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Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Apr. 30, 2012	Jun. 15, 2012	Oct. 29, 2011
Document and Entity Information
Entity Registrant Name	AeroVironment Inc
Entity Central Index Key	0001368622
Document Type	10-K
Document Period End Date	Apr. 30, 2012
Amendment Flag	false
Current Fiscal Year End Date	--04-30
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 618.7
Entity Common Stock, Shares Outstanding		22,253,533
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Apr. 30, 2012	Apr. 30, 2011
Current assets:
Cash and cash equivalents	$ 64,220	$ 62,041
Short-term investments	77,152	126,839
Accounts receivable, net of allowance for doubtful accounts of $921 at April 30, 2012 and $639 at April 30, 2011	56,417	44,376
Unbilled receivables and retentions	27,034	21,966
Inventories, net	43,539	38,137
Deferred income taxes	9,377	6,778
Prepaid expenses and other current assets	4,030	2,372
Total current assets	281,769	302,509
Long-term investments	58,457	6,275
Property and equipment, net	23,515	17,498
Deferred income taxes	5,209	5,284
Other assets	201	181
Total assets	369,151	331,747
Current liabilities:
Accounts payable	20,213	31,134
Wages and related accruals	19,076	15,458
Income taxes payable	8,788	7,404
Customer advances	5,124	1,648
Other current liabilities	9,898	5,736
Liability for uncertain tax positions	606	724
Total current liabilities	63,705	62,104
Wages and related accruals	1,203	762
Deferred rent	1,019	1,275
Liability for uncertain tax positions	4,026	4,138
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.0001 par value: Authorized shares-10,000,000; none issued or outstanding
Common stock, $0.0001 par value: Authorized shares-100,000,000 Issued and outstanding shares-22,243,903 shares at April 30, 2012 and 21,949,884 at April 30, 2011	2	2
Additional paid-in capital	124,954	119,765
Accumulated other comprehensive loss	(694)	(784)
Retained earnings	174,936	144,485
Total stockholders' equity	299,198	263,468
Total liabilities and stockholders' equity	$ 369,151	$ 331,747

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Apr. 30, 2012	Apr. 30, 2011
CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 921	$ 639
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, Authorized shares	10,000,000	10,000,000
Preferred stock, issued shares	0	0
Preferred stock, outstanding shares	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, Authorized shares	100,000,000	100,000,000
Common stock, Issued shares	22,243,903	21,949,884
Common stock, outstanding shares	22,243,903	21,949,884

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Apr. 30, 2012	Apr. 30, 2011	Apr. 30, 2010
Revenue:
Product sales	$ 179,537	$ 137,724	$ 103,268
Contract services	145,471	154,779	146,250
Total revenue	325,008	292,503	249,518
Cost of sales:
Product sales	104,347	74,843	59,266
Contract services	91,328	100,509	93,426
Total cost of sales	195,675	175,352	152,692
Gross margin	129,333	117,151	96,826
Selling, general and administrative	55,280	47,431	42,429
Research and development	30,977	35,769	24,510
Income from operations	43,076	33,951	29,887
Other income:
Interest income	462	277	195
Income before income taxes	43,538	34,228	30,082
Provision for income taxes	13,087	8,319	9,366
Net income	$ 30,451	$ 25,909	$ 20,716
Earnings per share data:
Basic (in dollars per share)	$ 1.40	$ 1.20	$ 0.97
Diluted (in dollars per share)	$ 1.36	$ 1.17	$ 0.94
Weighted average shares outstanding:
Basic (in shares)	21,783,496	21,591,333	21,391,795
Diluted (in shares)	22,315,474	22,081,266	21,977,364

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Comprehensive Income
Balance at Apr. 30, 2009	$ 207,427	$ 2	$ 110,102	$ 97,860	$ (537)
Balance (in shares) at Apr. 30, 2009		21,470,481
Increase (Decrease) in Stockholders' Equity
Net income	20,716			20,716		$ 20,716
Other comprehensive income (loss):
Unrealized gain (loss) on investments	(223)				(223)	(223)
Comprehensive income	20,493					20,493
Stock options exercised	836		836
Stock options exercised (in shares)		205,132
Restricted stock awards (in shares)		63,000
Restricted stock awards forfeited (in shares)		(6,200)
Tax benefit from stock-based compensation	3,010		3,010
Stock-based compensation	1,654		1,654
Balance at Apr. 30, 2010	233,420	$ 2	115,602	118,576	(760)
Balance (in shares) at Apr. 30, 2010		21,732,413
Increase (Decrease) in Stockholders' Equity
Net income	25,909			25,909		25,909
Other comprehensive income (loss):
Unrealized gain (loss) on investments	(24)				(24)	(24)
Comprehensive income	25,885					25,885
Stock options exercised	619		619
Stock options exercised (in shares)		120,561
Restricted stock awards (in shares)		98,910
Restricted stock awards forfeited (in shares)		(2,000)
Tax benefit from stock-based compensation	1,238		1,238
Stock-based compensation	2,306		2,306
Balance at Apr. 30, 2011	$ 263,468	$ 2	119,765	144,485	(784)
Balance (in shares) at Apr. 30, 2011	21,949,884	21,949,884
Increase (Decrease) in Stockholders' Equity
Net income	$ 30,451			30,451		30,451
Other comprehensive income (loss):
Unrealized gain (loss) on investments	90				90	90
Comprehensive income	30,541					$ 30,541
Stock options exercised	565		565
Stock options exercised (in shares)		141,536
Restricted stock awards (in shares)		157,400
Restricted stock awards forfeited (in shares)		(4,917)
Tax benefit from stock-based compensation	1,428		1,428
Stock-based compensation	3,196		3,196
Balance at Apr. 30, 2012	$ 299,198	$ 2	$ 124,954	$ 174,936	$ (694)
Balance (in shares) at Apr. 30, 2012	22,243,903	22,243,903

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2012	Apr. 30, 2011	Apr. 30, 2010
Operating activities
Net income	$ 30,451	$ 25,909	$ 20,716
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	8,973	10,599	8,982
Impairment of long-lived assets		2,043
Provision for doubtful accounts	291	(105)	454
Deferred income taxes	(2,579)	(1,343)	(253)
Stock-based compensation	3,196	2,306	1,654
Tax benefit from exercise of stock options	1,239	1,034	2,902
Excess tax benefit from stock-based compensation	(189)	(204)	(108)
(Gain) loss on disposition of property and equipment	(11)	(51)	3
Changes in operating assets and liabilities:
Accounts receivable	(12,332)	(5,626)	3,452
Unbilled receivables and retentions	(5,068)	(3,256)	1,360
Inventories	(5,402)	(17,209)	(9,326)
Income tax receivable			3,415
Prepaid expenses and other assets	(1,678)	(543)	(172)
Accounts payable	(10,921)	10,929	(3,785)
Other liabilities	12,784	9,003	6,690
Net cash provided by operating activities	18,754	33,486	35,984
Investing activities
Acquisition of property and equipment	(14,992)	(10,173)	(10,792)
Net (purchases) sales of held-to-maturity investments	(2,575)	8,931	(114,247)
Net sales of available-for-sale investments	225	200	275
Proceeds from sale of property and equipment	13	109
Net cash used in investing activities	(17,329)	(933)	(124,764)
Financing activities
Excess tax benefit from stock-based compensation	189	204	108
Exercise of stock options	565	619	836
Net cash provided by financing activities	754	823	944
Net increase (decrease) in cash and cash equivalents	2,179	33,376	(87,836)
Cash and cash equivalents at beginning of year	62,041	28,665	116,501
Cash and cash equivalents at end of year	64,220	62,041	28,665
Cash paid during the year for:
Income taxes	13,104	9,873	104
Non-cash investing activities
Unrealized gains (losses) on long-term investments recorded in other comprehensive income (loss), net of deferred tax benefit of $56, $16 and $143, respectively	$ 90	$ (24)	$ (223)

