Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2022 | May 24, 2022 | Sep. 30, 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 | FY | ||
Document Fiscal Year Focus | 2022 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Mar. 31, 2022 | ||
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, PETS $.001 Par value per share | ||
Trading Symbol | PETS | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 540,100,000 | ||
Entity Common Stock, Shares Outstanding | 20,988,237 | ||
Auditor Name | RSM US LLP | ||
Auditor Location | Fort Lauderdale, Florida | ||
Auditor Firm ID | 49 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 111,080 | $ 118,718 |
Accounts receivable, less allowance for doubtful accounts of $39 and $39, respectively | 1,913 | 2,587 |
Inventories - finished goods | 32,455 | 34,420 |
Prepaid expenses and other current assets | 4,866 | 4,503 |
Prepaid income taxes | 681 | 959 |
Total current assets | 150,995 | 161,187 |
Noncurrent assets: | ||
Property and equipment, net | 24,464 | 25,450 |
Intangible assets | 860 | 860 |
Total noncurrent assets | 25,324 | 26,310 |
Total assets | 176,319 | 187,497 |
Current liabilities: | ||
Accounts payable | 27,500 | 39,548 |
Accrued expenses and other current liabilities | 5,697 | 5,387 |
Total current liabilities | 33,197 | 44,935 |
Deferred tax liabilities | 936 | 1,281 |
Total liabilities | 34,133 | 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; 20,979 and 20,269 shares issued and outstanding, respectively | 21 | 20 |
Additional paid-in capital | 11,660 | 7,111 |
Retained earnings | 130,496 | 134,141 |
Total shareholders' equity | 142,186 | 141,281 |
Total liabilities and shareholders' equity | $ 176,319 | $ 187,497 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 |
Allowance for doubtful accounts | $ 39,000 | $ 39,000 |
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) | 20,979,000 | 20,269,000 |
Common stock, shares outstanding (in shares) | 20,979,000 | 20,269,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Sales | $ 273,417 | $ 309,215 | $ 284,125 |
Cost of sales | 195,341 | 219,267 | 202,879 |
Gross profit | 78,076 | 89,948 | 81,246 |
Operating expenses: | |||
General and administrative | 30,829 | 28,293 | 25,264 |
Advertising | 18,799 | 21,641 | 22,748 |
Depreciation | 2,738 | 2,427 | 2,257 |
Total operating expenses | 52,366 | 52,361 | 50,269 |
Income from operations | 25,710 | 37,587 | 30,977 |
Other income (expense): | |||
Interest income, net | 335 | 314 | 1,747 |
Other, net | 1,026 | 1,315 | 1,169 |
Total other income | 1,361 | 1,629 | 2,916 |
Income before provision for income taxes | 27,071 | 39,216 | 33,893 |
Provision for income taxes | 5,971 | 8,613 | 8,042 |
Net income | $ 21,100 | $ 30,603 | $ 25,851 |
Net income per common share: | |||
Basic (in dollars per share) | $ 1.05 | $ 1.53 | $ 1.29 |
Diluted (in dollars per share) | $ 1.04 | $ 1.52 | $ 1.29 |
Weighted average number of common shares outstanding: | |||
Basic (in shares) | 20,176 | 20,060 | 20,041 |
Diluted (in shares) | 20,358 | 20,119 | 20,055 |
Cash dividends declared per common share (in dollars per share) | $ 1.20 | $ 1.12 | $ 1.08 |
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, 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) | 0 | 105,000 | |||
Issuance of restricted stock, net | $ 0 | $ 0 | 0 | 0 | 0 |
Share based compensation | $ 0 | $ 0 | 2,822 | 0 | $ 2,822 |
Repurchased and retired shares (in shares) | 0 | (613,000) | (613,000) | ||
Repurchased and retired shares | $ 0 | $ (1) | (11,496) | 0 | $ (11,497) |
Dividends declared | 0 | 0 | 0 | (21,846) | (21,846) |
Net income | $ 0 | $ 0 | 0 | 25,851 | 25,851 |
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 |
Issuance of restricted stock, net (in shares) | 0 | 103,000 | |||
Issuance of restricted stock, net | $ 0 | $ 0 | 0 | 0 | 0 |
Share based compensation | 0 | 0 | 3,307 | 0 | $ 3,307 |
Repurchased and retired shares (in shares) | 0 | ||||
Dividends declared | 0 | 0 | 0 | (22,639) | $ (22,639) |
Net income | $ 0 | $ 0 | 0 | 30,603 | 30,603 |
Balance (in shares) at Mar. 31, 2021 | 3,000 | 20,269,000 | |||
Balance at Mar. 31, 2021 | $ 9 | $ 20 | 7,111 | 134,141 | 141,281 |
Issuance of restricted stock, net (in shares) | 0 | 710,000 | |||
Issuance of restricted stock, net | $ 0 | $ 1 | 0 | 0 | 1 |
Share based compensation | 0 | 0 | 4,549 | 0 | $ 4,549 |
Repurchased and retired shares (in shares) | 0 | ||||
Dividends declared | 0 | 0 | 0 | (24,745) | $ (24,745) |
Net income | $ 0 | $ 0 | 0 | 21,100 | 21,100 |
Balance (in shares) at Mar. 31, 2022 | 3,000 | 20,979,000 | |||
Balance at Mar. 31, 2022 | $ 9 | $ 21 | $ 11,660 | $ 130,496 | $ 142,186 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | |||
Net income | $ 21,100 | $ 30,603 | $ 25,851 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 2,738 | 2,427 | 2,257 |
Share based compensation | 4,549 | 3,307 | 2,822 |
Deferred income taxes | (345) | 311 | (151) |
Bad debt expense | 165 | 130 | 191 |
(Increase) decrease in operating assets and increase (decrease) in liabilities: | |||
