Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Jun. 06, 2014 | Sep. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'ORION ENERGY SYSTEMS, INC. | ' | ' |
Entity Central Index Key | '0001409375 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Mar-14 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Current Fiscal Year End Date | '--03-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Public Float | ' | ' | $63,021,360,000 |
Entity Common Stock, Shares Outstanding | ' | 21,737,724 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Assets | ' | ' |
Cash and cash equivalents | $17,568,000 | $14,376,000 |
Short-term investments | 470,000 | 1,021,000 |
Accounts receivable, net of allowances of $900 and $384 | 15,098,000 | 18,397,000 |
Inventories, net | 11,790,000 | 14,313,000 |
Deferred contract costs | 742,000 | 2,118,000 |
Prepaid expenses and other current assets | 4,673,000 | 2,465,000 |
Total current assets | 50,341,000 | 52,690,000 |
Property and equipment, net | 23,135,000 | 27,947,000 |
Long-term inventory | 10,607,000 | 12,408,000 |
Goodwill | 4,409,000 | 0 |
Other intangible assets, net | 7,551,000 | 1,709,000 |
Long-term accounts receivable | 1,966,000 | 5,069,000 |
Other long-term assets | 931,000 | 2,274,000 |
Total assets | 98,940,000 | 102,097,000 |
Liabilities and Shareholders’ Equity | ' | ' |
Accounts payable | 8,530,000 | 7,773,000 |
Accrued expenses and other | 4,597,000 | 5,457,000 |
Deferred revenue, current | 614,000 | 2,946,000 |
Current maturities of long-term debt | 3,450,000 | 2,597,000 |
Total current liabilities | 17,191,000 | 18,773,000 |
Long-term debt, less current maturities | 3,151,000 | 4,109,000 |
Deferred revenue, long-term | 1,316,000 | 1,258,000 |
Other long-term liabilities | 270,000 | 188,000 |
Total liabilities | 21,928,000 | 24,328,000 |
Commitments and contingencies (See Note G) | 0 | 0 |
Shareholders’ equity: | ' | ' |
Preferred stock, $0.01 par value: Shares authorized: 30,000,000 shares at March 31, 2013 and 2014; no shares issued and outstanding at March 31, 2013 and 2014 | 0 | 0 |
Common stock, no par value: Shares authorized: 200,000,000 at March 31, 2013 and 2014; shares issued: 30,498,900 and 31,001,683 at March 31, 2013 and 2014; shares outstanding: 20,162,397 and 21,588,326 at March 31, 2013 and 2014 | 0 | 0 |
Additional paid-in capital | 130,766,000 | 128,104,000 |
Treasury stock: 10,336,503 and 9,413,357 common shares at March 31, 2013 and 2014 | -35,813,000 | -38,378,000 |
Shareholder notes receivable | -50,000 | -265,000 |
Retained deficit | -17,891,000 | -11,692,000 |
Total shareholders’ equity | 77,012,000 | 77,769,000 |
Total liabilities and shareholders’ equity | $98,940,000 | $102,097,000 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts receivable | $384 | $900 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 30,000,000 | 30,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0 | $0 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 31,001,683 | 30,498,900 |
Common stock, shares outstanding | 21,588,326 | 20,162,397 |
Treasury stock, shares | 9,413,357 | 10,336,503 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Product revenue | $71,954 | $72,604 | $90,782 |
Service revenue | 16,669 | 13,482 | 9,780 |
Total revenue | 88,623 | 86,086 | 100,562 |
Cost of product revenue | 54,423 | 49,551 | 62,842 |
Cost of service revenue | 11,220 | 9,805 | 7,682 |
Total cost of revenue | 65,643 | 59,356 | 70,524 |
Gross profit | 22,980 | 26,730 | 30,038 |
Operating expenses: | ' | ' | ' |
General and administrative | 14,951 | 13,946 | 11,399 |
Acquisition and integration related expenses | 819 | 0 | 0 |
Sales and marketing | 13,527 | 17,129 | 15,599 |
Research and development | 2,026 | 2,259 | 2,518 |
Total operating expenses | 31,323 | 33,334 | 29,516 |
Income (loss) from operations | -8,343 | -6,604 | 522 |
