PetMed Express (PETS) 10-Q 4 Feb 22 2021 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Dec. 31, 2021	Feb. 04, 2022
Document Information [Line Items]
Entity Central Index Key	0001040130
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2021
Document Transition Report	false
Entity File Number	000-28827
Entity Registrant Name	PETMED EXPRESS, INC.
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		20,978,529

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
Current assets:
Cash and cash equivalents	$ 108,911	$ 118,718
Accounts receivable, less allowance for doubtful accounts of $19 and $39, respectively	1,267	2,587
Inventories - finished goods	27,640	34,420
Prepaid expenses and other current assets	3,216	4,503
Prepaid income taxes	1,870	959
Total current assets	142,904	161,187
Noncurrent assets:
Property and equipment, net	24,665	25,450
Intangible assets	860	860
Total noncurrent assets	25,525	26,310
Total assets	168,429	187,497
Current liabilities:
Accounts payable	21,935	39,548
Accrued expenses and other current liabilities	4,330	5,387
Total current liabilities	26,265	44,935
Deferred tax liabilities	1,262	1,281
Total liabilities	27,527	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; 20,957 and 20,269 shares issued and outstanding, respectively	21	20
Additional paid-in capital	10,151	7,111
Retained earnings	130,721	134,141
Total shareholders' equity	140,902	141,281
Total liabilities and shareholders' equity	$ 168,429	$ 187,497

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited)-parentheticals (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
Accounts Receivable, Allowance for Credit Loss, Current	$ 19	$ 39
Preferred Stock, Par or Stated Value Per Share (in USD per Share)	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized (in shares)	5,000	5,000
Preferred stock, shares issued (in shares)	3	3
Preferred Stock, Shares Outstanding, Ending Balance (in shares)	3	3
Preferred Stock, Liquidation Preference Per Share (in USD per Share)	$ 4	$ 4
Common Stock, Par or Stated Value Per Share (in USD per Share)	$ 0.001	$ 0.001
Common Stock, Shares Authorized (in shares)	40,000	40,000
Common Stock, Shares, Issued, Total (in shares)	20,957	20,269
Common Stock, Shares, Outstanding, Ending Balance (in shares)	20,957	20,269

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Sales	$ 60,717	$ 65,896	$ 207,415	$ 237,536
Cost of sales	42,992	46,273	148,736	168,110
Gross profit	17,725	19,623	58,679	69,426
Operating expenses:
General and administrative	7,541	6,487	22,540	21,050
Advertising	4,327	3,221	15,435	17,385
Depreciation	710	622	2,051	1,791
Total operating expenses	12,578	10,330	40,026	40,226
Income from operations	5,147	9,293	18,653	29,200
Other income:
Interest income, net	84	73	243	229
Other, net	287	345	741	938
Total other income	371	418	984	1,167
Income before provision for income taxes	5,518	9,711	19,637	30,367
Provision for income taxes	1,261	2,100	4,603	6,576
Net income	$ 4,257	$ 7,611	$ 15,034	$ 23,791
Net income per common share:
Basic (in USD per Share)	$ 0.21	$ 0.38	$ 0.75	$ 1.19
Diluted (in USD per Share)	$ 0.21	$ 0.38	$ 0.74	$ 1.18
Basic (in shares)	20,208	20,094	20,165	20,047
Diluted (in shares)	20,329	20,104	20,365	20,100
Cash dividends declared per common share (in USD per Share)	$ 0.30	$ 0.28	$ 0.90	$ 0.84

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net income	$ 15,034	$ 23,791
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	2,051	1,791
Share based compensation	3,040	2,294
Deferred income taxes	(19)	353
Bad debt expense	104	84
(Increase) decrease in operating assets and increase (decrease) in liabilities:
Accounts receivable	1,216	1,928
Inventories - finished goods	6,780	(10,281)
Prepaid income taxes	(911)	0
Prepaid expenses and other current assets	1,287	(983)
Accounts payable	(17,613)	2,211
Accrued expenses and other current liabilities	(1,188)	286
Income taxes payable	0	152
Net cash provided by operating activities	9,781	21,626
Cash flows from investing activities:
Purchases of property and equipment	(1,266)	(1,848)
Net cash used in investing activities	(1,266)	(1,848)
Cash flows from financing activities:
Dividends paid	(18,322)	(17,039)
Net cash used in financing activities	(18,322)	(17,039)
Net (decrease) increase in cash and cash equivalents	(9,807)	2,739
Cash and cash equivalents, at beginning of period	118,718	103,762
Cash and cash equivalents, at end of period	108,911	106,501
Supplemental disclosure of cash flow information:
Cash paid for income taxes	5,580	6,356
Dividends payable in accrued expenses	$ 329	$ 174