Accounts receivable | 509 | 1,126 | (1,492) |
Inventories - finished goods | 1,965 | (16,536) | 3,486 |
Prepaid income taxes | 278 | (959) | 582 |
Prepaid expenses and other current assets | (363) | (974) | (376) |
Accounts payable | (12,048) | 19,890 | 3,383 |
Accrued expenses and other current liabilities | (50) | 1,221 | 1,820 |
Income taxes payable | 0 | (471) | 471 |
Net cash provided by operating activities | 18,498 | 40,075 | 38,844 |
Cash flows from investing activities: | |||
Purchases of property and equipment | (1,752) | (2,432) | (2,311) |
Net cash used in investing activities | (1,752) | (2,432) | (2,311) |
Cash flows from financing activities: | |||
Dividends paid | (24,384) | (22,687) | (21,803) |
Repurchase and retirement of common stock | 0 | 0 | (11,497) |
Net cash used in financing activities | (24,384) | (22,687) | (33,300) |
Net (decrease) increase in cash and cash equivalents | (7,638) | 14,956 | 3,233 |
Cash and cash equivalents, at beginning of year | 118,718 | 103,762 | 100,529 |
Cash and cash equivalents, at end of year | 111,080 | 118,718 | 103,762 |
Supplemental disclosure of cash flow information: | |||
Cash paid for income taxes | 6,085 | 10,018 | 7,140 |
Property and equipment in current assets | 0 | 0 | 1,745 |
Dividends payable in accrued expenses | $ 558 | $ 198 | $ 246 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2022 | |
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 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 markets its products through national advertising campaigns, which aim to increase the recognition of the “1 800 www.petmeds.com March 31, 2022, 2021, 2020 March 31, 2022, 2021, 2020, 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) 2022 % 2021 % $ Variance % Variance Reorder Sales $ 250,401 91.6 % $ 272,648 88.2 % $ (22,247 ) -8.2 % New Order Sales $ 23,016 8.4 % $ 36,567 11.8 % $ (13,551 ) -37.1 % Total Net Sales $ 273,417 100.0 % $ 309,215 100.0 % $ (35,798 ) -11.6 % Internet Sales $ 230,263 84.2 % $ 259,404 83.9 % $ (29,141 ) -11.2 % Contact Center Sales $ 43,154 15.8 % $ 49,811 16.1 % $ (6,657 ) -13.4 % Total Net Sales $ 273,417 100.0 % $ 309,215 100.0 % $ (35,798 ) -11.6 % Year Ended March 31, Sales (In thousands) 2021 % 2020 % $ Variance % Variance Reorder Sales $ 272,648 88.2 % $ 248,560 87.5 % $ 24,088 9.7 % New Order Sales $ 36,567 11.8 % $ 35,565 12.5 % $ 1,002 2.8 % Total Net Sales $ 309,215 100.0 % $ 284,125 100.0 % $ 25,090 8.8 % Internet Sales $ 259,404 83.9 % $ 238,054 83.8 % $ 21,350 9.0 % Contact Center Sales $ 49,811 16.1 % $ 46,071 16.2 % $ 3,740 8.1 % Total Net Sales $ 309,215 100.0 % $ 284,125 100.0 % $ 25,090 8.8 % Virtually all of the Company’s sales are paid by credit cards and the Company usually receives the cash settlement in two three no March 31, 2022 2021. 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 chargebacks or insufficient funds checks. The Company determines its estimates of the un-collectability of accounts receivable by analyzing historical bad debts and current economic trends. The allowance for doubtful accounts was approximately $39,000 at March 31, 2022 March 31, 2021. Cash and Cash Equivalents The Company considers all highly liquid investments with maturity of three March 31, 2022 2021 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 $81,000 and $86,000 at March 31, 2022 2021, 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 Accounting Standards Codification (“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, 2022, 2021 2020 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 Arizona. With few exceptions, the Company is no March 31, 2019, 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 five suppliers from which we purchased approximately 80% of all products in fiscal 2022 2021. 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 March 2020, 2020 03, 2020 03” 2020 03 2020 03 seven 2020 03 April 1, 2022. not The Company does not not |
Note 2 - Property and Equipment
Note 2 - Property and Equipment | 12 Months Ended |
Mar. 31, 2022 | |
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, 2022 2021 Building $ 14,997 $ 14,997 Land 3,700 3,700 Building Improvements 2,834 2,834 Computer Software 5,512 5,621 Furniture, fixtures and equipment 9,106 8,626 36,149 35,778 Less: accumulated depreciation (11,685 ) (10,328 ) Property and equipment, net $ 24,464 $ 25,450 |
Note 3 - Valuation and Qualifyi
Note 3 - Valuation and Qualifying Accounts | 12 Months Ended |
Mar. 31, 2022 | |
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, 2022 2021 2020 Allowance for doubtful accounts: Balance at beginning of period $ 39 $ 59 $ 39 Provision for doubtful accounts 165 130 191 Write-off of uncollectible accounts receivable (165 ) (150 ) (171 ) Balance at end of year $ 39 $ 39 $ 59 |
Note 4 - Accrued Expenses and O
Note 4 - Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Mar. 31, 2022 | |