Other income (expense): | ' | ' | ' |
Interest expense | -481 | -567 | -551 |
Gain on sale of OTA contract receivables | 0 | 0 | 32 |
Interest income | 567 | 845 | 850 |
Total other income | 86 | 278 | 331 |
Income (loss) before income tax | -8,257 | -6,326 | 853 |
Income tax expense (benefit) | -2,058 | 4,073 | 370 |
Net income (loss) and comprehensive income (loss) | ($6,199) | ($10,399) | $483 |
Basic net income (loss) per share attributable to common shareholders | ($0.30) | ($0.50) | $0.02 |
Weighted-average common shares outstanding | 20,987,964 | 20,996,625 | 22,953,037 |
Diluted net income (loss) per share | ($0.30) | ($0.50) | $0.02 |
Weighted-average common shares and share equivalents outstanding | 20,987,964 | 20,996,625 | 23,386,525 |
Consolidated_Statement_of_Shar
Consolidated Statement of Shareholders' Equity (USD $) | Total | Common Stock, Shares [Member] | Common Stock Including Additional Paid in Capital [Member] | Treasury Stock [Member] | Shareholder Notes Receivable [Member] | Retained Earnings (Deficit) [Member] |
In Thousands, except Share data, unless otherwise specified | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |
Shareholders' equity, beginning of period at Mar. 31, 2011 | $90,455 | ' | $124,132 | ($31,708) | ($193) | ($1,776) |
Common stock shares, at beginning of period at Mar. 31, 2011 | ' | 22,893,803 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Issuance of stock and warrants for services, shares | ' | 29,308 | ' | ' | ' | ' |
Issuance of stock and warrants for services | 85 | ' | 85 | 0 | 0 | 0 |
Exercise of stock options and warrants for cash, shares | ' | 103,413 | ' | ' | ' | ' |
Exercise of stock options and warrants for cash | 147 | ' | 147 | 0 | 0 | 0 |
Shares issued under Employee Stock Purchase Plan, shares | ' | 37,034 | ' | ' | ' | ' |
Shares issued under Employee Stock Purchase Plan | 27 | ' | 133 | -22 | -84 | 0 |
Tax benefit from exercise of stock options | 989 | ' | 989 | 0 | 0 | 0 |
Collection of shareholder notes receivable | 56 | ' | 0 | 0 | 56 | 0 |
Stock-based compensation | 1,267 | ' | 1,267 | 0 | 0 | 0 |
Treasury stock purchase, shares | ' | -278,300 | ' | ' | ' | ' |
Treasury stock purchase | -740 | ' | 0 | -740 | 0 | 0 |
Net income (loss) | 483 | ' | 0 | 0 | 0 | 483 |
Shareholders' equity, end of period at Mar. 31, 2012 | 92,769 | ' | 126,753 | -32,470 | -221 | -1,293 |
Common stock shares, at end of period at Mar. 31, 2012 | ' | 22,785,258 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Issuance of stock and warrants for services, shares | ' | 33,422 | ' | ' | ' | ' |
Issuance of stock and warrants for services | 71 | ' | 71 | 0 | 0 | 0 |
Exercise of stock options and warrants for cash, shares | ' | 20,000 | ' | ' | ' | ' |
Exercise of stock options and warrants for cash | 45 | ' | 45 | 0 | 0 | 0 |
Shares issued under Employee Stock Purchase Plan, shares | 47,598 | 47,598 | ' | ' | ' | ' |
Shares issued under Employee Stock Purchase Plan | 13 | ' | 1 | 94 | -82 | 0 |
Tax benefit from exercise of stock options | 70 | ' | 70 | 0 | 0 | 0 |
Collection of shareholder notes receivable | 38 | ' | 0 | 0 | 38 | 0 |
Stock-based compensation | 1,164 | ' | 1,164 | 0 | 0 | 0 |
Treasury stock purchase, shares | ' | -2,723,881 | ' | ' | ' | ' |
Treasury stock purchase | -6,002 | ' | 0 | -6,002 | 0 | 0 |
Net income (loss) | -10,399 | ' | 0 | 0 | 0 | -10,399 |
Shareholders' equity, end of period at Mar. 31, 2013 | 77,769 | ' | 128,104 | -38,378 | -265 | -11,692 |
Common stock shares, at end of period at Mar. 31, 2013 | 20,162,397 | 20,162,397 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Issuance of stock and warrants for services, shares | ' | 33,641 | ' | ' | ' | ' |
Issuance of stock and warrants for services | 129 | ' | 129 | 0 | 0 | 0 |
Stock activity for acquisition, shares | ' | 940,940 | ' | ' | ' | ' |
