View Filing Data

Loss from operations of discontinued security solutions division

8,178

20,057

27,885

63,728

Discontinued operations:

(88)

(75)

(245)

(349)

Income tax benefit

(31)

(803)

(85)

(870)

Basic - continuing operations

(57)

728

(160)

521

Net income

$ 8,121

$ 20,785

$ 27,725

$ 64,249

Net income per share:

^[1]

$ 0.15

$ 0.36

$ 0.52

$ 1.07

Basic - total

^[1]

0.15

0.37

0.51

1.07

Diluted - continuing operations

^[1]

0.15

0.35

0.50

1.03

Diluted - total

^[1]

$ 0.15

$ 0.36

$ 0.50

$ 1.04

Weighted average number of common shares outstanding:

Basic

53,724

55,583

54,033

59,815

Diluted

54,859

57,024

55,258

62,065

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

Consolidated Statement of Changes in Stockholders' Equity - 9 months ended Jan. 31, 2015 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income	Treasury Stock
Balance at Apr. 30, 2014	$ 166,823	$ 69	$ 211,225	$ 97,739	$ 73	$ (142,283)
Balance (in shares) at Apr. 30, 2014		68,810,000				13,458,000
Exercise of employee stock options (in shares)	222,884	223,000
Exercise of employee stock options	$ 1,028		1,028
Repurchase of common stock (in shares)						2,105,000
Repurchase of common stock	(30,040)					$ (30,040)
Stock-based compensation	4,249		4,249
Excess tax benefit for stock-based compensation	280		280
Shares issued under employee stock purchase plan (in shares)		79,000
Shares issued under employee stock purchase plan	636		636
Issuance of common stock under restricted stock unit awards, net of shares surrendered (in shares)		212,000
Issuance of common stock under restricted stock unit awards, net of shares surrendered	(1,124)		(1,124)
Net income	27,725			27,725
Balance at Jan. 31, 2015	$ 169,577	$ 69	$ 216,294	$ 125,464	$ 73	$ (172,323)
Balance (in shares) at Jan. 31, 2015		69,324,000				15,563,000

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Jan. 31, 2015	Jan. 31, 2014
Cash flows from operating activities:
Net income	$ 27,725	$ 64,249
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization and depreciation	21,196	16,066
(Gain)/loss on sale/disposition of assets	(54)	52
Provision for losses on accounts receivable	213	80
Deferred income taxes	1,363
Stock-based compensation expense	4,249	6,651
Changes in operating assets and liabilities:
Accounts receivable	5,139	(6,654)
Inventories	5,430	(23,809)
Prepaid expenses and other current assets	(1,787)	(1,869)
Income tax receivable/(payable)	3,186	(5,576)
Accounts payable	(18,839)	14,157
Accrued payroll	(10,078)	(1,083)
Accrued taxes other than income	(496)	13
Accrued profit sharing	(7,310)	(1,899)
Accrued expenses	300	(5,204)
Accrued product/municipal liability	(257)	(196)
Accrued warranty	(420)	(483)
Other assets	(84)	(141)
Other non-current liabilities	471	(129)
Net cash provided by operating activities	29,947	54,225
Cash flows from investing activities:
Refunds of/(payments for) deposits on machinery and equipment	1,398	(12,415)
Receipts from note receivable	60	57
Payments to acquire patents and software	(171)	(135)
Proceeds from sale of property and equipment	263	101
Payments to acquire property and equipment	(24,240)	(36,283)
Net cash used in investing activities	(182,647)	(48,675)
Cash flows from financing activities:
Proceeds from loans and notes payable	175,000	101,584
Cash paid for debt issue costs	(2,483)	(3,786)
Payments on capital lease obligation	(447)	(447)
Payments on notes payable		(44,824)
Payments to acquire treasury stock	(30,040)	(115,887)
Proceeds from exercise of options to acquire common stock, including employee stock purchase plan	1,664	2,026
Payroll taxes paid as a result of restricted stock unit withholdings	(1,124)	(1,087)
Excess tax benefit of stock-based compensation	280	1,672
Net cash provided by/(used in) financing activities	142,850	(60,749)
Net decrease in cash and cash equivalents	(9,850)	(55,199)
Cash and cash equivalents, beginning of period	68,860	100,487
Cash and cash equivalents, end of period	59,010	45,288
Supplemental disclosure of cash flow information Cash paid for:
Interest	8,139	4,600
Income taxes	12,000	$ 29,157
Tri Town Precision Plastics Inc
Cash flows from investing activities:
Payments to acquire business, net of cash acquired	(23,805)
BTI Acquisition
Cash flows from investing activities:
Payments to acquire business, net of cash acquired	$ (136,152)

Asset Purchase

9 Months Ended

Jan. 31, 2015

TTPP Acquisition

Asset Purchase

(3) Asset Purchase:

On May 5, 2014, we acquired substantially all of the net assets of TTPP for $22.8 million, plus a $1.0 million working capital adjustment, for a total purchase price of $23.8 million, utilizing cash on hand. We recorded this transaction in accordance with ASC 805-20, Business Combinations. TTPP was a provider of custom injection molding services, rapid prototyping and tooling, and was a long-standing supplier of polymer frames and related components for a large number of our firearms, including nearly all of our M&P models. Our acquisition of TTPP’s custom polymer injection molding capabilities was designed to vertically integrate a key component of our manufacturing operations providing us with increased flexibility within our supply chain.

The initial estimated fair value asset and liability allocations made at the acquisition date were adjusted during the nine months ended January 31, 2015 for inventory valuation and payroll accruals. We also recorded identifiable intangible assets relating to customer relationships and order backlog during the nine months ended January 31, 2015.