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2012	Apr. 30, 2011	Apr. 30, 2010
CONSOLIDATED STATEMENTS OF CASH FLOWS
Unrealized gains (losses) on long-term investments recorded in other comprehensive income, deferred tax benefit	$ 56	$ 16	$ 143

Organization and Significant Accounting Policies

12 Months Ended

Apr. 30, 2012

Organization and Significant Accounting Policies

Organization and Significant Accounting Policies

1. Organization and Significant Accounting Policies

Organization

AeroVironment, Inc., a Delaware corporation, is engaged in the design, development, production, support and operation of unmanned aircraft systems and efficient energy systems for various industries and governmental agencies.

Significant Accounting Policies

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of AeroVironment, Inc. and its wholly-owned subsidiaries: AV S.r.l., Skytower, LLC, AV GmbH, AV Massachusetts, LLC, AV Rhode Island, LLC, Skytower Inc., AILC, Inc. and Regenerative Fuel Cell Systems, LLC (collectively referred to herein as the "Company"). All intercompany balances and transactions have been eliminated in consolidation.

Segments

The Company's products are sold and divided among two reportable segments to reflect the Company's strategic goals. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the Chief Operating Decision Maker ("CODM") in deciding how to allocate resources and in assessing performance. The Company's CODM is the Chief Executive Officer, who reviews the revenue and gross margin results for each of these segments in order to make resource allocation decisions, including the focus of research and development, or R&D, activities, and assessing performance. The Company's reportable segments are business units that offer different products and services and are managed separately.

Use of Estimates

The preparation of consolidated financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates made by management include, but are not limited to, valuation of: inventory, deferred tax assets and liabilities, useful lives of property, plant and equipment, medical and dental liabilities, and estimates of anticipated contract costs and revenue utilized in the revenue recognition process. Actual results could differ from those estimates.

Reclassifications

Certain prior year amounts have been reclassified to conform to the current year presentation.

Cash Equivalents

The Company considers all highly liquid investments with an original maturity of three months or less at the time of purchase to be cash equivalents. The Company's cash equivalents are comprised of money market funds, certificates of deposit of major financial institutions, and U.S. Treasury bills.

Investments

The Company's investments are accounted for as held-to-maturity and available-for-sale and reported at amortized cost and fair value, respectively.

Unrealized gains and losses are excluded from earnings and reported as a separate component of stockholders' equity, net of deferred income taxes for available-for-sale investments.

Gains and losses realized on the disposition of investment securities are determined on the specific identification basis and credited or charged to income. Premium and discount on investments are amortized and accreted using the interest method and charged or credited to investment income.

Management determines the appropriate classification of securities at the time of purchase and re-evaluates such designation as of each balance sheet date.

Investments are considered to be impaired when a decline in fair value is judged to be other-than-temporary. On a quarterly basis, the Company considers available quantitative and qualitative evidence in evaluating potential impairment of our investments. If the cost of an investment exceeds its fair value, the Company evaluates, among other factors, general market conditions, the duration and extent to which the fair value is less than cost, and our intent and ability to hold the investment to maturity. The Company also considers potential adverse conditions related to the financial health of the issuer based on rating agency actions. Once a decline in fair value is determined to be other-than-temporary, an impairment charge is recorded in earnings and a new cost basis in the investment is established.

Fair Values of Financial Instruments

Fair values of cash and cash equivalents, accounts receivable, unbilled receivables, retentions and accounts payable approximate cost due to the short period of time to maturity.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of cash, cash equivalents, municipal bonds, U.S. government securities and accounts receivable. The Company currently invests the majority of its cash in municipal bonds and U.S. government securities. The Company's revenue and accounts receivable are with a limited number of corporations and governmental entities. In the aggregate, 83%, 83% and 80% of the Company's revenue came from agencies of the U.S. government for the years ended April 30, 2012, 2011 and 2010, respectively. These agencies accounted for 82% and 59% of the accounts receivable balances at April 30, 2012 and 2011, respectively. One such agency, the U.S. Army, accounted for 42%, 48% and 44% of the Company's consolidated revenue for the years ended April 30, 2012, 2011 and 2010, respectively. The U.S. Army accounted for approximately 49%, 56% and 48% of UAS reportable segment sales for the years ended April 30, 2012, 2011 and 2010, respectively. The Company performs ongoing credit evaluations of its commercial customers and maintains an allowance for potential losses.

Accounts Receivable, Unbilled Receivables and Retentions

Accounts receivable represents primarily U.S. government, and to a lesser extent commercial receivables, net of allowances for doubtful accounts. Unbilled receivables represent costs in excess of billings on incomplete contracts and, where applicable, accrued profit related to government long-term contracts on which revenue has been recognized, but for which the customer has not yet been billed.

Retentions represent amounts withheld by customers until contract completion. The Company determines the allowance for doubtful accounts based on historical customer experience and other currently available evidence. When a specific account is deemed uncollectible, the account is written off against the allowance. The allowance for doubtful accounts reflects the Company's best estimate of probable losses inherent in the accounts receivable balance; such losses have historically been within management's expectations. An account is deemed past due based on contractual terms rather than on how recently payments have been received.

Inventories

Inventories are stated at the lower of cost (using the weighted average costing method) or market value. Inventory write-offs and write-down provisions are provided to cover risks arising from slow-moving items or technological obsolescence and for market prices lower than cost. The Company periodically evaluates the quantities on hand relative to current and historical selling prices and historical and projected sales volume. Based on this evaluation, provisions are made to write inventory down to its market value.

Long-Lived Assets

Property and equipment are carried at cost. Depreciation of property and equipment, including amortization of leasehold improvements, are provided using the straight-line method over the following estimated useful lives:


Machinery and equipment		2 to 7 years
Computer equipment and software		2 to 5 years
Furniture and fixtures		3 to 7 years
Leasehold improvements		Lesser of useful life or term of lease

Maintenance, repairs and minor renewals are charged directly to expense as incurred. Additions and betterments to property and equipment are capitalized at cost. When the Company disposes of assets, the applicable costs and accumulated depreciation and amortization thereon are removed from the accounts and any resulting gain or loss is included in selling, general and administrative expense in the period incurred.

