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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Oct. 31, 2013	Dec. 05, 2013
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Oct. 31, 2013
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q2
Trading Symbol	SWHC
Entity Registrant Name	SMITH & WESSON HOLDING CORP
Entity Central Index Key	0001092796
Current Fiscal Year End Date	--04-30
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		55,958,140

Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 31, 2013	Apr. 30, 2013
Current assets:
Cash and cash equivalents, including restricted cash of $3,345 on April 30, 2013	$ 52,922	$ 100,487
Accounts receivable, net of allowance for doubtful accounts of $1,166 on October 31, 2013 and $1,128 on April 30, 2013	68,521	46,088
Inventories	76,261	62,998
Prepaid expenses and other current assets	6,660	4,824
Deferred income taxes	12,076	12,076
Income tax receivable	9,192	3,093
Total current assets	225,632	229,566
Property, plant, and equipment, net	103,093	86,382
Intangibles, net	3,631	3,965
Other assets	10,124	7,076
Assets, Total	342,480	326,989
Current liabilities:
Accounts payable	45,822	31,220
Accrued expenses	15,660	16,033
Accrued payroll	11,509	13,096
Accrued taxes other than income	6,502	5,349
Accrued profit sharing	5,274	9,587
Accrued product/municipal liability	1,494	1,551
Accrued warranty	5,591	5,757
Current portion of notes payable	788
Total current liabilities	92,640	82,593
Deferred income taxes	7,863	7,863
Notes payable, net of current portion	100,000	43,559
Other non-current liabilities	10,996	11,675
Total liabilities	211,499	145,690
Commitments and contingencies (Note 13)
Stockholders' equity:
Preferred stock, $.001 par value, 20,000,000 shares authorized, no shares issued or outstanding
Common stock, $.001 par value, 100,000,000 shares authorized, 68,244,648 shares issued and 55,930,917 shares outstanding on October 31, 2013 and 67,596,716 shares issued and 64,297,113 shares outstanding on April 30, 2013	68	68
Additional paid-in capital	206,187	199,120
Retained earnings	51,897	8,434
Accumulated other comprehensive income	73	73
Treasury stock, at cost (12,313,731 common shares on October 31, 2013 and 3,299,603 common shares on April 30, 2013)	(127,244)	(26,396)
Total stockholders' equity	130,981	181,299
Liabilities and Equity, Total	$ 342,480	$ 326,989

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Oct. 31, 2013	Apr. 30, 2013
Restricted cash		$ 3,345
Allowance for doubtful accounts receivable	$ 1,166	$ 1,128
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	68,244,648	67,596,716
Common stock, shares outstanding	55,930,917	64,297,113
Treasury stock, shares	12,313,731	3,299,603

Consolidated Statements of Income and Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands

3 Months Ended

6 Months Ended

Oct. 31, 2013

Oct. 31, 2012

Oct. 31, 2013

Oct. 31, 2012

Net sales

$ 139,294

$ 136,560

$ 310,314

$ 272,555

Cost of sales

81,357

88,092

179,604

172,861

Gross profit

57,937

48,468

130,710

99,694

Operating expenses:

Research and development

1,305

1,268

2,664

2,439

Selling and marketing

7,681

8,077

15,229

14,916

General and administrative

20,177

12,499

36,029

24,417

Total operating expenses

29,163

21,844

53,922

41,772

Operating income from continuing operations

28,774

26,624

76,788

57,922

Other income/(expense):

Other income/(expense), net

Interest income

335

110

703

Interest expense

(2,046)

(1,344)

(8,719)

(3,331)

Total other income/(expense), net

(2,002)

(970)

(8,568)

(2,589)

Income from continuing operations before income taxes

26,772

25,654

68,220

55,333

Income tax expense

9,627

9,253

24,549

20,061

Income from continuing operations

17,145

16,401

43,671

35,272

Discontinued operations:

Loss from operations of discontinued security solutions division

(222)

(867)

(274)

(2,550)

Income tax benefit

(64)

(5,651)

(66)

(6,249)

Income/(loss) from discontinued operations

(158)

4,784

(208)

3,699

Net income/comprehensive income

$ 16,987

$ 21,185

$ 43,463

$ 38,971

Net income per share (Note 11):

Basic - continuing operations

^[1]

$ 0.29

$ 0.25

$ 0.71

$ 0.54

Basic - net income

^[1]

0.28

0.32

0.70

0.59

Diluted - continuing operations

^[1]

0.28

0.24

0.69

0.53

Diluted - net income

^[1]

$ 0.28

$ 0.31

$ 0.68

$ 0.58

Weighted average number of common shares outstanding (Note 11):

Basic

59,620

65,871

61,931

65,611

Diluted

60,984

67,274

63,751

66,914

[1]	Net income per share may not equal earnings per share from continuing plus discontinued operations due to rounding.

Consolidated Statement Of Changes In Stockholders' Equity - 6 months ended Oct. 31, 2013 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Comprehensive Income	Treasury Stock
Balance (in shares) at Apr. 30, 2013		67,597,000				3,300,000
Balance at Apr. 30, 2013	$ 181,299	$ 68	$ 199,120	$ 8,434	$ 73	$ (26,396)
Exercise of employee stock options (in shares)	418,466	418,000
Exercise of employee stock options	$ 1,065		1,065
Repurchase of treasury stock (in shares)						9,014,000
Repurchase of treasury stock	(100,848)					$ (100,848)
Stock-based compensation	4,774		4,774
Tax deduction of stock-based compensation in excess of book deductions	$ 1,395		1,395
Shares issued under employee stock purchase plan (in shares)	84,081	84,000
Shares issued under employee stock purchase plan	$ 624		624
Issuance of common stock under restricted stock unit awards, net of shares surrendered (in shares)		146,000
Issuance of common stock under restricted stock unit awards, net of shares surrendered	(791)		(791)
Net income	43,463			43,463
Balance (in shares) at Oct. 31, 2013		68,245,000				12,314,000
Balance at Oct. 31, 2013	$ 130,981	$ 68	$ 206,187	$ 51,897	$ 73	$ (127,244)

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2013	Oct. 31, 2012
Cash flows from operating activities:
Net income	$ 43,463	$ 38,971
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization and depreciation	11,152	8,074
Loss on sale of discontinued operations, including $45 of stock-based compensation expense		798
Loss on sale/disposition of assets	77	292
Provisions for losses on accounts receivable	33	380
Change in disposal group assets and liabilities		(1,232)
Stock-based compensation expense	4,774	1,906
Changes in operating assets and liabilities:
Accounts receivable	(22,466)	(6,541)
Inventories	(13,263)	(10,039)
Prepaid expenses and other current assets	(1,836)	(1,213)
Income tax receivable/payable	(6,099)	(9,062)
Accounts payable	14,602	(3,964)
Accrued payroll	(1,587)	(591)
Accrued taxes other than income	1,153	497
Accrued profit sharing	(4,313)	(3,286)
Accrued other expenses	(373)	(1,175)
Accrued product/municipal liability	(57)	(32)
Accrued warranty	(166)	(302)
Other assets	(781)	(39)
Other non-current liabilities	(330)	329
Net cash provided by operating activities	23,983	13,771
Cash flows from investing activities:
Proceeds from sale of business		7,500
Receipts from note receivable	38	36
Payments to acquire patents and software	(81)	(22)
Proceeds from sale of property and equipment	15	13
Payments to acquire property and equipment	(26,075)	(15,836)
Net cash used in investing activities	(26,103)	(8,309)
Cash flows from financing activities:
Proceeds from loans and notes payable	101,583	1,753
Cash paid for debt issue costs	(3,770)
Payments on capital lease obligation	(349)	(300)
Payments on loans and notes payable	(44,354)	(7,405)
Payments to acquire treasury stock	(100,848)
Proceeds from exercise of options to acquire common stock, including employee stock purchase plan	1,689	4,084
Taxes paid related to restricted stock issuance	(791)
Excess tax benefit of stock-based compensation	1,395	984
Net cash used in financing activities	(45,445)	(884)
Net increase in cash and cash equivalents	(47,565)	4,578
Cash and cash equivalents, beginning of period	100,487	56,717
Cash and cash equivalents, end of period	52,922	61,295
Supplemental disclosure of cash flow information Cash paid for:
Interest	4,600	3,013
Income taxes	$ 29,157	$ 22,204

Consolidated Statements Of Cash Flows (Parenthetical) $ in Thousands	6 Months Ended
	Oct. 31, 2012 USD ($)
Loss on sale of discontinued operations, stock-based compensation expense	$ 45

Organization

6 Months Ended

Oct. 31, 2013

Organization

(1) Organization:

We are one of the world’s leading manufacturers of firearms. We manufacture a wide array of handguns (including revolvers and pistols), long guns (including modern sporting, bolt action, and single shot rifles), handcuffs, and firearm-related products and accessories for sale to a wide variety of customers, including gun enthusiasts, collectors, hunters, sportsmen, competitive shooters, individuals desiring home and personal protection, law enforcement and security agencies and officers, and military agencies in the United States and throughout the world. We are one of the largest manufacturers of handguns, modern sporting rifles, and handcuffs in the United States and an active participant in the hunting rifle market. We sell our products under the Smith & Wesson^® brand, the M&P^® brand, the Thompson/Center Arms™ brand, and the Performance Center™ brand.

We manufacture our firearm products at our facilities in Springfield, Massachusetts and Houlton, Maine. We plan to continue to offer products that leverage the over 160 year old “Smith & Wesson” brand and capitalize on the goodwill developed through our historic American tradition by expanding consumer awareness of the products we produce. In addition, we pursue opportunities to license our name and trademarks to third parties for use in association with their products and services.

Basis of Presentation

6 Months Ended

Oct. 31, 2013

Basis of Presentation

(2) Basis of Presentation:

The consolidated balance sheets as of October 31, 2013, the consolidated statements of income and comprehensive income for the six months ended October 31, 2013 and 2012, the consolidated statement of changes in stockholders’ equity for the six months ended October 31, 2013, and the consolidated statements of cash flows for the six months ended October 31, 2013 and 2012 have been prepared by us, without audit.