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date, as well as measurement period adjustments as described above (in thousands):

	May 5, 2014		Measurement
	(As Initially		Period			May 5, 2014
	Reported)		Adjustments			(As Adjusted)
Accounts receivable	$	2,614	$	5		$	2,619
Inventories		2,430		460			2,890
Total current assets		5,044		465			5,509
Property, plant, and equipment		4,243	—				4,243
Goodwill		15,183		(1,258	)		13,925
Intangibles assets:
Customer relationships	—			840			840
Order backlog	—			150			150
Other assets		8	—				8
Total assets acquired		24,478		197			24,675
Accounts payable		358		12			370
Accrued expenses		25		114			139
Accrued payroll	—			361			361
Total liabilities assumed		383		487			870
	$	24,095	$	(290	)	$	23,805

Included in general and administrative costs is $458,000 of acquisition-related costs incurred during the nine months ended January 31, 2015 related to the TTPP asset purchase.

The goodwill that was recorded as a result of the TTPP asset purchase will be deductible for tax purposes and amortized over 15 years and is included in our firearm segment.

We amortize customer relationships in proportion to expected yearly revenue generated from the customer lists acquired or products to be sold. We amortize order backlog over the contract lives as they are executed. The following are the identifiable intangible assets acquired and their respective estimated lives (in thousands):

			Estimated Life
	Amount		(In years)
Customer relationships	$	840		7.0
Order backlog		150		1.0
	$	990

Pro forma results of operations assuming that this acquisition had occurred on May 1, 2013 are not required because of the immaterial impact on our consolidated financial statements for all periods presented.

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

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Acquisition of BTI

9 Months Ended

Jan. 31, 2015

BTI Acquisition

Asset Purchase

(4) Acquisition of BTI:

On December 11, 2014, we acquired all of the issued and outstanding stock of BTI for $130.5 million, plus a $3.8 million working capital adjustment, for a total purchase price of $134.3 million, pursuant to a Stock Purchase and Sale Agreement. We recorded this transaction in accordance with ASC 805-20, Business Combinations. The acquisition was financed using a combination of existing cash balances and cash from a $100.0 million draw on our existing line of credit, which was expanded to $125.0 million as a result of our partial exercise of the accordion feature on that line of credit.

BTI, based in Columbia, Missouri, is an industry-leading provider of hunting and shooting accessories and has an established a track record of launching high-quality, innovative products across its brand portfolio.

On January 9, 2015, we acquired substantially all of the net assets of Hooyman LLC, which was a manufacturer of extendable tree saws designed for the hunting and outdoor industry, for $1.9 million utilizing cash on hand. We have relocated the operations of Hooyman Saws to BTI’s facility in Columbia, Missouri.

The aggregate purchase price of these acquisitions, including the working capital adjustment, was $136.2 million, and these acquisitions will be referred to herein as the BTI Acquisition.

We are finalizing the valuation of the assets acquired and liabilities assumed; therefore, the fair values set forth below are subject to adjustment as additional information is obtained during the measurement period, which will not exceed 12 months from the acquisition date. Adjustments in the purchase price allocation may require a recasting of the amounts allocated to goodwill retroactive to the period in which the acquisition occurred.

The following table summarizes the estimated preliminary allocation of the purchase price for BTI at the acquisition date, which includes the net assets from Hooyman LLC purchased on January 9, 2015 (in thousands):

	December 11, 2014

Cash	$	24
Accounts receivable		7,873
Inventories		12,819
Income tax receivable		393
Other current assets		563
Property, plant, and equipment		2,826
Intangibles		73,550
Goodwill		62,142
Total assets acquired		160,190
Accounts payable		1,647
Accrued expenses		326
Accrued payroll		904
Accrued taxes other than income		9
Deferred income taxes		21,128
Total liabilities assumed		24,014
	$	136,176

Included in general and administrative costs is $1.6 million of acquisition-related costs incurred during the nine months ended January 31, 2015 related to the BTI Acquisition.

As a result of the BTI Acquisition, previously acquired goodwill of $12.0 million will be deductible for tax purposes over its remaining useful life. The remaining goodwill recorded as a result of the BTI Acquisition is not expected to be deductible for tax purposes. All of the goodwill recorded as result of the BTI Acquisition is allocated to our accessories segment.

We amortize intangible assets in proportion to expected yearly revenue generated from the intangibles that were acquired. We amortize order backlog over the contract lives as they are executed. The following are the identifiable intangible assets acquired and their respective estimated lives (in thousands):



			Estimated Life
	Amount		(In years)
Developed technology	$	16,630		14.0
Customer relationships		25,680		13.0
Trade names		31,140		10.0
Order backlog		100		0.3
	$	73,550

The following table reflects the expected future amortization of intangibles (in thousands):

Fourth quarter of fiscal 2015	$	4,666
Fiscal 2016		10,502
Fiscal 2017		9,946
Fiscal 2018		9,526
Fiscal 2019		8,347
Fiscal 2020		7,220
Thereafter		24,350

Additionally, the following table reflects the unaudited pro forma results of operations assuming that the BTI Acquisition had occurred on May 1, 2013 (in thousands):

	For the Three		For the Nine		For the Three		For the Nine
	Months Ended		Months Ended		Months Ended		Months Ended
	January 31, 2015		January 31, 2015		January 31, 2014		January 31, 2014
Net sales	$	136,573	$	401,884	$	154,966	$	488,321
Income from continuing operations		8,615		28,716		19,046		58,991
Income per share - diluted		0.16		0.52		0.33		0.95

The unaudited pro forma income from continuing operations for the three and nine months ended January 31, 2015 and 2014 have been adjusted to reflect increased cost of goods sold from the fair value step-up in inventory, which is expensed over the first inventory cycle, and the amortization of intangibles and order backlog incurred as if the acquisition had occurred on the first day of the corresponding fiscal year. The unaudited pro forma information is presented for informational purposes only and is not necessarily indicative of the actual results that would have been achieved had the BTI Acquisition occurred as of May 1, 2013 or the results that may be achieved in future periods.