The Company reviews the recoverability of its long-lived assets whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The estimated future cash flows are based upon, among other things, assumptions about expected future operating performance, and may differ from actual cash flows. If the sum of the projected undiscounted cash flows (excluding interest) is less than the carrying value of the assets, the assets will be written down to the estimated fair value in the period in which the determination is made. At April 30, 2012, no indicators of impairment were identified and no impairment charge was recorded. At April 30, 2011, there were indicators of impairment identified and an impairment charge of $2,043,000 was recorded. See Note 5, "Property and Equipment, net" for further details.

Product Warranty

The Company accrues an estimate of its exposure to warranty claims based upon both current and historical product sales data and warranty costs incurred. Product warranty reserves are recorded in other current liabilities.

Self-Insurance Liability

The Company is self-insured for employee medical claims, subject to individual and aggregate stop-loss policies. The Company estimates a liability for claims filed and incurred but not reported based upon recent claims experience and an analysis of the average period of time between the occurrence of a claim and the time it is reported to and paid by the Company. As of April 30, 2012 and 2011, the Company estimated and recorded a self-insurance liability in wages and related accruals of approximately $1,448,000 and $898,000, respectively.

Income Taxes

Deferred income tax assets and liabilities are computed annually for differences between the financial statement and income tax bases of assets and liabilities that will result in taxable or deductible amounts in the future. The provision for income taxes reflects the taxes to be paid for the period and the change during the period in the deferred income tax assets and liabilities. The Company records a valuation allowance to reduce the deferred tax assets to the amount of future tax benefit that is more likely than not to be realized. For uncertain tax positions, the Company determines whether it is "more likely than not" that a tax position will be sustained upon examination by the appropriate taxing authorities before any part of the benefit can be recorded in the financial statements. For those tax positions where it is "not more likely than not" that a tax benefit will be sustained, no tax benefit is recognized. Where applicable, associated interest and penalties are also recorded.

Customer Advances and Amounts in Excess of Cost Incurred

The Company receives advances, performance-based payments and progress payments from customers that may exceed costs incurred on certain contracts, including contracts with agencies of the U.S. government. These advances are classified as advances from customers and will be offset against billings.

Revenue Recognition

The substantial majority of the Company's revenue is generated pursuant to written contractual arrangements to design, develop, manufacture and/or modify complex products, and to provide related engineering, technical and other services according to the specifications of the buyers (customers). These contracts may be fixed-price or cost-reimbursable. The Company considers all contracts for treatment in accordance with authoritative guidance for contracts with multiple deliverables.

Revenue arrangements with multiple deliverables should be divided into separate units of accounting if the deliverables have value to the customer on a stand-alone basis; there is objective and reliable evidence of the fair value of the undelivered item(s); and, if the arrangement includes a general right of return, delivery or performance of the undelivered item(s) is considered probable and substantially in the control of the vendor. The Company occasionally enters into arrangements that consist of installation and repair contracts associated with hardware sold by the Company. Such arrangements consist of separate contractual arrangements and are divided into separate units of accounting where the delivered item has value to the customer on a stand-alone basis and there is objective and reasonable evidence of the fair value of the installation contract. Consideration is allocated among the separate units of accounting based on their relative fair values.

Product sales revenue is composed of revenue recognized on contracts for the delivery of production hardware and related activities. Contract services revenue is composed of revenue recognized on contracts for the provision of services, including repairs, training, engineering design, development and prototyping activities.

Revenue from cost-plus-fee contracts are recognized on the basis of costs incurred during the period plus the fee earned. Revenue from fixed-price contracts are recognized on the percentage-of-completion method. Contract costs include all direct material and labor costs and those indirect costs related to contract performance. Unbilled receivables represent costs incurred and related profit on contracts not yet billed to customers, and are invoiced in subsequent periods.

Product sales revenue is recognized on the percentage-of-completion method or upon transfer of title to the customer, which is generally upon shipment. Shipping and handling costs incurred are included in cost of sales.

Revenue and profits on fixed-price production contracts, where units are produced and delivered in a continuous or sequential process, are recorded as units are delivered based on their selling prices (the "units-of-delivery method"). Revenue and profits on other fixed-price contracts with significant engineering as well as production requirements are recorded based on the ratio of total actual incurred costs to date to the total estimated costs for each contract (the "cost-to-cost method"). Accounting for revenue and profits on a fixed-price contract requires the preparation of estimates of (1) the total contract revenue, (2) the total costs at completion, which is equal to the sum of the actual incurred costs to date on the contract and the estimated costs to complete the contract's statement of work and (3) the measurement of progress towards completion. The estimated profit or loss at completion on a contract is equal to the difference between the total estimated contract revenue and the total estimated cost at completion. Under the units-of-delivery method, sales on a fixed-price type contract are recorded as the units are delivered during the period based on their contractual selling prices. Under the cost-to-cost method, sales on a fixed-price type contract are recorded at amounts equal to the ratio of actual cumulative costs incurred divided by total estimated costs at completion, multiplied by (i) the total estimated contract revenue, less (ii) the cumulative sales recognized in prior periods. The profit recorded on a contract in any period using either the units-of-delivery method or cost-to-cost method is equal to (i) the current estimated total profit margin multiplied by the cumulative sales recognized, less (ii) the amount of cumulative profit previously recorded for the contract. In the case of a contract for which the total estimated costs exceed the total estimated revenue, a loss arises, and a provision for the entire loss is recorded in the period that it becomes evident. The unrecoverable costs on a loss contract that are expected to be incurred in future periods are recorded in the program cost.

Significant management judgments and estimates must be made and used in connection with the recognition of revenue in any accounting period. Material differences in the amount of revenue in any given period may result if these judgments or estimates prove to be incorrect or if management's estimates change on the basis of development of the business, market conditions or other factors. Management judgments and estimates have been applied consistently and have been reliable historically. The Company believes that there are two key factors which impact the reliability of management's estimates. The first of those key factors is that the terms of the Company's contracts are typically less than six months. The short-term nature of such contracts reduces the risk that material changes in accounting estimates will occur on the basis of market conditions or other factors. The second key factor is that the Company has hundreds of contracts in any given accounting period, which reduces the risk that any one change in an accounting estimate on one or several contracts would have a material impact on the Company's consolidated financial statements or its two reporting segments' measures of profit.

For the years ended April 30, 2012, 2011 and 2010, changes in accounting estimates on fixed-price contracts recognized using the percentage of completion method of accounting were not material to the Company's consolidated financial statements or its two reporting segments' measure of profit.

Stock-Based Compensation

Stock-based compensation is measured at the grant date based on the fair value of the award and is recognized as expense over the requisite service period, which is generally the vesting period of the respective award. No compensation cost is ultimately recognized for awards for which employees do not render the requisite service and are forfeited.

Long-Term Incentive Awards

For long-term incentive awards, a target payout is established at the beginning of each performance period. The actual payout at the end of the performance period is calculated based upon the Company's achievement of revenue and operating profit growth targets. Payouts are made in cash and restricted stock units. Upon vesting of the restricted stock units, the Company has the discretion to settle the restricted stock units in cash or stock.