Stock activity for acquisition | 2,382 | ' | 0 | 2,382 | 0 | 0 |
Exercise of stock options and warrants for cash, shares | ' | 446,059 | ' | ' | ' | ' |
Exercise of stock options and warrants for cash | 1,152 | ' | 1,152 | 0 | 0 | 0 |
Shares issued under Employee Stock Purchase Plan, shares | 2,373 | 2,373 | ' | ' | ' | ' |
Shares issued under Employee Stock Purchase Plan | 6 | ' | -4 | 10 | 0 | 0 |
Tax benefit from exercise of stock options | 13 | ' | 13 | 0 | 0 | 0 |
Collection of shareholder notes receivable | 215 | ' | 0 | 0 | 215 | 0 |
Stock-based compensation, shares | ' | 23,084 | ' | ' | ' | ' |
Stock-based compensation | 1,593 | ' | 1,593 | 0 | 0 | 0 |
Treasury stock purchase, shares | ' | -20,168 | ' | ' | ' | ' |
Treasury stock purchase | -48 | ' | 0 | -48 | 0 | 0 |
Net income (loss) | -6,199 | ' | 0 | 0 | 0 | -6,199 |
Shareholders' equity, end of period at Mar. 31, 2014 | $77,012 | ' | $130,987 | ($36,034) | ($50) | ($17,891) |
Common stock shares, at end of period at Mar. 31, 2014 | 21,588,326 | 21,588,326 | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Operating activities | ' | ' | ' |
Net income (loss) | ($6,199) | ($10,399) | $483 |
Adjustments to reconcile net income (loss) to net cash provided by | ' | ' | ' |
Depreciation | 3,798 | 4,322 | 3,981 |
Amortization | 740 | 255 | 255 |
Stock-based compensation expense | 1,593 | 1,164 | 1,267 |
Accretion of fair value on contingent consideration | 11 | 0 | 0 |
Deferred income tax (benefit) expense | -2,123 | 4,158 | -755 |
Loss on sale of property and equipment | 1,733 | 69 | 133 |
Provision for inventory reserves | 1,995 | 859 | 167 |
Provision for bad debts | 174 | 757 | 566 |
Other | 129 | 71 | 85 |
Changes in operating assets and liabilities, net of changes from acquisitions: | ' | ' | ' |
Accounts receivable, current and long-term | 8,395 | 2,499 | 3,364 |
Inventories, current and long-term | 3,962 | 2,880 | -1,538 |
Deferred contract costs | 1,376 | 75 | 7,396 |
Prepaid expenses and other current assets | -1,072 | 1,315 | -2,025 |
Accounts payable | -762 | -6,527 | 1,817 |
Accrued expenses and other | -1,575 | 2,221 | 841 |
Deferred revenue, current and long-term | -2,274 | -1,458 | -4,542 |
Net cash provided by operating activities | 9,901 | 2,261 | 11,495 |
Investing activities | ' | ' | ' |
Cash paid for acquisition, net of cash acquired | -4,992 | 0 | 0 |
Purchase of property and equipment | -410 | -2,159 | -4,324 |
Purchase of property and equipment leased to customers under PPAs | 0 | 0 | -3 |
Purchase of short-term investments | -4 | -5 | -5 |
Sale of short-term investments | 555 | 0 | 0 |
Additions to patents and licenses | -43 | -153 | -224 |
Proceeds from sales of property, plant and equipment | 80 | 46 | 24 |
Net cash used in investing activities | -4,814 | -2,271 | -4,532 |
Financing activities | ' | ' | ' |
Payment of long-term debt | -3,229 | -3,169 | -1,856 |
Proceeds from long-term debt | 0 | 380 | 5,989 |
Proceeds from repayment of shareholder notes | 215 | 38 | 56 |
Repurchase of common stock into treasury | 0 | -6,007 | -740 |
Excess tax benefits from stock-based compensation | 13 | 70 | 989 |
Deferred financing costs | -19 | 0 | -124 |
Proceeds from issuance of common stock | 1,125 | 63 | 174 |
Net cash provided by (used in) financing activities | -1,895 | -8,625 | 4,488 |
Net increase (decrease) in cash and cash equivalents | 3,192 | -8,635 | 11,451 |
Cash and cash equivalents at beginning of period | 14,376 | 23,011 | 11,560 |
Cash and cash equivalents at end of period | 17,568 | 14,376 | 23,011 |
Supplemental cash flow information: | ' | ' | ' |
Cash paid for interest | 423 | 535 | 488 |
Cash paid for income taxes | 22 | 102 | 104 |
Supplemental disclosure of non-cash investing and financing activities: | ' | ' | ' |
Shares issued from treasury for shareholder note receivable | 0 | 82 | 84 |