Notes Payable and Financing Arrangements	9 Months Ended
Notes Payable and Financing Arrangements	Jan. 31, 2015
Debt Disclosure [Abstract]
Notes Payable and Financing Arrangements	(5) Notes Payable and Financing Arrangements: Credit Facilities — On November 25, 2014, we amended our unsecured credit agreement with our lenders to expand our revolving credit facility to $125.0 million in connection with entering into the definitive agreement to acquire BTI, leaving $50.0 million available under the 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 matures on December 15, 2016 and 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 January 31, 2015, we had $100.0 million of borrowings outstanding, which bore interest at the applicable LIBOR rate of 2.42%. 5.875% Senior Notes — During fiscal 2014, we issued an aggregate of $47.1 million of 5.875% Senior Notes due 2017, or the 5.875% Senior Notes, to various qualified institutional buyers in exchange for approximately $42.8 million of our outstanding 9.5% senior notes due 2016, or the 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 fiscal 2014. The 5.875% Senior Notes were sold pursuant to the terms and conditions of an indenture, or the 5.875% Senior Notes 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 related to bond premium and $795,000 of debt issuance write-off costs relating to the exchange and defeasance of the 9.5% Senior Notes during fiscal 2014. 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. Payments that would otherwise be characterized as restricted payments are permitted under the 5.875% Senior Notes Indenture in an amount not to exceed 50% of our consolidated net income for the period from the issue date to the date of the restricted payment, provided that at the time of making such payments, (a) no default has occurred or would result from the making of such payments, and (b) we are able to satisfy the debt incurrence test under the 5.875% Senior Notes Indenture, or the 5.875% Senior Notes Lifetime Aggregate Limit. In addition, the 5.875% Senior Notes Indenture provides for other exceptions to the restricted payments covenant, each of which are independent of the 5.875% Senior Notes Lifetime Aggregate Limit. Among such exceptions is the ability to make share repurchases each fiscal year in an amount not to exceed the lesser of (i) $30.0 million in any fiscal year or (ii) 75.0% of our consolidated net income for the previous four consecutive published fiscal quarters prior to the date of the determination of such consolidated net income. In addition, we purchased an additional $85.0 million of shares of our common stock in fiscal 2014 (including our $75.0 million tender offer), which purchases were permitted under various other exceptions. 5.000% Senior Notes – During fiscal 2015, we issued an aggregate of $75.0 million of 5.000% Senior Notes due 2018, or the 5.000% Senior Notes, to various institutional investors pursuant to the terms and conditions of an indenture, or the 5.000% Senior Notes Indenture, and collectively with the 5.875% Senior Notes Indenture, the Senior Notes Indentures, and purchase agreements. The 5.000% Senior Notes bear interest at a rate of 5.000% per annum payable on January 15 and July 15 of each year, beginning on January 15, 2015. We incurred $2.3 million of debt issuance costs related to the issuance of the 5.000% Senior Notes. At any time prior to July 15, 2016, 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 5.000% Senior Notes at the redemption price of 100% of the principal amount of the 5.000% 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 5.000% Senior Notes with the net cash proceeds of one or more equity offerings at a redemption price of 105.000% of the principal amount of the 5.000% 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 5.000% Senior Notes remains outstanding, and the redemption occurs within 60 days after the closing of the equity offering. On and after July 15, 2016, we may, at our option, upon not less than 30 nor more than 60 days’ prior notice, redeem all or a portion of the 5.000% Senior Notes at the redemption price of (a) 102.500% of the principal amount of the 5.000% Senior Notes to be redeemed, if redeemed during the 12-month period beginning on July 15, 2016; or (b) 100% of the principal amount of the 5.000% Senior Notes to be redeemed, if redeemed during the 12-month period beginning on July 15, 2017, plus, in either case, accrued and unpaid interest on the 5.000% 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 5.000% Senior Notes from the holders of the 5.000% 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 5.000% Senior Notes mature on July 15, 2018. The 5.000% Senior Notes are general, unsecured obligations of our company. The 5.000% 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. Payments that would otherwise be characterized as restricted payments are permitted under the 5.000% Senior Notes Indenture in an amount not to exceed 50% of our consolidated net income for the period from the issue date to the date of the restricted payment, provided that at the time of making such payments, (a) no default has occurred or would result from the making of such payments, and (b) we are able to satisfy the debt incurrence test under the 5.000% Senior Notes Indenture, or the 5.000% Senior Notes Lifetime Aggregate Limit. In addition, the 5.000% Senior Notes Indenture provides for other exceptions to the restricted payments covenant, each of which are independent of the 5.000% Senior Notes Lifetime Aggregate Limit. Among such exceptions is (i) the ability to make share repurchases each fiscal year in an amount not to exceed the lesser of (A) $50.0 million in any fiscal year or (B) 75.0% of our consolidated net income for the previous four consecutive published fiscal quarters prior to the date of the determination of such consolidated net income, and (ii) share repurchases over the life of the 5.000% Senior Notes in an aggregate amount not to exceed $75.0 million. The limitation on indebtedness in the Senior Notes Indentures is only applicable at such time that the consolidated coverage ratio (as set forth in the Senior Notes Indentures) for us and our restricted subsidiaries is less than 3.00 to 1.00. In general, as set forth in the Senior Notes Indentures, 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 credit agreement for our revolving credit facility contains financial covenants relating to maintaining maximum leverage and minimum debt service coverage. The Senior Notes Indentures contain a financial covenant relating to times interest earned. Letters of Credit – At January 31, 2015, we had outstanding letters of credit under our revolving credit facility aggregating $1.1 million.

Stockholders' Equity

9 Months Ended

Jan. 31, 2015

Equity [Abstract]

Stockholders' Equity

(7) Stockholders’ Equity:

Treasury Stock

During fiscal 2014, our board of directors authorized the repurchase of up to $30.0 million of our common stock, subject to certain conditions, in the open market or privately negotiated transactions, commencing no earlier than May 1, 2014. During the nine months ended January 31, 2015, we completed this stock repurchase program by repurchasing 2.1 million shares of our common stock for $30.0 million, utilizing cash on hand.

