PetMed Express (PETS) 10-K 26 May 20 2020 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2020	May 26, 2020	Sep. 30, 2019
Document Information [Line Items]
Entity Registrant Name	PETMED EXPRESS INC
Entity Central Index Key	0001040130
Trading Symbol	pets
Current Fiscal Year End Date	--03-31
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding (in shares)		20,166,382
Entity Public Float			$ 349.1
Entity Shell Company	false
Document Type	10-K
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false
Title of 12(b) Security	Common Stock, par value $.001 per share

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Current assets:
Cash and cash equivalents	$ 103,762	$ 100,529
Accounts receivable, less allowance for doubtful accounts of $59 and $39, respectively	3,843	2,542
Inventories - finished goods	17,884	21,370
Prepaid expenses and other current assets	3,529	1,408
Prepaid income taxes		582
Total current assets	129,018	126,431
Noncurrent assets:
Property and equipment, net	25,445	27,136
Intangible assets	860	860
Total noncurrent assets	26,305	27,996
Total assets	155,323	154,427
Current liabilities:
Accounts payable	19,658	16,275
Accrued expenses and other current liabilities	4,214	2,351
Income taxes payable	471
Total current liabilities	24,343	18,626
Deferred tax liabilities	970	1,121
Total liabilities	25,313	19,747
Commitments and contingencies
Shareholders' equity:
Preferred stock, $.001 par value, 5,000 shares authorized; 3 convertible shares issued and outstanding with a liquidation preference of $4 per share	9	9
Common stock, $.001 par value, 40,000 shares authorized; 20,166 and 20,674 shares issued and outstanding, respectively	20	21
Additional paid-in capital	3,804	12,478
Retained earnings	126,177	122,172
Total shareholders' equity	130,010	134,680
Total liabilities and shareholders' equity	$ 155,323	$ 154,427

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Allowance for doubtful accounts	$ 59	$ 39
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, liquidation preference (in dollars per share)	$ 4	$ 4
Preferred stock, shares issued (in shares)	3,000	3,000
Preferred stock, shares outstanding (in shares)	3,000	3,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	40,000,000	40,000,000
Common stock, shares issued (in shares)	20,166,000	20,674,000
Common stock, shares outstanding (in shares)	20,166,000	20,674,000

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Sales	$ 284,125	$ 283,419	$ 273,800
Cost of sales	202,879	188,105	175,993
Gross profit	81,246	95,314	97,807
Operating expenses:
General and administrative	25,264	24,767	24,290
Advertising	22,748	22,148	19,255
Depreciation	2,257	2,225	2,126
Total operating expenses	50,269	49,140	45,671
Income from operations	30,977	46,174	52,136
Other income (expense):
Interest income, net	1,747	1,864	658
Other, net	1,169	1,083	995
Total other income	2,916	2,947	1,653
Income before provision for income taxes	33,893	49,121	53,789
Provision for income taxes	8,042	11,381	16,506
Net income	$ 25,851	$ 37,740	$ 37,283
Net income per common share:
Basic (in dollars per share)	$ 1.29	$ 1.84	$ 1.83
Diluted (in dollars per share)	$ 1.29	$ 1.84	$ 1.82
Weighted average number of common shares outstanding:
Basic (in shares)	20,041	20,461	20,346
Diluted (in shares)	20,055	20,491	20,433
Cash dividends declared per common share (in dollars per share)	$ 1.08	$ 1.06	$ 0.85

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Mar. 31, 2017	3,000	20,526,000
Balance at Mar. 31, 2017	$ 9	$ 21	$ 6,806	$ 86,530	$ 93,366
Issuance of restricted stock, net (in shares)		75,000
Issuance of restricted stock, net
Share based compensation			2,575		2,575
Dividends declared				(17,493)	(17,493)
Net income				37,283	37,283
Balance (in shares) at Mar. 31, 2018	3,000	20,601,000
Balance at Mar. 31, 2018	$ 9	$ 21	9,381	106,320	115,731
Issuance of restricted stock, net (in shares)		73,000
Issuance of restricted stock, net
Share based compensation			3,097		3,097
Dividends declared				(21,888)	(21,888)
Net income				37,740	$ 37,740
Repurchased and retired shares (in shares)					0
Balance (in shares) at Mar. 31, 2019	3,000	20,674,000
Balance at Mar. 31, 2019	$ 9	$ 21	12,478	122,172	$ 134,680
Issuance of restricted stock, net (in shares)		105,000
Issuance of restricted stock, net
Share based compensation			2,822		2,822
Dividends declared				(21,846)	(21,846)
Net income				25,851	$ 25,851
Repurchased and retired shares (in shares)		(613,000)			(613,000)
Repurchased and retired shares		$ (1)	(11,496)		$ (11,497)
Balance (in shares) at Mar. 31, 2020	3,000	20,166,000
Balance at Mar. 31, 2020	$ 9	$ 20	$ 3,804	$ 126,177	$ 130,010

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net income	$ 25,851	$ 37,740	$ 37,283
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	2,257	2,225	2,126
Share based compensation	2,822	3,097	2,575
Deferred income taxes	(151)	125	(92)
Bad debt expense	191	85	112
(Increase) decrease in operating assets and increase (decrease) in liabilities:
Accounts receivable	(1,492)	(335)	(596)
Inventories - finished goods	3,486	1,967	(3,109)
Prepaid income taxes	582	206	(788)
Prepaid expenses and other current assets	(376)	(526)	137
Accounts payable	3,383	1,001	53
Accrued expenses and other current liabilities	1,820	(447)	337
Income taxes payable	471		(659)
Net cash provided by operating activities	38,844	45,138	37,379
Cash flows from investing activities:
Purchases of property and equipment	(2,311)	(620)	(703)
Net cash used in investing activities	(2,311)	(620)	(703)
Cash flows from financing activities:
Dividends paid	(21,803)	(21,925)	(17,470)
Repurchase and retirement of common stock	(11,497)
Net cash used in financing activities	(33,300)	(21,925)	(17,470)
Net increase in cash and cash equivalents	3,233	22,593	19,206
Cash and cash equivalents, at beginning of year	100,529	77,936	58,730
Cash and cash equivalents, at end of year	103,762	100,529	77,936
Supplemental disclosure of cash flow information:
Cash paid for income taxes	7,140	11,051	18,046
Property and equipment in current assets	1,745
Dividends payable in accrued expenses	$ 246	$ 203	$ 240

