Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Sep. 30, 2021 | Nov. 02, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001040130 | |
Entity Registrant Name | PETMED EXPRESS INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 000-28827 | |
Entity Incorporation, State or Country Code | FL | |
Entity Tax Identification Number | 65-0680967 | |
Entity Address, Address Line One | 420 South Congress Avenue | |
Entity Address, City or Town | Delray Beach | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33445 | |
City Area Code | 561 | |
Local Phone Number | 526-4444 | |
Title of 12(b) Security | Common Stock, par value $.001 per share | |
Trading Symbol | PETS | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 20,942,929 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2021 | Mar. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 106,562 | $ 118,718 |
Accounts receivable, less allowance for doubtful accounts of $28 and $39, respectively | 1,854 | 2,587 |
Inventories - finished goods, net | 19,733 | 34,420 |
Prepaid expenses and other current assets | 4,397 | 4,503 |
Prepaid income taxes | 899 | 959 |
Total current assets | 133,445 | 161,187 |
Noncurrent assets: | ||
Property and equipment, net | 25,081 | 25,450 |
Intangible assets | 860 | 860 |
Total noncurrent assets | 25,941 | 26,310 |
Total assets | 159,386 | 187,497 |
Current liabilities: | ||
Accounts payable | 11,183 | 39,548 |
Accrued expenses and other current liabilities | 5,089 | 5,387 |
Total current liabilities | 16,272 | 44,935 |
Deferred tax liabilities | 1,627 | 1,281 |
Total liabilities | 17,899 | 46,216 |
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; 20,943 and 20,269 shares issued and outstanding, respectively | 21 | 20 |
Additional paid-in capital | 8,711 | 7,111 |
Retained earnings | 132,746 | 134,141 |
Total shareholders' equity | 141,487 | 141,281 |
Total liabilities and shareholders' equity | $ 159,386 | $ 187,497 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Thousands | Sep. 30, 2021 | Mar. 31, 2021 |
Allowance for doubtful accounts | $ 28 | $ 39 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 5,000 | 5,000 |
Preferred stock, liquidation preference (in dollars per share) | $ 4 | $ 4 |
Preferred stock, shares issued (in shares) | 3 | 3 |
Preferred stock, shares outstanding (in shares) | 3 | 3 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 40,000 | 40,000 |
Common stock, shares issued (in shares) | 20,943 | 20,269 |
Common stock, shares outstanding (in shares) | 20,943 | 20,269 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Sales | $ 67,386 | $ 75,436 | $ 146,698 | $ 171,640 |
Cost of sales | 48,212 | 52,418 | 105,744 | 121,837 |
Gross profit | 19,174 | 23,018 | 40,954 | 49,803 |
Operating expenses: | ||||
General and administrative | 6,958 | 6,809 | 14,999 | 14,563 |
Advertising | 3,435 | 5,131 | 11,108 | 14,164 |
Depreciation | 694 | 607 | 1,341 | 1,169 |
Total operating expenses | 11,087 | 12,547 | 27,448 | 29,896 |
Income from operations | 8,087 | 10,471 | 13,506 | 19,907 |
Other income: | ||||
Interest income, net | 74 | 66 | 159 | 156 |
Other, net | 170 | 338 | 454 | 593 |
Total other income | 244 | 404 | 613 | 749 |
Income before provision for income taxes | 8,331 | 10,875 | 14,119 | 20,656 |
Provision for income taxes | 1,982 | 2,463 | 3,342 | 4,476 |
Net income | $ 6,349 | $ 8,412 | $ 10,777 | $ 16,180 |
Net income per common share: | ||||
Basic (in dollars per share) | $ 0.31 | $ 0.42 | $ 0.53 | $ 0.81 |
Diluted (in dollars per share) | $ 0.31 | $ 0.42 | $ 0.53 | $ 0.81 |
Weighted average number of common shares outstanding used in basic computation (in shares) | 20,178 | 20,063 | 20,144 | 20,024 |
Diluted (in shares) | 20,568 | 20,154 | 20,384 | 20,098 |