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, 2022 2021 Accrued sales tax $ 1,106 $ 1,063 Accrued credit card fees 428 456 Accrued salaries and benefits 1,134 1,525 Accrued merchandise credits / reward program 1,623 1,413 Accrued professional expenses 459 290 Accrued sales return allowance 190 220 Accrued dividends payable 558 198 Accrued real estate taxes 111 114 Other accrued liabilities 88 108 Accrued expenses and other current liabilities $ 5,697 $ 5,387 |
Note 5 - Income Taxes
Note 5 - Income Taxes | 12 Months Ended |
Mar. 31, 2022 | |
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, 2022 2021 Deferred tax assets: Accrued expenses $ 364 $ 406 Deferred stock compensation 662 321 Bad debt and inventory reserves 27 29 Total deferred tax assets 1,053 756 Deferred tax liabilities: Property and equipment (1,989 ) (2,037 ) Total net deferred tax liabilities $ (936 ) $ (1,281 ) At March 31, 2022, The components of the income tax provision consist of the following (in thousands): Year Ended March 31, 2022 2021 2020 Current taxes Federal $ 5,801 $ 7,446 $ 7,352 State 515 856 841 Total current taxes 6,316 8,302 8,193 Deferred taxes Federal (317 ) 279 (135 ) State (28 ) 32 (16 ) Total deferred taxes (345 ) 311 (151 ) Total provision for income taxes $ 5,971 $ 8,613 $ 8,042 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, 2022 2021 2020 Income taxes at U.S. statutory rates $ 5,685 $ 8,235 $ 7,118 State income taxes, net of federal tax benefit 379 708 649 Restricted stock (windfall) shortfall adjustment 33 (135 ) 322 Other (126 ) (195 ) (47 ) Total provision for income taxes $ 5,971 $ 8,613 $ 8,042 In fiscal 2022 one 2021 2021 one 2020 2020 one 2019 |
Note 6 - Shareholders' Equity
Note 6 - Shareholders' Equity | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | ( 6 Shareholders Equity Preferred Stock In April 1998, $.001 may not one March 31, 2022 2021, Share Repurchase Plan On November 8, 2006, October 31, 2008, November 1, 2010, August 1, 2011, January 25, 2019, no may 2020 2022 2021 March 31, 2022 Dividends On May 3, 2021, 2022, Declaration Date Per Share Dividend Record Date Total Amount (In thousands) Payment Date May 3, 2021 $0.30 May 14, 2021 $6,081 May 21, 2021 July 26, 2021 $0.30 August 6, 2021 $6,102 August 13, 2021 October 25, 2021 $0.30 November 8, 2021 $6,283 November 19, 2021 January 24, 2022 $0.30 February 7, 2022 $6,294 February 18, 2022 |
Note 7 - Restricted Stock
Note 7 - Restricted Stock | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | ( 7 Restricted Stock In July 2015, 2015 “2015 2015 July 2016, 2016 “2016 2016 no no ten At March 31, 2022, 2016 2015 third one three March 31, 2022, 2021, 2020, A summary of the Company’s non-vested restricted stock at March 31, 2022 Employee Plan Number of Shares Director Plan Number of Shares Both Plans Number of Shares Non-vested restricted stock outstanding at March 31, 2021 98 62 160 Restricted stock granted 676 44 720 Restricted stock vested (69 ) (30 ) (99 ) Restricted stock forfeited or expired (3 ) (7 ) (10 ) Non-vested restricted stock outstanding at March 31, 2022 702 69 771 At March 31, 2022 2021, March 31, 2022 2021, March 31, 2022 2021, 2022 2021, |
Note 8 - Fair Value Measurement
Note 8 - Fair Value Measurements | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | ( 8 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, 2022 2021 1 |
Note 9 - Net Income Per Share
Note 9 - Net Income Per Share | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 9 Net Income Per Share In accordance with the provisions of ASC Topic 260 Earnings Per Share Year Ended March 31, 2022 2021 2020 Net income (numerator): Net income $ 21,100 $ 30,603 $ 25,851 Shares (denominator) Weighted average number of common shares outstanding used in basic computation 20,176 20,060 20,041 Common shares issuable upon the vesting of restricted stock 172 49 4 Common shares issuable upon conversion of preferred shares 10 10 10 Shares used in diluted computation 20,358 20,119 20,055 Net income per common share: Basic $ 1.05 $ 1.53 $ 1.29 Diluted $ 1.04 $ 1.52 $ 1.29 At March 31, 2022, 2021, 2020, |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | ( 10 Commitments and Contingencies 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 Operating Leases Upon acquisition of the Delray Beach property in January 2016, two March 31, 2022, two 2022 2021, five 2023; 2024, 2025, 2026. Employment Agreements On July 12, 2019, No. 7 thirty 30 one 1 one two July 31, 2020, No. 8 July 31, 2021, On May 28, 2021, not July 30, 2021, July 31, 2021, August 30, 2021. On June 11, 2021, July 30, 2021. July 30, 2021, two first August 10, 2021, second December 31, 2021, may In addition, as a part of the Separation Agreement, the Company confirmed that the 37,800 restricted shares held by Mr. Akdag will be, and were, released from restriction and forfeiture on July 31, 2021, July 31, 2022, On August 25, 2021, August 30, 2021. August 25, 2021, three 3 August 30, 2021 one 1 sixty 60 401 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 Should none three no third ninety 90 third three March 31, 2022, none no |
Note 11 - Employee Benefit Plan