Note 1 - Summary of Significant

Note 1 - Summary of Significant Accounting Policies	9 Months Ended
	Dec. 31, 2021
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]	Note 1: Summary of Significant Accounting Policies 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 Basis of Presentation and Consolidation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, the accompanying Condensed Consolidated Financial Statements contain all adjustments, consisting of normal recurring accruals, necessary to present fairly the financial position of the Company at December 31, 2021, the Statements of Income for the three and nine months ended December 31, 2021 and 2020, and Cash Flows for the nine months ended December 31, 2021 and 2020. The results of operations for the three and nine months ended December 31, 2021 are not necessarily indicative of the operating results expected for the fiscal year ending March 31, 2022. These financial statements should be read in conjunction with the financial statements and notes thereto contained in the Company’s annual report on Form 10-K for the fiscal year ended March 31, 2021. The Condensed Consolidated Financial Statements include the accounts of PetMed Express, Inc. and its wholly owned subsidiaries. All significant intercompany transactions have been eliminated upon consolidation. 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, the Financial Accounting Standards Board issued ASU 2020-03, “Codification Improvements to Financial Instruments” (“ASU 2020-03”). ASU 2020-03 improves and clarifies various financial instruments topics. ASU 2020-03 includes seven different issues that describe the areas of improvement and the related amendments to GAAP, intended to make the standards easier to understand and apply by eliminating inconsistencies and providing clarifications. The Company will adopt ASU 2020-03 on April 1, 2022. The Company does not expect the adoption of this new standard to have a material impact on our Condensed Consolidated Financial Statements. The Company does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, will have a material effect on the Company’s consolidated financial position, results of operations, or cash flows.

Note 2 - Revenue Recognition

Note 2 - Revenue Recognition	9 Months Ended
	Dec. 31, 2021
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	Note 2: Revenue Recognition 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 performance obligation, which is delivery of the product; customer care and support is deemed not to be a material right in the contract. The transaction price is adjusted at the date of sale for any applicable sales discounts and an estimate of product returns, which are estimated based on historical patterns, however, this is not considered a key judgment. There are no amounts excluded from variable consideration. Revenue is recognized when control transfers to the customer at the point in time in which shipment of the product occurs. 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 categories: (1) Reorder revenue vs. new order revenue, and (2) Internet revenue vs. contact center revenue. The following table illustrates revenue by various classifications: Three Months Ended December 31, Revenue (In thousands) 2021 % 2020 % $ Variance % Variance Reorder Sales $ 56,307 92.7 % $ 60,233 91.4 % $ (3,926 ) -6.5 % New Order Sales 4,410 7.3 % 5,663 8.6 % (1,253 ) -22.1 % Total Net Sales $ 60,717 100.0 % $ 65,896 100.0 % $ (5,179 ) -7.9 % Internet Sales $ 51,305 84.5 % $ 54,984 83.4 % $ (3,679 ) -6.7 % Contact Center Sales 9,412 15.5 % 10,912 16.6 % (1,500 ) -13.7 % Total Net Sales $ 60,717 100.0 % $ 65,896 100.0 % $ (5,179 ) -7.9 % Nine Months Ended December 31, Sales (In thousands) 2021 % 2020 % $ Variance % Variance Reorder Sales $ 189,260 91.2 % $ 208,419 87.7 % $ (19,159 ) -9.2 % New Order Sales 18,155 8.8 % 29,117 12.3 % (10,962 ) -37.6 % Total Net Sales $ 207,415 100.0 % $ 237,536 100.0 % $ (30,121 ) -12.7 % Internet Sales $ 173,713 83.8 % $ 199,192 83.9 % $ (25,479 ) -12.8 % Contact Center Sales 33,702 16.2 % 38,344 16.1 % (4,642 ) -12.1 % Total Net Sales $ 207,415 100.0 % $ 237,536 100.0 % $ (30,121 ) -12.7 % Virtually all of the Company’s sales are paid by credit cards and the Company usually receives the cash settlement in 2 to 3 banking days. Credit card sales minimize the accounts receivable balances relative to sales. The Company had no material contract asset or contract liability balances as of December 31, 2021 or March 31, 2021.