Earnings per Share

The following table provides a reconciliation of the income/(loss) amounts and weighted average number of common and common equivalent shares used to determine basic and diluted earnings per share for the three and nine months ended January 31, 2015 and 2014 (in thousands, except per share data):

	For the Three Months Ended January 31,					For the Nine Months Ended January 31,
	2015			2014		2015			2014
Net income/(loss)
Income from continuing operations	$	8,178		$	20,057	$	27,885		$	63,728
(Loss)/income from discontinued operations		(57	)		728		(160	)		521
Net income	$	8,121		$	20,785	$	27,725		$	64,249
Weighted average shares outstanding - Basic		53,724			55,583		54,033			59,815
Dilutive effect of stock option and award plans		1,135			1,441		1,225			2,250
Diluted shares outstanding		54,859			57,024		55,258			62,065
Earnings per share - Basic (a)
Income from continuing operations	$	0.15		$	0.36	$	0.52		$	1.07
(Loss)/income from discontinued operations	$	(0.00	)	$	0.01	$	(0.00	)	$	0.01
Net income	$	0.15		$	0.37	$	0.51		$	1.07
Earnings per share - Diluted (a)
Income from continuing operations	$	0.15		$	0.35	$	0.50		$	1.03
(Loss)/income from discontinued operations	$	(0.00	)	$	0.01	$	(0.00	)	$	0.01
Net income	$	0.15		$	0.36	$	0.50		$	1.04

_______________

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

For the three and nine months ended January 31, 2015, there were 134,866, and 70,978 shares, respectively, of common stock issuable upon the exercise of stock options and under our 2011 Employee Stock Purchase Plan, or ESPP, that were excluded from the computation of diluted earnings per share because the effect would be antidilutive. For the three and nine months ended January 31, 2014, 40,635 and 88,965 shares, respectively, of common stock issuable upon the exercise of stock options were excluded from the computation of diluted earnings per share because the effect would be antidilutive.

Incentive Stock and Employee Stock Purchase Plans

We have two stock plans: 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. Except in specific circumstances, grants 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 our board of directors has authorized in the past.

The number of shares and weighted average exercise prices of options for the nine months ended January 31, 2015 and 2014 are as follows:

	For the Nine Months Ended January 31,
	2015					2014
				Weighted-					Weighted-
				Average					Average
	Shares			Exercise Price		Shares			Exercise Price
Options outstanding, beginning of year		2,258,349		$	6.15		3,019,127		$	5.31
Exercised during the period		(222,884	)		4.62		(508,800	)		2.76
Canceled/forfeited during period		(13,000	)		7.98		(28,000	)		5.59
Options outstanding, end of period		2,022,465		$	6.31		2,482,327		$	5.83
Weighted average remaining contractual life	5.28 years					5.99 years
Options exercisable, end of period		1,943,800		$	6.23		2,003,639		$	5.81
Weighted average remaining contractual life	5.20 years					5.56 years

The aggregate intrinsic value of outstanding options as of January 31, 2015 and 2014 was $12.7 million and $18.4 million, respectively. The aggregate intrinsic value of outstanding options that were exercisable as of January 31, 2015 and 2014 was $12.4 million and $15.0 million, respectively. The aggregate intrinsic value of the options exercised for the nine months ended January 31, 2015 and 2014 was $1.7 million and $4.8 million, respectively. At January 31, 2015, the total of unrecognized compensation cost of outstanding options was $38,000, which is expected to be recognized over the remaining weighted average vesting period of 0.23 years.

On September 26, 2011, our stockholders approved our ESPP. All options and rights to participate in our ESPP are nontransferable and subject to forfeiture in accordance with the terms of our ESPP. 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 nine months ended January 31, 2015 and 2014, 79,291 and 84,081 shares were purchased under our ESPP, respectively.

The following assumptions were used in valuing our ESPP purchases during the nine-month periods ended January 31, 2015 and 2014:

	For the Nine Months Ended January 31,
	2015	2014
Risk-free interest rate	0.04%	0.04%
Expected term	6 months	6 months
Expected volatility	36.0%	35.2%
Dividend yield	0%	0%

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 were granted. That amount is then amortized over the vesting period of the option. With our ESPP, fair value is determined at the beginning of the purchase period and amortized over the term of each exercise period.

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). The total stock-based compensation expense, including stock options, purchases under our ESPP, restricted stock units, or RSUs, and performance-based RSUs, or PSUs, was $4.2 million and $6.7 million for the nine months ended January 31, 2015 and 2014, 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 units 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. 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, or TSR, of our common stock compared with the TSR of the Russell 2000 Index, or the RUT, or the NASDAQ Composite Index, or 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 nine months ended January 31, 2015, we granted 452,600 service-based RSUs, including 25,000 RSUs to certain of our executive officers; 50,500 RSUs to our directors; and 377,100 RSUs to non-executive officer employees. In addition, in connection with a 2011 grant, we vested 46,600 market-condition PSUs (i.e., the target amount granted), which achieved the maximum aggregate award possible resulting in awards totaling 93,200 shares to certain of our executive officers and a former executive officer. Compensation expense recognized related to grants of RSUs and PSUs was $3.7 million for the nine months ended January 31, 2015. We delivered common stock to employees and directors during the nine months ended January 31, 2015 under vested RSUs and PSUs with a total market value of $3.7 million.

During the nine months ended January 31, 2014, we granted 457,156 service-based RSUs, including 250,000 RSUs to certain of our executive officers; 42,238 to our directors; and 159,918 RSUs to non-executive officer employees. In addition, in connection with a 2010 grant, we vested 30,000 market-condition PSUs (i.e., the target amount granted), which achieved the maximum aggregate award possible resulting in awards totaling 60,000 shares to an executive officer and former executive officer. Compensation expense recognized related to grants of RSUs and PSUs was $5.2 million for the nine months ended January 31, 2014. We delivered common stock to employees and directors during the nine months ended January 31, 2014 under vested RSUs and PSUs with a total market value of $3.2 million.

A summary of activity in unvested RSUs and PSUs for the nine months ended January 31, 2015 and 2014 is as follows:

	For the Nine Months Ended January 31,
	2015					2014
	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		1,015,475		$	10.56		781,586		$	8.42
Awarded		499,200			10.51		487,156			10.32
Vested		(318,171	)		8.75		(276,064	)		8.61
Forfeited		(96,204	)		12.42		(16,294	)		8.89
RSUs and PSUs outstanding, end of period		1,100,300		$	11.87		976,384		$	9.20

As of January 31, 2015, there was $5.9 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 1.5 years.