The cash component of the award is accounted for as a liability. The equity component is accounted for as a stock-based liability, as the restricted stock units may be settled in cash or stock. At each reporting period, the Company reassesses the probability of achieving the performance targets. The estimation of whether the performance targets will be achieved requires judgment, and, to the extent actual results or updated estimates differ from the Company's current estimates, the cumulative effect on current and prior periods of those changes will be recorded in the period estimates are revised.

Research and Development

Internally funded research and development costs, or IRAD, sponsored by the Company relate to both U.S. government products and services and those for commercial and foreign customers. IRAD costs for the Company are recoverable and allocable under government contracts in accordance with U.S. government procurement regulations.

Customer-funded research and development costs are incurred pursuant to contracts (revenue arrangements) to perform research and development activities according to customer specifications. These costs are direct contract costs and are expensed to cost of sales when the corresponding revenue is recognized, which is generally as the research and development services are performed. Revenue from customer-funded research and development was approximately $27,852,000, $33,952,000 and $80,552,000 for the years ended April 30, 2012, 2011 and 2010, respectively. The related cost of sales for customer-funded research and development totaled approximately $22,703,000, $33,003,000 and $56,532,000 for the years ended April 30, 2012, 2011 and 2010, respectively.

Lease Accounting

The Company accounts for its leases and subsequent amendments as operating leases or capital leases for financial reporting purposes. Certain operating leases contain rent escalation clauses, which are recorded on a straight-line basis over the initial term of the lease with the difference between the rent paid and the straight-line rent recorded as a deferred rent liability. Lease incentives received from landlords are recorded as deferred rent liabilities and are amortized on a straight-line basis over the lease term as a reduction to rent expense. Deferred rent liabilities were approximately $1,019,000 and $1,275,000 as of April 30, 2012 and 2011, respectively.

Advertising Costs

Advertising costs are expensed as incurred. Advertising expenses included in selling, general and administrative expenses were approximately $924,000, $979,000 and $994,000 for the years ended April 30, 2012, 2011 and 2010, respectively.

Earnings Per Share

Basic earnings per share are computed using the weighted-average number of common shares outstanding and excludes any anti-dilutive effects of options and restricted stock. The dilutive effect of potential common shares outstanding is included in diluted earnings per share.

The reconciliation of diluted to basic shares is as follows:

	Year Ended April 30,

	2012		2011		2010
Numerator for basic earnings per share:
Net income	$	30,451,000	$	25,909,000	$	20,716,000
Denominator for basic earnings per share:
Weighted average common shares		21,783,496		21,591,333		21,391,795
Dilutive effect of employee stock options and restricted stock		531,978		489,933		585,569

Denominator for diluted earnings per share		22,315,474		22,081,266		21,977,364

During the years ended April 30, 2012, 2011 and 2010, certain options and shares of restricted stock were not included in the computation of diluted earnings per share because their inclusion would have been anti-dilutive. The number of options and restricted stock which met this anti-dilutive criterion was approximately 58,000, 36,000 and 70,000 for the years ended April 30, 2012, 2011 and 2010, respectively.

Recently Issued Accounting Standards

In June 2011, the Financial Accounting Standards Board ("FASB") issued accounting guidance which requires companies to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. The new guidance eliminates the option to present the components of other comprehensive income as part of the statement of equity. The new guidance is effective for the Company's interim and annual reporting periods beginning on May 1, 2012 and will be applied retrospectively, with early adoption permitted. The adoption of this new guidance did not have a material impact on the Company's consolidated financial statements, other than the change in presentation described in the new guidance.

In May 2011, the FASB issued accounting guidance to provide a consistent definition of fair value and to ensure that the fair value measurement and disclosure requirements are similar between generally accepted accounting principles in the United States and International Financial Reporting Standards. The new guidance changes certain fair value measurement principles and enhances the disclosure requirements particularly for Level 3 fair value measurements. The new guidance is effective for the Company's interim and annual reporting periods beginning on May 1, 2012 and will be applied prospectively. The adoption of this new guidance did not have a material impact on the Company's consolidated financial statements.

- Definition

The entire disclosure for the organization, consolidation and basis of presentation of financial statements disclosure, and significant accounting policies of the reporting entity. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements.

+ References + Details

Investments

12 Months Ended

Apr. 30, 2012

Investments

Investments

2. Investments

Investments consist of the following:

	April 30,

	2012		2011
	(In thousands)
Short-term investments:
Held-to-maturity securities:
Municipal securities	$	49,263	$	—
U.S. government securities		27,889		126,839

Total short-term investments	$	77,152	$	126,839

Long-term investments:
Held-to-maturity securities:
Municipal securities	$	52,261	$	—
Available-for-sale securities:
Auction rate securities		6,196		6,275

Total long-term investments	$	58,457	$	6,275

Held-To-Maturity Securities

As of April 30, 2012 the balance of held-to-maturity securities consisted of state and local government municipal securities and U.S. Treasury bills and notes. As of April 30, 2011 the balance of held-to-maturity securities consisted of U.S. Treasury bills. Interest earned from these investments is recorded in interest income.

The amortized cost, gross unrealized losses, and estimated fair value of the held-to-maturity investments as of April 30, is as follows (in thousands):

	2012									2011

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Municipal securities	$	101,524	$	48	$	(24	)	$	101,548	$	—	$	—	$	—		$	—
U.S. government securities		27,889		—		(1	)		27,888		126,839		38		(3	)		126,874

Total held-to-maturity investments	$	129,413	$	48	$	(25	)	$	129,436	$	126,839	$	38	$	(3	)	$	126,874

The amortized cost and fair value of the Company's held-to-maturity securities by contractual maturity at April 30, 2012, are as follows:

	Cost		Fair Value

Due within one year	$	77,152	$	77,156
Due after one year through five years		52,261		52,280

Total	$	129,413	$	129,436

Available-For-Sale Securities

As of April 30, 2012 and 2011, the entire balance of available-for-sale securities consisted of four investment grade auction rate municipal bonds with maturities ranging from 7 to 22 years. These investments have characteristics similar to short-term investments, because at pre-determined intervals, generally ranging from 30 to 35 days, there is a new auction process at which the interest rates for these securities are reset to current interest rates. At the end of such period, the Company chooses to roll-over its holdings or redeem the investments for cash. A market maker facilitates the redemption of the securities and the underlying issuers are not required to redeem the investment within 365 days. Interest earned from these investments is recorded in interest income.

During the fourth quarter of the fiscal year ended April 30, 2008, the Company began experiencing failed auctions on some of its auction rate securities. A failed auction occurs when a buyer for the securities cannot be obtained and the market maker does not buy the security for its own account. The Company continues to earn interest on the investments that failed to settle at auction, at the maximum contractual rate until the next auction occurs. In the event the Company needs to access funds invested in these auction rate securities, the Company may not be able to liquidate these securities at the fair value recorded on April 30, 2012 until a future auction of these securities is successful or a buyer is found outside of the auction process.

