10-Q Filing

BUTLER NATIONAL CORP CIK: 15847 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001437749-17-015934`
Period End Date	20170731
Filing Date	20170914
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	buks-20170731.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 100 Income Statement 48 Cash Flow Statement 50

Balance Sheet 100 line items

Line Item	Tag	Value	Unit	Period
Cash	`Cash`	$5.90M	USD	Point-in-time
Cash	`Cash`	$6.31M	USD	Point-in-time
Cash	`Cash`	$7.38M	USD	Point-in-time
Cash	`Cash`	$6.39M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$4.09M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$3.78M	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$5.00	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$5.00	USD	Point-in-time
Raw materials	`InventoryRawMaterialsNetOfReserves`	$5.64M	USD	Point-in-time
Raw materials	`InventoryRawMaterialsNetOfReserves`	$5.90M	USD	Point-in-time
Work in process	`InventoryWorkInProcessNetOfReserves`	$1.13M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	50.00M	shares	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	50.00M	shares	Point-in-time
Work in process	`InventoryWorkInProcessNetOfReserves`	$1.17M	USD	Point-in-time
Finished goods	`InventoryFinishedGoodsNetOfReserves`	$39.00K	USD	Point-in-time
Finished goods	`InventoryFinishedGoodsNetOfReserves`	$52.00K	USD	Point-in-time
Total inventory	`InventoryNet`	$6.86M	USD	Point-in-time
Supplemental type certificates, accumulated amortization	`SupplementalTypeCertificatesAccumulatedAmortization`	$4.34M	USD	Point-in-time
Total inventory	`InventoryNet`	$7.08M	USD	Point-in-time
Supplemental type certificates, accumulated amortization	`SupplementalTypeCertificatesAccumulatedAmortization`	$4.55M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.21M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$994.00K	USD	Point-in-time
Other assets, accumulated amortization	`AccumulatedAmortizationOtherAssets`	$7.24M	USD	Point-in-time
Other assets, accumulated amortization	`AccumulatedAmortizationOtherAssets`	$6.90M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$18.34M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$17.97M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Land and building	`LandAndBuildingGross`	$5.20M	USD	Point-in-time
Land and building	`LandAndBuildingGross`	$5.13M	USD	Point-in-time
Aircraft	`FlightEquipmentOwned`	$5.89M	USD	Point-in-time
Aircraft	`FlightEquipmentOwned`	$5.89M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$3.80M	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$3.64M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	65.27M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	65.27M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	64.54M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	64.54M	shares	Point-in-time
Office furniture and fixtures	`FurnitureAndFixturesGross`	$6.56M	USD	Point-in-time
Office furniture and fixtures	`FurnitureAndFixturesGross`	$6.50M	USD	Point-in-time
Leasehold improvements	`LeaseholdImprovementsGross`	$4.03M	USD	Point-in-time
Leasehold improvements	`LeaseholdImprovementsGross`	$4.03M	USD	Point-in-time
PropertyPlantAndEquipmentGross	`PropertyPlantAndEquipmentGross`	$25.48M	USD	Point-in-time
PropertyPlantAndEquipmentGross	`PropertyPlantAndEquipmentGross`	$25.19M	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$14.86M	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$14.51M	USD	Point-in-time
Total property, plant and equipment	`PropertyPlantAndEquipmentNet`	$10.62M	USD	Point-in-time
Total property, plant and equipment	`PropertyPlantAndEquipmentNet`	$10.68M	USD	Point-in-time
SUPPLEMENTAL TYPE CERTIFICATES (net of accumulated amortization of $4,549 at July 31, 2017 and $4,345 at April 30, 2017)	`IntangibleAssetsNetExcludingGoodwill`	$6.35M	USD	Point-in-time