Note 1 - Summary of Significant

Note 1 - Summary of Significant Accounting Policies	12 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]	( 1 Summary of Significant Accounting Policies Organization PetMed Express, Inc. and subsidiaries, d/b/a 1 800 “1 800 www.1800petmeds.com March 31, 2020, 2019, 2018 March 31, 2020, 2019, 2018, Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation. Revenue Recognition The Company generates revenue by selling pet medication products and pet supplies. Certain pet supplies offered on the Company’s website are drop shipped to customers. The Company considers itself the principal in the arrangement because the Company controls the specified good before it is transferred to the customer. Revenue contracts contain one not not no The Company disaggregates revenue in the following two 1 2 Year Ended March 31, Sales (In thousands) 2020 % 2019 % $ Variance % Variance Reorder Sales $ 248,560 87.5 % $ 241,780 85.3 % $ 6,780 2.8% New Order Sales $ 35,565 12.5 % $ 41,639 14.7 % $ (6,074 ) -14.6% Total Net Sales $ 284,125 100.0 % $ 283,419 100.0 % $ 706 0.2% Internet Sales $ 238,054 83.8 % $ 240,034 84.7 % $ (1,980 ) -0.8% Contact Center Sales $ 46,071 16.2 % $ 43,385 15.3 % $ 2,686 6.2% Total Net Sales $ 284,125 100.0 % $ 283,419 100.0 % $ 706 0.2% Year Ended March 31, Sales (In thousands) 2019 % 2018 % $ Variance % Variance Reorder Sales $ 241,780 85.3 % $ 227,513 83.1 % $ 14,267 6.3% New Order Sales $ 41,639 14.7 % $ 46,287 16.9 % $ (4,648 ) -10.0% Total Net Sales $ 283,419 100.0 % $ 273,800 100.0 % $ 9,619 3.5% Internet Sales $ 240,034 84.7 % $ 230,319 84.1 % $ 9,715 4.2% Contact Center Sales $ 43,385 15.3 % $ 43,481 15.9 % $ (96 ) -0.2% Total Net Sales $ 283,419 100.0 % $ 273,800 100.0 % $ 9,619 3.5% The majority of the Company’s sales are paid by credit cards and the Company usually receives the cash settlement in two three no March 31, 2020 2019. The Company maintains an allowance for doubtful accounts for losses that the Company estimates will arise from customers’ inability to make required payments, arising from either credit card charge-backs or insufficient funds checks. The Company determines its estimates of the uncollectibility of accounts receivable by analyzing historical bad debts and current economic trends. The allowance for doubtful accounts was approximately $59,000 March 31, 2020 $39,000 March 31, 2019. Cash and Cash Equivalents The Company considers all highly liquid investments with maturity of three March 31, 2020 2019 three may not Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Inventories Inventories consist of prescription and non-prescription pet medications and pet supplies that are available for sale and are priced at the lower of cost or net realizable value using a weighted average cost method. The Company writes down its inventory for estimated obsolescence. The inventory reserve was approximately $45,000 $54,000 March 31, 2020 2019, Property and Equipment Property and equipment are stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets. Our building is being depreciated over a period of thirty three ten Long-lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not Intangible Assets The intangible assets consist of a toll-free telephone number and an internet domain name. In accordance with the ASC Topic 350 Goodwill and Other Intangible Assets” not Fair Value of Financial Instruments The carrying amounts of the Company's cash and cash equivalents, accounts receivable, and accounts payable approximate fair value due to the short-term nature of these instruments. Advertising The Company's advertising expense consists primarily of Internet marketing, direct mail/print, and television advertising. Internet costs are expensed in the month incurred and direct mail/print advertising costs are expensed when the related catalogs, brochures, and postcards are produced, distributed, or superseded. Television advertising costs are expensed as the advertisements are televised. Comprehensive Income The Company applies ASC Topic 220 Reporting Comprehensive Income” March 31, 2020, 2019 2018 no Income Taxes The Company accounts for income taxes under the provisions of ASC Topic 740 Accounting for Income Taxes 740, not not 50 The Company applies “Accounting for Uncertainty in Income Taxes” guidance to all tax positions for which the statute of limitations remains open. The Company files tax returns in the U.S. federal jurisdiction and Florida and Virginia. With few exceptions, the Company is no March 31, 2013, Business Concentrations The Company purchases its products from a variety of sources, including certain manufacturers, domestic distributors, and wholesalers. We have multiple suppliers for each of our products to obtain the lowest cost. There were three 60% 2020. four 50% 2019. Accounting for Share Based Compensation The Company records compensation expense associated with restricted stock in accordance with ASC Topic 718 “Share Based Payment” Recent Accounting Pronouncements In February 2016, December 15, 2018, April 1, 2019, March 31, 2020, $110,000 not In June 2016, No. 2016 13, 326 2016 13” 2016 13. 2016 13 April 1, 2020. not In December 2019, No. 2019 12, 740 2019 12” 2019 12. 2019 12 April 1, 2021. The Company does not not

Note 2 - Property and Equipment

Note 2 - Property and Equipment	12 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	( 2 ) Property and Equipment Major classifications of property and equipment consist of the following (in thousands): March 31, 2020 2019 Building $ 14,997 $ 14,997 Land 3,700 3,700 Building Improvements 2,823 2,817 Computer Software 6,043 5,891 Furniture, fixtures and equipment 8,536 8,128 36,099 35,533 Less: accumulated depreciation (10,654 ) (8,397 ) Property and equipment, net $ 25,445 $ 27,136

Note 3 - Valuation and Qualifyi

Note 3 - Valuation and Qualifying Accounts	12 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]	( 3 Valuation and Qualifying Accounts Activity in the Company's valuation and qualifying accounts consists of the following (in thousands): Year Ended March 31, 2020 2019 2018 Allowance for doubtful accounts: Balance at beginning of period $ 39 $ 35 $ 27 Provision for doubtful accounts 191 85 112 Write-off of uncollectible accounts receivable (171 ) (81 ) (104 ) Balance at end of year $ 59 $ 39 $ 35