SWSS LLC, formerly Smith & Wesson Security Solutions, Inc. (“SWSS”), our security solutions division, is being presented as discontinued operations in the consolidated statements of income and comprehensive income for all periods presented. Unless stated otherwise, any reference to the consolidated statements of income and comprehensive income items in the notes to the consolidated financial statements refers to results from continuing operations.

In our opinion, all adjustments, which include only normal recurring adjustments necessary to fairly present the financial position, results of operations, changes in stockholders’ equity, and cash flows at October 31, 2013 and for the periods presented, have been included. All significant intercompany transactions have been eliminated in consolidation. The consolidated balance sheets as of April 30, 2013 have been derived from our audited financial statements.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended April 30, 2013, filed with the SEC on June 25, 2013. The results of operations for the six months ended October 31, 2013 may not be indicative of the results that may be expected for the year ending April 30, 2014, or any other period.

Reclassification

Certain amounts presented in the prior periods’ consolidated statements of income and comprehensive income related to stock compensation expense have been reclassified to conform to the current period’s presentation.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

+ References

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+ Details

Significant Accounting Policies

6 Months Ended

Oct. 31, 2013

Significant Accounting Policies

(3) Significant Accounting Policies:

Revenue Recognition — For our firearm products, we recognize revenue when the following four basic criteria have been met: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred or services have been provided; (3) the fee is fixed or determinable; and (4) collection is reasonably assured.

Product sales account for most of our firearm revenue. We recognize revenue from firearm product sales when the earnings process is complete and the risks and rewards of ownership have transferred to the customer, which is generally upon shipment but could be delayed until customer acceptance is received. We also provide tooling, forging, heat treating, finishing, plating, and engineering support services to customers; we recognize this revenue when accepted by the customer, if applicable, when no further contingencies or material performance obligations exist, and when collectability is reasonably assured, thereby earning us the right to receive and retain payments for services performed and billed.

We recognize trademark licensing revenue for individual licensees based on historical experience and expected cash receipts from licensees. Licensing revenue consists of minimum royalties and/or a percentage of a licensee’s sales on licensed products. Under our current licensing agreements, most of this revenue is payable on a calendar quarter basis. We recognize non-refundable license fees received upon initial signing of license agreements as revenue when no future obligation is required on our part. As a result of a combination of uncertain factors regarding existing licensees, including current and past payment performance, market acceptance of the licensees’ products, and insufficient historical experience, we believe that reasonable assurance of collectability does not exist based on the results and past payment performance of licensees in general. Therefore, we do not recognize minimum royalty payments upon contract signing, but instead record royalty revenue monthly when the minimum royalty can be reasonably estimated for that month and payment is assured.

Use of Estimates — The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the financial statement dates and the reported amounts of revenue and expenses during the reporting periods. Our significant estimates include accruals for warranty, product liability, workers’ compensation expense, environmental liability, excess and obsolete inventory, allowance for doubtful accounts, income tax expense, including deferred tax asset valuation, forfeiture rates on stock-based awards, and medical claims payable. Actual results could differ from those estimates.

Segment Information — We have historically reported certain financial information under two segments: firearms and security solutions. As a result of our divestiture of SWSS, the results of the operations comprising the security solutions segment are now being reported as discontinued operations for all periods presented.

Valuation of Long-lived Tangible and Intangible Assets — We evaluate the recoverability of long-lived assets, or asset groups, whenever events or changes in circumstances indicate that carrying amounts may not be recoverable. When such evaluations indicate that the related future undiscounted cash flows are not sufficient to recover the carrying values of the assets, such carrying values are reduced to fair value and this adjusted carrying value becomes the asset’s new cost basis. We determine fair value primarily using future anticipated cash flows that are directly associated with and that are expected to arise as a direct result of the use and eventual disposition of the asset, or asset group, discounted using an interest rate commensurate with the risk involved.

We have significant long-lived tangible and intangible assets, which are susceptible to valuation adjustments as a result of changes in various factors or conditions. The most significant long-lived tangible and intangible assets are fixed assets, developed technology, patents, trademarks, and trade names. We amortize all finite-lived intangible assets either on a straight-line basis or based upon patterns in which we expect to utilize the economic benefits of such assets. We initially determine the values of intangible assets by a risk-adjusted, discounted cash flow approach. We assess the potential impairment of identifiable intangible assets and fixed assets whenever events or changes in circumstances indicate that the carrying values may not be recoverable. Factors we consider important, which could trigger an impairment of such assets, include the following:

•

significant underperformance relative to historical or projected future operating results;

•

significant changes in the manner or use of the assets or the strategy for our overall business;

•

significant negative industry or economic trends;

•

significant decline in our stock price for a sustained period; and

•

a decline in our market capitalization below net book value.

Future adverse changes in these or other unforeseeable factors could result in an impairment charge that would materially impact future results of operations and financial position in the reporting period identified. No impairment charges were taken during the six months ended October 31, 2013 and 2012.

Notes Payable and Financing Arrangements

6 Months Ended

Oct. 31, 2013

Notes Payable and Financing Arrangements

(4) Notes Payable and Financing Arrangements:

Credit Facilities — As of October 31, 2013, we had a $75.0 million unsecured revolving credit facility that is expandable under an accordion feature that may be, in certain circumstances, increased in $25.0 million increments up to a maximum loan of $175.0 million. The credit facility replaced our prior $60.0 million credit facility and matures on December 15, 2016. The credit facility bears interest at a variable rate equal to LIBOR or prime, at our election, plus an applicable margin based on our consolidated leverage ratio. As of October 31, 2013, there were no borrowings outstanding. Had there been borrowings, they would have borne an interest rate of 3.75% per annum, if we had selected the prime rate option.

9.5% Senior Notes — During fiscal 2011, we issued an aggregate of $50.0 million of 9.5% senior notes due January 14, 2016 (“9.5% Senior Notes”) in exchange for $50.0 million of Convertible Notes pursuant to the terms and conditions of an exchange agreement and indenture (the “Senior Notes Indenture”). During the six months ended October 31, 2012, we repurchased a total of $6.4 million of our 9.5% Senior Notes in the open market utilizing cash on hand. We paid $552,000 of interest relating to these purchases. The remaining notes were retired during the six months ended October 31, 2013, as described below.

5.875% Senior Notes — During the six months ended October 31, 2013, we sold an aggregate of $47.1 million of 5.875% Senior Notes due 2017 to various qualified institutional buyers in exchange for approximately $42.8 million of our outstanding 9.5% Senior Notes from existing holders of such notes. We also issued an additional $52.9 million of new 5.875% Senior Notes for cash. The remaining $712,000 of 9.5% Senior Notes outstanding after the exchange noted above were extinguished via legal defeasance during the six months ended October 31, 2013. As a result of this transaction, our indebtedness increased by $56.4 million and our debt service requirements increased by $1.8 million per annum. The 5.875% Senior Notes were sold pursuant to the terms and conditions of an indenture and exchange and purchase agreements. The 5.875% Senior Notes bear interest at a rate of 5.875% per annum payable on June 15 and December 15 of each year, beginning on December 15, 2013. We recorded $4.3 million of interest expense and $795,000 of debt issuance write-off costs relating to the exchange and defeasance of our 9.5% Senior Notes during the six months ended October 31, 2013.

At any time prior to June 15, 2015, we may, at our option, (a) upon not less than 30 nor more than 60 days’ prior notice, redeem all or a portion of the 5.875% Senior Notes at a redemption price of 100% of the principal amount of the 5.875% Senior Notes, plus an applicable premium, plus accrued and unpaid interest as of the redemption date; or (b) redeem up to 35% of the aggregate principal amount of the 5.875% Senior Notes with the net cash proceeds of one or more equity offerings at a redemption price of 105.875% of the principal amount of the 5.875% Senior Notes, plus accrued and unpaid interest as of the redemption date; provided that in the case of the foregoing clause, at least 65% of the aggregate original principal amount of the 5.875% Senior Notes remains outstanding, and the redemption occurs within 60 days after the closing of the equity offering. On and after June 15, 2015, we may, at our option, upon not less than 30 nor more than 60 days’ prior notice, redeem all or a portion of the 5.875% Senior Notes at a redemption price of (a) 102.9375% of the principal amount of the 5.875% Senior Notes to be redeemed, if redeemed during the 12-month period beginning on June 15, 2015; or (b) 100% of the principal amount of the 5.875% Senior Notes to be redeemed, if redeemed during the 12-month period beginning on June 15, 2016, plus, in either case, accrued and unpaid interest on the 5.875% Senior Notes as of the applicable redemption date. Subject to certain restrictions and conditions, we may be required to make an offer to repurchase the 5.875% Senior Notes in connection with a change of control or disposition of assets. If not redeemed by us or repaid pursuant to the holders’ right to require repurchase, the 5.875% Senior Notes mature on June 15, 2017.

The 5.875% Senior Notes are general, unsecured obligations of our company. The 5.875% Senior Notes Indenture contains certain affirmative and negative covenants, including limitations on restricted payments (such as share repurchases, dividends, and early payment of indebtedness), limitations on indebtedness, limitations on the sale of assets, and limitations on liens. Share repurchases are limited the lesser of (i) $30.0 million in any fiscal year or (ii) 75.0% of our consolidated net income for previous four consecutive published fiscal quarters beginning with the quarter ended July 31, 2013. In addition, we are allowed to purchase an additional $85.0 million of shares in fiscal 2014, which was put in place to cover our $75.0 million tender offer and the period prior to the publication of our July 31, 2013 financial statements.

The limitation on indebtedness in the 5.875% Senior Notes Indenture is only applicable at such time that the consolidated coverage ratio (as set forth in the Senior Notes Indenture) for us and our restricted subsidiaries is less than 3.00 to 1.00. In general, as set forth in the Senior Notes Indenture, the consolidated coverage ratio is determined by comparing our prior four quarters’ consolidated EBITDA (earnings before interest, taxes, depreciation, and amortization) to our consolidated interest expense.

The revolving credit facility contains financial covenants relating to maintaining maximum leverage and minimum debt service coverage. The 5.875% Senior Notes Indenture contains a financial covenant relating to times interest earned. We were in compliance with all debt covenants as of October 31, 2013.