Note 3 - Net Income Per Share

Note 3 - Net Income Per Share	9 Months Ended
	Dec. 31, 2021
Notes to Financial Statements
Earnings Per Share [Text Block]	Note 3: Net Income Per Share In accordance with the provisions of Accounting Standards Codification (ASC) Topic 260 (“ Earnings Per Share Three Months Ended December 31, Nine Months Ended December 31, 2021 2020 2021 2020 Net income (numerator): Net income $ 4,257 $ 7,611 $ 15,034 $ 23,791 Shares (denominator): Weighted average number of common shares outstanding used in basic computation 20,208 20,094 20,165 20,047 Common shares issuable upon vesting of restricted stock 111 - 190 43 Common shares issuable upon conversion of preferred shares 10 10 10 10 Shares used in diluted computation 20,329 20,104 20,365 20,100 Net income per common share: Basic $ 0.21 $ 0.38 $ 0.75 $ 1.19 Diluted $ 0.21 $ 0.38 $ 0.74 $ 1.18 For the three and nine months ended December 31, 2021, 205,219 shares of common restricted stock were excluded from the computations of diluted net income per common share, as their inclusion would have had an anti-dilutive effect on diluted net income per common share. For the three and nine months ended December 31, 2020, 130,326 shares of common restricted stock were excluded from the computations of diluted net income per common share, as their inclusion would have had an anti-dilutive effect on diluted net income per common share.

Note 4 - Accounting for Stock-b

Note 4 - Accounting for Stock-based Compensation	9 Months Ended
	Dec. 31, 2021
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	Note 4: Accounting for Stock-Based Compensation The Company records compensation expense associated with restricted stock in accordance with ASC Topic 718 (“ Share Based Payment In December 2021, the Company issued 15,000 restricted shares to certain employees of the Company under the 2016 Employee Plan, with a fair value of $27.10 per share. For the quarters ended December 31, 2021 and 2020, the Company recognized $1.4 million and $781,000, respectively, of compensation expense related to the 2016 Employee Plan and 2015 Director Plan. For the nine months ended December 31, 2021 and 2020, the Company recognized $3.0 million and $2.3 million, respectively, of compensation expense related to the 2016 Employee Plan and 2015 Director Plan. At December 31, 2021 and 2020, there was $14.4 million and $3.6 million of unrecognized compensation cost related to the non-vested restricted stock awards, respectively, which is expected to be recognized over the next 3 years. All stock-based compensation expense is recognized as a payroll-related expense and it is included within the general and administrative expenses line item within the Company’s income statement, and the offset is included in the additional paid-in capital line item of the Company’s balance sheet. At December 31, 2021 and 2020, there were approximately 749,000 and 177,000 non-vested restricted shares, respectively.

Note 5 - Fair Value

Note 5 - Fair Value	9 Months Ended
	Dec. 31, 2021
Notes to Financial Statements
Fair Value Disclosures [Text Block]	Note 5: Fair Value 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 (“Fair Value Measurements”) establishes a three-tier fair value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 - Include other inputs that are directly or indirectly observable in the marketplace. Level 3 - Unobservable inputs which are supported by little or no market activity. 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 December 31, 2021, the Company had invested virtually all of its $108.9 million cash and cash equivalents balance in money market funds which are classified within level 1.

Note 6 - Commitments and Contin

Note 6 - Commitments and Contingencies	9 Months Ended
	Dec. 31, 2021
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	Note 6: Commitments and Contingencies The Company has settled complaints that had been filed with various states’ regulatory boards in the past. There can be no assurances made that other states will not attempt to take similar actions against the Company in the future. The Company initiates litigation to protect its trade or service marks. There can be no assurance that the Company will be successful in protecting its trade or service marks. Legal costs related to the above matters are expensed as incurred.