Shares returned to treasury in satisfaction of receivable | 48 | 0 | 0 |
Acquisition related contingent consideration liability | 612 | 0 | 0 |
Acquisition financed through debt | 3,123 | 0 | 0 |
Common stock issued for acquisition | $2,416 | $0 | $0 |
Description_of_Business
Description of Business | 12 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
DESCRIPTION OF BUSINESS | ' |
DESCRIPTION OF BUSINESS | |
Organization | |
The Company includes Orion Energy Systems, Inc., a Wisconsin corporation, and all consolidated subsidiaries. The Company is a developer, manufacturer and seller of lighting and energy management systems and a seller and integrator of renewable energy technologies to commercial and industrial businesses, predominantly in North America. | |
See Note I “Segment Reporting” of these financial statements for further discussion of the Company's reportable segments. | |
The Company's corporate offices and primary manufacturing operations are located in Manitowoc, Wisconsin. The operations facility in Plymouth, Wisconsin was classified as an asset held for sale and was sold in May 2014. See Note K "Subsequent Events" of these financial statements for further discussion. The Company leases office space in Green Cove Springs, Florida and Jacksonville, Florida. The Company leases office space for a sales office located in Texas. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | |||||||||||||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||||||||||||||
Principles of Consolidation | ||||||||||||||||||||||||
The consolidated financial statements include the accounts of Orion Energy Systems, Inc. and its wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. | ||||||||||||||||||||||||
Reclassifications | ||||||||||||||||||||||||
Where appropriate, certain reclassifications were made to prior years' financial statements to conform to the current year presentation. | ||||||||||||||||||||||||
Use of Estimates | ||||||||||||||||||||||||
The preparation of financial statements in conformity with Generally Accepted Accounting Principles, or GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during that reporting period. Areas that require the use of significant management estimates include revenue recognition, inventory obsolescence and bad debt reserves, accruals for warranty expenses, income taxes and certain equity transactions. Accordingly, actual results could differ from those estimates. | ||||||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||
The Company considers all highly liquid, short-term investments with original maturities of three months or less to be cash equivalents. | ||||||||||||||||||||||||
Short-Term Investments | ||||||||||||||||||||||||
The amortized cost and fair value of short-term investments, with gross unrealized gains and losses, as of March 31, 2013 and 2014 were as follows (in thousands): | ||||||||||||||||||||||||
31-Mar-13 | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair Value | Cash and Cash | Short-Term | |||||||||||||||||||
Cost | Gains | Losses | Equivalents | Investments | ||||||||||||||||||||
Money market funds | $ | 487 | $ | — | $ | — | $ | 487 | $ | 487 | $ | — | ||||||||||||
Bank certificate of deposit | 1,021 | — | — | 1,021 | — | 1,021 | ||||||||||||||||||
Total | $ | 1,508 | $ | — | $ | — | $ | 1,508 | $ | 487 | $ | 1,021 | ||||||||||||
31-Mar-14 | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair Value | Cash and Cash | Short-Term | |||||||||||||||||||
Cost | Gains | Losses | Equivalents | Investments | ||||||||||||||||||||
Money market funds | $ | 488 | $ | — | $ | — | $ | 488 | $ | 488 | $ | — | ||||||||||||
Bank certificate of deposit | 470 | — | — | 470 | — | 470 | ||||||||||||||||||
Total | $ | 958 | $ | — | $ | — | $ | 958 | $ | 488 | $ | 470 | ||||||||||||