Capital Lease

6 Months Ended

Oct. 31, 2013

Capital Lease

(5) Capital Lease:

On October 28, 2011, we entered into a sale-leaseback agreement that included the sale of certain machinery and equipment. We then leased a total of $3.5 million of machinery and equipment to increase production capacity. The lease has an effective interest rate of 5.76% and is payable in 60 monthly installments through fiscal 2017. Leases are accounted for under the provisions of Accounting Standards Codification (“ASC”) 840-10, Leases, which requires that leases be evaluated and classified as operating or capital leases for financial reporting purposes. Based on our evaluation of ASC 840-10, we determined that the lease qualifies as a capital lease because the net present value of future lease payments exceed 90% of the fair market value of the leased machinery and equipment. We have pledged the assets financed to secure the amounts outstanding. We have included $455,000 of short-term capital lease obligations in accrued expenses and $2.2 million in other non-current liabilities.

The following sets forth the future minimum lease payments as of October 31, 2013 and for the fiscal years ending April 30 (in thousands):


	Capital Lease Obligation
2014	$	298
2015		596
2016		596
2017		1,493

Total future minimum lease payments		2,983
Less amounts representing interest		(339	)

Present value of minimum lease payments		2,644
Less current maturities of capital lease		(455	)

Long-term maturities of capital lease	$	2,189

Inventories

6 Months Ended

Oct. 31, 2013

Inventories

(6) Inventories:

The following table sets forth a summary of inventories, stated at the lower of cost or market, as of October 31, 2013 and April 30, 2013 (in thousands):


	October 31, 2013		April 30, 2013
Finished goods	$	21,027	$	16,379
Finished parts		41,932		34,795
Work in process		7,762		7,852
Raw material		5,540		3,972

Total inventories	$	76,261	$	62,998

Accrued Expenses

6 Months Ended

Oct. 31, 2013

Accrued Expenses

(7) Accrued Expenses:

The following table sets forth other accrued expenses as of October 31, 2013 and April 30, 2013 (in thousands):


	October 31, 2013		April 30, 2013
Accrued rebates and promotions	$	3,056	$	3,900
Accrued employee benefits		2,214		1,953
Interest payable		2,213		1,542
Accrued professional fees		2,158		2,882
Unrecognized tax benefits		1,053		—
Accrued workers’ compensation		960		963
Accrued distributor incentives		939		458
Accrued commissions		716		949
Current portion of capital lease obligation		455		442
Accrued severance		258		—
Accrued utilities		198		537
Accrued other		1,440		2,407

Total accrued expenses	$	15,660	$	16,033

Advertising Costs

6 Months Ended

Oct. 31, 2013

Advertising Costs

(8) Advertising Costs:

We expense advertising costs, primarily consisting of magazine advertisements, printed materials, and television advertisements, either as incurred or upon the first occurrence of the advertising. Advertising expense, included in selling and marketing expenses, for continuing operations for the three months ended October 31, 2013 and 2012 was $4.1 million and $4.0 million, respectively. For the six months ended October 31, 2013 and 2012, advertising expense for continuing operations was $8.4 million and $7.1 million, respectively.

Warranty Reserve

6 Months Ended

Oct. 31, 2013

Warranty Reserve

(9) Warranty Reserve:

We generally provide a lifetime warranty to the original purchaser of our new firearm products and provide warranties for up to two years on the materials and workmanship in our security solutions projects, which includes products purchased by us from third-party manufacturers. We provide for estimated warranty obligations in the period in which we recognize the related revenue. We quantify and record an estimate for warranty-related costs based on our actual historical claims experience and current repair costs. We make adjustments to accruals as warranty claims data and historical experience warrant. Should we experience actual claims and repair costs that are higher than the estimated claims and repair costs used to calculate the provision, our operating results for the period or periods in which such returns or additional costs materialize would be adversely impacted.

On August 22, 2013, we issued a safety alert related to all M&P Shield^TM products manufactured prior to August 19, 2013. The cost of this alert was estimated at $370,000, which is included in the accrued warranty balance. On June 13, 2013, we initiated a recall of all Thompson/Center Arms bolt action rifles manufactured since the products’ introduction in 2007. On November 11, 2011, we also initiated a recall of all Thompson/Center Arms Venture rifles manufactured since the product’s introduction in mid-2009. We estimate the remaining cost of these recalls and safety alert will be $3.4 million, which is recorded in the accrued warranty balance. Warranty expense for the six months ended October 31, 2013 and 2012 was $908,000 and $1.6 million, respectively.

The following table sets forth the change in accrued warranty, a portion of which is recorded as a non-current liability, for the six months ended October 31, 2013 and 2012 (in thousands):


	October 31, 2013			October 31, 2012
Beginning Balance	$	8,423		$	6,412
Warranties issued and adjustments to provisions		908			1,599
Warranty claims		(1,847	)		(1,898	)

Ending Balance	$	7,484		$	6,113

Self-Insurance Reserves

6 Months Ended

Oct. 31, 2013

Self-Insurance Reserves

(10) Self-Insurance Reserves:

As of October 31, 2013 and April 30, 2013, we had reserves for workers’ compensation, product liability, municipal liability, and medical/dental costs totaling $10.0 million and $9.6 million, respectively, of which $6.1 million and $5.7 million, respectively, have been classified as non-current and included in other non-current liabilities. As of October 31, 2013 and April 30, 2013, $2.4 million and $2.3 million, respectively, has been included in accrued expenses, and $1.5 million and $1.6 million, respectively, has been included in accrued product/municipal liability on the accompanying consolidated balance sheets. In addition, as of October 31, 2013 and April 30, 2013, $380,000 and $332,000, respectively, of excess workers’ compensation receivable has been classified as an other asset. While we believe these reserves to be adequate, it is possible that the ultimate liabilities will exceed such estimates. Amounts charged to expense were $2.8 million for the three months ended October 31, 2013 and 2012, respectively. Amounts charged to expense were $5.6 million and $6.2 million for the six months ended October 31, 2013 and 2012, respectively.

It is our policy to provide an estimate for loss as a result of expected adverse findings or legal settlements on product liability, municipal liability, workers’ compensation, and other matters when such losses are probable and are reasonably estimable. It is also our policy to accrue for reasonably estimable legal costs associated with defending such litigation. While such estimates involve a range of possible costs, we determine, in consultation with litigation counsel, the most likely cost within such range on a case-by-case basis. We also record receivables from insurance carriers relating to these matters when their collection is probable. As of October 31, 2013 and April 30, 2013, we had accrued reserves for product and municipal litigation liabilities of $4.5 million and $4.4 million, respectively (of which $3.0 million and $2.8 million, respectively, were non-current), consisting entirely of expected legal defense costs. In addition, as of October 31, 2013 and April 30, 2013, we had recorded receivables from insurance carriers related to these liabilities of $1.9 million, nearly all of which has been classified as other assets with $25,000 classified as other current assets.

Stockholders' Equity

6 Months Ended

Oct. 31, 2013

Stockholders' Equity

(11) Stockholders’ Equity:

Treasury Stock

During fiscal 2013, our board of directors authorized the repurchase of up to $35.0 million of our common stock, subject to certain conditions, in the open market or privately negotiated transactions on or prior to June 30, 2013. We repurchased 2,099,603 shares of our common stock during fiscal 2013 for $20.0 million, utilizing cash on hand, leaving $15.0 million of our common stock authorized to be repurchased. During the six months ended October 31, 2013, our board of directors authorized the repurchase of up to $115.0 million of our common stock, of which up to $75.0 million was authorized for purchase in a tender offer and the remainder of which could be repurchased in the open market or in privately negotiated transactions. This $115.0 million authorization replaced the stock repurchase program authorized in fiscal 2013 and is set to expire on or about June 17, 2014. During the six months ended October 31, 2013, we repurchased 1,417,233 shares of our common stock pursuant to the tender offer that expired on July 23, 2013 for $15.6 million and 7,596,895 shares of our common stock in the open market for $84.4 million, utilizing cash on hand, leaving $15.0 million of our common stock authorized to be purchased in the open market or privately negotiated transactions. Fees and expenses incurred related to the tender offer and open market purchases were $848,000 and were recorded in treasury stock.

Earnings per Share

The following table provides a reconciliation of the income amounts and weighted average number of common and common equivalent shares used to determine basic and diluted earnings per share for the six months ended October 31, 2013 and 2012 (in thousands, except per share data):


	For the Three Months Ended October 31,					For the Six Months Ended October 31,
	2013			2012		2013			2012
Net income/(loss)
Income from continuing operations	$	17,145		$	16,401	$	43,671		$	35,272
Income/(loss) from discontinued operations, net of tax		(158	)		4,784		(208	)		3,699

Net income	$	16,987		$	21,185	$	43,463		$	38,971

Weighted average shares outstanding - Basic		59,620			65,871		61,931			65,611
Dilutive effect of stock option and award plans		1,364			1,403		1,820			1,303

Diluted shares outstanding		60,984			67,274		63,751			66,914

Earnings per share - Basic (a)
Income from continuing operations	$	0.29		$	0.25	$	0.71		$	0.54
Income/(loss) from discontinued operations	$	(0.00	)	$	0.07	$	(0.00	)	$	0.06
Net income	$	0.28		$	0.32	$	0.70		$	0.59
Earnings per share - Diluted (a)
Income from continuing operations	$	0.28		$	0.24	$	0.69		$	0.53
Income/(loss) from discontinued operations	$	(0.00	)	$	0.07	$	(0.00	)	$	0.06
Net income	$	0.28		$	0.31	$	0.68		$	0.58

(a)	Net income per share may not equal earnings per share from continuing plus discontinued operations due to rounding.

For the three months ended October 31, 2013 and 2012, 88,839 and 163,542 shares of common stock, respectively, issuable upon the exercise of stock options were excluded from the computation of diluted earnings per share because the effect would be antidilutive.

For the six months ended October 31, 2013 and 2012, 124,930 and 229,639 shares of common stock, respectively, issuable upon exercise of stock options were excluded from the computation of diluted earnings per share because the effect would be antidilutive.