Note 7 - Changes in Shareholder

Note 7 - Changes in Shareholders' Equity	9 Months Ended
	Dec. 31, 2021
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	Note 7: Changes in Shareholders Equity Changes in shareholders’ equity for the nine months ended December 31, 2021 and 2020 are summarized below (in thousands): Additional Paid-In Retained Capital Earnings Beginning balance at March 31, 2021: $ 7,111 $ 134,141 Share based compensation 718 - Dividends declared - (6,080 ) Net income - 4,428 Ending balance at June 30, 2021: $ 7,829 $ 132,489 Share based compensation 882 - Dividends declared - (6,092 ) Net income - 6,349 Ending balance at September 30, 2021: $ 8,711 $ 132,746 Share based compensation 1,440 - Dividends declared - (6,282 ) Net income - 4,257 Ending balance at December 31, 2021: $ 10,151 $ 130,721 Additional Paid-In Retained Capital Earnings Beginning balance at March 31, 2020: $ 3,804 $ 126,177 Share based compensation 740 - Dividends declared - (5,647 ) Net income - 7,768 Ending balance at June 30, 2020: $ 4,544 $ 128,298 Share based compensation 773 - Dividends declared - (5,647 ) Net income - 8,412 Ending balance at September 30, 2020: $ 5,317 $ 131,063 Share based compensation 781 - Dividends declared - (5,674 ) Net income - 7,611 Ending balance at December 31, 2020: $ 6,098 $ 133,000 There were no shares of common stock that were purchased or retired in the nine months ended December 31, 2021 and 2020. On December 31, 2021, the Company had approximately $28.7 million remaining under the Company’s share repurchase plan.

Note 8 - Income Taxes

Note 8 - Income Taxes	9 Months Ended
	Dec. 31, 2021
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 8: Income Taxes For the quarters ended December 31, 2021 and 2020, the Company recorded an income tax provision of approximately $1.3 million and $2.1 million, respectively, and for the nine months ended December 31, 2021 and 2020, the Company recorded an income tax provision of approximately $4.6 million and $6.6 million, respectively. The decrease in the income tax provision for the three and nine months ended December 31, 2021 is related to a decrease in operating income during the periods. The effective tax rate for the quarter ended December 31, 2021 was approximately 22.9% compared to 21.6% for the quarter ended December 31, 2020, and the effective tax rate for the nine months ended December 31, 2021 was approximately 23.4%, compared to 21.7% for the nine months ended December 31, 2020. The increase to the effective rate for the quarter ended December 31, 2021 was due to a one-time income tax charge of $29,000 related to the reconciliation of the Company’s tax return for the fiscal year ending March 31, 2021, with the Company receiving a one-time income tax benefit of $194,000 related to the reconciliation of the Company’s tax return for the fiscal year ending March 31, 2020 the prior year. The decrease to the effective rate for the nine months ended December 31, 2020 can be attributed to the Company receiving a one-time state income tax refund of $285,000 in the June 2020 quarter and a $106,000 income tax benefit related to restricted stock compensation in the September 2020 quarter.

Note 9 - Related Party Transact

Note 9 - Related Party Transaction	9 Months Ended
	Dec. 31, 2021
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	Note 9: Related Party Transaction The Company’s Board of Directors 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 for $292,000. The Company expensed $32,000 in fiscal 2021 and $260,000 in fiscal 2022. This transaction was approved by the Company’s Board of Directors with terms that are considered to be comparable to those with an unrelated third party.

Note 10 - Subsequent Events

Note 10 - Subsequent Events	9 Months Ended
	Dec. 31, 2021
Notes to Financial Statements
Subsequent Events [Text Block]	Note 10: Subsequent Events On January 24, 2022 our Board of Directors declared a quarterly dividend of $0.30 per share. The Company’s Board of Directors established a February 7, 2022 record date and a February 18, 2022 payment date for the quarterly dividend. Based on the outstanding share balance as of February 1, 2022 the Company estimates the dividend payable to be approximately $6.3 million. In January 2022 the Company issued 17,500 restricted shares to certain employees of the Company under the 2016 Employee Plan, with a fair value of $25.87 per share. In January 2022, the Company issued 5,000 restricted shares to two directors of the Company under the 2015 Director Plan, with a fair value of $25.20 per share. These directors took on additional responsibilities as the CEO transition team of the Board.