SUPPLEMENTAL TYPE CERTIFICATES (net of accumulated amortization of $4,549 at July 31, 2017 and $4,345 at April 30, 2017)	`IntangibleAssetsNetExcludingGoodwill`	$6.37M	USD	Point-in-time
Deferred tax asset	`DeferredTaxAssetsNet`	$925.00K	USD	Point-in-time
Deferred tax asset	`DeferredTaxAssetsNet`	$925.00K	USD	Point-in-time
Other assets (net of accumulated amortization of $7,241 at July 31, 2017 and $6,904 at April 30, 2017)	`OtherAssetsNoncurrent`	$6.37M	USD	Point-in-time
Other assets (net of accumulated amortization of $7,241 at July 31, 2017 and $6,904 at April 30, 2017)	`OtherAssetsNoncurrent`	$6.48M	USD	Point-in-time
Total other assets	`AssetsNoncurrent`	$7.41M	USD	Point-in-time
Total other assets	`AssetsNoncurrent`	$7.29M	USD	Point-in-time
Total assets	`Assets`	$42.78M	USD	Point-in-time
Total assets	`Assets`	$42.25M	USD	Point-in-time
Promissory notes	`LinesOfCreditCurrent`	$2.53M	USD	Point-in-time
Promissory notes	`LinesOfCreditCurrent`	$2.60M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$2.30M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$2.09M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.92M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.85M	USD	Point-in-time
Customer deposits	`CustomerDepositsCurrent`	$1.20M	USD	Point-in-time
Customer deposits	`CustomerDepositsCurrent`	$892.00K	USD	Point-in-time
Gaming facility mandated payment	`GamingFacilityMandatedPayment`	$853.00K	USD	Point-in-time
Gaming facility mandated payment	`GamingFacilityMandatedPayment`	$1.23M	USD	Point-in-time
Compensation and compensated absences	`EmployeeRelatedLiabilitiesCurrent`	$1.48M	USD	Point-in-time
Compensation and compensated absences	`EmployeeRelatedLiabilitiesCurrent`	$1.15M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$589.00K	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$721.00K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$198.00K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$129.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$10.59M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$11.13M	USD	Point-in-time
LONG-TERM DEBT, NET OF CURRENT MATURITIES	`LongTermDebtNoncurrent`	$2.94M	USD	Point-in-time
LONG-TERM DEBT, NET OF CURRENT MATURITIES	`LongTermDebtNoncurrent`	$3.35M	USD	Point-in-time
Total liabilities	`Liabilities`	$14.48M	USD	Point-in-time
Total liabilities	`Liabilities`	$13.53M	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES	`CommitmentsAndContingencies`	-	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, par value $.01: authorized 100,000,000 shares issued 65,273,896 and outstanding 64,543,550 shares at July 31, 2017 and issued 65,273,896 and outstanding 64,543,550 shares at April 30, 2017	`CommonStockValueOutstanding`	$652.00K	USD	Point-in-time
Common stock, par value $.01: authorized 100,000,000 shares issued 65,273,896 and outstanding 64,543,550 shares at July 31, 2017 and issued 65,273,896 and outstanding 64,543,550 shares at April 30, 2017	`CommonStockValueOutstanding`	$652.00K	USD	Point-in-time
Capital contributed in excess of par	`AdditionalPaidInCapital`	$13.98M	USD	Point-in-time
Capital contributed in excess of par	`AdditionalPaidInCapital`	$13.98M	USD	Point-in-time
Treasury stock at cost, 730,346 shares	`TreasuryStockValue`	$764.00K	USD	Point-in-time
Treasury stock at cost, 730,346 shares	`TreasuryStockValue`	$764.00K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$9.72M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$9.96M	USD	Point-in-time
Total stockholders' equity Butler National Corporation	`StockholdersEquity`	$23.59M	USD	Point-in-time
Total stockholders' equity Butler National Corporation	`StockholdersEquity`	$23.82M	USD	Point-in-time
Noncontrolling interest in BHCMC, LLC	`MinorityInterest`	$4.71M	USD	Point-in-time