Cash dividends declared per common share (in dollars per share) | $ 0.30 | $ 0.28 | $ 0.60 | $ 0.56 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 10,777 | $ 16,180 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 1,341 | 1,169 |
Share based compensation | 1,600 | 1,513 |
Deferred income taxes | 346 | 408 |
Bad debt expense | 58 | 61 |
(Increase) decrease in operating assets and increase (decrease) in liabilities: | ||
Accounts receivable | 675 | 1,570 |
Inventories - finished goods | 14,687 | (3,567) |
Prepaid income taxes | 60 | 0 |
Prepaid expenses and other current assets | 106 | 916 |
Accounts payable | (28,365) | (3,600) |
Accrued expenses and other current liabilities | (210) | 391 |
Income taxes payable | 0 | 147 |
Net cash provided by operating activities | 1,075 | 15,188 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (972) | (1,193) |
Net cash used in investing activities | (972) | (1,193) |
Cash flows from financing activities: | ||
Dividends paid | (12,259) | (11,413) |
Net cash used in financing activities | (12,259) | (11,413) |
Net (decrease) increase in cash and cash equivalents | (12,156) | 2,582 |
Cash and cash equivalents, at beginning of period | 118,718 | 103,762 |
Cash and cash equivalents, at end of period | 106,562 | 106,344 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes | 2,935 | 4,206 |
Dividends payable in accrued expenses | $ 110 | $ 126 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 6 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | Note 1: Organization PetMed Express, Inc. and subsidiaries, d/b/a PetMeds (the “Company”), is a leading nationwide pet pharmacy. The Company markets prescription and non-prescription pet medications, health products, and supplies for dogs, cats, and horses, direct to the consumer. The Company offers consumers an attractive alternative for obtaining pet medications in terms of convenience, price, speed of delivery, and valued customer service. The Company markets its products through national advertising campaigns, which aim to increase the recognition of the “PetMeds” brand name, increase traffic on its website at www.petmeds.com March 31, 2022 2021 March 31, 2022 2021, Basis of Presentation and Consolidation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10 not September 30, 2021, three six September 30, 2021 2020, six September 30, 2021 2020. three six September 30, 2021 not March 31, 2022. 10 March 31, 2021. Use of Estimates The preparation of Condensed 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 Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. 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. Recent Accounting Pronouncements In March 2020, 2020 03, 2020 03” 2020 03 2020 03 seven 2020 03 April 1, 2022. not The Company does not not |
Note 2 - Revenue Recognition
Note 2 - Revenue Recognition | 6 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 2: The Company generates revenue by selling pet medication products and pet supplies mainly to retail customers. 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 Outbound shipping and handling fees are an accounting policy election, and are included in sales as the Company considers itself the principal in the arrangement given responsibility for supplier selection and discretion over pricing. Shipping costs associated with outbound freight after control over a product has transferred to a customer are an accounting policy election and are accounted for as fulfillment costs and are included in cost of sales. The Company disaggregates revenue in the following two 1 2 Three Months Ended September 30, Sales (In thousands) 2021 % 2020 % $ Variance % Variance Reorder Sales $ 62,016 92.0 % $ 67,761 89.8 % $ (5,745 ) -8.5 % New Order Sales 5,370 8.0 % 7,675 10.2 % (2,305 ) -30.0 % Total Net Sales $ 67,386 100.0 % $ 75,436 100.0 % $ (8,050 ) -10.7 % Internet Sales $ 55,961 83.0 % $ 62,697 83.1 % $ (6,736 ) -10.7 % Contact Center