Note 4 - Accrued Expenses and O

Note 4 - Accrued Expenses and Other Current Liabilities	12 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]	( 4 Accrued Expenses and Other Current Liabilities Major classifications of accrued expenses and other current liabilities consist of the following (in thousands): March 31, 2020 2019 Accrued sales tax $ 627 $ 323 Accrued credit card fees 494 404 Accrued salaries and benefits 1,242 685 Accrued merchandise credits / reward program 674 70 Accrued professional expenses 267 281 Accrued sales return allowance 244 184 Accrued dividends payable 246 203 Accrued real estate taxes 112 87 Other accrued liabilities 308 114 Accrued expenses and other current liabilities $ 4,214 $ 2,351

Note 5 - Income Taxes

Note 5 - Income Taxes	12 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Income Tax Disclosure [Text Block]	( 5 Income Taxes Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities are as follows (in thousands): March 31, 2020 2019 Deferred tax assets: Accrued expenses $ 287 $ 298 Deferred stock compensation 469 412 Bad debt and inventory reserves 24 22 Total deferred tax assets 780 732 Deferred tax liabilities: Property and equipment (1,750 ) (1,853 ) Total net deferred tax liabilities $ (970 ) $ (1,121 ) At March 31, 2020, no The components of the income tax provision consist of the following (in thousands): Year Ended March 31, 2020 2019 2018 Current taxes Federal $ 7,352 $ 9,718 $ 15,012 State 841 1,538 1,586 Total current taxes 8,193 11,256 16,598 Deferred taxes Federal (135 ) 108 (83 ) State (16 ) 17 (9 ) Total deferred taxes (151 ) 125 (92 ) Total provision for income taxes $ 8,042 $ 11,381 $ 16,506 The reconciliation of income tax provision computed at the U.S. federal statutory tax rates to income tax expense is as follows (in thousands): Year Ended March 31, 2020 2019 2018 Income taxes at U.S. statutory rates $ 7,118 $ 10,315 $ 16,943 State income taxes, net of federal tax benefit 649 1,233 1,078 Restricted stock windfall adjustment 322 (176 ) (1,086 ) Reduction of deferred tax liability due to rate reduction - - (430 ) Other (47 ) 9 1 Total provision for income taxes $ 8,042 $ 11,381 $ 16,506 The 2017 “2017 December 22, 2017. 2017 35% 21% December 31, 2017. No. 118, 35.0% March 31, 2018, 31.5%. 2018, $1.9 $430,000 March 31, 2018, March 31, 2019. In fiscal 2020 $322,000, one $93,000, 2019 2019 $176,000, one $8,000 2018 2018 $1.1 one $150,000 2017

Note 6 - Shareholders' Equity

Note 6 - Shareholders' Equity	12 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	( 6 Shareholders’ Equity Preferred Stock In April 1998, 250,000 $.001 $4.00 $112,187. 4.05 $4.00 may not one March 31, 2020 2019, 2,500 Share Repurchase Plan On November 8, 2006, $20.0 October 31, 2008, November 1, 2010, August 1, 2011, $20.0 January 25, 2019 $30.0 no may 2020 613,000 $11.5 2019 no March 31, 2020 $28.7 Dividends On May 8, 2017 $0.20 January 22, 2018 $0.25 July 23, 2018 $0.27 2020, Declaration Date Per Share Dividend Record Date Total Amount (In thousands) Payment Date May 6, 2019 $0.27 May 17, 2019 $ 5,518 May 24, 2019 July 22, 2019 $0.27 August 2, 2019 $ 5,447 August 9, 2019 October 21, 2019 $0.27 November 4, 2019 $ 5,447 November 15, 2019 January 21, 2020 $0.27 February 3, 2020 $ 5,445 February 14, 2020

Note 7 - Net Income Per Share

Note 7 - Net Income Per Share	12 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Earnings Per Share [Text Block]	( 7 Net Income Per Share In accordance with the provisions of ASC Topic 260 Earnings Per Share Year Ended March 31, 2020 2019 2018 Net income (numerator): Net income $ 25,851 $ 37,740 $ 37,283 Shares (denominator) Weighted average number of common shares outstanding used in basic computation 20,041 20,461 20,346 Common shares issuable upon the vesting of restricted stock 4 20 77 Common shares issuable upon conversion of preferred shares 10 10 10 Shares used in diluted computation 20,055 20,491 20,433 Net income per common share: Basic $ 1.29 $ 1.84 $ 1.83 Diluted $ 1.29 $ 1.84 $ 1.82 At March 31, 2020, 2019, 2018, 72,120, 126,751 77,350

Note 8 - Restricted Stock

Note 8 - Restricted Stock	12 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	( 8 Restricted Stock On July 28, 2006, 2006 “2006 2006 “2006 1.0 200,000 July 2012, 200,000 400,000. 10% July 2015, 2015 “2015 2015 400,000 10% July 2016, 2016 “2016 2016 1,000,000 no 1 no ten At March 31, 2020, 972,175 2006 153,608 2016 272,000 2006 135,000 2015 third three March 31, 2020, 2019, 2018, $2.8 $3.1 $2.6 March 31, 2020 Employee Plan Number of Shares Director Plan Number of Shares Both Plans Number of Shares Non-vested restricted stock outstanding at March 31, 2019 82 68 150 Restricted stock granted 77 38 115 Restricted stock vested (41 ) (32 ) (73 ) Restricted stock forfeited or expired (9 ) - (9 ) Non-vested restricted stock outstanding at March 31, 2020 109 74 183 At March 31, 2020 2019, 182,695 150,017, March 31, 2020 2019, 105,925 72,899 March 31, 2020 2019, $2.6 $3.9 1.8 1.7 2020 2019,

Note 9 - Fair Value Measurement

Note 9 - Fair Value Measurements	12 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Fair Value Disclosures [Text Block]	( 9 ) Fair Value Measurements The Company carries cash and cash equivalents and investments at fair value in the Consolidated Balance Sheets. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. ASC Topic 820 three Level 1 Level 2 Level 3 no The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Company’s cash equivalents are classified within Level 1. March 31, 2020 2019 1

Note 10 - Commitments and Conti

Note 10 - Commitments and Contingencies	12 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	( 10 ) Commitments and Contingencies Legal Matters and Routine Proceedings In January 2019, www.1800petmeds.com, not July 24, 2019, March 23, 2020, The Company has settled complaints that had been filed with various states’ pharmacy boards in the past. There can be no not no Operating Leases Upon acquisition of the Delray Beach property in January 2016, 48% 88,000 two March 31, 2020, two 4.8 $645,000 $622,000 2020 2019, five $670,000 2021; $689,000 2022; $710,000 2023; $731,000 2024, $566,000 2025. Employment Agreements On January 29, 2016, No. 5 March 16, 2016. three $600,000 120,000 2006 three March 15, 2019, No. 5a May 13, 2019 May 13, 2019, No. 6 2020 August 1, 2020; $600,000 May 17, 2019, 2019 July 26, 2019 40,000 July 26, 2020, On July 12, 2019, No. 7 thirty 30 one 1 one two