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Dec. 31, 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-Q and, therefore, do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, the accompanying Condensed Consolidated Financial Statements contain all adjustments, consisting of normal recurring accruals, necessary to present fairly the financial position of the Company at December 31, 2021, the Statements of Income for the three and nine months ended December 31, 2021 and 2020, and Cash Flows for the nine months ended December 31, 2021 and 2020. The results of operations for the three and nine months ended December 31, 2021 are not necessarily indicative of the operating results expected for the fiscal year ending March 31, 2022. These financial statements should be read in conjunction with the financial statements and notes thereto contained in the Company’s annual report on Form 10-K for the fiscal year ended March 31, 2021. The Condensed Consolidated Financial Statements include the accounts of PetMed Express, Inc. and its wholly owned subsidiaries. All significant intercompany transactions have been eliminated upon consolidation.
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, the Financial Accounting Standards Board issued ASU 2020-03, “Codification Improvements to Financial Instruments” (“ASU 2020-03”). ASU 2020-03 improves and clarifies various financial instruments topics. ASU 2020-03 includes seven different issues that describe the areas of improvement and the related amendments to GAAP, intended to make the standards easier to understand and apply by eliminating inconsistencies and providing clarifications. The Company will adopt ASU 2020-03 on April 1, 2022. The Company does not expect the adoption of this new standard to have a material impact on our Condensed Consolidated Financial Statements. The Company does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, will have a material effect on the Company’s consolidated financial position, results of operations, or cash flows.

Note 2 - Revenue Recognition (T

Note 2 - Revenue Recognition (Tables)	9 Months Ended
	Dec. 31, 2021
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended December 31, Revenue (In thousands) 2021 % 2020 % $ Variance % Variance Reorder Sales $ 56,307 92.7 % $ 60,233 91.4 % $ (3,926 ) -6.5 % New Order Sales 4,410 7.3 % 5,663 8.6 % (1,253 ) -22.1 % Total Net Sales $ 60,717 100.0 % $ 65,896 100.0 % $ (5,179 ) -7.9 % Internet Sales $ 51,305 84.5 % $ 54,984 83.4 % $ (3,679 ) -6.7 % Contact Center Sales 9,412 15.5 % 10,912 16.6 % (1,500 ) -13.7 % Total Net Sales $ 60,717 100.0 % $ 65,896 100.0 % $ (5,179 ) -7.9 % Nine Months Ended December 31, Sales (In thousands) 2021 % 2020 % $ Variance % Variance Reorder Sales $ 189,260 91.2 % $ 208,419 87.7 % $ (19,159 ) -9.2 % New Order Sales 18,155 8.8 % 29,117 12.3 % (10,962 ) -37.6 % Total Net Sales $ 207,415 100.0 % $ 237,536 100.0 % $ (30,121 ) -12.7 % Internet Sales $ 173,713 83.8 % $ 199,192 83.9 % $ (25,479 ) -12.8 % Contact Center Sales 33,702 16.2 % 38,344 16.1 % (4,642 ) -12.1 % Total Net Sales $ 207,415 100.0 % $ 237,536 100.0 % $ (30,121 ) -12.7 %

Note 3 - Net Income Per Share (

Note 3 - Net Income Per Share (Tables)	9 Months Ended
	Dec. 31, 2021
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended December 31, Nine Months Ended December 31, 2021 2020 2021 2020 Net income (numerator): Net income $ 4,257 $ 7,611 $ 15,034 $ 23,791 Shares (denominator): Weighted average number of common shares outstanding used in basic computation 20,208 20,094 20,165 20,047 Common shares issuable upon vesting of restricted stock 111 - 190 43 Common shares issuable upon conversion of preferred shares 10 10 10 10 Shares used in diluted computation 20,329 20,104 20,365 20,100 Net income per common share: Basic $ 0.21 $ 0.38 $ 0.75 $ 1.19 Diluted $ 0.21 $ 0.38 $ 0.74 $ 1.18