As a result of the failed auctions, the fair values of these securities are estimated utilizing a discounted cash flow analysis as of April 30, 2012 and 2011. The analysis considers, among other items, the collateralization underlying the security investments, the creditworthiness of the counterparty, the timing of expected future cash flows, and the expectation of the next time the security is expected to have a successful auction.

Based on the Company's ability to access its cash and cash equivalents, expected operating cash flows, and other sources of cash, the Company does not anticipate the current lack of liquidity on these investments will affect its ability to operate the business in the ordinary course. The Company believes the current lack of liquidity of these investments is temporary and expects that the securities will be redeemed or refinanced at some point in the future. The Company will continue to monitor the value of its auction rate securities at each reporting period for a possible impairment if a further decline in fair value occurs. The auction rate securities have been in an unrealized loss position for more than 12 months. The Company has the ability and the intent to hold these investments until a recovery of fair value, which may be maturity and as of April 30, 2012, it did not consider these investments to be other-than-temporarily impaired.

The amortized cost, gross unrealized losses, and estimated fair value of the available-for-sale investments is as follows (in thousands):

	April 30,

	2012			2011
Auction rate securities
Amortized cost	$	7,350		$	7,575
Gross unrealized gains		—			—
Gross unrealized losses		(1,154	)		(1,300	)

Fair value	$	6,196		$	6,275

The amortized cost and fair value of the Company's auction rate securities by contractual maturity at April 30, 2012 are as follows (in thousands):

	Cost		Fair Value

Due after five through 10 years	$	1,825	$	1,690
Due after 10 years		5,525		4,506

Total	$	7,350	$	6,196

- Definition

Tabular disclosure of investments in certain debt and equity securities (and certain other trading assets) which include all debt and equity securities (other than those equity securities accounted for under the equity or cost methods of accounting) with readily determinable fair values. Other trading assets include assets that are carried on the balance sheet at fair value and held for trading purposes. A debt security represents a creditor relationship with an enterprise that is in the form of a security. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. An entity may opt to provide the reader with additional narrative text to better understand the nature of investments in debt and equity securities (and other trading assets).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 3, 19, 20, 21, 22, 137
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Debt Security
-URI http://asc.fasb.org/extlink&oid=6509901
-Topic 320

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Equity Security
-URI http://asc.fasb.org/extlink&oid=6511694
-Topic 320

+ Details

Fair Value Measurements

12 Months Ended

Apr. 30, 2012

Fair Value Measurements

Fair Value Measurements

3. Fair Value Measurements

Fair value is the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy contains three levels as follows:

•

Level 1—Inputs to the valuation based upon quoted prices (unadjusted) for identical assets or liabilities in active markets that are accessible as of the measurement date.

•

Level 2—Inputs to the valuation include quoted prices in either markets that are not active, or in active markets for similar assets or liabilities, inputs other than quoted prices that are observable, and inputs that are derived principally from or corroborated by observable market data.

•

Level 3—Inputs to the valuation that are unobservable inputs for the asset or liability.

The Company's financial assets measured at fair value on a recurring basis at April 30, 2012, were as follows (in thousands):

	Fair Value Measurement Using

Description	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Auction rate securities	$	—	$	—	$	6,196	$	6,196

Total	$	—	$	—	$	6,196	$	6,196

The following table provides a reconciliation between the beginning and ending balances of items measured at fair value on a recurring basis in the table above that used significant unobservable inputs (Level 3) (in thousands):

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)

Description	Auction Rate Securities
Balance at May 1, 2011	$	6,275
Transfers to Level 3		—
Total gains (realized or unrealized)
Included in earnings		—
Included in other comprehensive income		146
Purchases, issuances and settlements, net		(225	)

Balance at April 30, 2012	$	6,196

The amount of total gains or (losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to assets still held at April 30, 2012	$	—

The auction rate securities are valued using a discounted cash flow model. The analysis considers, among other items, the collateralization underlying the security investments, the creditworthiness of the counterparty, the timing of expected future cash flows, and the expectation of the next time the security is expected to have a successful auction.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44A, 44B
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15C, 15D
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15A
-Subparagraph a-d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
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-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 3, 10, 14, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32, 33, 34
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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+ Details

Inventories, net

12 Months Ended

Apr. 30, 2012

Inventories, net

Inventories, net

4. Inventories, net

Inventories consist of the following:

	April 30,

	2012			2011
	(In thousands)
Raw materials	$	13,969		$	13,737
Work in process		7,390			7,994
Finished goods		24,934			17,647

Inventories, gross		46,293			39,378
Reserve for inventory obsolescence		(2,754	)		(1,241	)

Inventories, net	$	43,539		$	38,137

Property and Equipment, net

12 Months Ended

Apr. 30, 2012

Property and Equipment, net

Property and Equipment, net

5. Property and Equipment, net

Property and equipment consist of the following:

	April 30,

	2012			2011
	(In thousands)
Leasehold improvements	$	8,471		$	8,207
Machinery and equipment		32,883			27,370
Furniture and fixtures		2,415			2,370
Computer equipment and software		14,894			11,758
Construction in process		9,103			3,111

Property and equipment, gross		67,766			52,816
Less accumulated depreciation and amortization		(44,251	)		(35,318	)

Property and equipment, net	$	23,515		$	17,498

At April 30, 2011, an analysis of the Company's long-lived assets related to the Global Observer customer-funded R&D contract indicated impairment. On April 14, 2011, the Company received a stop-work order for the Global Observer Joint Capabilities Technology Demonstration contract due to the contract essentially reaching its funding limit. As a result of the stop-work order, the carrying value of this asset group, primarily consisting of tooling, test and manufacturing support equipment, may not be recoverable over the remaining useful life of such assets. Accordingly, the Company completed an impairment test in accordance with the accounting policy for this asset group, which resulted in an impairment charge of $2,043,000 that was recorded in cost of sales for contract services. To determine the amount of the impairment charge, the Company was required to make estimates of the fair value of the assets in this group, and these estimates were based on the use of the income approach to determine the fair value of the equipment. The Company considers these assets "held and used."

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

+ References + Details

Warranty Reserves

12 Months Ended

Apr. 30, 2012

Warranty Reserves

Warranty Reserves

6. Warranty Reserves

Warranty reserve activity is summarized as follows:

	April 30,

	2012			2011
	(In thousands)
Beginning balance	$	1,127		$	804
Warranty expense		4,284			1,449
Warranty costs incurred		(2,539	)		(1,126	)

Ending balance	$	2,872		$	1,127

Employee Savings Plan

12 Months Ended

Apr. 30, 2012

Employee Savings Plan

Employee Savings Plan

7. Employee Savings Plan

The Company has an employee 401(k) savings plan covering all eligible employees. The Company expensed approximately $2,629,000, $2,401,000 and $1,995,000 in contributions to the plan for the years ended April 30, 2012, 2011 and 2010, respectively.