Note 11 - Employee Benefit Plan

Note 11 - Employee Benefit Plan	12 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Compensation and Employee Benefit Plans [Text Block]	( 11 ) Employee Benefit Plan The Company maintains a 401 one 21. 1974, 2006, March 31, 2020, 2019, 2018, $211,000, $192,000, $166,000, 401

Note 12 - COVID-19

Note 12 - COVID-19	12 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Effect of Covid-19 Pandemic [Text Block]	( 12 COVID- 19 On March 11, 2020, 19 March 13, 2020, March 2020, March 27, 2020, may not may 19,

Note 13 - Subsequent Events

Note 13 - Subsequent Events	12 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Subsequent Events [Text Block]	( 13 ) Subsequent Events On May 4, 2020 $0.27 $0.28 $5.6 May 22, 2020 May 15, 2020

Note 14 - Quarterly Financial D

Note 14 - Quarterly Financial Data (Unaudited)	12 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Quarterly Financial Information [Text Block]	( 14 ) Quarterly Financial Data (Unaudited) Summarized unaudited quarterly financial data for fiscal 2020 2019 Quarter Ended: June 30, 2019 September 30, 2019 December 31, 2019 March 31, 2020 Sales $ 79,988 $ 69,936 $ 59,915 $ 74,286 Gross Profit $ 21,861 $ 20,002 $ 17,697 $ 21,686 Income from operations $ 6,161 $ 8,371 $ 7,932 $ 8,513 Net income $ 5,343 $ 6,665 $ 6,840 $ 7,003 Diluted net income per common share $ 0.26 $ 0.33 $ 0.34 $ 0.35 Quarter Ended: June 30, 2018 September 30, 2018 December 31, 2018 March 31, 2019 Sales $ 87,390 $ 71,396 $ 60,068 $ 64,565 Gross Profit $ 29,954 $ 25,255 $ 19,381 $ 20,724 Income from operations $ 15,757 $ 13,203 $ 9,413 $ 7,802 Net income $ 12,582 $ 10,752 $ 7,787 $ 6,620 Diluted net income per common share $ 0.62 $ 0.52 $ 0.38 $ 0.32

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation.
Revenue from Contract with Customer [Policy Text Block]	Revenue Recognition The Company generates revenue by selling pet medication products and pet supplies. Certain pet supplies offered on the Company’s website are drop shipped to customers. The Company considers itself the principal in the arrangement because the Company controls the specified good before it is transferred to the customer. Revenue contracts contain one not not no The Company disaggregates revenue in the following two 1 2 Year Ended March 31, Sales (In thousands) 2020 % 2019 % $ Variance % Variance Reorder Sales $ 248,560 87.5 % $ 241,780 85.3 % $ 6,780 2.8% New Order Sales $ 35,565 12.5 % $ 41,639 14.7 % $ (6,074 ) -14.6% Total Net Sales $ 284,125 100.0 % $ 283,419 100.0 % $ 706 0.2% Internet Sales $ 238,054 83.8 % $ 240,034 84.7 % $ (1,980 ) -0.8% Contact Center Sales $ 46,071 16.2 % $ 43,385 15.3 % $ 2,686 6.2% Total Net Sales $ 284,125 100.0 % $ 283,419 100.0 % $ 706 0.2% Year Ended March 31, Sales (In thousands) 2019 % 2018 % $ Variance % Variance Reorder Sales $ 241,780 85.3 % $ 227,513 83.1 % $ 14,267 6.3% New Order Sales $ 41,639 14.7 % $ 46,287 16.9 % $ (4,648 ) -10.0% Total Net Sales $ 283,419 100.0 % $ 273,800 100.0 % $ 9,619 3.5% Internet Sales $ 240,034 84.7 % $ 230,319 84.1 % $ 9,715 4.2% Contact Center Sales $ 43,385 15.3 % $ 43,481 15.9 % $ (96 ) -0.2% Total Net Sales $ 283,419 100.0 % $ 273,800 100.0 % $ 9,619 3.5% The majority of the Company’s sales are paid by credit cards and the Company usually receives the cash settlement in two three no March 31, 2020 2019. The Company maintains an allowance for doubtful accounts for losses that the Company estimates will arise from customers’ inability to make required payments, arising from either credit card charge-backs or insufficient funds checks. The Company determines its estimates of the uncollectibility of accounts receivable by analyzing historical bad debts and current economic trends. The allowance for doubtful accounts was approximately $59,000 March 31, 2020 $39,000 March 31, 2019.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents The Company considers all highly liquid investments with maturity of three March 31, 2020 2019 three may not
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Inventory, Policy [Policy Text Block]	Inventories Inventories consist of prescription and non-prescription pet medications and pet supplies that are available for sale and are priced at the lower of cost or net realizable value using a weighted average cost method. The Company writes down its inventory for estimated obsolescence. The inventory reserve was approximately $45,000 $54,000 March 31, 2020 2019,
Property, Plant and Equipment, Policy [Policy Text Block]	Property and Equipment Property and equipment are stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets. Our building is being depreciated over a period of thirty three ten
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]	Long-lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not
Goodwill and Intangible Assets, Policy [Policy Text Block]	Intangible Assets The intangible assets consist of a toll-free telephone number and an internet domain name. In accordance with the ASC Topic 350 Goodwill and Other Intangible Assets” not
Fair Value of Financial Instruments, Policy [Policy Text Block]	Fair Value of Financial Instruments The carrying amounts of the Company's cash and cash equivalents, accounts receivable, and accounts payable approximate fair value due to the short-term nature of these instruments.
Advertising Cost [Policy Text Block]	Advertising The Company's advertising expense consists primarily of Internet marketing, direct mail/print, and television advertising. Internet costs are expensed in the month incurred and direct mail/print advertising costs are expensed when the related catalogs, brochures, and postcards are produced, distributed, or superseded. Television advertising costs are expensed as the advertisements are televised.
Comprehensive Income, Policy [Policy Text Block]	Comprehensive Income The Company applies ASC Topic 220 Reporting Comprehensive Income” March 31, 2020, 2019 2018 no
Income Tax, Policy [Policy Text Block]	Income Taxes The Company accounts for income taxes under the provisions of ASC Topic 740 Accounting for Income Taxes 740, not not 50 The Company applies “Accounting for Uncertainty in Income Taxes” guidance to all tax positions for which the statute of limitations remains open. The Company files tax returns in the U.S. federal jurisdiction and Florida and Virginia. With few exceptions, the Company is no March 31, 2013,
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Business Concentrations The Company purchases its products from a variety of sources, including certain manufacturers, domestic distributors, and wholesalers. We have multiple suppliers for each of our products to obtain the lowest cost. There were three 60% 2020. four 50% 2019.
Compensation Related Costs, Policy [Policy Text Block]	Accounting for Share Based Compensation The Company records compensation expense associated with restricted stock in accordance with ASC Topic 718 “Share Based Payment”
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements In February 2016, December 15, 2018, April 1, 2019, March 31, 2020, $110,000 not In June 2016, No. 2016 13, 326 2016 13” 2016 13. 2016 13 April 1, 2020. not In December 2019, No. 2019 12, 740 2019 12” 2019 12. 2019 12 April 1, 2021. The Company does not not