Stock Option and Employee Stock Purchase Plans

We have two Stock Plans (“SPs”): the 2004 Incentive Stock Plan and the 2013 Incentive Stock Plan. New grants under the 2004 Incentive Stock Plan have not been made since the approval of the 2013 Incentive Stock Plan at our September 23, 2013 annual meeting of stockholders. All new grants covering all participants are issued under the 2013 Incentive Stock Plan.

The 2013 Incentive Stock Plan authorizes the issuance of 3,000,000 shares, plus any shares that were reserved and remained available for grant and delivery under the 2004 Incentive Stock Plan as of September 23, 2013, the effective date of the 2013 Incentive Stock Plan. The plan permits the grant of options to acquire common stock, restricted stock awards, restricted stock units (“RSUs”), stock appreciation rights, bonus stock and awards in lieu of obligations, performance awards, and dividend equivalents. Our board of directors, or a committee established by our board, administers the SPs, selects recipients to whom awards are granted, and determines the grants to be awarded. Options granted under the SPs are exercisable at a price determined by our board or committee at the time of grant, but, in no event, less than fair market value of our common stock on the date granted. Grants of options may be made to employees and directors without regard to any performance measures. All options issued pursuant to the SPs are nontransferable and subject to forfeiture.

Unless terminated earlier by our board of directors, the 2013 Stock Plan will terminate at the earliest of (1) the tenth anniversary of the effective date of the 2013 Stock Plan, or (2) such time as no shares of common stock remain available for issuance under the plan and we have no further rights or obligations with respect to outstanding awards under the plan. The date of grant of an award is deemed to be the date upon which our board of directors or board committee authorizes the granting of such award.

Except in specific circumstances, awards vest over a period of three years and are exercisable for a period of 10 years. The plan also permits the grant of awards to non-employees, which the board has granted in the past. A separate option grant, outside of the 2004 Incentive Stock Plan, for 500,000 shares was made at an exercise price of $1.47 per share in connection with the hiring of our former President and Chief Executive Officer during the fiscal year ended April 30, 2005. Our former President and Chief Executive Officer retired on September 26, 2011 but continues his service as a member of our board of directors and was appointed co-vice chairman of the board. As of October 31, 2013, there were 100,000 options outstanding relating to this grant, which expire on December 6, 2014.

The number of shares and weighted average exercise prices of (i) options granted under the SPs and (ii) the separate option grant to our former President and Chief Executive Officer outside of the SPs for the six months ended October 31, 2013 and 2012 are as follows:


	For the Six Months Ended October 31,
	2013					2012
				Weighted-					Weighted-
				Average					Average
	Shares			Exercise Price		Shares			Exercise Price
Options outstanding, beginning of year		3,019,127		$	5.31		3,988,164		$	4.67
Granted during year		—			—		3,500			11.02
Exercised during the period		(418,466	)		2.55		(834,508	)		4.10
Canceled/forfeited during period		(28,000	)		5.59		(105,496	)		3.91

Options outstanding, end of period		2,572,661		$	5.76		3,051,660		$	4.86

Weighted average remaining contractual life		6.22 years					6.64 years

Options exercisable, end of period		2,013,974		$	5.79		1,890,540		$	5.10

Weighted average remaining contractual life		5.73 years					5.34 years

The aggregate intrinsic value of outstanding options as of October 31, 2013 and 2012 was $14.0 million and $15.8 million, respectively. The aggregate intrinsic value of outstanding options that were exercisable as of October 31, 2013 and 2012 was $11.1 million and $9.8 million, respectively. The aggregate intrinsic value of the options exercised for the six months ended October 31, 2013 and 2012 was $3.9 million and $5.1 million, respectively. At October 31, 2013, the total unamortized fair value of outstanding options was $757,000, which is expected to be recognized over the remaining weighted average vesting period of 0.78 years.

On September 26, 2011, our stockholders approved our 2011 Employee Stock Purchase Plan (“ESPP”). All options and rights to participate in our ESPP are nontransferable and subject to forfeiture in accordance with our ESPP guidelines. In the event of certain corporate transactions, each option outstanding under our ESPP will be assumed or an equivalent option will be substituted by the successor corporation or a parent or subsidiary of such successor corporation. During the six months ended October 31, 2013 and 2012, 84,081 and 92,476 shares were purchased under our ESPP, respectively.

We measure the cost of employee services received in exchange for an award of an equity instrument based on the grant-date fair value of the award. We calculate the fair value of our stock options issued to employees using the Black-Scholes model at the time the options are granted. That amount is then amortized over the vesting period of the option or warrant. With our ESPP, fair value is determined at the beginning of the purchase period and amortized over the term of each exercise period.

The following assumptions were used in valuing our options and ESPP purchases during the six-month periods ended October 31, 2013 and 2012:


	For the Six Months Ended October 31,
	2013			2012
Stock option grants:
Risk-free interest rate		—			0.31	%
Expected term		—			5.84 - 7.84 years
Expected volatility		—			70.0	%
Dividend yield		—			0	%
Employee Stock Purchase Plan:
Risk-free interest rate		0.40	%		0.14	%
Expected term		6 - 12 months			6 months
Expected volatility		35.2	%		63.7	%
Dividend yield		0	%		0	%

We estimate expected volatility using historical volatility for the expected term. The fair value of each stock option or ESPP purchase was estimated on the date of the grant using the Black-Scholes option pricing model (using the risk-free interest rate, expected term, expected volatility, and dividend yield variables). There were no stock options granted during the six months ended October, 31, 2013, and 3,500 stock options were granted during the six months ended October 31, 2012. The total stock-based compensation expense, including stock options, purchases under our ESPP, and RSUs and performance-based RSUs (“PSUs”), was $4.8 million and $2.0 million, which included $45,000 of stock-based compensation expense related to the loss on the sale of our discontinued operations, for the six months ended October 31, 2013 and 2012, respectively. Stock-based compensation expense is included in cost of sales, sales and marketing, research and development, and general and administrative expenses.

We grant service-based RSUs to employees, consultants, and directors. The awards are made at no cost to the recipient. An RSU represents the right to acquire one share of our common stock but does not carry voting or dividend rights. Except in specific circumstances, RSU grants to employees generally vest over a period of three years with one-third of the awards vesting on each anniversary date of the grant date. The aggregate fair value of our RSU grants is being amortized to compensation expense over the vesting period.

We grant PSUs with market conditions to our executive officers. We grant PSUs without market conditions to our employees who are not executive officers, including for the successful implementation of our new enterprise resource planning (“ERP”) system. At the time of grant, we calculate the fair value of our market condition PSUs using the Monte-Carlo simulation (using the risk-free interest rate, expected volatility, the correlation coefficient utilizing the same historical price data used to develop the volatility assumptions and dividend yield variables).

The market-condition PSUs vest, and the fair value of such PSUs will be recognized, over the corresponding three-year performance period. Our market-condition PSUs have a maximum aggregate award equal to 200% of the target amount granted. The number of market-condition PSUs that may be earned depends upon the total stockholder return (“TSR”) of our common stock compared to the TSR of the Russell 2000 Index (the “RUT”) or the NASDAQ Composite Index (the “IXIC”), as applicable, over the three-year performance period. Our stock must outperform the RUT or the IXIC, as applicable, by 10% in order for the target award to be earned.

During the six months ended October 31, 2013, we granted 450,656 service-based RSUs, including 250,000 RSUs to certain of our executive officers, 42,238 RSUs to our directors, and 153,418 RSUs to non-executive officer employees. In addition, we granted and vested 30,000 market-condition PSUs to an officer and former officer in connection with a 2010 award that achieved the maximum aggregate award. Compensation expense recognized related to grants of RSUs and PSUs was $3.7 million for the six months ended October 31, 2013.

During the six months ended October 31, 2013, we cancelled 12,518 service-based RSUs as a result of the service period condition not being met and delivered 210,230 shares of common stock to current employees under vested RSUs and PSUs with a total market value of $2.4 million.

During the six months ended October 31, 2012, we granted 55,250 service-based RSUs and 34,800 PSUs without market-conditions to employees and cancelled 12,331 service-based RSUs and 35,000 market-condition PSUs due to the service period condition not being met. Compensation expense recognized related to grants of RSUs and PSUs was $643,000 for the six months ended October 31, 2012. During the six months ended October 31, 2012, we delivered 7,667 shares of common stock to consultants and a former employee under vested RSUs with a total market value of $51,000.

A summary of activity in unvested RSUs and PSUs for the six months ended October 31, 2013 and 2012 are as follows:


	For the Six Months Ended October 31,
	2013					2012
	Total # of			Weighted Average		Total # of			Weighted Average
	Restricted			Grant Date		Restricted			Grant Date
	Stock Units			Fair Value		Stock Units			Fair Value
RSUs and PSUs outstanding, beginning of year		781,586		$	8.42		384,140		$	7.91
Awarded		480,656			10.30		90,050			9.67
Vested		(210,230	)		8.18		(7,667	)		8.11
Forfeited		(12,518	)		8.61		(47,331	)		5.84

RSUs and PSUs outstanding, end of period		1,039,494		$	9.23		419,192		$	8.06

As of October 31, 2013, there was $5.0 million of unrecognized compensation cost related to unvested RSUs and PSUs. This cost is expected to be recognized over a weighted average remaining contractual term of 1.3 years.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-Section S99
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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Reference 15: http://www.xbrl.org/2003/role/presentationRef
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Reference 16: http://www.xbrl.org/2003/role/presentationRef
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Reference 17: http://www.xbrl.org/2003/role/presentationRef
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Reference 19: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Income Taxes

6 Months Ended

Oct. 31, 2013

Income Taxes

(12) Income Taxes:

We use an asset and liability approach for financial accounting and reporting of income taxes. Deferred tax assets and liabilities are determined based on temporary differences between financial reporting and tax bases of assets and liabilities and are measured by applying enacted tax rates and laws to the taxable years in which differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

At October 31, 2013, we had gross tax-affected unrecognized tax benefits of approximately $812,000, all of which, if recognized, would favorably impact our effective tax rate. Included in the unrecognized tax benefits at October 31, 2013 and April 30, 2013 was $321,000 and $270,000, respectively, of accrued interest and penalties related to uncertain tax positions, which have been recorded in current liabilities as these positions are expected to reverse in the next 12 months.