Stock-Based Compensation

12 Months Ended

Apr. 30, 2012

Stock-Based Compensation

Stock-Based Compensation

8. Stock-Based Compensation

For the years ended April 30, 2012, 2011 and 2010, the Company recorded stock-based compensation expense of approximately $3,196,000, $2,306,000 and $1,654,000, respectively.

On January 14, 2007, the stockholders of the Company approved the 2006 Equity Incentive Plan, or 2006 Plan, effective January 21, 2007, for officers, directors, key employees and consultants. On September 29, 2011, the stockholders of the Company approved an amendment and restatement of the 2006 Plan, or Restated 2006 Plan. Under the Restated 2006 Plan, incentive stock options, nonqualified stock options, restricted stock awards, stock appreciation right awards, performance share awards, performance stock unit awards, dividend equivalents awards, stock payment awards, deferred stock awards, restricted stock unit awards, other stock-based awards, performance bonus awards or performance-based awards may be granted at the discretion of a committee, which consists of outside directors. A maximum of 4,884,157 shares of stock may be issued pursuant to awards under the Restated 2006 Plan. The maximum number of shares of common stock with respect to one or more awards that may be granted to any one participant during any twelve month period is 2,000,000. A maximum of $5,000,000 may be paid in cash as a performance-based award during any twelve month period. The exercise price for any incentive stock option shall not be less than 100% of the fair market value on the date of grant. Vesting of awards is established at the time of grant.

The Company had an equity incentive plan, or 2002 Plan, for officers, directors and key employees. Under the 2002 Plan, incentive stock options or nonqualified stock options were granted, as determined by the administrator at the time of grant. Stock purchase rights were also granted under the 2002 Plan. Options under the 2002 Plan were granted at their fair market value (as determined by the board of directors). The options become exercisable at various times over a five-year period from the grant date. The 2002 Plan was terminated on the effective date of the 2006 Plan. Awards outstanding under the 2002 Plan remain outstanding and exercisable; no additional awards may be made under the 2002 Plan.

The Company had a 1992 nonqualified stock option plan, or 1992 Plan, for certain officers and key employees. Options under the 1992 Plan were granted at their fair market value (as determined by the board of directors) at the date of grant and became exercisable at various times over a five-year period from the grant date. The 1992 Plan expired in August 2002.

The fair value of stock options granted was estimated at the grant date using the Black-Scholes option pricing model with the following weighted average assumptions for the years ended April 30, 2012, 2011 and 2010:

	Year Ended April 30,

	2012			2011			2010
Expected term (in years)		5.46			5.00			5.00
Expected volatility		26.75	%		24.72	%		24.16	%
Risk-free interest rate		1.40	%		2.08	%		2.43	%
Expected dividend		—			—			—
Weighted average fair value at grant date	$	8.01		$	6.48		$	6.44

The expected term of stock options represents the weighted average period the Company expects the stock options to remain outstanding, based on the Company's historical exercise and post-vesting cancellation experience and the remaining contractual life of its outstanding options.

The expected volatility is based on peer group volatility in the absence of historical market data for the Company's stock. The peer group volatility was derived based on historical volatility of a comparable peer group index consisting of companies operating in a similar industry.

The risk free interest rate is based on the implied yield on a U.S. Treasury zero-coupon bond with a remaining term that approximates the expected term of the option.

The expected dividend yield of zero reflects that the Company has not paid any cash dividends since inception and does not anticipate paying cash dividends in the foreseeable future.

Information related to the stock option plans at April 30, 2012, 2011 and 2010, and for the years then ended is as follows:

	Restated 2006 Plan					2002 Plan					1992 Plan

	Shares			Weighted Average Exercise Price		Shares			Weighted Average Exercise Price		Shares			Weighted Average Exercise Price
Outstanding at April 30, 2009		497,210		$	22.98		583,308		$	2.97		402,164		$	0.48

Options granted		75,000			24.68		—			—		—			—
Options exercised		(18,800	)		20.76		(171,169	)		2.55		(15,164	)		0.59
Options canceled		(60,200	)		22.71		(7,038	)		5.99		—			—

Outstanding at April 30, 2010		493,210			23.36		405,101			3.10		387,000			0.48

Options granted		72,500			24.91		—			—		—			—
Options exercised		(17,500	)		22.27		(35,634	)		5.67		(67,427	)		0.41
Options canceled		(12,800	)		27.25		(1,408	)		11.79		—			—

Outstanding at April 30, 2011		535,410			23.51		368,059			2.81		319,573			0.49

Options granted		175,000			29.28		—			—		—			—
Options exercised		(18,200	)		21.88		(43,073	)		2.91		(80,263	)		0.51
Options canceled		—			—		—			—		—			—

Outstanding at April 30, 2012		692,210			25.01		324,986			2.80		239,310			0.49

Options exercisable at April 30, 2012		316,948		$	23.17		324,986		$	2.80		239,310		$	0.49

The total intrinsic value of all options exercised during the years ended April 30, 2012, 2011 and 2010 was approximately $3,610,000, $2,904,000, and $5,581,000, respectively. The intrinsic value of all options outstanding at April 30, 2012 and 2011 was $13,561,000 and $21,445,000, respectively. The intrinsic value of all exercisable options at April 30, 2012 and 2011, was $13,308,000 and $19,544,000, respectively.

A summary of the status of the Company's non-vested stock options as of April 30, 2012 and the year then ended is as follows:

Non-vested Options			Weighted Average Grant Date Fair Value

Non-vested at April 30, 2011	332,119		$	6.76
Granted	175,000			8.01
Expired	—			—
Canceled	—			—
Vested	(131,857	)		6.63

Non-vested at April 30, 2012	375,262		$	7.39

As of April 30, 2012, there was approximately $8,529,000 of total unrecognized compensation cost related to non-vested share-based compensation awards granted under the equity plans. That cost is expected to be recognized over an approximately five-year period or a weighted average period of approximately four years.

The weighted average fair value of options issued for the years ended April 30, 2012, 2011 and 2010 was $8.01, $6.48 and $6.44, respectively. The total fair value of shares vesting during the years ended April 30, 2012, 2011 and 2010 was $1,654,000, $1,111,000 and $780,000, respectively.

Proceeds from all option exercises under all stock option plans for the years ended April 30, 2012, 2011 and 2010 were approximately $565,000, $619,000 and $836,000, respectively. The tax benefit realized from stock-based compensation during the years ended April 30, 2012, 2011 and 2010 was approximately $1,428,000, $1,238,000, and $3,010,000, respectively.

The following tabulation summarizes certain information concerning outstanding and exercisable options at April 30, 2012:

	Options Outstanding

			Weighted Average Remaining Contractual Life In Years				Options Exercisable
Range of Exercise Prices	As of April 30, 2012		Weighted Average Remaining Contractual Life In Years		Weighted Average Exercise Price		As of April 30, 2012		Weighted Average Exercise Price
$ 0.37		112,406		1.99	$	0.37		112,406	$	0.37
0.59		126,904		7.38		0.59		126,904		0.59
0.64-0.78		179,527		1.14		0.73		179,527		0.73
2.13		96,841		3.47		2.13		96,841		2.13
11.79		48,618		4.40		11.79		48,618		11.79
19.76-24.65		445,210		6.24		22.41		282,748		22.17
26.18-32.19		247,000		8.66		29.70		34,200		31.48

$ 0.37-32.19		1,256,506		5.44	$	14.60		881,244	$	9.50

The remaining weighted average contractual life of exercisable options at April 30, 2012 was 4.32 years.