Note 1 - Summary of Significa_2

Note 1 - Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Mar. 31, 2020
Notes Tables
Disaggregation of Revenue [Table Text Block]	Year Ended March 31, Sales (In thousands) 2020 % 2019 % $ Variance % Variance Reorder Sales $ 248,560 87.5 % $ 241,780 85.3 % $ 6,780 2.8% New Order Sales $ 35,565 12.5 % $ 41,639 14.7 % $ (6,074 ) -14.6% Total Net Sales $ 284,125 100.0 % $ 283,419 100.0 % $ 706 0.2% Internet Sales $ 238,054 83.8 % $ 240,034 84.7 % $ (1,980 ) -0.8% Contact Center Sales $ 46,071 16.2 % $ 43,385 15.3 % $ 2,686 6.2% Total Net Sales $ 284,125 100.0 % $ 283,419 100.0 % $ 706 0.2% Year Ended March 31, Sales (In thousands) 2019 % 2018 % $ Variance % Variance Reorder Sales $ 241,780 85.3 % $ 227,513 83.1 % $ 14,267 6.3% New Order Sales $ 41,639 14.7 % $ 46,287 16.9 % $ (4,648 ) -10.0% Total Net Sales $ 283,419 100.0 % $ 273,800 100.0 % $ 9,619 3.5% Internet Sales $ 240,034 84.7 % $ 230,319 84.1 % $ 9,715 4.2% Contact Center Sales $ 43,385 15.3 % $ 43,481 15.9 % $ (96 ) -0.2% Total Net Sales $ 283,419 100.0 % $ 273,800 100.0 % $ 9,619 3.5%

Note 2 - Property and Equipme_2

Note 2 - Property and Equipment (Tables)	12 Months Ended
	Mar. 31, 2020
Notes Tables
Property, Plant and Equipment [Table Text Block]	March 31, 2020 2019 Building $ 14,997 $ 14,997 Land 3,700 3,700 Building Improvements 2,823 2,817 Computer Software 6,043 5,891 Furniture, fixtures and equipment 8,536 8,128 36,099 35,533 Less: accumulated depreciation (10,654 ) (8,397 ) Property and equipment, net $ 25,445 $ 27,136

Note 3 - Valuation and Qualif_2

Note 3 - Valuation and Qualifying Accounts (Tables)	12 Months Ended
	Mar. 31, 2020
Notes Tables
Valuation and Qualifying Accounts [Table Text Block]	Year Ended March 31, 2020 2019 2018 Allowance for doubtful accounts: Balance at beginning of period $ 39 $ 35 $ 27 Provision for doubtful accounts 191 85 112 Write-off of uncollectible accounts receivable (171 ) (81 ) (104 ) Balance at end of year $ 59 $ 39 $ 35

Note 4 - Accrued Expenses and_2

Note 4 - Accrued Expenses and Other Current Liabilities (Tables)	12 Months Ended
	Mar. 31, 2020
Notes Tables
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]	March 31, 2020 2019 Accrued sales tax $ 627 $ 323 Accrued credit card fees 494 404 Accrued salaries and benefits 1,242 685 Accrued merchandise credits / reward program 674 70 Accrued professional expenses 267 281 Accrued sales return allowance 244 184 Accrued dividends payable 246 203 Accrued real estate taxes 112 87 Other accrued liabilities 308 114 Accrued expenses and other current liabilities $ 4,214 $ 2,351

Note 5 - Income Taxes (Tables)

Note 5 - Income Taxes (Tables)	12 Months Ended
	Mar. 31, 2020
Notes Tables
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	March 31, 2020 2019 Deferred tax assets: Accrued expenses $ 287 $ 298 Deferred stock compensation 469 412 Bad debt and inventory reserves 24 22 Total deferred tax assets 780 732 Deferred tax liabilities: Property and equipment (1,750 ) (1,853 ) Total net deferred tax liabilities $ (970 ) $ (1,121 )
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	Year Ended March 31, 2020 2019 2018 Current taxes Federal $ 7,352 $ 9,718 $ 15,012 State 841 1,538 1,586 Total current taxes 8,193 11,256 16,598 Deferred taxes Federal (135 ) 108 (83 ) State (16 ) 17 (9 ) Total deferred taxes (151 ) 125 (92 ) Total provision for income taxes $ 8,042 $ 11,381 $ 16,506
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	Year Ended March 31, 2020 2019 2018 Income taxes at U.S. statutory rates $ 7,118 $ 10,315 $ 16,943 State income taxes, net of federal tax benefit 649 1,233 1,078 Restricted stock windfall adjustment 322 (176 ) (1,086 ) Reduction of deferred tax liability due to rate reduction - - (430 ) Other (47 ) 9 1 Total provision for income taxes $ 8,042 $ 11,381 $ 16,506