Note 11 - Employee Benefit Plan | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | ( 11 Employee Benefit Plan The Company maintains a 401 one 1974, 2006, March 31, 2022, 2021, 2020, 401 |
Note 12 - COVID-19
Note 12 - COVID-19 | 12 Months Ended |
Mar. 31, 2022 | |
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 During fiscal 2022, not |
Note 13 - Subsequent Events
Note 13 - Subsequent Events | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | ( 13 Subsequent Events Subsequent to March 31, 2022 2016 April 2022, one seven April 4, 2022. On April 19, 2022, three On May 9, 2022, May 27, 2022, May 20, 2022. |
Note 14 - Related Party Transac
Note 14 - Related Party Transaction | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | ( 14 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 PetMed Express, Inc. engaged with in March 2021 2021, 2022. third |
Note 15 - Quarterly Financial D
Note 15 - Quarterly Financial Data (Unaudited) | 12 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | ( 15 Quarterly Financial Data (Unaudited) Summarized unaudited quarterly financial data for fiscal 2022 2021 Quarter Ended: June 30, 2021 September 30, 2021 December 31, 2021 March 31, 2022 Sales $ 79,312 $ 67,386 $ 60,717 $ 66,002 Gross Profit $ 21,780 $ 19,174 $ 17,725 $ 19,397 Income from operations $ 5,419 $ 8,087 $ 5,147 $ 7,057 Net income $ 4,428 $ 6,349 $ 4,257 $ 6,066 Diluted net income per common share $ 0.22 $ 0.31 $ 0.21 $ 0.30 Quarter Ended: June 30, 2020 September 30, 2020 December 31, 2020 March 31, 2021 Sales $ 96,204 $ 75,436 $ 65,896 $ 71,679 Gross Profit $ 26,785 $ 23,018 $ 19,623 $ 20,522 Income from operations $ 9,436 $ 10,471 $ 9,293 $ 8,387 Net income $ 7,768 $ 8,412 $ 7,611 $ 6,812 Diluted net income per common share $ 0.39 $ 0.42 $ 0.38 $ 0.34 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2022 | |
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) 2022 % 2021 % $ Variance % Variance Reorder Sales $ 250,401 91.6 % $ 272,648 88.2 % $ (22,247 ) -8.2 % New Order Sales $ 23,016 8.4 % $ 36,567 11.8 % $ (13,551 ) -37.1 % Total Net Sales $ 273,417 100.0 % $ 309,215 100.0 % $ (35,798 ) -11.6 % Internet Sales $ 230,263 84.2 % $ 259,404 83.9 % $ (29,141 ) -11.2 % Contact Center Sales $ 43,154 15.8 % $ 49,811 16.1 % $ (6,657 ) -13.4 % Total Net Sales $ 273,417 100.0 % $ 309,215 100.0 % $ (35,798 ) -11.6 % Year Ended March 31, Sales (In thousands) 2021 % 2020 % $ Variance % Variance Reorder Sales $ 272,648 88.2 % $ 248,560 87.5 % $ 24,088 9.7 % New Order Sales $ 36,567 11.8 % $ 35,565 12.5 % $ 1,002 2.8 % Total Net Sales $ 309,215 100.0 % $ 284,125 100.0 % $ 25,090 8.8 % Internet Sales $ 259,404 83.9 % $ 238,054 83.8 % $ 21,350 9.0 % Contact Center Sales $ 49,811 16.1 % $ 46,071 16.2 % $ 3,740 8.1 % Total Net Sales $ 309,215 100.0 % $ 284,125 100.0 % $ 25,090 8.8 % Virtually all of the Company’s sales are paid by credit cards and the Company usually receives the cash settlement in two three no March 31, 2022 2021. 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 chargebacks or insufficient funds checks. The Company determines its estimates of the un-collectability of accounts receivable by analyzing historical bad debts and current economic trends. The allowance for doubtful accounts was approximately $39,000 at March 31, 2022 March 31, 2021. |
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, 2022 2021 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 $81,000 and $86,000 at March 31, 2022 2021, |
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 Accounting Standards Codification (“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, 2022, 2021 2020 |
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 Arizona. With few exceptions, the Company is no March 31, 2019, |
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 five suppliers from which we purchased approximately 80% of all products in fiscal 2022 2021. |
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 March 2020, 2020 03, 2020 03” 2020 03 2020 03 seven 2020 03 April 1, 2022. not The Company does not not |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Year Ended March 31, Sales (In thousands) 2022 % 2021 % $ Variance % Variance Reorder Sales $ 250,401 91.6 % $ 272,648 88.2 % $ (22,247 ) -8.2 % New Order Sales $ 23,016 8.4 % $ 36,567 11.8 % $ (13,551 ) -37.1 % Total Net Sales $ 273,417 100.0 % $ 309,215 100.0 % $ (35,798 ) -11.6 % Internet Sales $ 230,263 84.2 % $ 259,404 83.9 % $ (29,141 ) -11.2 % Contact Center Sales $ 43,154 15.8 % $ 49,811 16.1 % $ (6,657 ) -13.4 % Total Net Sales $ 273,417 100.0 % $ 309,215 100.0 % $ (35,798 ) -11.6 % Year Ended March 31, Sales (In thousands) 2021 % 2020 % $ Variance % Variance Reorder Sales $ 272,648 88.2 % $ 248,560 87.5 % $ 24,088 9.7 % New Order Sales $ 36,567 11.8 % $ 35,565 12.5 % $ 1,002 2.8 % Total Net Sales $ 309,215 100.0 % $ 284,125 100.0 % $ 25,090 8.8 % Internet Sales $ 259,404 83.9 % $ 238,054 83.8 % $ 21,350 9.0 % Contact Center Sales $ 49,811 16.1 % $ 46,071 16.2 % $ 3,740 8.1 % Total Net Sales $ 309,215 100.0 % $ 284,125 100.0 % $ 25,090 8.8 % |