Information related to the Company's restricted stock awards at April 30, 2012 and for the year then ended is as follows:

	Restated 2006 Plan

	Shares			Weighted Average Grant Date Fair Value
Unvested stock at April 30, 2011		241,510		$	24.72
Stock granted		157,400			29.08
Stock vested		(67,206	)		24.64
Stock canceled		(4,917	)		24.65

Unvested stock at April 30, 2012		326,787		$	26.84

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 93-6
-Paragraph 53
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Paragraph 2
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901

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-Topic 718
-SubTopic 40
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929

+ Details

Long-Term Incentive Awards

12 Months Ended

Apr. 30, 2012

Long-Term Incentive Awards

Long-Term Incentive Awards

9. Long-Term Incentive Awards

During the year ended April 30, 2012, the Company granted a three-year performance award under the Restated 2006 Plan to key employees. The performance period for the three-year award is the three-year period ending April 30, 2014. A target payout was established at the beginning of the performance period. The actual payout at the end of the performance period will be calculated based upon the Company's achievement of revenue and operating profit growth. Payouts will be made in cash and restricted stock units. Upon vesting of the restricted stock units, the Company has the discretion to settle the restricted stock units in cash or stock.

During the year ended April 30, 2011, the Company granted two performance awards under the 2006 Plan to key employees, a two-year and three-year performance award. The performance periods for the two-year and three-year awards are the two-year and three-year periods ending April 30, 2012 and 2013, respectively. A target payout was established at the beginning of each performance period. The actual payout at the end of each performance period will be calculated based upon the Company's achievement of revenue and operating profit growth. Payouts will be made in cash and restricted stock units. Upon vesting of the restricted stock units, the Company has the discretion to settle the restricted stock units in cash or stock. There were no awards granted before the year ended April 30, 2011.

During the years ended April 30, 2012, 2011 and 2010, the Company recorded compensation expense for the long-term incentive awards of $441,000, $762,000 and $0, respectively. At April 30, 2012 and 2011, the Company had accrued $1,203,000 and $762,000 for outstanding awards, respectively. The maximum compensation expense that may be recorded for outstanding awards is $14,219,000.

Income Taxes

12 Months Ended

Apr. 30, 2012

Income Taxes

Income Taxes

10. Income Taxes

A reconciliation of income tax expense computed using the U.S. federal statutory rates to actual income tax expense is as follows:

	Year Ended April 30,

	2012			2011			2010
U.S. federal statutory income tax rate		35.0	%		35.0	%		35.0	%
State and local income taxes, net of federal benefit		(0.3	)		1.1			1.9
R&D credits		(3.4	)		(11.3	)		(2.3	)
Other		(1.2	)		(0.5	)		(3.5	)

Effective income tax rate		30.1	%		24.3	%		31.1	%

The components of the provision for income taxes are as follows (in thousands):

	Year ended April 30,

	2012			2011			2010
Current:
Federal	$	12,814		$	8,660		$	8,663
State		1,651			641			1,229

		14,465			9,301			9,892
Deferred:
Federal		(187	)		859			492
State		(1,134	)		(1,836	)		(900	)
Foreign		—			—			(105	)

		(1,321	)		(977	)		(513	)
Change in valuation allowance		(57	)		(5	)		(13	)

Total income tax expense	$	13,087		$	8,319		$	9,366

Significant components of the Company's deferred income tax assets and liabilities are as follows (in thousands):

	April 30,

	2012			2011
Deferred income tax assets:
Book over tax depreciation	$	—		$	449
Accrued expenses		9,697			7,743
Allowances, reserves, and other		763			322
Capital loss and credit carry-forwards		4,508			3,076
Unrealized loss on securities		454			530

Total deferred income tax assets, gross		15,422			12,120
Less: valuation allowance		—			(58	)

Total deferred income tax assets, net		15,422			12,062

Deferred income tax liabilities:
Tax over book depreciation		(836	)		—

Total deferred income tax liabilities		(836	)		—

Net deferred tax assets	$	14,586		$	12,062

At April 30, 2012 and 2011, the Company had approximately $4,507,000 and $4,655,000, respectively, of unrecognized tax benefits all of which would impact the Company's effective tax rate if recognized. The Company estimates that $556,000 of its unrecognized tax benefits will decrease in the next twelve months due to statute of limitation expiration.

The following table summarizes the activity related to our gross unrecognized tax benefits for the years ended April 30, 2012 and 2011 (in thousands):

	April 30,

	2012			2011
Balance as of May 1	$	4,655		$	5,052
Increases related to prior year tax positions		—			371
Decreases related to prior year tax positions		(533	)		(145	)
Increases related to current year tax positions		973			1,208
Decreases related to lapsing of statute of limitations		(588	)		(1,831	)

Balance as of April 30	$	4,507		$	4,655

The Company records interest and penalties on uncertain tax positions to income tax expense. As of April 30, 2012 and 2011, the Company had accrued approximately $125,000 and $207,000, respectively, of interest and penalties related to uncertain tax positions. The Company is currently under audit by various state jurisdictions but does not anticipate any material adjustments from these examinations. The tax years 2008, 2010 and 2011 remain open to examination by the IRS for federal income taxes. The tax years 2007 to 2011 remain open for major state taxing jurisdictions.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 136, 172
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Number 109
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Subparagraph (SX 210.4-08.(h))
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-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319

+ Details

Related Party Transactions

12 Months Ended

Apr. 30, 2012

Related Party Transactions

Related Party Transactions

11. Related Party Transactions

Pursuant to a consulting agreement, the Company paid a board member approximately $210,000, $210,000 and $222,000 during the years ended April 30, 2012, 2011 and 2010, respectively, for consulting services independent of his board service. The agreement stipulates the payment of $17,500 plus expenses per month, in exchange for consulting services.

During the years ended April 30, 2012 and 2011, the Company purchased materials in the amount of $3,433,000 and $1,674,000, respectively, from a vendor with a common board member. As of April 30, 2012 and 2011, the Company had trade payable balances of $32,000 and $654,000, respectively, to this vendor. There were no significant transactions or balances with this vendor during the year ended and as of April 30, 2010.

During the year ended April 30, 2010, the Company made an equipment sale in the amount of $1,705,000 to a customer with a common board member. There were no sales to this customer during the years ended April 30, 2012 and 2011. As of April 30, 2012 and 2011, there was no trade receivable due from this customer.