Note 6 - Shareholders' Equity (

Note 6 - Shareholders' Equity (Tables)	12 Months Ended
	Mar. 31, 2020
Notes Tables
Dividends Declared [Table Text Block]	Declaration Date Per Share Dividend Record Date Total Amount (In thousands) Payment Date May 6, 2019 $0.27 May 17, 2019 $ 5,518 May 24, 2019 July 22, 2019 $0.27 August 2, 2019 $ 5,447 August 9, 2019 October 21, 2019 $0.27 November 4, 2019 $ 5,447 November 15, 2019 January 21, 2020 $0.27 February 3, 2020 $ 5,445 February 14, 2020

Note 7 - Net Income Per Share (

Note 7 - Net Income Per Share (Tables)	12 Months Ended
	Mar. 31, 2020
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Year Ended March 31, 2020 2019 2018 Net income (numerator): Net income $ 25,851 $ 37,740 $ 37,283 Shares (denominator) Weighted average number of common shares outstanding used in basic computation 20,041 20,461 20,346 Common shares issuable upon the vesting of restricted stock 4 20 77 Common shares issuable upon conversion of preferred shares 10 10 10 Shares used in diluted computation 20,055 20,491 20,433 Net income per common share: Basic $ 1.29 $ 1.84 $ 1.83 Diluted $ 1.29 $ 1.84 $ 1.82

Note 8 - Restricted Stock (Tabl

Note 8 - Restricted Stock (Tables)	12 Months Ended
	Mar. 31, 2020
Notes Tables
Schedule of Nonvested Share Activity [Table Text Block]	Employee Plan Number of Shares Director Plan Number of Shares Both Plans Number of Shares Non-vested restricted stock outstanding at March 31, 2019 82 68 150 Restricted stock granted 77 38 115 Restricted stock vested (41 ) (32 ) (73 ) Restricted stock forfeited or expired (9 ) - (9 ) Non-vested restricted stock outstanding at March 31, 2020 109 74 183

Note 14 - Quarterly Financial_2

Note 14 - Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Mar. 31, 2020
Notes Tables
Quarterly Financial Information [Table Text Block]	Quarter Ended: June 30, 2019 September 30, 2019 December 31, 2019 March 31, 2020 Sales $ 79,988 $ 69,936 $ 59,915 $ 74,286 Gross Profit $ 21,861 $ 20,002 $ 17,697 $ 21,686 Income from operations $ 6,161 $ 8,371 $ 7,932 $ 8,513 Net income $ 5,343 $ 6,665 $ 6,840 $ 7,003 Diluted net income per common share $ 0.26 $ 0.33 $ 0.34 $ 0.35 Quarter Ended: June 30, 2018 September 30, 2018 December 31, 2018 March 31, 2019 Sales $ 87,390 $ 71,396 $ 60,068 $ 64,565 Gross Profit $ 29,954 $ 25,255 $ 19,381 $ 20,724 Income from operations $ 15,757 $ 13,203 $ 9,413 $ 7,802 Net income $ 12,582 $ 10,752 $ 7,787 $ 6,620 Diluted net income per common share $ 0.62 $ 0.52 $ 0.38 $ 0.32

Note 1 - Summary of Significa_3

Note 1 - Summary of Significant Accounting Policies (Details Textual)	12 Months Ended
	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)
Accounts Receivable, Allowance for Credit Loss, Current	$ 59,000	$ 39,000
Inventory Valuation Reserves, Ending Balance	45,000	54,000
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax	0	$ 0	$ 0
Accounting Standards Update 2016-02 [Member] | Accrued Expenses and Other Current Liabilities [Member]
Operating Lease, Right-of-Use Asset	110,000
Operating Lease, Liability, Current	$ 110,000
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member]
Number of Suppliers	3	4
Concentration Risk, Percentage	60.00%	50.00%
Building [Member]
Property, Plant and Equipment, Useful Life (Year)	30 years
Furniture, Fixtures, Equipment and Computer Software [Member] | Minimum [Member]
Property, Plant and Equipment, Useful Life (Year)	3 years
Furniture, Fixtures, Equipment and Computer Software [Member] | Maximum [Member]
Property, Plant and Equipment, Useful Life (Year)	10 years

Note 1 - Summary of Significa_4

Note 1 - Summary of Significant Accounting Policies - Disaggregation of Revenue by Type (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Revenues	$ 284,125	$ 283,419	$ 273,800
Revenues, percentage	100.00%	100.00%	100.00%
Revenues, variance	$ 706	$ 9,619
Revenues, variance, percentage	0.20%	3.50%
Internet [Member]
Revenues	$ 238,054	$ 240,034	$ 230,319
Revenues, percentage	83.80%	84.70%	84.10%
Revenues, variance	$ (1,980)	$ 9,715
Revenues, variance, percentage	0.80%	4.20%
Contact Center [Member]
Revenues	$ 46,071	$ 43,385	$ 43,481
Revenues, percentage	16.20%	15.30%	15.90%
Revenues, variance	$ 2,686	$ (96)
Revenues, variance, percentage	6.20%	0.20%
Reorder Customer [Member]
Revenues	$ 248,560	$ 241,780	$ 227,513
Revenues, percentage	87.50%	85.30%	83.10%
Revenues, variance	$ 6,780	$ 14,267
Revenues, variance, percentage	2.80%	6.30%
New Order Customer [Member]
Revenues	$ 35,565	$ 41,639	$ 46,287
Revenues, percentage	12.50%	14.70%	16.90%
Revenues, variance	$ (6,074)	$ (4,648)
Revenues, variance, percentage	14.60%	10.00%

Note 2 - Property and Equipme_3

Note 2 - Property and Equipment - Major Classifications of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Property and equipment, gross	$ 36,099	$ 35,533
Less: accumulated depreciation	(10,654)	(8,397)
Property and equipment, net	25,445	27,136
Building [Member]
Property and equipment, gross	14,997	14,997
Land [Member]
Property and equipment, gross	3,700	3,700
Building Improvements [Member]
Property and equipment, gross	2,823	2,817
Software and Software Development Costs [Member]
Property and equipment, gross	6,043	5,891
Furniture and Fixtures [Member]
Property and equipment, gross	$ 8,536	$ 8,128

Note 3 - Valuation and Qualif_3

Note 3 - Valuation and Qualifying Accounts - Activity in the Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Balance at beginning of period	$ 39	$ 35	$ 27
Bad debt expense	191	85	112
Write-off of uncollectible accounts receivable	(171)	(81)	(104)
Balance at end of year	$ 59	$ 39	$ 35