Note 7 - Changes in Sharehold_2

Note 7 - Changes in Shareholders' Equity (Tables)	9 Months Ended
	Dec. 31, 2021
Notes Tables
Schedule of Stockholders Equity [Table Text Block]	Additional Paid-In Retained Capital Earnings Beginning balance at March 31, 2021: $ 7,111 $ 134,141 Share based compensation 718 - Dividends declared - (6,080 ) Net income - 4,428 Ending balance at June 30, 2021: $ 7,829 $ 132,489 Share based compensation 882 - Dividends declared - (6,092 ) Net income - 6,349 Ending balance at September 30, 2021: $ 8,711 $ 132,746 Share based compensation 1,440 - Dividends declared - (6,282 ) Net income - 4,257 Ending balance at December 31, 2021: $ 10,151 $ 130,721 Additional Paid-In Retained Capital Earnings Beginning balance at March 31, 2020: $ 3,804 $ 126,177 Share based compensation 740 - Dividends declared - (5,647 ) Net income - 7,768 Ending balance at June 30, 2020: $ 4,544 $ 128,298 Share based compensation 773 - Dividends declared - (5,647 ) Net income - 8,412 Ending balance at September 30, 2020: $ 5,317 $ 131,063 Share based compensation 781 - Dividends declared - (5,674 ) Net income - 7,611 Ending balance at December 31, 2020: $ 6,098 $ 133,000

Note 2 - Revenue Recognition (D

Note 2 - Revenue Recognition (Details Textual)	9 Months Ended
	Dec. 31, 2021
Minimum [Member]
Credit Card Sales, Cash Settlement Period (Year)	2 years
Maximum [Member]
Credit Card Sales, Cash Settlement Period (Year)	3 years

Note 2 - Revenue Recognition -

Note 2 - Revenue Recognition - Disaggregation of Revenue by Type (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Sales	$ 60,717	$ 65,896	$ 207,415	$ 237,536
Revenues, percentage	100.00%	100.00%	100.00%	100.00%
Revenues, variance	$ (5,179)		$ (30,121)
Revenues, variance, percentage	(7.90%)		(12.70%)
Internet [Member]
Sales	$ 51,305	$ 54,984	$ 173,713	$ 199,192
Revenues, percentage	84.50%	83.40%	83.80%	83.90%
Revenues, variance	$ (3,679)		$ (25,479)
Revenues, variance, percentage	(6.70%)		(12.80%)
Contact Center [Member]
Sales	$ 9,412	$ 10,912	$ 33,702	$ 38,344
Revenues, percentage	15.50%	16.60%	16.20%	16.10%
Revenues, variance	$ (1,500)		$ (4,642)
Revenues, variance, percentage	(13.70%)		(12.10%)
Reorder Customer [Member]
Sales	$ 56,307	$ 60,233	$ 189,260	$ 208,419
Revenues, percentage	92.70%	91.40%	91.20%	87.70%
Revenues, variance	$ (3,926)		$ (19,159)
Revenues, variance, percentage	(6.50%)		(9.20%)
New Order Customer [Member]
Sales	$ 4,410	$ 5,663	$ 18,155	$ 29,117
Revenues, percentage	7.30%	8.60%	8.80%	12.30%
Revenues, variance	$ (1,253)		$ (10,962)
Revenues, variance, percentage	(22.10%)		(37.60%)

Note 3 - Net Income Per Share_2

Note 3 - Net Income Per Share (Details Textual) - shares	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	205,219	130,326	205,219	130,326

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		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Net income (numerator):
Net income	$ 4,257	$ 7,611	$ 15,034	$ 23,791
Shares (denominator):
Weighted average number of common shares outstanding used in basic computation (in shares)	20,208	20,094	20,165	20,047
Common shares issuable upon vesting of restricted stock (in shares)	111	0	190	43
Common shares issuable upon conversion of preferred shares (in shares)	10	10	10	10
Shares used in diluted computation (in shares)	20,329	20,104	20,365	20,100
Net income per common share:
Basic (in USD per Share)	$ 0.21	$ 0.38	$ 0.75	$ 1.19
Diluted (in USD per Share)	$ 0.21	$ 0.38	$ 0.74	$ 1.18