Sales 11,425 17.0 % 12,739 16.9 % (1,314 ) -10.3 % Total Net Sales $ 67,386 100.0 % $ 75,436 100.0 % $ (8,050 ) -10.7 % Six Months Ended September 30, Sales (In thousands) 2021 % 2020 % $ Variance % Variance Reorder Sales $ 132,953 90.6 % $ 148,186 86.3 % $ (15,233 ) -10.3 % New Order Sales 13,745 9.4 % 23,454 13.7 % (9,709 ) -41.4 % Total Net Sales $ 146,698 100.0 % $ 171,640 100.0 % $ (24,942 ) -14.5 % Internet Sales $ 122,408 83.4 % $ 144,208 84.0 % $ (21,800 ) -15.1 % Contact Center Sales 24,290 16.6 % 27,432 16.0 % (3,142 ) -11.5 % Total Net Sales $ 146,698 100.0 % $ 171,640 100.0 % $ (24,942 ) -14.5 % Virtually all of the Company’s sales are paid by credit cards and the Company usually receives the cash settlement in two three no September 30, 2021 March 31, 2021. |
Note 3 - Net Income Per Share
Note 3 - Net Income Per Share | 6 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 3: In accordance with the provisions of Accounting Standards Codification (ASC) Topic 260 Earnings Per Share Three Months Ended September 30, Six Months Ended September 30, 2021 2020 2021 2020 Net income (numerator): Net income $ 6,349 $ 8,412 $ 10,777 $ 16,180 Shares (denominator): Weighted average number of common shares outstanding used in basic computation 20,178 20,063 20,144 20,024 Common shares issuable upon vesting of restricted stock 380 81 230 64 Common shares issuable upon conversion of preferred shares 10 10 10 10 Shares used in diluted computation 20,568 20,154 20,384 20,098 Net income per common share: Basic $ 0.31 $ 0.42 $ 0.53 $ 0.81 Diluted $ 0.31 $ 0.42 $ 0.53 $ 0.81 For the three six September 30, 2021, three six September 30, 2020, |
Note 4 - Stock-based Compensati
Note 4 - Stock-based Compensation | 6 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Note 4: The Company records compensation expense associated with restricted stock in accordance with ASC Topic 718 Share Based Payment 2016 09 2016 “2016 2015 “2015 September 30, 2021, third three In July 2021, 2016 August 2021, 2016 third July 2021, 2015 September 2021, 2016 For the quarters ended September 30, 2021 2020, 2016 2015 six September 30, 2021 2020, 2016 2015 September 30, 2021 2020, three September 30, 2021 2020 |
Note 5 - Fair Value
Note 5 - Fair Value | 6 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 5: The Company carries various assets and liabilities at fair value in the Condensed 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. At September 30, 2021, 1. |
Note 6 - Changes in Shareholder
Note 6 - Changes in Shareholders' Equity | 6 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 6: Equity Changes in shareholders’ equity for the six September 30, 2021 2020 Additional Common Paid-In Retained Stock Capital Earnings Beginning balance at March 31, 2021: $ 20 $ 7,111 $ 134,141 Share based compensation - 718 - Dividends declared - - (6,080 ) Net income - - 4,428 Ending balance at June 30, 2021: $ 20 $ 7,829 $ 132,489 Shares Issued 1 Share based compensation - 882 - Dividends declared - - (6,092 ) Net income - - 6,349 Ending balance at September 30, 2021: $ 21 $ 8,711 $ 132,746 Note 6: Equity (Continued) Additional Common Paid-In Retained Stock Capital Earnings Beginning balance at March 31, 2020: $ 20 $ 3,804 $ 126,177 Share based compensation - 740 - Dividends declared - - (5,647 ) Net income - - 7,768 Ending balance at June 30, 2020: $ 20 $ 4,544 $ 128,298 Share based compensation - 773 - Dividends declared - - (5,647 ) Net income - - 8,412 Ending balance at September 30, 2020: $ 20 $ 5,317 $ 131,063 During the six September 30, 2021 2020, September 30, 2021, |
Note 7 - Commitments and Contin