Note 4 - Accrued Expenses and_3

Note 4 - Accrued Expenses and Other Current Liabilities - Major Classifications of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Accrued sales tax	$ 627	$ 323
Accrued credit card fees	494	404
Accrued salaries and benefits	1,242	685
Accrued merchandise credits / reward program	674	70
Accrued professional expenses	267	281
Accrued sales return allowance	244	184
Accrued dividends payable	246	203
Accrued real estate taxes	112	87
Other accrued liabilities	308	114
Accrued expenses and other current liabilities	$ 4,214	$ 2,351

Note 5 - Income Taxes (Details

Note 5 - Income Taxes (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			31.50%
Income Tax Expense Reduction (Increase) Due to Blended Rate			$ 1,900,000
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability			(430,000)
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Share-based Payment Arrangement, Amount	$ 322,000	$ (176,000)	(1,086,000)
Tax Adjustments, Settlements, and Unusual Provisions	(93,000)	$ 8,000	$ (150,000)
Domestic Tax Authority [Member]
Operating Loss Carryforwards, Total	$ 0

Note 5 - Income Taxes - Deferre

Note 5 - Income Taxes - Deferred Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Deferred tax assets:
Accrued expenses	$ 287	$ 298
Deferred stock compensation	469	412
Bad debt and inventory reserves	24	22
Total deferred tax assets	780	732
Deferred tax liabilities:
Property and equipment	(1,750)	(1,853)
Total net deferred tax liabilities	$ (970)	$ (1,121)

Note 5 - Income Taxes - Compone

Note 5 - Income Taxes - Components of Income Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Current taxes
Federal	$ 7,352	$ 9,718	$ 15,012
State	841	1,538	1,586
Total current taxes	8,193	11,256	16,598
Deferred taxes
Federal	(135)	108	(83)
State	(16)	17	(9)
Total deferred taxes	(151)	125	(92)
Total provision for income taxes	$ 8,042	$ 11,381	$ 16,506

Note 5 - Income Taxes - Reconci

Note 5 - Income Taxes - Reconciliation of Income Tax Provision (Details) - USD ($)	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Income taxes at U.S. statutory rates	$ 7,118,000	$ 10,315,000	$ 16,943,000
State income taxes, net of federal tax benefit	649,000	1,233,000	1,078,000
Restricted stock windfall adjustment	322,000	(176,000)	(1,086,000)
Reduction of deferred tax liability due to rate reduction			(430,000)
Other	(47,000)	9,000	1,000
Total provision for income taxes	$ 8,042,000	$ 11,381,000	$ 16,506,000

Note 6 - Shareholders' Equity_2

Note 6 - Shareholders' Equity (Details Textual) - USD ($)	1 Months Ended	12 Months Ended
	Apr. 30, 1998	Mar. 31, 2020	Mar. 31, 2019	Jan. 21, 2020	Jan. 25, 2019	Jul. 23, 2018	Jan. 22, 2018	May 08, 2017	Nov. 01, 2010	Oct. 31, 2008	Nov. 08, 2006
Preferred Stock, Shares Issued, Total (in shares)	250,000	3,000	3,000
Preferred Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.001	$ 0.001	$ 0.001
Shares Issued, Price Per Share (in dollars per share)	$ 4
Payments of Stock Issuance Costs	$ 112,187
Convertible Preferred Stock, Shares Issued upon Conversion (in shares)	4.05
Preferred Stock, Liquidation Preference Per Share (in dollars per share)	$ 4	$ 4	$ 4
Preferred Stock, Shares Outstanding, Ending Balance (in shares)		3,000	3,000
Stock Repurchase Program, Authorized Amount					$ 30,000,000				$ 20,000,000	$ 20,000,000	$ 20,000,000
Stock Repurchased and Retired During Period, Shares (in shares)		613,000	0
Stock Repurchased and Retired During Period, Value		$ 11,497,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount		$ 28,700,000
Dividends Payable, Amount Per Share (in dollars per share)				$ 0.27		$ 0.27	$ 0.25	$ 0.20
Convertible Preferred Stock [Member]
Preferred Stock, Shares Outstanding, Ending Balance (in shares)		2,500	2,500

Note 6 - Shareholder's Equity -

Note 6 - Shareholder's Equity - Declared Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2020	Jan. 21, 2020	Jul. 23, 2018	Jan. 22, 2018	May 08, 2017
Per Share Dividend (in dollars per share)		$ 0.27	$ 0.27	$ 0.25	$ 0.20
Dividend Declared May 6, 2019 [Member]
Declaration Date
Per Share Dividend (in dollars per share)	$ 0.27
Record Date	May 17, 2019
Total Amount	$ 5,518
Payment Date	May 24, 2019
Dividends Declared July 22, 2019 [Member]
Declaration Date
Per Share Dividend (in dollars per share)	$ 0.27
Record Date	Aug. 2, 2019
Total Amount	$ 5,447
Payment Date	Aug. 9, 2019
Dividends Declared October 21, 2019 [Member]
Declaration Date
Per Share Dividend (in dollars per share)	$ 0.27
Record Date	Nov. 4, 2019
Total Amount	$ 5,447
Payment Date	Nov. 15, 2019
Dividends Declared January 21, 2020 [Member]
Declaration Date
Per Share Dividend (in dollars per share)	$ 0.27
Record Date	Feb. 3, 2020
Total Amount	$ 5,445
Payment Date	Feb. 14, 2020

Note 7 - Net Income Per Share_2

Note 7 - Net Income Per Share (Details Textual) - shares	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	72,120	126,751	77,350

Note 7 - Net Income Per Share -

Note 7 - Net Income Per Share - Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Net income (numerator):
Net income	$ 7,003	$ 6,840	$ 6,665	$ 5,343	$ 6,620	$ 7,787	$ 10,752	$ 12,582	$ 25,851	$ 37,740	$ 37,283
Shares (denominator)
Weighted average number of common shares outstanding used in basic computation (in shares)									20,041	20,461	20,346
Common shares issuable upon the vesting of restricted stock (in shares)									4	20	77
Common shares issuable upon conversion of preferred shares (in shares)									10	10	10
Shares used in diluted computation (in shares)									20,055	20,491	20,433
Net income per common share
Basic (in dollars per share)									$ 1.29	$ 1.84	$ 1.83
Diluted (in dollars per share)	$ 0.35	$ 0.34	$ 0.33	$ 0.26	$ 0.32	$ 0.38	$ 0.52	$ 0.62	$ 1.29	$ 1.84	$ 1.82