In fiscal 2014, we expect to incur additional interest on outstanding tax accounts. We do not expect this change to be material. Interest and penalties related to income tax liabilities are included in income tax expense.

With limited exceptions, we are subject to U.S. federal, state, local, and non-U.S. income tax audits by tax authorities for fiscal years subsequent to April 30, 2009.

Commitments and Contingencies

6 Months Ended

Oct. 31, 2013

Commitments and Contingencies

(13) Commitments and Contingencies:

Litigation

On January 19, 2010, the DOJ unsealed indictments of 22 individuals from the law enforcement and military equipment industries, one of whom was our former Vice President-Sales, International & U.S. Law Enforcement. We were not charged in the indictment. We also were served with a Grand Jury subpoena for the production of documents. We have always taken, and continue to take seriously, our obligation as an industry leader to foster a responsible and ethical culture, which includes adherence to laws and industry regulations in the United States and abroad. Although we are cooperating fully with the DOJ in this matter and have undertaken a comprehensive review of company policies and procedures, the DOJ may determine that we have violated FCPA laws. On February 21, 2012, the DOJ filed a motion to dismiss with prejudice the indictments of the remaining defendants who were pending trial, including our former Vice President-Sales, International & U.S. Law Enforcement. On February 24, 2012, the district court granted the motion to dismiss. We cannot predict, however, when the investigation will be completed or its outcome. There could be additional indictments of our company, our officers, or our employees. If the DOJ determines that we violated FCPA laws, we may face sanctions, including significant civil and criminal penalties. In addition, we could be prevented from bidding on domestic military and government contracts and could risk debarment by the U.S. Department of State. We also face increased legal expenses and could see an increase in the cost of doing international business. We could also see private civil litigation arising as a result of the outcome of the investigation. In addition, responding to the investigation may divert the time and attention of our management from normal business operations. Regardless of the outcome of the investigation, the publicity surrounding the investigation and the potential risks associated with the investigation could negatively impact the perception of our company by investors, customers, and others.

In fiscal 2011, we received a subpoena from the staff of the SEC giving notice that the SEC is conducting a non-public, fact-finding inquiry to determine whether there have been any violations of the federal securities laws. It appears this civil inquiry was triggered in part by the DOJ investigation into potential FCPA violations. Although we are cooperating fully with the SEC in this matter, the SEC may determine that we have violated federal securities laws. We cannot predict when this inquiry will be completed or its outcome. If the SEC determines that we have violated federal securities laws, we may face injunctive relief, disgorgement of ill-gotten gains, and sanctions, including fines and penalties, or may be forced to take corrective actions that could increase our costs or otherwise adversely affect our business, results of operations, and liquidity. We also face increased legal expenses and could see an increase in the cost of doing business. We could also see private civil litigation arising as a result of the outcome of this inquiry. In addition, responding to the inquiry may divert the time and attention of our management from normal business operations. Regardless of the outcome of the inquiry, the publicity surrounding the inquiry and the potential risks associated with the inquiry could negatively impact the perception of our company by investors, customers, and others.

We are involved in two purported stockholder derivative lawsuits. These actions were brought by putative plaintiffs on behalf of our company against certain of our officers, directors, and employees. The lawsuits are based principally on a theory of breach of fiduciary duties. The putative plaintiffs seek damages on behalf of our company from the individual defendants. Damages sought in each case include equitable and/or injunctive relief, actions to improve corporate governance, and recovery of attorneys’ fees, and in one case also include declaratory relief and the rescission of certain option awards. A stipulation of settlement in one of our cases has been submitted and has been preliminarily approved by the court. We believe that the allegations asserted in the above lawsuits are unfounded.

We are a defendant in ten product liability cases and are aware of approximately eight other product liability claims, primarily alleging defective product design, defective manufacturing, or failure to provide adequate warnings. In addition, we are a co-defendant in a case filed on August 27, 1999 by the city of Gary, Indiana against numerous firearm manufacturers, distributors, and dealers seeking to recover damages allegedly arising out of the misuse of firearms by third parties. We believe that the various allegations as described above are unfounded, and, in addition, that any accident and any results from them were due to negligence or misuse of the firearm by the claimant or a third party and that there should be no recovery against us.

In addition, we are involved in lawsuits, claims, investigations, and proceedings, including commercial, environmental, and employment matters, which arise in the ordinary course of business.

The relief sought in individual cases primarily includes compensatory and, sometimes, punitive damages. Certain of the cases and claims seek unspecified compensatory or punitive damages. In others, compensatory damages sought may range from less than $75,000 to in excess of $1.4 million. In our experience, initial demands do not generally bear a reasonable relationship to the facts and circumstances of a particular matter. We believe that our accruals for product liability cases and claims, as described below, are a reasonable quantitative measure of the cost to us of product liability cases and claims.

We are vigorously defending ourselves in the lawsuits to which we are subject. An unfavorable outcome or prolonged litigation could harm our business. Litigation of this nature also is expensive and time consuming, and diverts the time and attention of our management.

We monitor the status of known claims and the product liability accrual, which includes amounts for defense costs for asserted and un-asserted claims. While it is difficult to forecast the outcome of these claims, we believe, after consultation with litigation counsel, that it is uncertain whether the outcome of these claims will have a material adverse effect on our financial position, results of operations, or cash flows. We believe that we have provided adequate reserves for defense costs. We do not anticipate material adverse judgments and intend to vigorously defend ourselves.

We have recorded our liability for defense costs before consideration for reimbursement from insurance carriers. We have also recorded the amount due as reimbursement under existing policies from the insurance carriers as a receivable shown in other current assets and other assets.

At this time, an estimated range of reasonably possible additional losses relating to unfavorable outcomes cannot be made.

Environmental Remediation

We are subject to numerous federal, state, and local laws that regulate both the health and safety of our workforce as well as our environmental liability, including those regulations monitored by the Occupational Health and Safety Administration (OSHA), National Fire Protection Association (NFPA), and the Department of Public Health (DPH). Though not exhaustive, examples of applicable regulations include confined space safety, walking and working surfaces, machine guarding, and life safety.

We are required to comply with regulations that mitigate any release into the environment. These laws have required, and are expected to continue to require, us to make significant expenditures of both a capital and expense nature. Several of the more significant federal laws applicable to our operations include the Clean Air Act, the Clean Water Act, the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”), and the Solid Waste Disposal Act, as amended by the Resource Conservation and Recovery Act.

We have in place programs and personnel to monitor compliance with various federal, state, and local environmental regulations. In the normal course of our manufacturing operations, we are subject to governmental proceedings and orders pertaining to waste disposal, air emissions, and water discharges into the environment. We fund our environmental costs through cash flows from operations. We believe that we are in compliance with applicable environmental regulations in all material respects.

We are required to remediate hazardous waste at our facilities. Currently, we own designated sites in Springfield, Massachusetts and are subject to two release areas, which are the focus of remediation projects as part of the Massachusetts Contingency Plan (“MCP”). The MCP provides a structured environment for the voluntary remediation of regulated releases. We may be required to remove hazardous waste or remediate the alleged effects of hazardous substances on the environment associated with past disposal practices at sites not owned by us. We have received notice that we are a potentially responsible party from the Environmental Protection Agency and/or individual states under CERCLA or a state equivalent at two sites.

As of October 31, 2013 and April 30, 2012, respectively, we had recorded $577,000 of the environmental reserve in non-current liabilities. We have calculated the net present value of the environmental reserve to be equal to the carrying value of the liability recorded on our books. Our estimate of these costs is based upon currently enacted laws and regulations, currently available facts, experience in remediation efforts, existing technology, and the ability of other potentially responsible parties or contractually liable parties to pay the allocated portions of any environmental obligations.

When the available information is sufficient to estimate the amount of liability, that estimate has been used. When the information is only sufficient to establish a range of probable liability and no point within the range is more likely than any other, the lower end of the range has been used. We may not have insurance coverage for our environmental remediation costs. We have not recognized any gains from probable recoveries or other gain contingencies. The environmental reserve was calculated using undiscounted amounts based on independent environmental remediation reports obtained.

Based on information known to us, we do not expect current environmental regulations or environmental proceedings and claims to have a material adverse effect on our consolidated financial position, results of operations, or cash flows. However, it is not possible to predict with certainty the impact on us of future environmental compliance requirements or of the cost of resolution of future environmental proceedings and claims, in part because the scope of the remedies that may be required is not certain, liability under federal environmental laws is joint and several in nature, and environmental laws and regulations are subject to modification and changes in interpretation. There can be no assurance that additional or changing environmental regulation will not become more burdensome in the future and that any such development would not have a material adverse effect on our company.

Suppliers

The inability to obtain sufficient quantities of components, parts, raw materials, and other supplies from independent sources necessary for the production of our products could result in reduced or delayed sales or lost orders. Any delay in or loss of sales could adversely impact our operating results. Many of the components, parts, raw materials, and other supplies used in the production of our products are available only from a limited number of suppliers. In most cases, we do not have long-term supply contracts with these suppliers.

Contracts

Employment Agreements — We have employment, severance, and change of control agreements with certain officers and managers.

Other Agreements — We have distribution agreements with various third parties in the ordinary course of business.

Outstanding Letters of Credit/Restricted Cash — We had open letters of credit aggregating $1.1 million and no restricted cash as of October 31, 2013.

Fair Value Measurements

6 Months Ended

Oct. 31, 2013

Fair Value Measurements

(14) Fair Value Measurements:

In accordance with ASC 820-10, Fair Value Measurements and Disclosures Topic, financial assets and liabilities recorded on the accompanying consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows:

Level 1 — Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that we have the ability to access at the measurement date (examples include active exchange-traded equity securities, listed derivatives, and most U.S. Government and agency securities).