Note 7 - Commitments and Contingencies | 6 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 7: Legal Matters and Routine Proceedings The Company has settled complaints that had been filed with various states’ pharmacy boards in the past. There can be no not no Employment Agreement On August 25, 2021, August 30, 2021. three 3 August 30, 2021 one 1 sixty 60 Mr. Hulett will be eligible to participate in the standard employee benefit plans generally available to executives and employees of the Company, including health insurance, life and disability insurance, restricted stock under the Company’s equity compensation plan(s), 401 not twelve 12 twelve 12 eighteen 18 twelve 12 one 1 On August 30, 2021, 2016 August 30, 2022, August 30, 2023 August 30, 2024, 2016 third three three Absolute Stock Price Hurdle Shares Cumulative Shares $ 40 85,000 85,000 $ 45 107,000 192,000 $ 50 106,000 298,000 $ 55 106,000 404,000 $ 60 106,000 510,000 Should none three no third ninety 90 third three In the event of Mr. Hulett’s termination of employment by the Company without Cause, or termination by Mr. Hulett for Good Reason within twelve 12 (a) a portion of the PSU award would vest to Mr. Hulett based on actual performance (absolute stock price hurdles) achieved up until the date of such termination; any PSU shares not (b) the restrictions on the RSU award will lapse on a pro rata portion (number of days elapsed in vesting year/365 not |
Note 8 - Income Taxes
Note 8 - Income Taxes | 6 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 8: For the quarters ended September 30, 2021 2020, six September 30, 2021 2020, three six September 30, 2021 September 30, 2021 September 30, 2020, six September 30, 2021 six September 30, 2020. September 30, 2021 September six September 30, 2021 one June 2020 |
Note 9 - Related Party Transact
Note 9 - Related Party Transaction | 6 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 9: The Company’s Board Chairman, Gian Fulgoni serves on the board of directors of Prophet, a brand and marketing consulting company, which the Company engaged with in March 2021 2021 2022. third |
Note 10 - Subsequent Events
Note 10 - Subsequent Events | 6 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 10: On October 25, 2021 November 8, 2021 November 19, 2021 October 31, 2021 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis Of Presentation and Consolidation [Policy Text Block] | Basis of Presentation and Consolidation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10 not September 30, 2021, three six September 30, 2021 2020, six September 30, 2021 2020. three six September 30, 2021 not March 31, 2022. 10 March 31, 2021. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of Condensed 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 Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
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. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In March 2020, 2020 03, 2020 03” 2020 03 2020 03 seven 2020 03 April 1, 2022. not The Company does not not |
Note 2 - Revenue Recognition (T
Note 2 - Revenue Recognition (Tables) | 6 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended September 30, Sales (In thousands) 2021 % 2020 % $ Variance % Variance Reorder Sales $ 62,016 92.0 % $ 67,761 89.8 % $ (5,745 ) -8.5 % New Order Sales 5,370 8.0 % 7,675 10.2 % (2,305 ) -30.0 % Total Net Sales $ 67,386 100.0 % $ 75,436 100.0 % $ (8,050 ) -10.7 % Internet Sales $ 55,961 83.0 % $ 62,697 83.1 % $ (6,736 ) -10.7 % Contact Center Sales 11,425 17.0 % 12,739 16.9 % (1,314 ) -10.3 % Total Net Sales $ 67,386 100.0 % $ 75,436 100.0 % $ (8,050 ) -10.7 % Six Months Ended September 30, Sales (In thousands) 2021 % 2020 % $ Variance % Variance Reorder Sales $ 132,953 90.6 % $ 148,186 86.3 % $ (15,233 ) -10.3 % New Order Sales 13,745 9.4 % 23,454 13.7 % (9,709 ) -41.4 % Total Net Sales $ 146,698 100.0 % $ 171,640 100.0 % $ (24,942 ) -14.5 % Internet Sales $ 122,408 83.4 % $ 144,208 84.0 % $ (21,800 ) -15.1 % Contact Center Sales 24,290 16.6 % 27,432 16.0 % (3,142 ) -11.5 % Total Net Sales $ 146,698 100.0 % $ 171,640 100.0 % $ (24,942 ) -14.5 % |