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.

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Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Jan. 31, 2015
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	(8) Commitments and Contingencies: Litigation We are a defendant in eight 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. 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 approximately $1.5 million. In our experience, initial demands do not generally bear a reasonable relationship to the facts and circumstances of a particular matter. 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 related product liability accrual, which includes amounts for defense costs for asserted and unasserted claims. After consultation with litigation counsel and the review of the merits of each claim, we have concluded that we are unable to reasonably estimate the probability or the estimated range of reasonably possible losses related to material adverse judgments related to such claims and, therefore have not accrued for any such judgments. In the future, should we determine that a loss (or an additional loss in excess of our accrual) is at least reasonably possible and material, we would then disclose an estimate of the possible loss or range of loss, if such estimate could be made, or disclose that an estimate could not be made. We believe that we have provided for adequate reserves for defense costs. We have recorded our liability for defense costs before consideration for reimbursement from insurance carriers. We have also recorded $1.9 million as reimbursement under existing policies from the insurance carriers as a receivable in other current assets and other assets. On January 19, 2010, the U.S. Department of Justice, or 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. The DOJ then conducted an investigation to determine whether we had violated the Foreign Corrupt Practices Act, or FCPA. We have cooperated fully with the DOJ in this matter. 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. Following extensive investigation and evaluation, the DOJ declined to pursue any FCPA charges against us and closed its investigation. The DOJ noted our “thorough cooperation” in correspondence to us. In fiscal 2011, we received a subpoena from the staff of the SEC giving notice that the SEC was conducting a non-public, fact-finding inquiry to determine whether there had 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. We undertook a comprehensive review of company policies and procedures. Effective July 28, 2014, we settled civil charges filed by the SEC in an administrative proceeding relating to the anti-bribery, internal controls, and books and records provisions of the FCPA. Under the terms of the settlement, in which we neither admitted nor denied the allegations made by the SEC, the SEC noted our cooperation with the inquiry. We consented to pay $2.0 million, and we agreed to undertake certain reporting obligations to the SEC concerning our FCPA compliance for two years following the settlement date. We are involved in a purported stockholder derivative lawsuit. This action was brought by a derivative plaintiff on behalf of our company against certain of our officers, directors, and employees. The lawsuit is based principally on a theory of breach of fiduciary duties arising from a 2007 class action lawsuit that has since been dismissed with prejudice. The derivative plaintiff seeks damages on behalf of our company from the individual defendants. Damages sought include equitable and/or injunctive relief, actions to improve corporate governance, and recovery of attorneys’ fees. The action was dismissed by the court in 2013, but was appealed by the derivative plaintiff. On February 4, 2015, the U.S. Court of Appeals for the First Circuit upheld the dismissal of the action. 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), the 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, or 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 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, or the 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 January 31, 2015 and April 30, 2014, we had recorded a $623,000 environmental reserve in non-current liabilities, which represents the net present value of the estimated obligation. 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. Under the asset purchase agreement with TTPP, the former stockholder of TTPP has indemnified us for losses arising from, among other things, environmental conditions related to its manufacturing activities. Of the purchase price, $3.0 million has been placed in an escrow account, a portion of which will be applied to environmental remediation at the manufacturing site in Deep River, Connecticut. It is not presently possible to estimate the ultimate amount of all remediation costs and potential uses of the escrow. We believe the likelihood of environmental remediation costs exceeding the amount available in escrow to be remote. 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.

Segment Reporting

9 Months Ended

Jan. 31, 2015

Segment Reporting [Abstract]

Segment Reporting

(9) Segment Reporting:

We have two reportable segments: firearms and accessories. The firearm segment consists of products and services manufactured and sold from our Springfield, Massachusetts, Houlton, Maine, and Deep River, Connecticut facilities, which includes primarily firearms, handcuffs, and other related products sold through a distribution chain and direct sales to consumers and international, state, and federal governments. The accessories segment consists of hunting and shooting accessories developed and sold from our Columbia, Missouri facility. Operating costs are reported based on the activities performed within each segment.

Segment assets are those directly used in or clearly allocable to an operating segment’s operations. Total assets for our firearm segment as of January 31, 2015 were $393.2 million. Included in the assets of our firearm segment are intangible assets totaling $3.7 million, property, plant, and equipment totaling $132.6 million, and goodwill totaling $13.9 million. Total assets for our accessories segment as of January 31, 2015 were $154.0 million. Included in the assets of the accessories segment are intangible assets totaling $72.4 million, property, plant, and equipment totaling $2.9 million, and goodwill totaling $62.1 million.

Results by business segment are presented in the following table for the three and nine months ended January 31, 2015 (in thousands):

	For the Three Months Ended January 31, 2015								For the Nine Months Ended January 31, 2015
	Firearm		Accessories (a)				Total		Firearm		Accessories (a)				Total
Net sales	$	124,490	$	6,060			$	130,550	$	364,805	$	6,060			$	370,865
Operating income/(loss)		17,659		(1,960	)	(b)		15,699		54,263		(1,960	)	(b)		52,303
Income tax expense/(benefit)		5,311		(726	)			4,585		17,337		(726	)			16,611

_________________

(a) Results of operations for the three and nine months ended January 31, 2015 include activity for the period subsequent to the BTI Acquisition. We operated under one segment in the prior year, thus no comparative segment information is being presented. Due to the timing of the BTI Acquisition, the segment data above includes all corporate overhead expenses in our firearm segment until we determine our allocation methodology for corporate overhead expenses.

(b) Amount includes $1.8 million of additional cost of goods sold from the fair value step-up in inventory at the date of the BTI Acquisition and $1.3 million of amortization of intangible assets identified as a result of the BTI Acquisition.