Note 8 - Restricted Stock (Deta

Note 8 - Restricted Stock (Details Textual) - USD ($) $ in Thousands	1 Months Ended			12 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2012	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018	Jul. 28, 2006
Percentage of Automatic Increase in Shares Available for Issuance			10.00%
Share-based Payment Arrangement, Noncash Expense, Total				$ 2,822	$ 3,097	$ 2,575
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares)				183,000	150,000
2006 Employee Equity Compensation Restricted Stock Plan (the "Employee Plan") | Restricted Stock [Member]
Common Stock, Capital Shares Reserved for Future Issuance (in shares)				972,175			1,000,000
2006 Outside Director Equity Compensation Restricted Stock Plan (the "Director Plan") [Member] | Restricted Stock [Member]
Common Stock, Capital Shares Reserved for Future Issuance (in shares)			400,000	272,000			200,000
2015 Outside Director Equity Compensation Restricted Stock Plan [Member] | Restricted Stock [Member]
Common Stock, Capital Shares Reserved for Future Issuance (in shares)		400,000		135,000
Percentage of Automatic Increase in Shares Available for Issuance		10.00%
2016 Employee Equity Compensation Restricted Stock Plan [Member] | Restricted Stock [Member]
Common Stock, Capital Shares Reserved for Future Issuance (in shares)	1,000,000			153,608
2016 Employee Equity Compensation Restricted Stock Plan [Member] | Restricted Stock [Member] | Minimum [Member]
Restriction Period (Year)	1 year
2016 Employee Equity Compensation Restricted Stock Plan [Member] | Restricted Stock [Member] | Maximum [Member]
Restriction Period (Year)	10 years
Employee and Director Equity Compensation Plan [Member] | Non-vested Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares)				182,695	150,017
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures, Total (in shares)				105,925	72,899
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total				$ 2,600	$ 3,900
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)				1 year 292 days	1 year 255 days

Note 8 - Restricted Stock - Non

Note 8 - Restricted Stock - Non-vested Restricted Stock (Details) shares in Thousands	12 Months Ended
	Mar. 31, 2020shares
Non-vested restricted stock outstanding at March 31, 2019 (in shares)	150
Restricted stock granted (in shares)	115
Restricted stock vested (in shares)	(73)
Restricted stock forfeited or expired (in shares)	(9)
Non-vested restricted stock outstanding at March 31, 2020 (in shares)	183
Employee Plan [Member]
Non-vested restricted stock outstanding at March 31, 2019 (in shares)	82
Restricted stock granted (in shares)	77
Restricted stock vested (in shares)	(41)
Restricted stock forfeited or expired (in shares)	(9)
Non-vested restricted stock outstanding at March 31, 2020 (in shares)	109
Director Plan [Member]
Non-vested restricted stock outstanding at March 31, 2019 (in shares)	68
Restricted stock granted (in shares)	38
Restricted stock vested (in shares)	(32)
Restricted stock forfeited or expired (in shares)
Non-vested restricted stock outstanding at March 31, 2020 (in shares)	74

Note 10 - Commitments and Con_2

Note 10 - Commitments and Contingencies (Details Textual)	Jul. 16, 2019USD ($)shares	Mar. 16, 2016USD ($)shares	Jan. 31, 2016ft²	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)
Chief Executive Officer [Member]
Term of Agreement (Year)		3 years
Salary and Wage, Officer, Excluding Cost of Good and Service Sold	$ 600,000	$ 600,000
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in shares) | shares	40,000	120,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)		3 years
Delray Beach Property [Member]
Percentage of Property Leased to Tenants			48.00%
Area of Real Estate Property (Square Foot) | ft²			88,000
Number of Tenants			2	2
Lessor, Operating Lease, Remaining Weighted Average Lease Term (Year)				4 years 292 days
Rental Income, Nonoperating				$ 645,000	$ 622,000
Operating Leases, Future Minimum Payments Receivable, Current				670,000
Operating Leases, Future Minimum Payments Receivable, in Two Years				689,000
Operating Leases, Future Minimum Payments Receivable, in Three Years				710,000
Operating Leases, Future Minimum Payments Receivable, in Four Years				731,000
Operating Leases, Future Minimum Payments Receivable, in Five Years				$ 566,000

Note 11 - Employee Benefit Pl_2

Note 11 - Employee Benefit Plan (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Deferred Compensation Arrangement with Individual, Requisite Service Period (Year)	1 year
Defined Contribution Plan With Individual Age (Year)	21 years
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount	$ 211,000	$ 192,000	$ 166,000

Note 13 - Subsequent Events (De

Note 13 - Subsequent Events (Details Textual) - USD ($) $ / shares in Units, $ in Millions	May 04, 2020	Jan. 21, 2020	Jul. 23, 2018	Jan. 22, 2018	May 08, 2017
Dividends Payable, Amount Per Share (in dollars per share)		$ 0.27	$ 0.27	$ 0.25	$ 0.20
Subsequent Event [Member]
Dividends Payable, Amount Per Share (in dollars per share)	$ 0.28
Payments of Dividends, Total	$ 5.6
Dividends Payable, Date Declared	May 4, 2020
Dividends Payable, Date of Record	May 15, 2020
Dividends Payable, Date to be Paid	May 22, 2020

Note 14 - Quarterly Financial_3

Note 14 - Quarterly Financial Data (Unaudited) - Summarized Unaudited Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Sales	$ 74,286	$ 59,915	$ 69,936	$ 79,988	$ 64,565	$ 60,068	$ 71,396	$ 87,390
Gross Profit	21,686	17,697	20,002	21,861	20,724	19,381	25,255	29,954	$ 81,246	$ 95,314	$ 97,807
Income from operations	8,513	7,932	8,371	6,161	7,802	9,413	13,203	15,757	30,977	46,174	52,136
Net income	$ 7,003	$ 6,840	$ 6,665	$ 5,343	$ 6,620	$ 7,787	$ 10,752	$ 12,582	$ 25,851	$ 37,740	$ 37,283
Diluted net income per common share (in dollars per share)	$ 0.35	$ 0.34	$ 0.33	$ 0.26	$ 0.32	$ 0.38	$ 0.52	$ 0.62	$ 1.29	$ 1.84	$ 1.82