Note 2 - Property and Equipme_2
Note 2 - Property and Equipment (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, 2022 2021 Building $ 14,997 $ 14,997 Land 3,700 3,700 Building Improvements 2,834 2,834 Computer Software 5,512 5,621 Furniture, fixtures and equipment 9,106 8,626 36,149 35,778 Less: accumulated depreciation (11,685 ) (10,328 ) Property and equipment, net $ 24,464 $ 25,450 |
Note 3 - Valuation and Qualif_2
Note 3 - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Valuation and Qualifying Accounts [Table Text Block] | Year Ended March 31, 2022 2021 2020 Allowance for doubtful accounts: Balance at beginning of period $ 39 $ 59 $ 39 Provision for doubtful accounts 165 130 191 Write-off of uncollectible accounts receivable (165 ) (150 ) (171 ) Balance at end of year $ 39 $ 39 $ 59 |
Note 4 - Accrued Expenses and_2
Note 4 - Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | March 31, 2022 2021 Accrued sales tax $ 1,106 $ 1,063 Accrued credit card fees 428 456 Accrued salaries and benefits 1,134 1,525 Accrued merchandise credits / reward program 1,623 1,413 Accrued professional expenses 459 290 Accrued sales return allowance 190 220 Accrued dividends payable 558 198 Accrued real estate taxes 111 114 Other accrued liabilities 88 108 Accrued expenses and other current liabilities $ 5,697 $ 5,387 |
Note 5 - Income Taxes (Tables)
Note 5 - Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | March 31, 2022 2021 Deferred tax assets: Accrued expenses $ 364 $ 406 Deferred stock compensation 662 321 Bad debt and inventory reserves 27 29 Total deferred tax assets 1,053 756 Deferred tax liabilities: Property and equipment (1,989 ) (2,037 ) Total net deferred tax liabilities $ (936 ) $ (1,281 ) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended March 31, 2022 2021 2020 Current taxes Federal $ 5,801 $ 7,446 $ 7,352 State 515 856 841 Total current taxes 6,316 8,302 8,193 Deferred taxes Federal (317 ) 279 (135 ) State (28 ) 32 (16 ) Total deferred taxes (345 ) 311 (151 ) Total provision for income taxes $ 5,971 $ 8,613 $ 8,042 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended March 31, 2022 2021 2020 Income taxes at U.S. statutory rates $ 5,685 $ 8,235 $ 7,118 State income taxes, net of federal tax benefit 379 708 649 Restricted stock (windfall) shortfall adjustment 33 (135 ) 322 Other (126 ) (195 ) (47 ) Total provision for income taxes $ 5,971 $ 8,613 $ 8,042 |
Note 6 - Shareholders' Equity (
Note 6 - Shareholders' Equity (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Dividends Declared [Table Text Block] | Declaration Date Per Share Dividend Record Date Total Amount (In thousands) Payment Date May 3, 2021 $0.30 May 14, 2021 $6,081 May 21, 2021 July 26, 2021 $0.30 August 6, 2021 $6,102 August 13, 2021 October 25, 2021 $0.30 November 8, 2021 $6,283 November 19, 2021 January 24, 2022 $0.30 February 7, 2022 $6,294 February 18, 2022 |
Note 7 - Restricted Stock (Tabl
Note 7 - Restricted Stock (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
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, 2021 98 62 160 Restricted stock granted 676 44 720 Restricted stock vested (69 ) (30 ) (99 ) Restricted stock forfeited or expired (3 ) (7 ) (10 ) Non-vested restricted stock outstanding at March 31, 2022 702 69 771 |
Note 9 - Net Income Per Share (
Note 9 - Net Income Per Share (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended March 31, 2022 2021 2020 Net income (numerator): Net income $ 21,100 $ 30,603 $ 25,851 Shares (denominator) Weighted average number of common shares outstanding used in basic computation 20,176 20,060 20,041 Common shares issuable upon the vesting of restricted stock 172 49 4 Common shares issuable upon conversion of preferred shares 10 10 10 Shares used in diluted computation 20,358 20,119 20,055 Net income per common share: Basic $ 1.05 $ 1.53 $ 1.29 Diluted $ 1.04 $ 1.52 $ 1.29 |
Note 15 - Quarterly Financial_2
Note 15 - Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Quarter Ended: June 30, 2021 September 30, 2021 December 31, 2021 March 31, 2022 Sales $ 79,312 $ 67,386 $ 60,717 $ 66,002 Gross Profit $ 21,780 $ 19,174 $ 17,725 $ 19,397 Income from operations $ 5,419 $ 8,087 $ 5,147 $ 7,057 Net income $ 4,428 $ 6,349 $ 4,257 $ 6,066 Diluted net income per common share $ 0.22 $ 0.31 $ 0.21 $ 0.30 Quarter Ended: June 30, 2020 September 30, 2020 December 31, 2020 March 31, 2021 Sales $ 96,204 $ 75,436 $ 65,896 $ 71,679 Gross Profit $ 26,785 $ 23,018 $ 19,623 $ 20,522 Income from operations $ 9,436 $ 10,471 $ 9,293 $ 8,387 Net income $ 7,768 $ 8,412 $ 7,611 $ 6,812 Diluted net income per common share $ 0.39 $ 0.42 $ 0.38 $ 0.34 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended | ||
Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | |
Accounts Receivable, Allowance for Credit Loss, Current | $ 39,000 | $ 39,000 | |
Inventory Valuation Reserves | 81,000 | 86,000 | |
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax | $ 0 | $ 0 | $ 0 |