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

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Identifiable Intangible Assets Acquired and Respective Estimated Lives

Acquisition of BTI (Tables)

9 Months Ended

Jan. 31, 2015

The following are the identifiable intangible assets acquired and their respective estimated lives (in thousands):

			Estimated Life
	Amount		(In years)
Customer relationships	$	840		7.0
Order backlog		150		1.0
	$	990

Expected Future Amortization of Intangibles

The following table reflects the expected future amortization of intangibles (in thousands):

Fourth quarter of fiscal 2015	$	4,666
Fiscal 2016		10,502
Fiscal 2017		9,946
Fiscal 2018		9,526
Fiscal 2019		8,347
Fiscal 2020		7,220
Thereafter		24,350

Unaudited Pro Forma results of Operations

Additionally, the following table reflects the unaudited pro forma results of operations assuming that the BTI Acquisition had occurred on May 1, 2013 (in thousands):

	For the Three		For the Nine		For the Three		For the Nine
	Months Ended		Months Ended		Months Ended		Months Ended
	January 31, 2015		January 31, 2015		January 31, 2014		January 31, 2014
Net sales	$	136,573	$	401,884	$	154,966	$	488,321
Income from continuing operations		8,615		28,716		19,046		58,991
Income per share - diluted		0.16		0.52		0.33		0.95

BTI Acquisition

Summary of Business Acquisitions Purchase Price Allocation

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Identifiable Intangible Assets Acquired and Respective Estimated Lives

The following are the identifiable intangible assets acquired and their respective estimated lives (in thousands):



			Estimated Life
	Amount		(In years)
Developed technology	$	16,630		14.0
Customer relationships		25,680		13.0
Trade names		31,140		10.0
Order backlog		100		0.3
	$	73,550

Asset Purchase (Tables)

9 Months Ended

Jan. 31, 2015

Business Combinations [Abstract]

Estimated Fair Values of Assets Acquired and Liabilities Assumed

	May 5, 2014		Measurement
	(As Initially		Period			May 5, 2014
	Reported)		Adjustments			(As Adjusted)
Accounts receivable	$	2,614	$	5		$	2,619
Inventories		2,430		460			2,890
Total current assets		5,044		465			5,509
Property, plant, and equipment		4,243	—				4,243
Goodwill		15,183		(1,258	)		13,925
Intangibles assets:
Customer relationships	—			840			840
Order backlog	—			150			150
Other assets		8	—				8
Total assets acquired		24,478		197			24,675
Accounts payable		358		12			370
Accrued expenses		25		114			139
Accrued payroll	—			361			361
Total liabilities assumed		383		487			870
	$	24,095	$	(290	)	$	23,805

Identifiable Intangible Assets Acquired and Respective Estimated Lives

The following are the identifiable intangible assets acquired and their respective estimated lives (in thousands):

			Estimated Life
	Amount		(In years)
Customer relationships	$	840		7.0
Order backlog		150		1.0
	$	990

Stockholders' Equity (Tables)

9 Months Ended

Jan. 31, 2015

Equity [Abstract]

Reconciliation of Income/(Loss) 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 January 31,					For the Nine Months Ended January 31,
	2015			2014		2015			2014
Net income/(loss)
Income from continuing operations	$	8,178		$	20,057	$	27,885		$	63,728
(Loss)/income from discontinued operations		(57	)		728		(160	)		521
Net income	$	8,121		$	20,785	$	27,725		$	64,249
Weighted average shares outstanding - Basic		53,724			55,583		54,033			59,815
Dilutive effect of stock option and award plans		1,135			1,441		1,225			2,250
Diluted shares outstanding		54,859			57,024		55,258			62,065
Earnings per share - Basic (a)
Income from continuing operations	$	0.15		$	0.36	$	0.52		$	1.07
(Loss)/income from discontinued operations	$	(0.00	)	$	0.01	$	(0.00	)	$	0.01
Net income	$	0.15		$	0.37	$	0.51		$	1.07
Earnings per share - Diluted (a)
Income from continuing operations	$	0.15		$	0.35	$	0.50		$	1.03
(Loss)/income from discontinued operations	$	(0.00	)	$	0.01	$	(0.00	)	$	0.01
Net income	$	0.15		$	0.36	$	0.50		$	1.04

_______________

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

Share Based Compensation Stock Options Activity

The number of shares and weighted average exercise prices of options for the nine months ended January 31, 2015 and 2014 are as follows:

	For the Nine Months Ended January 31,
	2015					2014
				Weighted-					Weighted-
				Average					Average
	Shares			Exercise Price		Shares			Exercise Price
Options outstanding, beginning of year		2,258,349		$	6.15		3,019,127		$	5.31
Exercised during the period		(222,884	)		4.62		(508,800	)		2.76
Canceled/forfeited during period		(13,000	)		7.98		(28,000	)		5.59
Options outstanding, end of period		2,022,465		$	6.31		2,482,327		$	5.83
Weighted average remaining contractual life	5.28 years					5.99 years
Options exercisable, end of period		1,943,800		$	6.23		2,003,639		$	5.81
Weighted average remaining contractual life	5.20 years					5.56 years

Share Based Payment Award Employee Stock Purchase Plan Valuation Assumptions

The following assumptions were used in valuing our ESPP purchases during the nine-month periods ended January 31, 2015 and 2014:

	For the Nine Months Ended January 31,
	2015	2014
Risk-free interest rate	0.04%	0.04%
Expected term	6 months	6 months
Expected volatility	36.0%	35.2%
Dividend yield	0%	0%

Summary of Activity in Unvested RSUs and PSUs

A summary of activity in unvested RSUs and PSUs for the nine months ended January 31, 2015 and 2014 is as follows:

	For the Nine Months Ended January 31,
	2015					2014
	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		1,015,475		$	10.56		781,586		$	8.42
Awarded		499,200			10.51		487,156			10.32
Vested		(318,171	)		8.75		(276,064	)		8.61
Forfeited		(96,204	)		12.42		(16,294	)		8.89
RSUs and PSUs outstanding, end of period		1,100,300		$	11.87		976,384		$	9.20