Noncontrolling interest in BHCMC, LLC	`MinorityInterest`	$4.90M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$28.72M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$28.30M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$42.25M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$42.78M	USD	Point-in-time

Income Statement 48 line items

Line Item	Tag	Value	Unit	Period
Professional Services	`SalesRevenueServicesNet`	$7.48M	USD	1 Quarter
Professional Services	`SalesRevenueServicesNet`	$7.44M	USD	1 Quarter
Aerospace Products	`SalesRevenueGoodsNet`	$3.91M	USD	1 Quarter
Aerospace Products	`SalesRevenueGoodsNet`	$4.21M	USD	1 Quarter
Total revenue	`SalesRevenueNet`	$11.39M	USD	1 Quarter
Total revenue	`SalesRevenueNet`	$11.65M	USD	1 Quarter
Cost of Professional Services	`CostOfServices`	$4.83M	USD	1 Quarter
Cost of Professional Services	`CostOfServices`	$4.52M	USD	1 Quarter
Cost of Aerospace Products	`CostOfGoodsSold`	$3.03M	USD	1 Quarter
Cost of Aerospace Products	`CostOfGoodsSold`	$2.87M	USD	1 Quarter
Marketing and advertising	`MarketingAndAdvertisingExpense`	$853.00K	USD	1 Quarter
Marketing and advertising	`MarketingAndAdvertisingExpense`	$1.01M	USD	1 Quarter
Employee benefits	`EmployeeBenefitsAndShareBasedCompensation`	$475.00K	USD	1 Quarter
Employee benefits	`EmployeeBenefitsAndShareBasedCompensation`	$476.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$482.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$507.00K	USD	1 Quarter
General, administrative and other	`OtherGeneralAndAdministrativeExpense`	$1.32M	USD	1 Quarter
General, administrative and other	`OtherGeneralAndAdministrativeExpense`	$1.29M	USD	1 Quarter
Total costs and expenses	`OperatingCostsAndExpenses`	$10.68M	USD	1 Quarter
Total costs and expenses	`OperatingCostsAndExpenses`	$11.00M	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$711.00K	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$646.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$117.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$86.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-20.00K	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-137.00K	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-86.00K	USD	1 Quarter
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$560.00K	USD	1 Quarter
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$574.00K	USD	1 Quarter
Deferred income tax expense	`DeferredIncomeTaxExpenseBenefit`	-	USD	1 Quarter
Deferred income tax expense	`DeferredIncomeTaxExpenseBenefit`	$126.00K	USD	1 Quarter
Provision for income taxes	`CurrentIncomeTaxExpenseBenefit`	-	USD	1 Quarter
Provision for income taxes	`CurrentIncomeTaxExpenseBenefit`	$134.00K	USD	1 Quarter
NET INCOME	`ProfitLoss`	$426.00K	USD	1 Quarter
NET INCOME	`ProfitLoss`	$448.00K	USD	1 Quarter
Net income attributable to noncontrolling interest in BHCMC, LLC	`NetIncomeLossAttributableToNoncontrollingInterest`	$188.00K	USD	1 Quarter
Net income attributable to noncontrolling interest in BHCMC, LLC	`NetIncomeLossAttributableToNoncontrollingInterest`	$224.00K	USD	1 Quarter
NET INCOME ATTRIBUTABLE TO BUTLER NATIONAL CORPORATION	`NetIncomeLoss`	$238.00K	USD	1 Quarter
NET INCOME ATTRIBUTABLE TO BUTLER NATIONAL CORPORATION	`NetIncomeLoss`	$224.00K	USD	1 Quarter
BASIC EARNINGS PER COMMON SHARE (in dollars per share)	`EarningsPerShareBasic`	-	USD	1 Quarter
BASIC EARNINGS PER COMMON SHARE (in dollars per share)	`EarningsPerShareBasic`	-	USD	1 Quarter
WEIGHTED AVERAGE SHARES USED IN PER SHARE CALCULATION (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	63.47M	shares	1 Quarter
WEIGHTED AVERAGE SHARES USED IN PER SHARE CALCULATION (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	64.54M	shares	1 Quarter
DILUTED EARNINGS PER COMMON SHARE (in dollars per share)	`EarningsPerShareDiluted`	-	USD	1 Quarter
DILUTED EARNINGS PER COMMON SHARE (in dollars per share)	`EarningsPerShareDiluted`	-	USD	1 Quarter