Supplier Concentration Risk [Member] | Cost of Goods and Service Benchmark [Member] | |||
Number of Suppliers | 5 | 5 | |
Supplier Concentration Risk [Member] | Cost of Goods and Service Benchmark [Member] | Five Suppliers [Member] | |||
Concentration Risk, Percentage | 80.00% | 80.00% | |
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 | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues | $ 66,002 | $ 60,717 | $ 67,386 | $ 79,312 | $ 71,679 | $ 65,896 | $ 75,436 | $ 96,204 | $ 273,417 | $ 309,215 | $ 284,125 |
Revenues, percentage | 100.00% | 100.00% | 100.00% | ||||||||
Revenues, variance | $ (35,798) | $ 25,090 | |||||||||
Revenues, variance, percentage | (11.60%) | 8.80% | |||||||||
Internet [Member] | |||||||||||
Revenues | $ 230,263 | $ 259,404 | $ 238,054 | ||||||||
Revenues, percentage | 84.20% | 83.90% | 83.80% | ||||||||
Revenues, variance | $ (29,141) | $ 21,350 | |||||||||
Revenues, variance, percentage | (11.20%) | 9.00% | |||||||||
Contact Center [Member] | |||||||||||
Revenues | $ 43,154 | $ 49,811 | $ 46,071 | ||||||||
Revenues, percentage | 15.80% | 16.10% | 16.20% | ||||||||
Revenues, variance | $ (6,657) | $ 3,740 | |||||||||
Revenues, variance, percentage | (13.40%) | 8.10% | |||||||||
Reorder Customer [Member] | |||||||||||
Revenues | $ 250,401 | $ 272,648 | $ 248,560 | ||||||||
Revenues, percentage | 91.60% | 88.20% | 87.50% | ||||||||
Revenues, variance | $ (22,247) | $ 24,088 | |||||||||
Revenues, variance, percentage | (8.20%) | 9.70% | |||||||||
New Order Customer [Member] | |||||||||||
Revenues | $ 23,016 | $ 36,567 | $ 35,565 | ||||||||
Revenues, percentage | 8.40% | 11.80% | 12.50% | ||||||||
Revenues, variance | $ (13,551) | $ 1,002 | |||||||||
Revenues, variance, percentage | (37.10%) | 2.80% |
Note 2 - Property and Equipme_3
Note 2 - Property and Equipment - Major Classifications of Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Property and equipment, gross | $ 36,149 | $ 35,778 |
Less: accumulated depreciation | (11,685) | (10,328) |
Property and equipment, net | 24,464 | 25,450 |
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 | 2,834 | 2,834 |
Software and Software Development Costs [Member] | ||
Property and equipment, gross | 5,512 | 5,621 |
Furniture and Fixtures [Member] | ||
Property and equipment, gross | $ 9,106 | $ 8,626 |
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, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Balance at beginning of period | $ 39 | $ 59 | $ 39 |
Provision for doubtful accounts | 165 | 130 | 191 |
Write-off of uncollectible accounts receivable | (165) | (150) | (171) |
Balance at end of year | $ 39 | $ 39 | $ 59 |
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, 2022 | Mar. 31, 2021 |
Accrued sales tax | $ 1,106 | $ 1,063 |
Accrued credit card fees | 428 | 456 |
Accrued salaries and benefits | 1,134 | 1,525 |
Accrued merchandise credits / reward program | 1,623 | 1,413 |
Accrued professional expenses | 459 | 290 |
Accrued sales return allowance | 190 | 220 |
Accrued dividends payable | 558 | 198 |
Accrued real estate taxes | 111 | 114 |
Other accrued liabilities | 88 | 108 |
Accrued expenses and other current liabilities | $ 5,697 | $ 5,387 |
Note 5 - Income Taxes (Details
Note 5 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Share-Based Payment Arrangement, Amount | $ 33,000 | $ (135,000) | $ 322,000 |
Tax Adjustments, Settlements, and Unusual Provisions | $ (29,000) | (194,000) | $ (93,000) |
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, 2022 | Mar. 31, 2021 |
Deferred tax assets: | ||
Accrued expenses | $ 364 | $ 406 |
Deferred stock compensation | 662 | 321 |
Bad debt and inventory reserves | 27 | 29 |
Total deferred tax assets | 1,053 | 756 |
Deferred tax liabilities: | ||
Property and equipment | (1,989) | (2,037) |
Total net deferred tax liabilities | $ (936) | $ (1,281) |
Note 5 - Income Taxes - Compone
Note 5 - Income Taxes - Components of Income Tax Provision (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Current taxes | |||
Federal | $ 5,801 | $ 7,446 | $ 7,352 |
State | 515 | 856 | 841 |
Total current taxes | 6,316 | 8,302 | 8,193 |
Deferred taxes | |||
Federal | (317) | 279 | (135) |
State | (28) | 32 | (16) |
Total deferred taxes | (345) | 311 | (151) |
Total provision for income taxes | $ 5,971 | $ 8,613 | $ 8,042 |
Note 5 - Income Taxes - Reconci
Note 5 - Income Taxes - Reconciliation of Income Tax Provision (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Income taxes at U.S. statutory rates | $ 5,685,000 | $ 8,235,000 | $ 7,118,000 |
State income taxes, net of federal tax benefit | 379,000 | 708,000 | 649,000 |
Restricted stock (windfall) shortfall adjustment | 33,000 | (135,000) | 322,000 |
Other | (126,000) | (195,000) | (47,000) |
Total provision for income taxes | $ 5,971,000 | $ 8,613,000 | $ 8,042,000 |
Note 6 - Shareholders' Equity_2
Note 6 - Shareholders' Equity (Details Textual) - USD ($) | Jan. 25, 2019 | Oct. 31, 2008 | Apr. 30, 1998 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | May 03, 2021 | Nov. 08, 2006 |
