxes Schedule of the Components of Income Taxes (Details) (USD $)
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12 Months Ended | |
---|---|---|
Apr. 30, 2013
|
Apr. 30, 2012
|
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Income Tax Reconciliation, Permanent Differences | $ 3,000 | $ 11,000 |
Current Income Tax Expense (Benefit) | 14,000 | 0 |
Deferred Income Tax Expense (Benefit) | (232,000) | 0 |
Income Tax Expense (Benefit) | $ (218,000) | $ 0 |
Subsequent Event (Details) (2013 tranche [Member], Restricted Stock [Member], Common Stock [Member])
|
Jun. 17, 2013
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Chief Executive Officer [Member]
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Restricted Stock 2013 Agreement [Line Items] | |
Number of Shares Granted | 200,000 |
Chief Financial Officer [Member]
|
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Restricted Stock 2013 Agreement [Line Items] | |
Number of Shares Granted | 150,000 |
Management [Member]
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Restricted Stock 2013 Agreement [Line Items] | |
Number of Shares Granted | 400,000 |
Summary of Significant Accounting Policies (Policies)
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12 Months Ended | ||||||||||||
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Apr. 30, 2013
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Accounting Policies [Abstract] | |||||||||||||
Nature of Operations [Text Block] | Torotel, Inc. ("Torotel") conducts business primarily through its wholly owned subsidiary, Torotel Products, Inc. ("Torotel Products"), but it also operates another wholly owned subsidiary Electronika, Inc. ("Electronika"). Another subsidiary, Torotel Manufacturing Corporation ("TMC"), provided manufacturing services to Torotel Products. TMC ceased activities on December 31, 2012. Torotel specializes in the custom design and manufacture of a wide variety of precision magnetic components, consisting of transformers, inductors, reactors, chokes, toroidal coils, high voltage transformers, dry-type transformers and electro-mechanical assemblies for use in aerospace, industrial and military electronics. Torotel also designs and distributes ballast transformers for the airline industry. |
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Principles of Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts of Torotel, Inc. and its wholly owned subsidiaries, Torotel Products, Inc., Torotel Manufacturing Corporation, and Electronika, Inc. and subsidiary. All significant inter-company accounts and transactions have been eliminated in consolidation. |
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Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Significant estimates used in preparing these consolidated financial statements include those assumed in computing the carrying value of inventory, the allowance for doubtful accounts receivable, the valuation allowance on deferred income tax assets, and the reserve for warranty costs. Accordingly, actual results could differ from those estimates. Any changes in estimates are recorded in the period in which they become known. |
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Credit Risk, Policy [Policy Text Block] | Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash and accounts receivable. We grant unsecured credit to most of our customers. We do not believe that we are exposed to any extraordinary credit risk as a result of this policy. At various times, and at April 30, 2013, cash balances exceeded federally insured limits. We have not experienced any losses in the cash accounts and we do not believe we are exposed to any significant credit risk with respect to our cash. |
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Fair Value of Financial Instruments [Policy Text Block] | Fair Value of Financial Instruments We determine fair value by utilizing a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels as follows:
The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as consider counterparty credit risk in the assessment of fair value. The carrying amounts of certain financial instruments, including cash, trade receivables and trade accounts payable approximate fair value due to their short maturities. As of April 30, 2013, the amount of our long-term debt approximates fair value based on the present value of estimated future cash flows using a discount rate commensurate with a borrowing rate available to us. The inputs used to estimate the fair value of long-term debt are considered Level 2 inputs. |
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Treasury Stock, Policy [Policy Text Block] | Treasury Stock We utilize the weighted average cost method in accounting for treasury stock transactions. |
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Revenue Recognition [Policy Text Block] | Revenue Recognition Revenue is recognized when a fixed price contract or purchase order exists; delivery has occurred; and collection is reasonably assured. Selling terms are FOB Shipping Point so we consider our products delivered once they have been shipped and title and risk of loss have been transferred. Our consolidated net sales arising from contracts having deliveries scheduled over a period of more than one year for fiscal years 2013 and 2012 were approximately 40% and 51%, respectively, primarily because of the contract for the potted coil assembly. |
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Allowance for Doubtful Accounts, Policy [Policy Text Block] | Allowance for Doubtful Accounts Gross trade accounts receivable are offset with an allowance for doubtful accounts. The allowance for doubtful accounts is our best estimate of the amount of probable credit losses in our existing accounts receivable. We review the allowance for doubtful accounts on a regular basis, and all past due balances are reviewed individually for collectability. Account balances are charged against the allowance when placed for collection. Recoveries of receivables previously written off are recorded when received. The majority of the customer accounts are considered past due after the invoice becomes older than the customer's credit terms. Interest is not charged on past due accounts. The allowance for doubtful accounts as of April 30, 2013 and 2012 was $12,000 and $12,000, respectively. |