Level 2 — Financial assets and liabilities whose values are based on quoted prices in markets in which trading occurs infrequently or whose values are based on quoted prices of instruments with similar attributes in active markets. Level 2 inputs include the following:

•

quoted prices for identical or similar assets or liabilities in non-active markets (such as corporate and municipal bonds which trade infrequently);

•

inputs other than quoted prices that are observable for substantially the full term of the asset or liability (examples include interest rate and currency swaps); and

•

inputs that are derived principally from or corroborated by observable market data for substantially the full term of the asset or liability (such as certain securities and derivatives).

We currently do not have any Level 2 financial assets or liabilities.

Level 3 — Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect our assumptions about the assumptions a market participant would use in pricing the asset or liability. We currently do not have any Level 3 financial assets or liabilities.

The following table presents information about our assets and liabilities that are measured at fair value on a recurring basis as of October 31, 2013 and April 30, 2013, respectively, and indicates the fair value hierarchy of the valuation techniques we utilized to determine such fair value (in thousands):


Description	October 31, 2013		(Level 1)		April 30, 2013		(Level 1)
Assets:
Cash equivalents (a)	$	52,901	$	52,901	$	100,413	$	100,413

Total assets	$	52,901	$	52,901	$	100,413	$	100,413

a)	Cash and cash equivalents include operating cash and money market accounts.

Recent Accounting Pronouncements

6 Months Ended

Oct. 31, 2013

Recent Accounting Pronouncements

(15) Recent Accounting Pronouncements:

Recently Issued Accounting Standards

In April 2013, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2013-11, Income Taxes (Topic 740)—Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. The amendments in ASU 2013-11 require companies to present an unrecognized tax benefit, or a portion thereof, as a reduction to a deferred tax asset for a net operating loss (NOL) carryforward or a similar tax loss or tax credit carryforward, unless the uncertain tax position is not available to reduce, or would not be used to reduce, the NOL or carryforward under the tax law in the same jurisdiction; otherwise, the unrecognized tax benefit should be presented as a gross liability and should not net the unrecognized tax benefit with a deferred tax asset. Early adoption and retrospective application is permitted. The adoption of this ASU did not have a material impact on our consolidated financial statements.

- Definition

The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6507316

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Direct Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6510796

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22583-107794

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Indirect Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6515603

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22580-107794

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.10-01.(b)(6))
-URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Accounting Change
-URI http://asc.fasb.org/extlink&oid=6503790

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22499-107794

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Retrospective Application
-URI http://asc.fasb.org/extlink&oid=6523989

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 01
-Paragraph b
-Subparagraph 6
-Article 10

+ Details

Basis of Presentation (Policies)

6 Months Ended

Oct. 31, 2013

Reclassification

Reclassification

Revenue Recognition

Use of Estimates

Segment Information

Valuation of Long-lived Tangible and Intangible Assets

•

significant underperformance relative to historical or projected future operating results;

•

significant changes in the manner or use of the assets or the strategy for our overall business;

•

significant negative industry or economic trends;

•

significant decline in our stock price for a sustained period; and

•

a decline in our market capitalization below net book value.

Fair Value Measurements and Disclosures Topic

•

quoted prices for identical or similar assets or liabilities in non-active markets (such as corporate and municipal bonds which trade infrequently);

•

inputs other than quoted prices that are observable for substantially the full term of the asset or liability (examples include interest rate and currency swaps); and

•

inputs that are derived principally from or corroborated by observable market data for substantially the full term of the asset or liability (such as certain securities and derivatives).

We currently do not have any Level 2 financial assets or liabilities.

Recently Issued Accounting Standards

Recently Issued Accounting Standards

- Definition

Disclosure of accounting policy for revenue recognition. If the entity has different policies for different types of revenue transactions, the policy for each material type of transaction is generally disclosed. If a sales transaction has multiple element arrangements (for example, delivery of multiple products, services or the rights to use assets) the disclosure may indicate the accounting policy for each unit of accounting as well as how units of accounting are determined and valued. The disclosure may encompass important judgment as to appropriateness of principles related to recognition of revenue. The disclosure also may indicate the entity's treatment of any unearned or deferred revenue that arises from the transaction.

+ References + Details

Capital Lease (Tables)

6 Months Ended

Oct. 31, 2013

Future Minimum Lease Payments

The following sets forth the future minimum lease payments as of October 31, 2013 and for the fiscal years ending April 30 (in thousands):


	Capital Lease Obligation
2014	$	298
2015		596
2016		596
2017		1,493

Total future minimum lease payments		2,983
Less amounts representing interest		(339	)

Present value of minimum lease payments		2,644
Less current maturities of capital lease		(455	)

Long-term maturities of capital lease	$	2,189

Inventories (Tables)

6 Months Ended

Oct. 31, 2013

Summary of Inventories

The following table sets forth a summary of inventories, stated at the lower of cost or market, as of October 31, 2013 and April 30, 2013 (in thousands):


	October 31, 2013		April 30, 2013
Finished goods	$	21,027	$	16,379
Finished parts		41,932		34,795
Work in process		7,762		7,852
Raw material		5,540		3,972

Total inventories	$	76,261	$	62,998

Accrued Expenses (Tables)

6 Months Ended

Oct. 31, 2013

Summary of Accrued Expenses

The following table sets forth other accrued expenses as of October 31, 2013 and April 30, 2013 (in thousands):


	October 31, 2013		April 30, 2013
Accrued rebates and promotions	$	3,056	$	3,900
Accrued employee benefits		2,214		1,953
Interest payable		2,213		1,542
Accrued professional fees		2,158		2,882
Unrecognized tax benefits		1,053		—
Accrued workers’ compensation		960		963
Accrued distributor incentives		939		458
Accrued commissions		716		949
Current portion of capital lease obligation		455		442
Accrued severance		258		—
Accrued utilities		198		537
Accrued other		1,440		2,407

Total accrued expenses	$	15,660	$	16,033

Warranty Reserve (Tables)

6 Months Ended

Oct. 31, 2013

Change in Accrued Warranty

The following table sets forth the change in accrued warranty, a portion of which is recorded as a non-current liability, for the six months ended October 31, 2013 and 2012 (in thousands):


	October 31, 2013			October 31, 2012
Beginning Balance	$	8,423		$	6,412
Warranties issued and adjustments to provisions		908			1,599
Warranty claims		(1,847	)		(1,898	)

Ending Balance	$	7,484		$	6,113

Stockholders' Equity (Tables)

6 Months Ended

Oct. 31, 2013

Reconciliation of Income Amounts and Weighted Average Number of Common and Common Equivalent Shares Used to Determine Basic and Diluted Earnings per Share


	For the Three Months Ended October 31,					For the Six Months Ended October 31,
	2013			2012		2013			2012
Net income/(loss)
Income from continuing operations	$	17,145		$	16,401	$	43,671		$	35,272
Income/(loss) from discontinued operations, net of tax		(158	)		4,784		(208	)		3,699

Net income	$	16,987		$	21,185	$	43,463		$	38,971

Weighted average shares outstanding - Basic		59,620			65,871		61,931			65,611
Dilutive effect of stock option and award plans		1,364			1,403		1,820			1,303

Diluted shares outstanding		60,984			67,274		63,751			66,914

Earnings per share - Basic (a)
Income from continuing operations	$	0.29		$	0.25	$	0.71		$	0.54
Income/(loss) from discontinued operations	$	(0.00	)	$	0.07	$	(0.00	)	$	0.06
Net income	$	0.28		$	0.32	$	0.70		$	0.59
Earnings per share - Diluted (a)
Income from continuing operations	$	0.28		$	0.24	$	0.69		$	0.53
Income/(loss) from discontinued operations	$	(0.00	)	$	0.07	$	(0.00	)	$	0.06
Net income	$	0.28		$	0.31	$	0.68		$	0.58

(a)	Net income per share may not equal earnings per share from continuing plus discontinued operations due to rounding.

Share Based Compensation Stock Options Activity


	For the Six Months Ended October 31,
	2013					2012
				Weighted-					Weighted-
				Average					Average
	Shares			Exercise Price		Shares			Exercise Price
Options outstanding, beginning of year		3,019,127		$	5.31		3,988,164		$	4.67
Granted during year		—			—		3,500			11.02
Exercised during the period		(418,466	)		2.55		(834,508	)		4.10
Canceled/forfeited during period		(28,000	)		5.59		(105,496	)		3.91

Options outstanding, end of period		2,572,661		$	5.76		3,051,660		$	4.86

Weighted average remaining contractual life		6.22 years					6.64 years

Options exercisable, end of period		2,013,974		$	5.79		1,890,540		$	5.10

Weighted average remaining contractual life		5.73 years					5.34 years

Share Based Payment Award Employee Stock Purchase Plan Valuation Assumptions

The following assumptions were used in valuing our options and ESPP purchases during the six-month periods ended October 31, 2013 and 2012:


	For the Six Months Ended October 31,
	2013			2012
Stock option grants:
Risk-free interest rate		—			0.31	%
Expected term		—			5.84 - 7.84 years
Expected volatility		—			70.0	%
Dividend yield		—			0	%
Employee Stock Purchase Plan:
Risk-free interest rate		0.40	%		0.14	%
Expected term		6 - 12 months			6 months
Expected volatility		35.2	%		63.7	%
Dividend yield		0	%		0	%

Summary of Activity in Unvested RSUs and PSUs

A summary of activity in unvested RSUs and PSUs for the six months ended October 31, 2013 and 2012 are as follows:


	For the Six Months Ended October 31,
	2013					2012
	Total # of			Weighted Average		Total # of			Weighted Average
	Restricted			Grant Date		Restricted			Grant Date
	Stock Units			Fair Value		Stock Units			Fair Value
RSUs and PSUs outstanding, beginning of year		781,586		$	8.42		384,140		$	7.91
Awarded		480,656			10.30		90,050			9.67
Vested		(210,230	)		8.18		(7,667	)		8.11
Forfeited		(12,518	)		8.61		(47,331	)		5.84

RSUs and PSUs outstanding, end of period		1,039,494		$	9.23		419,192		$	8.06

Fair Value Measurements (Tables)

6 Months Ended

Oct. 31, 2013

Fair Value of Assets Measured on Recurring Basis


Description	October 31, 2013		(Level 1)		April 30, 2013		(Level 1)
Assets:
Cash equivalents (a)	$	52,901	$	52,901	$	100,413	$	100,413

Total assets	$	52,901	$	52,901	$	100,413	$	100,413

a)	Cash and cash equivalents include operating cash and money market accounts.