Preferred Stock, Shares Issued, Total (in shares) | 250,000 | 3,000 | 3,000 | |||||
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 | $ 20,000,000 | |||||||
Stock Repurchase Program, Additional Authorized Amount | $ 30,000,000 | $ 20,000,000 | ||||||
Stock Repurchased and Retired During Period, Shares (in shares) | 0 | 0 | 613,000 | |||||
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) | $ 0.30 | |||||||
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 ($) | 3 Months Ended | |
Mar. 31, 2022 | May 03, 2021 | |
Per Share Dividend (in dollars per share) | $ 0.30 | |
Dividend Declared May 4, 2020 [Member] | ||
Per Share Dividend (in dollars per share) | $ 0.30 | |
Total Amount | $ 6,081 | |
Record Date | May 21, 2021 | |
Dividend Declared July 20, 2020 [Member] | ||
Per Share Dividend (in dollars per share) | $ 0.30 | |
Total Amount | $ 6,102 | |
Record Date | Aug. 13, 2021 | |
Dividend Declared October 26, 2020 [Member] | ||
Per Share Dividend (in dollars per share) | $ 0.30 | |
Total Amount | $ 6,283 | |
Record Date | Nov. 19, 2021 | |
Dividend Declared January 19, 2021 [Member] | ||
Per Share Dividend (in dollars per share) | $ 0.30 | |
Total Amount | $ 6,294 | |
Record Date | Feb. 18, 2022 |
Note 7 - Restricted Stock (Deta
Note 7 - Restricted Stock (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Jul. 31, 2016 | Jul. 31, 2015 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Share-Based Payment Arrangement, Noncash Expense, Total | $ 4,549 | $ 3,307 | $ 2,822 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 771,000 | 160,000 | |||
2015 Outside Director Equity Compensation Restricted Stock Plan [Member] | Restricted Stock [Member] | |||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 400,000 | ||||
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 | 893,258 | |||
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 | ||||
2015 Outside Director Equity Compensation Restricted Stock Plan ("2015 Director Plan") [Member] | Restricted Stock [Member] | |||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 208,880 | ||||
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) | 770,652 | 160,117 | |||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures, Total (in shares) | 709,599 | 102,931 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 13,400 | $ 2,500 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 3 months 18 days | 1 year 9 months 18 days |
Note 7 - Restricted Stock - Non
Note 7 - Restricted Stock - Non-vested Restricted Stock (Details) shares in Thousands | 12 Months Ended |
Mar. 31, 2022shares | |
Non-vested restricted stock outstanding at March 31, 2021 (in shares) | 160 |
Restricted stock granted (in shares) | 720 |
Restricted stock vested (in shares) | (99) |
Restricted stock forfeited or expired (in shares) | (10) |
Non-vested restricted stock outstanding at March 31, 2022 (in shares) | 771 |
Employee Plan [Member] | |
Non-vested restricted stock outstanding at March 31, 2021 (in shares) | 98 |
Restricted stock granted (in shares) | 676 |
Restricted stock vested (in shares) | (69) |
Restricted stock forfeited or expired (in shares) | (3) |
Non-vested restricted stock outstanding at March 31, 2022 (in shares) | 702 |
Director Plan [Member] | |
Non-vested restricted stock outstanding at March 31, 2021 (in shares) | 62 |
Restricted stock granted (in shares) | 44 |
Restricted stock vested (in shares) | (30) |
Restricted stock forfeited or expired (in shares) | (7) |
Non-vested restricted stock outstanding at March 31, 2022 (in shares) | 69 |
Note 9 - Net Income Per Share_2
Note 9 - Net Income Per Share (Details Textual) - shares | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 220,727 | 20,952 | 72,120 |
Note 9 - Net Income Per Share -
Note 9 - 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, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Net income | $ 6,066 | $ 4,257 | $ 6,349 | $ 4,428 | $ 6,812 | $ 7,611 | $ 8,412 | $ 7,768 | $ 21,100 | $ 30,603 | $ 25,851 |
Basic (in shares) | 20,176 | 20,060 | 20,041 | ||||||||
Common shares issuable upon the vesting of restricted stock (in shares) | 172 | 49 | 4 | ||||||||
Common shares issuable upon conversion of preferred shares (in shares) | 10 | 10 | 10 | ||||||||
Shares used in diluted computation (in shares) | 20,358 | 20,119 | 20,055 | ||||||||
Basic (in dollars per share) | $ 1.05 | $ 1.53 | $ 1.29 | ||||||||
Diluted (in dollars per share) | $ 0.30 | $ 0.21 | $ 0.31 | $ 0.22 | $ 0.34 | $ 0.38 | $ 0.42 | $ 0.39 | $ 1.04 | $ 1.52 | $ 1.29 |
Note 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Details Textual) | Aug. 30, 2021$ / sharesshares | Aug. 25, 2021USD ($) | Aug. 10, 2021USD ($) | Jul. 31, 2020USD ($)shares | Aug. 30, 2021USD ($)$ / shares | Jan. 31, 2016ft² | Mar. 31, 2022USD ($)shares | Mar. 31, 2021USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 720,000 | |||||||
Chief Executive Officer [Member] | ||||||||
Salary and Wage, Officer, Excluding Cost of Good and Service Sold | $ | $ 500,000 | $ 626,860 | ||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in shares) | 37,800 | |||||||