- Definition

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph k

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 3A
-Section 04
-Paragraph b

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 57
-Paragraph 1-4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39678-107864

+ Details

Commitments and Contingencies

12 Months Ended

Apr. 30, 2012

Commitments and Contingencies

Commitments and Contingencies

12. Commitments and Contingencies

Commitments

The Company's operations are conducted in leased facilities. Following is a summary of non-cancelable operating lease commitments:

	Year ending April 30

	(In thousands)
2013	$	4,063
2014		4,078
2015		2,645
2016		1,771
2017		876
Thereafter		140

	$	13,573

Rental expense under operating leases was approximately $3,995,000, $3,812,000 and $3,660,000 for the years ended April 30, 2012, 2011 and 2010, respectively.

Contingencies

The Company is subject to legal proceedings and claims which arise out of the ordinary course of its business. Although adverse decisions or settlements may occur, the Company, in consultation with legal counsel, believes that the final disposition of such matters will not have a material adverse effect on the consolidated financial position, results of operations or cash flows of the Company.

Contract Cost Audits

Payments to the Company on government cost reimbursable contracts are based on provisional, or estimated indirect rates, which are subject to an annual audit by the Defense Contract Audit Agency, or DCAA. The cost audits result in the negotiation and determination of the final indirect cost rates that the Company may use for the period(s) audited. The final rates, if different from the provisional rates, may create an additional receivable or liability for the Company.

For example, during the course of its audits, the DCAA may question the Company's incurred costs, and if the DCAA believes the Company has accounted for such costs in a manner inconsistent with the requirements under Federal Acquisition Regulations, or FAR, the DCAA auditor may recommend to the Company's administrative contracting officer to disallow such costs. Historically, the Company has not experienced material disallowed costs as a result of government audits. However, the Company can provide no assurance that the DCAA or other government audits will not result in material disallowances for incurred costs in the future.

The Company's revenue recognition policy calls for revenue recognized on all cost reimbursable government contracts to be recorded at actual rates unless collectability is not reasonably assured.

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9, 10, 11, 12
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

+ Details

Segment Data

12 Months Ended

Apr. 30, 2012

Segment Data

Segment Data

13. Segment Data

The Company's product segments are as follows:

•

Unmanned Aircraft Systems ("UAS")—The UAS segment focuses primarily on the design, development, production, support and operation of innovative UAS that provide situational awareness and other mission effects to increase the security and operational effectiveness of the Company's customers.

•

Efficient Energy Systems ("EES")—The EES segment focuses primarily on the design, development, production, support and operation of innovative efficient electric energy systems that address the growing demand for electric transportation solutions.

The accounting policies of the segments are the same as those described in Note 1, "Organization and Significant Accounting Policies." The operating segments do not make sales to each other. Depreciation and amortization related to the manufacturing of goods is included in gross margin for the segments. The Company does not discretely allocate assets to its operating segments, nor does the CODM evaluate operating segments using discrete asset information. Consequently, the Company operates its financial systems as a single segment for accounting and control purposes, maintains a single indirect rate structure across all segments, has no inter-segment sales or corporate elimination transactions, and maintains only limited financial statement information by segment.

The segment results are as follows (in thousands):

	Year Ended April 30,

	2012		2011		2010
Revenue:
UAS	$	273,728	$	249,769	$	224,179
EES		51,280		42,734		25,339

Total		325,008		292,503		249,518
Gross margin:
UAS		116,065		99,513		85,157
EES		13,268		17,638		11,669

Total		129,333		117,151		96,826

Selling, general and administrative		55,280		47,431		42,429
Research and development		30,977		35,769		24,510

Income from operations		43,076		33,951		29,887
Interest income		462		277		195

Income before income taxes	$	43,538	$	34,228	$	30,082

Geographic Information

Sales to non-U.S. customers accounted for 5%, 7% and 7% of revenue for each of the fiscal years ended April 30, 2012, 2011 and 2010, respectively.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 131
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

+ Details

Quarterly Results of Operations (Unaudited)

12 Months Ended

Apr. 30, 2012

Quarterly Results of Operations (Unaudited)

Quarterly Results of Operations (Unaudited)

14. Quarterly Results of Operations (Unaudited)

The following tables present selected unaudited consolidated financial data for each of the eight quarters in the two-year period ended April 30, 2012. In the Company's opinion, this unaudited information has been prepared on the same basis as the audited information and includes all adjustments (consisting of only normal recurring adjustments) necessary for a fair statement of the financial information for the period presented. The Company's fiscal year ends on April 30. Due to the fixed year end date of April 30, the first and fourth quarters each consist of approximately 13 weeks. The second and third quarters each consist of 13 weeks. The first three quarters end on a Saturday.

	Three Months Ended

	July 30, 2011		October 29, 2011		January 28, 2012		April 30, 2012
	(In thousands except per share data)
Year ended April 30, 2012
Revenue	$	61,997	$	80,372	$	71,964	$	110,675
Gross margin	$	21,715	$	30,630	$	27,433	$	49,555
Net income	$	326	$	6,587	$	5,744	$	17,794
Net income per share—basic(1)	$	0.02	$	0.30	$	0.26	$	0.81
Net income per share—diluted(1)	$	0.01	$	0.30	$	0.26	$	0.80

	Three Months Ended

	July 31, 2010			October 30, 2010		January 29, 2011		April 30, 2011
	(In thousands except per share data)
Year ended April 30, 2011
Revenue	$	38,228		$	63,781	$	84,434	$	106,060
Gross margin	$	12,036		$	21,775	$	34,129	$	49,211
Net (loss) income	$	(3,443	)	$	262	$	11,454	$	17,636
Net (loss) income per share—basic(1)	$	(0.16	)	$	0.01	$	0.53	$	0.81
Net (loss) income per share—diluted(1)	$	(0.16	)	$	0.01	$	0.52	$	0.79

(1): Earnings per share is computed independently for each of the quarters presented. The sum of the quarterly earnings per share do not equal the total earnings per share computed for the year due to rounding.

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

+ References + Details

SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Apr. 30, 2012

SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS

SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS

SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS

			Additions

Description	Balance at Beginning of Period		Charged to Costs and Expenses		Charged to Other Accounts		Deductions			Balance at End of Period
	(In thousands)
Allowance for doubtful accounts for the year ended April 30:
2010	$	291	$	601	$	—	$	(147	)	$	745
2011	$	745	$	492	$	—	$	(598	)	$	639
2012	$	639	$	282	$	—	$	—		$	921
Warranty reserve for the year ended April 30:
2010	$	523	$	1,512	$	—	$	(1,231	)	$	804
2011	$	804	$	1,449	$	—	$	(1,126	)	$	1,127
2012	$	1,127	$	4,284	$	—	$	(2,539	)	$	2,872
Reserve for inventory excess and obsolescence for the year ended April 30:
2010	$	1,389	$	434	$	—	$	(632	)	$	1,191
2011	$	1,191	$	579	$	—	$	(529	)	$	1,241
2012	$	1,241	$	2,056	$	—	$	(543	)	$	2,754
Reserve for self-insured medical claims for the year ended April 30:
2010	$	680	$	5,170	$	—	$	(4,836	)	$	1,014
2011	$	1,014	$	7,322	$	—	$	(7,438	)	$	898
2012	$	898	$	9,082	$	—	$	(8,532	)	$	1,448