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Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of cost or market. Cost is determined using a FIFO approximated weighted average cost method of valuation. Our industry is characterized by short-term customer commitments and changes in demand, as well as other market considerations. Provisions for obsolete and excess inventory are based on reviews of inventory usage, quantities on hand and latest product demand information from customers. Inventories are reviewed in detail utilizing a 12-month time horizon. Individual part numbers that have not had any usage or purchases in a 12-month time period and do not have any known usage requirements are categorized as obsolete; individual part numbers having more than a 12-month supply based on the current year's usage are categorized as excess. Once specific inventory has been identified as excess or obsolete, the cost of the identified inventory is fully reserved and the cost of the inventory is not recovered until it is sold. The reserve balance is analyzed for adequacy as part of the inventory review each quarter. |
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Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment Property, plant and equipment are carried at cost. Depreciation and amortization are provided in amounts sufficient to relate the costs of depreciable assets to operations primarily using the straight-line method over estimated useful lives of three to five years for equipment and three and a half to twenty years for buildings and improvements. |
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Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents For purposes of the consolidated statements of cash flows, we consider all short-term investments and demand deposits purchased with original maturity dates of three months or less to be cash. |
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Income Tax, Policy [Policy Text Block] | Income Taxes Our annual tax rate is based on our income, statutory tax rates and tax planning opportunities available to us in the various jurisdictions in which we operate. Significant judgment is required in determining our annual tax rate and in evaluating our tax positions. An estimated effective tax rate for a year is applied to our quarterly operating results. In the event there is a significant or unusual item recognized in our quarterly operating results, the tax attributable to that item is separately calculated and recorded at the same time as that item. Tax law requires items to be included in our tax returns at different times than the items are reflected in our financial statements. As a result, our annual tax rate reflected in our financial statements is different than that reported in our tax returns (our cash tax rate). Some of these differences are permanent, such as expenses that are not deductible in our tax return, and some differences reverse over time, such as depreciation expense. These temporary differences create deferred tax assets and liabilities. Deferred tax assets generally represent items that can be used as a tax deduction or credit in our tax returns in future years for which we have already recorded the tax benefit in our income statement. We establish valuation allowances for our deferred tax assets if, based on the available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax liabilities generally represent tax expense recognized in our financial statements for which payment has been deferred, or expense for which we have already taken a deduction in our tax return but have not yet recognized as expense in our financial statements. The accounting for uncertainty in income taxes requires a more-likely-than-not threshold for financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. If necessary, we record a liability for the difference between the benefit recognized and measured for financial statement purposes and the tax position taken or expected to be taken on our tax return. To the extent that our assessment of such tax positions changes, the change in estimate is recorded in the period in which the determination is made. If applicable in a given year, tax-related interest and penalties are classified as a component of income tax expense. |
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Advertising Cost, Policy, Expensed Advertising Cost [Policy Text Block] | Advertising Costs Advertising costs are expensed as incurred. For the years ended April 30, 2013 and 2012 advertising costs were $4,000 and $14,000, respectively. |
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Warranty Costs, Policy [Policy Text Block] | Warranty Costs We maintain a reserve for estimated warranty costs associated with products returned from customers. A limited warranty is provided for a period of one year which requires us to repair or replace defective products at no cost to the customer. The warranty reserve is based on historical experience and reflects management's best estimate of probable liability under the product warranties. |
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Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share-Based Compensation We have share-based compensation plans that include restricted stock and stock appreciation rights, which are described more fully in Notes 7 and 12 of the Notes to the Consolidated Financial Statements. We account for our share-based compensation plans in accordance with authoritative guidance under which the estimated fair value of share-based awards granted under our share-based compensation plans is recognized as compensation expense over the vesting period of the award. |
Consolidated Balance Sheets Parenthetical (Parentheticals) (USD $)
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Apr. 30, 2012
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Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 6,000,000 | 6,000,000 |
Common stock, shares issued | 5,265,750 | 5,515,750 |
Common Stock, Shares, Outstanding | 5,265,750 | 5,515,750 |
Inventories
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Inventory Disclosure [Text Block] | NOTE 2—INVENTORIES The following table summarizes the components of inventories, as of April 30 of each year:
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Commitments and Contingencies
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Commitments and Contingencies Disclosure [Text Block] | COMMITMENTS AND CONTINGENCIES We are obligated under several capital leases covering various computer hardware that expire at various dates during the next two fiscal years. All of these leases are non-cancellable and are presented in the accompanying consolidated financial statements as long-term debt. At April 30, 2013 and 2012, the gross amount of equipment and related accumulated amortization recorded under capital leases were as follows:
Amortization of assets held under capital lease is included with depreciation expense. As part of our ongoing operations, we enter into arrangements that obligate us to make future payments to various parties. Some of these contractual obligations are not reflected on the accompanying consolidated balance sheets due to the nature of the obligations. Such obligations include operating leases for production space and for equipment. On July 30, 2010, we entered into a real estate lease agreement with 96-OP Prop, LLC to lease approximately 18,000 square feet for manufacturing injection molded products, electromechanical assemblies, and larger transformers. This agreement commenced on September 1, 2010 and continues through February 28, 2014. The lease agreement is incorporated by reference to Exhibit 10.8 of Form 8-K filed with the SEC on August 4, 2010. Minimum rent payments under operating leases are recognized on a straight-line basis over the term of the lease including any periods free of rent. Total rent expense for all operating leases for the years ended April 30, 2013 and 2012 was $225,000 and $229,000, respectively. Future minimum lease payments under non cancellable operating leases (with initial or remaining lease terms in excess of one year) and future minimum capital lease payments as of April 30, 2013 are:
The future minimum capital lease payments of $33,000 include amounts representing interest of $1,000 which results in a present value of $32,000 for net minimum capital lease payments. |
Financing Agreements
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Financing Agreements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Text Block] | NOTE 3—FINANCING AGREEMENTS On September 27, 2010, Torotel Products entered into a new financing agreement (the “agreement”) with Commerce Bank, N.A (the “Bank”). The agreement provides for a revolving line of credit, a guidance line of credit, and a real estate term loan. Both Torotel, Inc. and Electronika, Inc. serve as additional guarantors to all notes described below. A summary of the notes within this agreement is provided below:
The revolving line of credit, which is available for working capital purposes, is renewable annually. The associated interest rate is equal to the greater of the floating Commerce Bank Prime Rate (currently 3.25%) or a floor of 4% (as listed above). Monthly repayments of interest only are required with the principal due at maturity. This facility is cross collateralized and cross defaulted with all other facilities and is secured by a first lien on all business assets of Torotel Products. The real estate loan is a refinancing of our previous real estate loan and equipment loans with the Bank of Blue Valley. Monthly repayments consisting of both interest and principal are required. This facility is cross collateralized and cross defaulted with all other facilities and is secured by a first real estate mortgage on the property located at 620 North Lindenwood Drive in Olathe, Kansas. The guidance line of credit is to be used for equipment purchases. Monthly repayments consisting of both interest and principal are required. This facility is cross collateralized and cross defaulted with all other facilities and is secured by a purchase money security interest in the assets purchased as well as a first lien on all business assets of Torotel Products. Torotel Products is also required to comply with specified financial covenants and as of April 30, 2013, Torotel was in compliance with these covenants. Information concerning Torotel's long-term indebtedness as of April 30 of each year is as follows:
The amount of long-term debt maturities by year is as follows:
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Financing Agreements Schedule of Debt (Details) (USD $)
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Apr. 30, 2012
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Line of Credit [Member]
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Mortgages [Member]
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Equipment Loan Note Payable [Member]
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Debt Instrument, Face Amount | $ 500,000 | $ 650,000 | $ 500,000 | ||
Proceeds Received | 0 | 650,000 | 380,000 | ||
Line of Credit Facility, Maximum Borrowing Capacity | 500,000 | ||||
Debt Instrument, Unused Borrowing Capacity, Amount | 0 | 120,000 | |||
Amount Paid | 0 | 82,000 | 185,000 | ||
Short-term Debt | 0 | ||||
Long-term Debt | (795,000) | (945,000) | 568,000 | 195,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | 4.63% | 4.63% | ||
Debt Instrument, Maturity Date | Sep. 27, 2013 | Sep. 26, 2015 | Sep. 26, 2015 | ||
Debt Instrument, Periodic Payment | $ 0 | $ 5,038 | $ 7,123 | ||
Additional Debt Disclosure | Borrowing base limited to 75% of eligible receivables | 15 year amortization schedule | Advance rate equal to 80% of the price of the equipment purchased |
Income Taxes (Tables)
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Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] |
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Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] |
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Summary of Operating Loss Carryforwards [Table Text Block] |
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Schedule of Deferred Tax Assets and Liabilities [Table Text Block] |
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Schedule of Current and Noncurrent Deferred Income Tax [Table Text Block] |
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Earnings per Share (Tables)
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Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method [Table Text Block] |
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Summary of Significant Accounting Policies (Details) (USD $)
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Summary of Significant Accounting Policies [Line Items] | ||
Advertising Expense | $ 4,000 | $ 14,000 |
Percent of Revenue | 40.00% | 51.00% |
Allowance for Doubtful Accounts Receivable, Current | $ 12,000 | $ 12,000 |
Restricted Stock Forfeiture Details (Details) (Common Stock [Member], Restricted Stock [Member], 2007 Agreement [Member], USD $)
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Common Stock [Member] | Restricted Stock [Member] | 2007 Agreement [Member]
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Forfeiture Details [Line Items] | |
Restricted Stock Forfeiture Recovery | $ 117,000 |