Payments for Stipend | $ | $ 10,000 | |||||||
Lump-sum Severance Payments | $ | $ 325,000 | |||||||
Chief Executive Officer [Member] | 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 | |||||||
Chief Executive Officer [Member] | 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 | |||||||
Chief Executive Officer [Member] | The 2016 Employee Equity Compensation Restricted Stock Plan [Member] | Performance Restricted Stock Price Hurdle1 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 85,000 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share) | $ / shares | $ 40 | $ 40 | ||||||
Chief Executive Officer [Member] | The 2016 Employee Equity Compensation Restricted Stock Plan [Member] | Performance Restricted Stock Price Hurdle 2 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 107,000 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share) | $ / shares | $ 45 | 45 | ||||||
Chief Executive Officer [Member] | The 2016 Employee Equity Compensation Restricted Stock Plan [Member] | Performance Restricted Stock Price Hurdle 3 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 106,000 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share) | $ / shares | $ 50 | 50 | ||||||
Chief Executive Officer [Member] | The 2016 Employee Equity Compensation Restricted Stock Plan [Member] | Performance Restricted Stock Price Hurdle 4 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 106,000 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share) | $ / shares | $ 55 | 55 | ||||||
Chief Executive Officer [Member] | The 2016 Employee Equity Compensation Restricted Stock Plan [Member] | Performance Restricted Stock Price Hurdle 5 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 106,000 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share) | $ / shares | $ 60 | $ 60 | ||||||
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) | 3 years | |||||||
Rental Income, Nonoperating | $ | $ 689,000 | $ 670,000 | ||||||
Lessor, Operating Lease, Payment to be Received, Year Two | $ | 710,000 | |||||||
Lessor, Operating Lease, Payment to be Received, Year Three | $ | 731,000 | |||||||
Lessor, Operating Lease, Payment to be Received, Year Four | $ | 566,000 | |||||||
Lessor, Operating Lease, Payment to be Received, Year Five | $ | $ 110,000 |
Note 11 - Employee Benefit Pl_2
Note 11 - Employee Benefit Plan (Details Textual) - USD ($) | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
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 | $ 238,000 | $ 245,000 | $ 211,000 |
Note 13 - Subsequent Events (De
Note 13 - Subsequent Events (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Apr. 22, 2022 | Apr. 19, 2022 | May 24, 2022 | Mar. 31, 2022 | May 27, 2022 | May 09, 2022 | May 03, 2021 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 720,000 | ||||||
Dividends Payable, Amount Per Share (in dollars per share) | $ 0.30 | ||||||
Subsequent Event [Member] | |||||||
Dividends Payable, Amount Per Share (in dollars per share) | $ 0.30 | ||||||
Dividends Payable | $ 6.3 | ||||||
Subsequent Event [Member] | Partnership Agreement with Vetster [Member] | |||||||
Term of Agreement (Year) | 3 years | ||||||
Noncontrolling Interest, Ownership Percentage Purchased | 5.00% | ||||||
Investments, Total | $ 5 | ||||||
Restricted Stock [Member] | 2016 Employee Equity Compensation Restricted Stock Plan [Member] | Subsequent Event [Member] | Director [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 1,875 | ||||||
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) | $ 25.53 | $ 23.50 | |||||
Restricted Stock [Member] | 2016 Employee Equity Compensation Restricted Stock Plan [Member] | Share-Based Payment Arrangement, Employee [Member] | Subsequent Event [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 7,450 |
Note 14 - Related Party Trans_2
Note 14 - Related Party Transaction (Details Textual) - Prophet [Member] - USD ($) | 1 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2022 | |
Related Party Transaction, Amounts of Transaction | $ 292,000 | ||
Related Party Transaction, Expenses from Transactions with Related Party | $ 32,000 | ||
Due to Related Parties, Current, Total | $ 260,000 |
Note 15 - Quarterly Financial_3
Note 15 - Quarterly Financial Data (Unaudited) - Summarized Unaudited Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Sales | $ 66,002 | $ 60,717 | $ 67,386 | $ 79,312 | $ 71,679 | $ 65,896 | $ 75,436 | $ 96,204 | $ 273,417 | $ 309,215 | $ 284,125 |
Gross Profit | 19,397 | 17,725 | 19,174 | 21,780 | 20,522 | 19,623 | 23,018 | 26,785 | 78,076 | 89,948 | 81,246 |
Income from operations | 7,057 | 5,147 | 8,087 | 5,419 | 8,387 | 9,293 | 10,471 | 9,436 | 25,710 | 37,587 | 30,977 |
Net income | $ 6,066 | $ 4,257 | $ 6,349 | $ 4,428 | $ 6,812 | $ 7,611 | $ 8,412 | $ 7,768 | $ 21,100 | $ 30,603 | $ 25,851 |
Diluted net income per common share (in dollars per share) | $ 0.30 | $ 0.21 | $ 0.31 | $ 0.22 | $ 0.34 | $ 0.38 | $ 0.42 | $ 0.39 | $ 1.04 | $ 1.52 | $ 1.29 |