Note 4 - Accounting for Stock_2

Note 4 - Accounting for Stock-based Compensation (Details Textual) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Employee and Director Plans [Member]
Share-based Payment Arrangement, Expense		$ 1,400,000	$ 781,000	$ 3,000,000	$ 2,300,000
Restricted Stock [Member] | The 2016 Employee Equity Compensation Restricted Stock Plan [Member]
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in shares)				875,825
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	15,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in USD per Share)	$ 27.10
Restricted Stock [Member] | 2015 Outside Director Equity Compensation Restricted Stock Plan ("2015 Director Plan") [Member]
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in shares)				203,880
Restricted Stock [Member] | 2015 Outside Director Equity Compensation Restricted Stock Plan ("2015 Director Plan") [Member] | Minimum [Member]
Restriction Period (Year)				1 year
Restricted Stock [Member] | 2015 Outside Director Equity Compensation Restricted Stock Plan ("2015 Director Plan") [Member] | Maximum [Member]
Restriction Period (Year)				3 years
Restricted Stock [Member] | Employee and Director Plans [Member]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 14,400,000	$ 14,400,000	$ 3,600,000	$ 14,400,000	$ 3,600,000
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)	749,000	749,000	177,000	749,000	177,000

Note 5 - Fair Value (Details Te

Note 5 - Fair Value (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
Cash and Cash Equivalents, at Carrying Value, Ending Balance	$ 108,911	$ 118,718

Note 7 - Changes in Sharehold_3

Note 7 - Changes in Shareholders' Equity (Details Textual) - USD ($) shares in Thousands, $ in Millions	9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Stock Repurchased and Retired During Period, Shares (in shares)	0	0
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 28.7

Note 7 - Changes in Sharehold_4

Note 7 - Changes in Shareholders' Equity - Schedule of Changes in Shareholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2021	Dec. 31, 2020
Balance			$ 141,281				$ 141,281
Net income	$ 4,257			$ 7,611			15,034	$ 23,791
Balance	140,902						140,902
Additional Paid-in Capital [Member]
Balance	8,711	$ 7,829	7,111	5,317	$ 4,544	$ 3,804	7,111	3,804
Share based compensation	1,440	882	718	781	773	740
Dividends declared	0	0	0	0	0	0
Net income	0	0	0	0	0	0
Balance	10,151	8,711	7,829	6,098	5,317	4,544	10,151	6,098
Retained Earnings [Member]
Balance	132,746	132,489	134,141	131,063	128,298	126,177	134,141	126,177
Share based compensation	0	0	0	0	0	0
Dividends declared	(6,282)	(6,092)	(6,080)	(5,674)	(5,647)	(5,647)
Net income	4,257	6,349	4,428	7,611	8,412	7,768
Balance	$ 130,721	$ 132,746	$ 132,489	$ 133,000	$ 131,063	$ 128,298	$ 130,721	$ 133,000

Note 8 - Income Taxes (Details

Note 8 - Income Taxes (Details Textual) - USD ($)	3 Months Ended			9 Months Ended		12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Income Tax Expense (Benefit), Total	$ 1,261,000	$ 2,100,000		$ 4,603,000	$ 6,576,000
Effective Income Tax Rate Reconciliation, Percent, Total	22.90%	21.60%		23.40%	21.70%
Tax Adjustments, Settlements, and Unusual Provisions	$ 29,000
Proceeds from Income Tax Refunds					$ 285,000	$ 194,000
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Share-based Payment Arrangement, Amount			$ 106,000

Note 9 - Related Party Transa_2

Note 9 - Related Party Transaction (Details Textual) - Prophet [Member] - USD ($)	1 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 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) - USD ($) $ / shares in Units, $ in Millions	Jan. 24, 2022	Jan. 31, 2022	Dec. 31, 2021	Feb. 01, 2022
Restricted Stock [Member] | The 2016 Employee Equity Compensation Restricted Stock Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)			15,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in USD per Share)			$ 27.10
Subsequent Event [Member]
Dividends Payable, Date Declared	Jan. 24, 2022
Dividends Payable, Amount Per Share (in USD per Share)	$ 0.30
Dividends Payable, Date of Record	Feb. 7, 2022
Dividends Payable, Date to be Paid	Feb. 18, 2022
Dividends Payable				$ 6.3
Subsequent Event [Member] | Restricted Stock [Member] | Employees [Member] | The 2016 Employee Equity Compensation Restricted Stock Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		17,500
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in USD per Share)		$ 25.87
Subsequent Event [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)		5,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in USD per Share)		$ 25.20