Significant Accounting Policies - Additional Information (Detail)	6 Months Ended
	Oct. 31, 2013 Segment
Product Information [Line Items]
Number of segments	2

Notes Payable and Financing Arrangements - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2013	Oct. 31, 2013	Oct. 31, 2012	Oct. 31, 2013	Oct. 31, 2012	Apr. 30, 2013	Apr. 30, 2011
Debt Instrument [Line Items]
Interest expense		$ 2,046,000	$ 1,344,000	$ 8,719,000	$ 3,331,000
Maximum
Debt Instrument [Line Items]
Stock repurchase authorization				115,000,000		$ 35,000,000
Tender Offer \| Maximum
Debt Instrument [Line Items]
Stock repurchase authorization				75,000,000
Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility		75,000,000		75,000,000
Line of credit facility increments		25,000,000		25,000,000
Letter of credit borrowing capacity		175,000,000		$ 175,000,000
Credit facility, maturity				Dec. 15, 2016
Interest Description of revolving Line of Credit				Variable rate equal to LIBOR or prime, at our election, plus an applicable margin based on our consolidated leverage ratio
Borrowings outstanding		0		$ 0
Interest rate on borrowings				3.75%
Credit Facilities
Debt Instrument [Line Items]
Decrease in revolving line of credit		60,000,000		$ 60,000,000
5.875% Senior notes due 2017
Debt Instrument [Line Items]
Notes issued		$ 47,100,000		$ 47,100,000
Debt instrument, interest rate		5.875%		5.875%
Debt instrument, maturity Date	Jun. 15, 2017
Indebtedness increased				$ 56,400,000
Annual increase in Debt service requirements				$ 1,800,000
Senior Notes Indenture, maximum number of shares allowed for repurchase as a percentage of Consolidated net income for previous four consecutive published fiscal quarters				75.00%
Consolidated coverage ratio				3.00
5.875% Senior notes due 2017 \| Additional Debt
Debt Instrument [Line Items]
Indebtedness increased				$ 52,900,000
5.875% Senior notes due 2017 \| Maximum
Debt Instrument [Line Items]
Senior Notes Indenture, number of shares allowed for repurchase		$ 30,000,000		30,000,000
5.875% Senior notes due 2017 \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Description of redemption for senior notes	(a) upon not less than 30 nor more than 60 days’ prior notice, redeem all or a portion of the 5.875% Senior Notes at a redemption price of 100% of the principal amount of the 5.875% Senior Notes, plus an applicable premium, plus accrued and unpaid interest as of the redemption date; or (b) redeem up to 35% of the aggregate principal amount of the 5.875% Senior Notes with the net cash proceeds of one or more equity offerings at a redemption price of 105.875% of the principal amount of the 5.875% Senior Notes, plus accrued and unpaid interest as of the redemption date; provided that in the case of the foregoing clause, at least 65% of the aggregate original principal amount of the 5.875% Senior Notes remains outstanding, and the redemption occurs within 60 days after the closing of the equity offering.
5.875% Senior notes due 2017 \| Debt Instrument, Redemption, Period One \| Minimum
Debt Instrument [Line Items]
Notice Period of Senior Notes	30 days
5.875% Senior notes due 2017 \| Debt Instrument, Redemption, Period One \| Maximum
Debt Instrument [Line Items]
Notice Period of Senior Notes	60 days
5.875% Senior notes due 2017 \| Debt Instrument, Redemption, Period One \| Debt Instrument Redemption Scenario One
Debt Instrument [Line Items]
Redemption price of Senior Notes	100.00%
Percentage of principal amount that remains outstanding	65.00%
5.875% Senior notes due 2017 \| Debt Instrument, Redemption, Period One \| Debt Instrument Redemption Scenario Two
Debt Instrument [Line Items]
Redemption price of Senior Notes	105.875%
Percentage of redeem notes	35.00%
5.875% Senior notes due 2017 \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Description of redemption for senior notes	upon not less than 30 nor more than 60 days’ prior notice, redeem all or a portion of the 5.875% Senior Notes at a redemption price of (a) 102.9375% of the principal amount of the 5.875% Senior Notes to be redeemed, if redeemed during the 12-month period beginning on June 15, 2015; or (b) 100% of the principal amount of the 5.875% Senior Notes to be redeemed, if redeemed during the 12-month period beginning on June 15, 2016, plus, in either case, accrued and unpaid interest on the 5.875% Senior Notes as of the applicable redemption date.
5.875% Senior notes due 2017 \| Debt Instrument, Redemption, Period Two \| Minimum
Debt Instrument [Line Items]
Notice Period of Senior Notes	30 days
5.875% Senior notes due 2017 \| Debt Instrument, Redemption, Period Two \| Maximum
Debt Instrument [Line Items]
Notice Period of Senior Notes	60 days
5.875% Senior notes due 2017 \| Debt Instrument, Redemption, Period Two \| Debt Instrument Redemption Scenario One
Debt Instrument [Line Items]
Redemption price of Senior Notes	102.9375%
5.875% Senior notes due 2017 \| Debt Instrument, Redemption, Period Two \| Debt Instrument Redemption Scenario Two
Debt Instrument [Line Items]
Redemption price of Senior Notes	100.00%
5.875% Senior notes due 2017 \| Additional Shares Allowed to be Repurchased \| Fiscal 2014
Debt Instrument [Line Items]
Senior Notes Indenture, number of shares allowed for repurchase		$ 85,000,000		85,000,000
9.5% Senior notes due 2016
Debt Instrument [Line Items]
Notes issued							$ 50,000,000
Value of convertible notes exchanged for senior notes				42,800,000			$ 50,000,000
Debt instrument, interest rate							9.50%
Debt instrument, maturity Date							Jan. 14, 2016
Payment for repurchase of Senior Notes			$ 6,400,000		6,400,000
Finance cost of Senior Notes					$ 552,000
Value of Senior Notes defeased				$ 712,000
9.5% Senior notes due 2016 \| Extinguished Indebtedness
Debt Instrument [Line Items]
Debt instrument, interest rate		9.50%		9.50%
Interest expense				$ 4,300,000
Debt issuance write-off costs				$ 795,000

Capital Lease - Additional Information (Detail) $ in Thousands	1 Months Ended	6 Months Ended
	Oct. 28, 2011 USD ($)	Oct. 31, 2013 USD ($) Installment	Apr. 30, 2013 USD ($)
Capital Leased Assets [Line Items]
Proceeds from lease of machinery and equipment	$ 3,500
Effective interest rate	5.76%
Number of monthly installments \| Installment		60
Condition of lease qualifies as capital lease		Net present value of future lease payments exceed 90% of the fair market value of the leased machinery and equipment
Percentage of fair market value for qualifying as capital lease		90.00%
Current portion of capital lease obligations		$ 455	$ 442
Non-current portion of capital lease obligations		$ 2,189

Future Minimum Lease Payments (Detail) - USD ($) $ in Thousands	Oct. 31, 2013	Apr. 30, 2013
Capital Leased Assets [Line Items]
2014	$ 298
2015	596
2016	596
2017	1,493
Total future minimum lease payments	2,983
Less amounts representing interest	(339)
Present value of minimum lease payments	2,644
Less current maturities of capital lease	(455)	$ (442)
Long-term maturities of capital lease	$ 2,189

Summary of Inventories (Detail) - USD ($) $ in Thousands	Oct. 31, 2013	Apr. 30, 2013
Inventory [Line Items]
Finished goods	$ 21,027	$ 16,379
Finished parts	41,932	34,795
Work in process	7,762	7,852
Raw materials	5,540	3,972
Total inventories	$ 76,261	$ 62,998

Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands	Oct. 31, 2013	Apr. 30, 2013
Accrued Expenses [Line Items]
Accrued rebates and promotions	$ 3,056	$ 3,900
Accrued employee benefits	2,214	1,953
Interest payable	2,213	1,542
Accrued professional fees	2,158	2,882
Unrecognized tax benefits	1,053
Accrued workers' compensation	960	963
Accrued distributor incentives	939	458
Accrued commissions	716	949
Current portion of capital lease obligation	455	442
Accrued severance	258
Accrued utilities	198	537
Accrued other	1,440	2,407
Total accrued expenses	$ 15,660	$ 16,033

Advertising Costs - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 31, 2013	Oct. 31, 2012	Oct. 31, 2013	Oct. 31, 2012
Selling and Marketing Expense
Advertising Costs [Line Items]
Advertising expense for continuing operations	$ 4.1	$ 4.0	$ 8.4	$ 7.1

Warranty Reserve - Additional Information (Detail) - USD ($)	6 Months Ended
	Oct. 31, 2013	Oct. 31, 2012	Aug. 22, 2013	Apr. 30, 2013	Apr. 30, 2012
Standard Product Warranty Accrual [Line Items]
Accrued warranty	$ 7,484,000	$ 6,113,000		$ 8,423,000	$ 6,412,000
Remaining cost related to recall costs	3,400,000
Warranty expense	$ 908,000	$ 1,600,000
M&P Shield TM
Standard Product Warranty Accrual [Line Items]
Accrued warranty			$ 370,000

Change in Accrued Warranty (Detail) - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2013	Oct. 31, 2012
Standard Product Warranty Accrual [Line Items]
Beginning Balance	$ 8,423	$ 6,412
Warranties issued and adjustments to provisions	908	1,599
Warranty claims	(1,847)	(1,898)
Ending Balance	$ 7,484	$ 6,113