Note 3 - Net Income Per Share (
Note 3 - Net Income Per Share (Tables) | 6 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, Six Months Ended September 30, 2021 2020 2021 2020 Net income (numerator): Net income $ 6,349 $ 8,412 $ 10,777 $ 16,180 Shares (denominator): Weighted average number of common shares outstanding used in basic computation 20,178 20,063 20,144 20,024 Common shares issuable upon vesting of restricted stock 380 81 230 64 Common shares issuable upon conversion of preferred shares 10 10 10 10 Shares used in diluted computation 20,568 20,154 20,384 20,098 Net income per common share: Basic $ 0.31 $ 0.42 $ 0.53 $ 0.81 Diluted $ 0.31 $ 0.42 $ 0.53 $ 0.81 |
Note 6 - Changes in Sharehold_2
Note 6 - Changes in Shareholders' Equity (Tables) | 6 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | Additional Common Paid-In Retained Stock Capital Earnings Beginning balance at March 31, 2021: $ 20 $ 7,111 $ 134,141 Share based compensation - 718 - Dividends declared - - (6,080 ) Net income - - 4,428 Ending balance at June 30, 2021: $ 20 $ 7,829 $ 132,489 Shares Issued 1 Share based compensation - 882 - Dividends declared - - (6,092 ) Net income - - 6,349 Ending balance at September 30, 2021: $ 21 $ 8,711 $ 132,746 Additional Common Paid-In Retained Stock Capital Earnings Beginning balance at March 31, 2020: $ 20 $ 3,804 $ 126,177 Share based compensation - 740 - Dividends declared - - (5,647 ) Net income - - 7,768 Ending balance at June 30, 2020: $ 20 $ 4,544 $ 128,298 Share based compensation - 773 - Dividends declared - - (5,647 ) Net income - - 8,412 Ending balance at September 30, 2020: $ 20 $ 5,317 $ 131,063 |
Note 7 - Commitments and Cont_2
Note 7 - Commitments and Contingencies (Tables) | 6 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | Absolute Stock Price Hurdle Shares Cumulative Shares $ 40 85,000 85,000 $ 45 107,000 192,000 $ 50 106,000 298,000 $ 55 106,000 404,000 $ 60 106,000 510,000 |
Note 2 - Revenue Recognition (D
Note 2 - Revenue Recognition (Details Textual) | 3 Months Ended |
Sep. 30, 2021 | |
Minimum [Member] | |
Credit Card Sales, Cash Settlement Period (Day) | 2 days |
Maximum [Member] | |
Credit Card Sales, Cash Settlement Period (Day) | 3 days |
Note 2 - Revenue Recognition -
Note 2 - Revenue Recognition - Disaggregation of Revenue by Type (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues | $ 67,386 | $ 75,436 | $ 146,698 | $ 171,640 |
Revenues, percentage | 100.00% | 100.00% | 100.00% | 100.00% |
Revenues, variance | $ (8,050) | $ (24,942) | ||
Revenues, variance, percentage | (10.70%) | (14.50%) | ||
Internet [Member] | ||||
Revenues | $ 55,961 | $ 62,697 | $ 122,408 | $ 144,208 |
Revenues, percentage | 83.00% | 83.10% | 83.40% | 84.00% |
Revenues, variance | $ (6,736) | $ (21,800) | ||
Revenues, variance, percentage | (10.70%) | (15.10%) | ||
Contact Center [Member] | ||||
Revenues | $ 11,425 | $ 12,739 | $ 24,290 | $ 27,432 |
Revenues, percentage | 17.00% | 16.90% | 16.60% | 16.00% |
Revenues, variance | $ (1,314) | $ (3,142) | ||
Revenues, variance, percentage | (10.30%) | (11.50%) | ||
Reorder Customer [Member] | ||||
Revenues | $ 62,016 | $ 67,761 | $ 132,953 | $ 148,186 |
Revenues, percentage | 92.00% | 89.80% | 90.60% | 86.30% |
Revenues, variance | $ (5,745) | $ (15,233) | ||
Revenues, variance, percentage | (8.50%) | (10.30%) | ||
New Order Customer [Member] | ||||
Revenues | $ 5,370 | $ 7,675 | $ 13,745 | $ 23,454 |
Revenues, percentage | 8.00% | 10.20% | 9.40% | 13.70% |
Revenues, variance | $ (2,305) | $ (9,709) | ||
Revenues, variance, percentage | (30.00%) | (41.40%) |
Note 3 - Net Income Per Share_2
Note 3 - Net Income Per Share (Details Textual) - shares | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 115,219 | 25,136 | 115,219 | 25,136 |