Segment Reporting (Tables)

9 Months Ended

Jan. 31, 2015

Segment Reporting [Abstract]

Schedule of Results by Business Segment

Results by business segment are presented in the following table for the three and nine months ended January 31, 2015 (in thousands):

	For the Three Months Ended January 31, 2015								For the Nine Months Ended January 31, 2015
	Firearm		Accessories (a)				Total		Firearm		Accessories (a)				Total
Net sales	$	124,490	$	6,060			$	130,550	$	364,805	$	6,060			$	370,865
Operating income/(loss)		17,659		(1,960	)	(b)		15,699		54,263		(1,960	)	(b)		52,303
Income tax expense/(benefit)		5,311		(726	)			4,585		17,337		(726	)			16,611

_________________

Estimated Preliminary Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands	Jan. 31, 2015	May 05, 2014
Business Acquisition [Line Items]
Goodwill	$ 76,067
Tri Town Precision Plastics Inc
Business Acquisition [Line Items]
Accounts receivable		$ 2,619
Inventories		2,890
Total current assets		5,509
Property, plant, and equipment		4,243
Goodwill		13,925
Intangibles assets:
Other assets		8
Total assets acquired		24,675
Accounts payable		370
Total liabilities assumed		870
Net assets acquired		23,805
Customer Relationships \| Tri Town Precision Plastics Inc
Intangibles assets:
Other non current assets		840
Order Backlog \| Tri Town Precision Plastics Inc
Intangibles assets:
Other non current assets		150
As Initially Reported \| Tri Town Precision Plastics Inc
Business Acquisition [Line Items]
Accounts receivable		2,614
Inventories		2,430
Total current assets		5,044
Property, plant, and equipment		4,243
Goodwill		15,183
Intangibles assets:
Other assets		8
Total assets acquired		24,478
Accounts payable		358
Total liabilities assumed		383
Net assets acquired		24,095
Measurement Period Adjustments \| Tri Town Precision Plastics Inc
Business Acquisition [Line Items]
Accounts receivable		5
Inventories		460
Total current assets		465
Goodwill		(1,258)
Intangibles assets:
Total assets acquired		197
Accounts payable		12
Total liabilities assumed		487
Net assets acquired		(290)
Measurement Period Adjustments \| Customer Relationships \| Tri Town Precision Plastics Inc
Intangibles assets:
Other non current assets		840
Measurement Period Adjustments \| Order Backlog \| Tri Town Precision Plastics Inc
Intangibles assets:
Other non current assets		150
Accrued Expense \| Tri Town Precision Plastics Inc
Intangibles assets:
Accrued expenses and payroll		139
Accrued Expense \| As Initially Reported \| Tri Town Precision Plastics Inc
Intangibles assets:
Accrued expenses and payroll		25
Accrued Expense \| Measurement Period Adjustments \| Tri Town Precision Plastics Inc
Intangibles assets:
Accrued expenses and payroll		114
Accrued Payroll \| Tri Town Precision Plastics Inc
Intangibles assets:
Accrued expenses and payroll		361
Accrued Payroll \| Measurement Period Adjustments \| Tri Town Precision Plastics Inc
Intangibles assets:
Accrued expenses and payroll		$ 361

Acquisition of BTI - Summary of Business Acquisitions Purchase Price Allocation (Detail) - USD ($) $ in Thousands	Jan. 31, 2015	Dec. 11, 2014
Business Acquisition [Line Items]
Goodwill	$ 76,067
BTI Acquisition
Business Acquisition [Line Items]
Cash		$ 24
Accounts receivable		7,873
Inventories		12,819
Income tax receivable		393
Other current assets		563
Property, plant, and equipment		2,826
Intangibles		73,550
Goodwill		62,142
Total assets acquired		160,190
Accounts payable		1,647
Accrued expenses		326
Accrued payroll		904
Accrued taxes other than income		9
Deferred income taxes		21,128
Total liabilities assumed		24,014
Net assets acquired		$ 136,176