Self-Insurance Reserves - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2013	Oct. 31, 2012	Oct. 31, 2013	Oct. 31, 2012	Apr. 30, 2013
Self Insurance Reserves [Line Items]
Reserves for workers' compensation, product liability, municipal liability, and medical/dental costs	$ 10,000,000		$ 10,000,000		$ 9,600,000
Reserves for workers' compensation, product liability, municipal liability, and medical/dental costs, Non-current portion	6,100,000		6,100,000		5,700,000
Reserves for workers' compensation, product liability, municipal liability, and medical/dental costs, included in accrued expenses	2,400,000		2,400,000		2,300,000
Reserves for workers' compensation, product liability, municipal liability, and medical/dental costs, included in accrued product/municipal liability	1,500,000		1,500,000		1,600,000
Workers' compensation receivable classified as an other asset	380,000		380,000		332,000
Amounts charged to expense	2,800,000	$ 2,800,000	5,600,000	$ 6,200,000
Accrued reserves for product and municipal litigation liabilities	4,500,000		4,500,000		4,400,000
Accrued reserves for product and municipal litigation liabilities, Non-current portion	3,000,000		3,000,000		2,800,000
Receivables from insurance carriers, included in other assets	1,900,000		1,900,000		1,900,000
Receivables from insurance carriers, included in other current assets	$ 25,000		$ 25,000		$ 25,000

Stockholders' Equity - Additional Information (Detail)	3 Months Ended		6 Months Ended		12 Months Ended
Stockholders' Equity - Additional Information (Detail)	Oct. 31, 2013 USD ($) shares	Oct. 31, 2012 USD ($) shares	Oct. 31, 2013 USD ($) yr $ / shares shares	Oct. 31, 2012 USD ($) $ / shares shares	Apr. 30, 2013 USD ($) shares	Apr. 30, 2012 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchasing shares					2,099,603
Repurchase shares value \| $					$ 20,000,000
Stock repurchase remaining authorized amount \| $			$ 15,000,000		$ 15,000,000
Stock repurchase program, expiration date					Jun. 17, 2014
Fees and expenses incurred related to tender offer and open market purchases \| $			$ 848,000
Number of stock option plans			2
Option granted				3,500
Exercise price per share \| $ / shares				$ 11.02
Options outstanding	2,572,661	3,051,660	2,572,661	3,051,660	3,019,127	3,988,164
Intrinsic value of stock outstanding \| $	$ 14,000,000	$ 15,800,000	$ 14,000,000	$ 15,800,000
Intrinsic value of stock exercisable \| $	11,100,000	$ 9,800,000	11,100,000	9,800,000
Intrinsic value of stock exercised \| $			3,900,000	$ 5,100,000
Unrecognized compensation cost of outstanding options \| $	757,000		$ 757,000
ESPP, shares purchased			84,081	92,476
Stock-based compensation expense related to the loss on sale of our discontinued operations \| $			$ 4,774,000	$ 1,906,000
Performance period			3 years
Percentage of maximum aggregate award granted			200.00%
Percentage of stock outperform in order for target award to be earned			10.00%
Unrecognized compensation cost related to unvested RSUs and PSUs \| $	$ 5,000,000		$ 5,000,000
Former President And Chief Executive Officer as financial targets for the fiscal year ended April 30, 2010
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option granted			500,000
Exercise price per share \| $ / shares			$ 1.47
Options outstanding	100,000		100,000
Expiration date of options outstanding			Dec. 06, 2014
2004 Incentive Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period to award vested and calculate volatility rate			3 years
Period of award vested exercisable \| yr			10
2013 Incentive Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized of common stock	3,000,000		3,000,000
Tender Offer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchasing shares			1,417,233
Repurchase shares value \| $			$ 15,600,000
Open Market
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchasing shares			7,596,895
Repurchase shares value \| $			$ 84,400,000
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase authorization \| $			115,000,000		$ 35,000,000
Maximum \| Tender Offer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase authorization \| $			75,000,000
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense \| $			4,800,000	2,000,000
Stock-based compensation expense related to the loss on sale of our discontinued operations \| $			$ 45,000	45,000
RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average remaining contractual term			1 year 3 months 18 days
Stock-based compensation expense \| $			$ 3,700,000	$ 643,000
Stock Units, Awarded			480,656	90,050
Stock Units, Forfeited			12,518	47,331
Stock Units, Vested			210,230	7,667
Market value of Vested shares \| $			$ 2,400,000
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average remaining contractual term			9 months 11 days
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Units, Awarded			450,656	55,250
Stock Units, Forfeited			12,518	12,331
Stock Units, Vested				7,667
Market value of Vested shares \| $				$ 51,000
RSUs \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Units, Awarded			250,000
RSUs \| Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Units, Awarded			42,238
RSUs \| Non-Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Units, Awarded			153,418
PSUs without market-conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Units, Awarded				34,800
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Units, Forfeited				35,000
PSUs \| Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Units, Awarded			30,000
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock issuable with antidilutive effect	88,839	163,542	124,930	229,639

Reconciliation of Income Amounts and Weighted Average Number of Common and Common Equivalent Shares Used to Determine Basic and Diluted Earnings per Share (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

6 Months Ended

Oct. 31, 2013

Oct. 31, 2012

Oct. 31, 2013

Oct. 31, 2012

Net income/(loss)

Income from continuing operations

$ 17,145

$ 16,401

$ 43,671

$ 35,272

Income/(loss) from discontinued operations, net of tax

(158)

4,784

(208)

3,699

Net income/(loss)

$ 16,987

$ 21,185

$ 43,463

$ 38,971

Weighted average shares outstanding - Basic

59,620

65,871

61,931

65,611

Dilutive effect of stock option and award plans

1,364

1,403

1,820

1,303

Diluted shares outstanding

60,984

67,274

63,751

66,914

Earnings per share - Basic

Income from continuing operations

^[1]

$ 0.29

$ 0.25

$ 0.71

$ 0.54

Income/(loss) from discontinued operations

^[1]

0.00

0.07

0.00

0.06

Net income/(loss)

^[1]

0.28

0.32

0.70

0.59

Earnings per share - Diluted

Income from continuing operations

^[1]

0.28

0.24

0.69

0.53

Income/(loss) from discontinued operations

^[1]

0.00

0.07

0.00

0.06

Net income/(loss)

^[1]

$ 0.28

$ 0.31

$ 0.68

$ 0.58

[1]	Net income per share may not equal earnings per share from continuing plus discontinued operations due to rounding.

Share Based Compensation Stock Options Activity (Detail) - $ / shares	6 Months Ended
	Oct. 31, 2013	Oct. 31, 2012
Number of shares and weighted average exercise prices
Options outstanding, beginning of year, Shares	3,019,127	3,988,164
Granted during year		3,500
Exercised during year, Shares	(418,466)	(834,508)
Canceled/forfeited during year, Shares	(28,000)	(105,496)
Options outstanding, end of year, Shares	2,572,661	3,051,660
Weighted average remaining contractual life	6 years 2 months 19 days	6 years 7 months 21 days
Options exercisable, end of period, Shares	2,013,974	1,890,540
Weighted average remaining contractual life	5 years 8 months 23 days	5 years 4 months 2 days
Weighted-Average Exercise Price
Options outstanding, beginning of year, Weighted-Average Exercise Price	$ 5.31	$ 4.67
Granted during year, Weighted-Average Exercise Price		11.02
Exercised during year, Weighted-Average Exercise Price	2.55	4.10
Canceled/forfeited during year, Weighted-Average Exercise Price	5.59	3.91
Options outstanding, end of year, Weighted-Average Exercise Price	5.76	4.86
Options exercisable, end of period, Weighted-Average Exercise Price	$ 5.79	$ 5.10

Share Based Payment Award Employee Stock Purchase Plan Valuation Assumptions (Detail)	6 Months Ended
	Oct. 31, 2013	Oct. 31, 2012
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility		70.00%
Dividend yield		0.00%
Risk-free interest rate		0.31%
Stock Options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term		5 years 10 months 2 days
Stock Options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term		7 years 10 months 2 days
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	35.20%	63.70%
Dividend yield	0.00%	0.00%
Risk-free interest rate	0.40%	0.14%
Expected term		6 months
Employee Stock Purchase Plan \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	6 months
Employee Stock Purchase Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	12 months

Summary of Activity in Unvested RSUs and PSUs (Detail) - RSUs and PSUs - $ / shares	6 Months Ended
	Oct. 31, 2013	Oct. 31, 2012
Summary of activity in unvested restricted stock units and performance share units
Restricted Stock Units, RSUs and PSUs outstanding, beginning of year	781,586	384,140
Restricted Stock Units, Awarded	480,656	90,050
Restricted Stock Units, Vested	(210,230)	(7,667)
Restricted Stock Units, Forfeited	(12,518)	(47,331)
Restricted Stock Units, RSUs and PSUs outstanding, end of period	1,039,494	419,192
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value
Weighted Average Grant Date Fair Value, RSUs and PSUs outstanding, beginning of year	$ 8.42	$ 7.91
Weighted Average Grant Date Fair Value, Awarded	10.30	9.67
Weighted Average Grant Date Fair Value, Vested	8.18	8.11
Weighted Average Grant Date Fair Value, Forfeited	8.61	5.84
Weighted Average Grant Date Fair Value, RSUs and PSUs outstanding, end of period	$ 9.23	$ 8.06

Income Taxes - Additional Information (Detail) - USD ($)	6 Months Ended
	Oct. 31, 2013	Apr. 30, 2013
Income Taxes [Line Items]
Unrecognized tax benefits	$ 812,000
Accrued interest and penalties related to uncertain tax positions	$ 321,000	$ 270,000
Unrecognized tax benefits expected reversal period	12 months

Commitments and Contingencies - Additional Information (Detail)	6 Months Ended
	Oct. 31, 2013 USD ($) Case Claim	Apr. 30, 2013 USD ($)	Apr. 30, 2012 USD ($)
Schedule Of Commitments And Contingencies [Line Items]
Number of derivative lawsuits \| Case	2
Allegations of lawsuit	The lawsuits are based principally on a theory of breach of fiduciary duties.
Number of Product liability cases \| Case	10
Number of Other product liability claims \| Claim	8
Environmental reserve in non-current liabilities	$ 577,000		$ 577,000
Restricted cash		$ 3,345,000
Letter of Credit
Schedule Of Commitments And Contingencies [Line Items]
Outstanding Letters of Credit	1,100,000
Restricted cash	0
Minimum
Schedule Of Commitments And Contingencies [Line Items]
Compensatory damages sought	75,000
Maximum
Schedule Of Commitments And Contingencies [Line Items]
Compensatory damages sought	$ 1,400,000