Note 3 - Net Income Per Share -
Note 3 - Net Income Per Share - Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net income (numerator): | ||||
Net income | $ 6,349 | $ 8,412 | $ 10,777 | $ 16,180 |
Shares (denominator): | ||||
Weighted average number of common shares outstanding used in basic computation (in shares) | 20,178 | 20,063 | 20,144 | 20,024 |
Common shares issuable upon vesting of restricted stock (in shares) | 380 | 81 | 230 | 64 |
Common shares issuable upon conversion of preferred shares (in shares) | 10 | 10 | 10 | 10 |
Shares used in diluted computation (in shares) | 20,568 | 20,154 | 20,384 | 20,098 |
Net income per common share | ||||
Basic (in dollars per share) | $ 0.31 | $ 0.42 | $ 0.53 | $ 0.81 |
Diluted (in dollars per share) | $ 0.31 | $ 0.42 | $ 0.53 | $ 0.81 |
Note 4 - Stock-based Compensa_2
Note 4 - Stock-based Compensation (Details Textual) - USD ($) | Aug. 30, 2021 | Sep. 30, 2021 | Aug. 31, 2021 | Jul. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
The 2016 Employee Equity Compensation Restricted Stock Plan [Member] | Restricted Stock [Member] | ||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in shares) | 861,275 | |||||||
The 2016 Employee Equity Compensation Restricted Stock Plan [Member] | Restricted Stock [Member] | Employees [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 1,350 | 41,745 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 26.87 | $ 31.39 | ||||||
The 2016 Employee Equity Compensation Restricted Stock Plan [Member] | Restricted Stock [Member] | Chief Executive Officer [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 90,000 | 90,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 28.70 | |||||||
The 2016 Employee Equity Compensation Restricted Stock Plan [Member] | Performance Restricted Stock [Member] | Chief Executive Officer [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 510,000 | 510,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 19.06 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grant Date Fair Value | $ 9,700,000 | |||||||
2015 Outside Director Equity Compensation Restricted Stock Plan ("2015 Director Plan") [Member] | Restricted Stock [Member] | ||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in shares) | 203,880 | |||||||
Restriction Period (Year) | 3 years | |||||||
2015 Outside Director Equity Compensation Restricted Stock Plan ("2015 Director Plan") [Member] | Restricted Stock [Member] | Director [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 37,500 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 31.39 | |||||||
Employee and Director Plans [Member] | ||||||||
Share-based Payment Arrangement, Expense | $ 882,000 | $ 772,000 | $ 1,600,000 | $ 1,500,000 | ||||
Employee and Director Plans [Member] | Restricted Stock [Member] | ||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 15,800,000 | $ 15,800,000 | $ 4,400,000 | $ 15,800,000 | $ 4,400,000 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 734,669 | 734,669 | 177,876 | 734,669 | 177,876 |
Note 5 - Fair Value (Details Te
Note 5 - Fair Value (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2021 | Mar. 31, 2021 |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 106,562 | $ 118,718 |
Note 6 - Changes in Sharehold_3
Note 6 - Changes in Shareholders' Equity (Details Textual) - USD ($) shares in Thousands, $ in Millions | 6 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Stock Repurchased and Retired During Period, Shares (in shares) | 0 | 0 |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 28.7 |
Note 6 - Changes in Sharehold_4
Note 6 - Changes in Shareholders' Equity - Schedule of Changes in Shareholders' Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Balance | $ 141,281 | $ 141,281 | ||||
Net income | $ 6,349 | $ 8,412 | 10,777 | $ 16,180 | ||
Balance | 141,487 | 141,487 | ||||