WEIGHTED AVERAGE SHARES USED IN PER SHARE CALCULATION (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	63.47M	shares	1 Quarter
WEIGHTED AVERAGE SHARES USED IN PER SHARE CALCULATION (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	64.54M	shares	1 Quarter

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$426.00K	USD	1 Quarter
Net income	`ProfitLoss`	$448.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortizationExcludingAmortizationOfSupplementalTypeCertificates`	$894.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortizationExcludingAmortizationOfSupplementalTypeCertificates`	$882.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-314.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$590.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-327.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$218.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$220.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-21.00K	USD	1 Quarter
Deferred tax asset	`IncreaseDecreaseInDeferredIncomeTaxes`	-	USD	1 Quarter
Deferred tax asset	`IncreaseDecreaseInDeferredIncomeTaxes`	$-126.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-66.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-244.00K	USD	1 Quarter
Customer deposits	`IncreaseDecreaseInCustomerDeposits`	$-228.00K	USD	1 Quarter
Customer deposits	`IncreaseDecreaseInCustomerDeposits`	$306.00K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-199.00K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-78.00K	USD	1 Quarter
Gaming facility mandated payment	`IncreaseDecreaseInGamingFacilityMandatedPayment`	$-374.00K	USD	1 Quarter
Gaming facility mandated payment	`IncreaseDecreaseInGamingFacilityMandatedPayment`	$-402.00K	USD	1 Quarter
Other current liabilities	`IncreaseDecreaseInOtherCurrentLiabilities`	$65.00K	USD	1 Quarter
Other current liabilities	`IncreaseDecreaseInOtherCurrentLiabilities`	$69.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$327.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$932.00K	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$423.00K	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$730.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-423.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-730.00K	USD	1 Quarter
Borrowings of promissory notes, net	`ProceedsFromRepaymentsOfLinesOfCredit`	$45.00K	USD	1 Quarter
Borrowings of promissory notes, net	`ProceedsFromRepaymentsOfLinesOfCredit`	$-76.00K	USD	1 Quarter
Repayments of long-term debt	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$663.00K	USD	1 Quarter
Repayments of long-term debt	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$614.00K	USD	1 Quarter
Distribution to non-controlling member	`PaymentsToMinorityShareholders`	$360.00K	USD	1 Quarter
Distribution to non-controlling member	`PaymentsToMinorityShareholders`	-	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-690.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-978.00K	USD	1 Quarter
NET DECREASE IN CASH	`CashPeriodIncreaseDecrease`	$-488.00K	USD	1 Quarter
NET DECREASE IN CASH	`CashPeriodIncreaseDecrease`	$-1.07M	USD	1 Quarter
CASH, beginning of period	`Cash`	$5.90M	USD	Point-in-time
CASH, beginning of period	`Cash`	$6.31M	USD	Point-in-time
CASH, beginning of period	`Cash`	$7.38M	USD	Point-in-time
CASH, beginning of period	`Cash`	$6.39M	USD	Point-in-time
CASH, end of period	`Cash`	$5.90M	USD	Point-in-time
CASH, end of period	`Cash`	$6.31M	USD	Point-in-time
CASH, end of period	`Cash`	$7.38M	USD	Point-in-time
CASH, end of period	`Cash`	$6.39M	USD	Point-in-time
Interest paid	`InterestPaid`	$117.00K	USD	1 Quarter
Interest paid	`InterestPaid`	$86.00K	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaidNet`	-	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.