Notes Payable and Financing Arrangements - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Jan. 31, 2015	Jan. 31, 2014	Jan. 31, 2015	Jan. 31, 2014	Apr. 30, 2015	Apr. 30, 2014	Nov. 25, 2014
Debt Instrument [Line Items]
Interest expense	$ 3,192,000	$ 1,771,000	$ 8,090,000	$ 10,490,000
Consolidated coverage ratio			300.00%
Minimum consolidated coverage ratio			100.00%
Tender Offer
Debt Instrument [Line Items]
Stock repurchase authorization						$ 75,000,000
Maximum
Debt Instrument [Line Items]
Stock repurchase authorization						30,000,000
5.875% Senior notes due 2017
Debt Instrument [Line Items]
Notes issued						$ 47,100,000
Debt instrument, interest rate						5.875%
Debt instrument, maturity Date			Jun. 15, 2017
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%
5.875% Senior notes due 2017 \| Additional Shares Allowed to be Repurchased During Fiscal 2014
Debt Instrument [Line Items]
Senior Notes Indenture, number of shares allowed for repurchase						$ 85,000,000
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 Debt
Debt Instrument [Line Items]
Proceeds from issuance of Senior Notes						52,900,000
9.5% Senior notes due 2016
Debt Instrument [Line Items]
Value of convertible notes exchanged for senior notes						42,800,000
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%
Interest expense						$ 4,300,000
Debt issuance write-off costs						$ 795,000
Senior Notes Five Point Zero Zero Zero Percent
Debt Instrument [Line Items]
Debt instrument, maturity Date			Jul. 15, 2018
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%
Senior Notes Five Point Zero Zero Zero Percent \| Scenario, Forecast
Debt Instrument [Line Items]
Notes issued					$ 75,000,000
Debt instrument, interest rate					5.00%
Debt issuance costs					$ 2,300,000
Senior Notes Five Point Zero Zero Zero Percent \| Minimum
Debt Instrument [Line Items]
Senior Notes Indenture, number of shares allowed for repurchase	50,000,000		$ 50,000,000
Senior Notes Five Point Zero Zero Zero Percent \| Maximum
Debt Instrument [Line Items]
Senior Notes Indenture, number of shares allowed for repurchase	75,000,000		$ 75,000,000
Senior Notes Five Point Zero Zero Zero Percent \| 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 5.000% Senior Notes at the redemption price of 100% of the principal amount of the 5.000% 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 5.000% Senior Notes with the net cash proceeds of one or more equity offerings at a redemption price of 105.000% of the principal amount of the 5.000% 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 5.000% Senior Notes remains outstanding, and the redemption occurs within 60 days after the closing of the equity offering.
Senior Notes Five Point Zero Zero Zero Percent \| Debt Instrument, Redemption, Period One \| Minimum
Debt Instrument [Line Items]
Notice period of senior notes			30 days
Senior Notes Five Point Zero Zero Zero Percent \| Debt Instrument, Redemption, Period One \| Maximum
Debt Instrument [Line Items]
Notice period of senior notes			60 days
Senior Notes Five Point Zero Zero Zero Percent \| 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%
Senior Notes Five Point Zero Zero Zero Percent \| Debt Instrument, Redemption, Period One \| Debt Instrument Redemption Scenario Two
Debt Instrument [Line Items]
Redemption price of senior notes			105.00%
Percentage of redeem notes			35.00%
Senior Notes Five Point Zero Zero Zero Percent \| 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 5.000% Senior Notes at the redemption price of (a) 102.500% of the principal amount of the 5.000% Senior Notes to be redeemed, if redeemed during the 12-month period beginning on July 15, 2016; or (b) 100% of the principal amount of the 5.000% Senior Notes to be redeemed, if redeemed during the 12-month period beginning on July 15, 2017, plus, in either case, accrued and unpaid interest on the 5.000% Senior Notes as of the applicable redemption date
Senior Notes Five Point Zero Zero Zero Percent \| Debt Instrument, Redemption, Period Two \| Minimum
Debt Instrument [Line Items]
Notice period of senior notes			30 days
Senior Notes Five Point Zero Zero Zero Percent \| Debt Instrument, Redemption, Period Two \| Maximum
Debt Instrument [Line Items]
Notice period of senior notes			60 days
Senior Notes Five Point Zero Zero Zero Percent \| Debt Instrument, Redemption, Period Two \| Debt Instrument Redemption Scenario One
Debt Instrument [Line Items]
Redemption price of senior notes			102.50%
Senior Notes Five Point Zero Zero Zero Percent \| Debt Instrument, Redemption, Period Two \| Debt Instrument Redemption Scenario Two
Debt Instrument [Line Items]
Redemption price of senior notes			100.00%
Amended Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility							$ 125,000,000
Line of credit facility, remaining borrowing capacity							$ 50,000,000
Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility increments	25,000,000		$ 25,000,000
Line of credit facility, borrowing capacity	175,000,000		$ 175,000,000
Credit Facilities
Debt Instrument [Line Items]
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	100,000,000		$ 100,000,000
Outstanding letters of credit	$ 1,100,000		$ 1,100,000
Credit Facilities \| LIBOR Rate Option
Debt Instrument [Line Items]
Interest rate on borrowings			2.42%

Stockholders' Equity - Additional Information (Detail) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2015 USD ($) shares	Jan. 31, 2014 USD ($) shares	Jan. 31, 2015 USD ($) OptionPlan shares	Jan. 31, 2014 USD ($) shares	Apr. 30, 2014 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchase shares value \| $			$ 30,040
Number of stock option plans \| OptionPlan			2
Intrinsic value of stock outstanding \| $	$ 12,700	$ 18,400	$ 12,700	$ 18,400
Intrinsic value of stock exercisable \| $	12,400	$ 15,000	12,400	15,000
Intrinsic value of stock exercised \| $			1,700	4,800
Unrecognized compensation cost of outstanding options \| $	$ 38		38
Stock-based compensation expense \| $			$ 4,249	$ 6,651
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%
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			10 years
2011 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock issuable with antidilutive effect	134,866		70,978
Shares purchase under Employee Stock Purchase Plan			79,291	84,081
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock issuable with antidilutive effect		40,635		88,965
Weighted average remaining contractual term			2 months 23 days
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Units, Awarded			452,600	457,156
RSUs \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Units, Awarded			25,000	250,000
RSUs \| Non-Executive Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Units, Awarded			377,100
RSUs \| Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Units, Awarded			50,500	42,238
RSUs \| Non-Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Units, Forfeited				159,918
PSUs \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Units, Vested			46,600	30,000
Shares issued for vested awards			93,200	60,000
RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average remaining contractual term			1 year 6 months
Stock Units, Awarded			499,200	487,156
Stock Units, Vested			318,171	276,064
Stock-based compensation expense \| $			$ 3,700	$ 5,200
Value of shares issued for vested awards \| $			$ 3,700	$ 3,200
Stock Units, Forfeited			96,204	16,294
Unrecognized compensation cost related to unvested RSUs and PSUs \| $	$ 5,900		$ 5,900
Open Market
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchasing shares			2,100,000
Repurchase shares value \| $			$ 30,000
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase authorization \| $					$ 30,000

Reconciliation of Income/(Loss) 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

9 Months Ended

Jan. 31, 2015

Jan. 31, 2014

Jan. 31, 2015

Jan. 31, 2014

Net income/(loss)

$ 8,178

$ 20,057

$ 27,885

$ 63,728

Weighted average shares outstanding - Basic

(57)

728

(160)

521

Net income

$ 8,121

$ 20,785

$ 27,725

$ 64,249

53,724

55,583

54,033

59,815

Dilutive effect of stock option and award plans

1,135

1,441

1,225

2,250

Diluted shares outstanding

54,859

57,024

55,258

62,065

Earnings per share - Basic

^[1]

$ 0.15

$ 0.36

$ 0.52

$ 1.07

^[1]

0.00

0.01

0.00

0.01

Basic - total

^[1]

0.15

0.37

0.51

1.07

Earnings per share - Diluted

^[1]

0.15

0.35

0.50

1.03