Common Stock [Member] | ||||||
Balance | 20 | 20 | 20 | $ 20 | 20 | 20 |
Share based compensation | 0 | 0 | 0 | 0 | ||
Dividends declared | 0 | 0 | 0 | 0 | ||
Net income | 0 | 0 | 0 | 0 | ||
Shares Issued | 1 | |||||
Balance | 21 | 20 | 20 | 20 | 21 | 20 |
Additional Paid-in Capital [Member] | ||||||
Balance | 7,829 | 7,111 | 4,544 | 3,804 | 7,111 | 3,804 |
Share based compensation | 882 | 718 | 773 | 740 | ||
Dividends declared | 0 | 0 | 0 | 0 | ||
Net income | 0 | 0 | 0 | 0 | ||
Shares Issued | ||||||
Balance | 8,711 | 7,829 | 5,317 | 4,544 | 8,711 | 5,317 |
Retained Earnings [Member] | ||||||
Balance | 132,489 | 134,141 | 128,298 | 126,177 | 134,141 | 126,177 |
Share based compensation | 0 | 0 | 0 | 0 | ||
Dividends declared | (6,092) | (6,080) | (5,647) | (5,647) | ||
Net income | 6,349 | 4,428 | 8,412 | 7,768 | ||
Shares Issued | ||||||
Balance | $ 132,746 | $ 132,489 | $ 131,063 | $ 128,298 | $ 132,746 | $ 131,063 |
Note 7 - Commitments and Cont_3
Note 7 - Commitments and Contingencies (Details Textual) - Chief Executive Officer [Member] - USD ($) | Aug. 30, 2021 | Aug. 25, 2021 | Aug. 31, 2021 |
Salary and Wage, Officer, Excluding Cost of Good and Service Sold | $ 500,000 | ||
The 2016 Employee Equity Compensation Restricted Stock Plan [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 90,000 | 90,000 | |
The 2016 Employee Equity Compensation Restricted Stock Plan [Member] | Performance Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 510,000 | 510,000 |
Note 7 - Commitments and Cont_4
Note 7 - Commitments and Contingencies - Share-based Compensation Arrangements (Details) - Chief Executive Officer [Member] - The 2016 Employee Equity Compensation Restricted Stock Plan [Member] | Aug. 30, 2021$ / sharesshares |
Performance Restricted Stock Price Hurdle1 [Member] | |
Absolute Stock Price Hurdle (in dollars per share) | $ / shares | $ 40 |
Shares (in shares) | 85,000 |
Cumulative Shares (in shares) | 85,000 |
Performance Restricted Stock Price Hurdle 2 [Member] | |
Absolute Stock Price Hurdle (in dollars per share) | $ / shares | $ 45 |
Shares (in shares) | 107,000 |
Cumulative Shares (in shares) | 192,000 |
Performance Restricted Stock Price Hurdle 3 [Member] | |
Absolute Stock Price Hurdle (in dollars per share) | $ / shares | $ 50 |
Shares (in shares) | 106,000 |
Cumulative Shares (in shares) | 298,000 |
Performance Restricted Stock Price Hurdle 4 [Member] | |
Absolute Stock Price Hurdle (in dollars per share) | $ / shares | $ 55 |
Shares (in shares) | 106,000 |
Cumulative Shares (in shares) | 404,000 |
Performance Restricted Stock Price Hurdle 5 [Member] | |
Absolute Stock Price Hurdle (in dollars per share) | $ / shares | $ 60 |
Shares (in shares) | 106,000 |
Cumulative Shares (in shares) | 510,000 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Expense (Benefit), Total | $ 1,982,000 | $ 2,463,000 | $ 3,342,000 | $ 4,476,000 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 23.80% | 22.60% | 23.70% | 21.70% | |
Proceeds from Income Tax Refunds | $ 285,000 |
Note 9 - Related Party Transa_2
Note 9 - Related Party Transaction (Details Textual) - Prophet [Member] - USD ($) | 1 Months Ended | 6 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Sep. 30, 2021 | Mar. 31, 2021 | |
Related Party Transaction, Amounts of Transaction | $ 292,000 | ||
Related Party Transaction, Expenses from Transactions with Related Party | $ 260,000 | $ 32,000 |
Note 10 - Subsequent Events (De
Note 10 - Subsequent Events (Details Textual) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Millions | Oct. 25, 2021 | Oct. 31, 2021 |
Dividends Payable, Amount Per Share (in dollars per share) | $ 0.30 | |
Dividends Payable | $ 6.3 | |
Dividends Payable, Date Declared | Oct. 25, 2021 | |
Dividends Payable, Date of Record | Nov. 8, 2021 | |
Dividends Payable, Date to be Paid | Nov. 19, 2021 |