As of March 31, 2013 and 2014, the Company’s financial assets described in the table above were measured at cost which approximates fair value due to the short-term nature of the investment (level 1 inputs). | ||||||||||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||||||||||
The Company’s financial instruments consist of cash, short-term investments, accounts receivable, accounts payable, accrued expenses and other and long-term debt. The carrying amounts of the Company’s financial instruments approximate their respective fair values due to the relatively short-term nature of these instruments, or in the case of long-term, because of the interest rates currently available to the Company for similar obligations. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. GAAP describes a fair value hierarchy based on the following three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value: | ||||||||||||||||||||||||
Level 1 — Valuations are based on unadjusted quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||||||||||
Level 2 — Valuations are based on quoted prices for similar assets or liabilities in active markets, or quoted prices in markets that are not active for which significant inputs are observable, either directly or indirectly. | ||||||||||||||||||||||||
Level 3 — Valuations are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Inputs reflect management’s best estimate of what market participants would use in valuing the asset or liability at the measurement date. | ||||||||||||||||||||||||
Accounts Receivable | ||||||||||||||||||||||||
Substantially all of the Company’s accounts receivable are due from companies in the commercial, industrial and agricultural industries, as well as wholesalers. Credit is extended based on an evaluation of a customer’s financial condition. Generally, collateral is not required for end users; however, the payment of certain trade accounts receivable from wholesalers is secured by irrevocable standby letters of credit and/or guarantees. Accounts receivable are generally due within 30-60 days. Accounts receivable are stated at the amount the Company expects to collect from outstanding balances. The Company provides for probable uncollectible amounts through a charge to earnings and a credit to an allowance for doubtful accounts based on its assessment of the current status of individual accounts. Balances that are still outstanding after the Company has used reasonable collection efforts are written off through a charge to the allowance for doubtful accounts and a credit to accounts receivable. | ||||||||||||||||||||||||
Financing Receivables | ||||||||||||||||||||||||
The Company considers its lease balances included in consolidated current and long-term accounts receivable from its Orion Throughput Agreement, or OTA, sales-type leases to be financing receivables. Additional disclosures on the credit quality of the Company’s financing receivables are as follows: | ||||||||||||||||||||||||
Age Analysis as of March 31, 2013 (in thousands): | ||||||||||||||||||||||||
Not Past Due | 1-90 days | Greater than 90 | Total past due | Total sales-type | ||||||||||||||||||||
past due | days past due | leases | ||||||||||||||||||||||
Lease balances included in consolidated accounts receivable—current | $ | 2,817 | $ | 97 | $ | 151 | $ | 248 | $ | 3,065 | ||||||||||||||
Lease balances included in consolidated accounts receivable—long-term | 4,009 | — | — | — | 4,009 | |||||||||||||||||||
Total gross sales-type leases | 6,826 | 97 | 151 | 248 | 7,074 | |||||||||||||||||||
Allowance | — | — | (74 | ) | (74 | ) | (74 | ) | ||||||||||||||||
Total net sales-type leases | $ | 6,826 | $ | 97 | $ | 77 | $ | 174 | $ | 7,000 | ||||||||||||||
Age Analysis as of March 31, 2014 (in thousands): | ||||||||||||||||||||||||
Not Past Due | 1-90 days | Greater than 90 | Total past due | Total sales-type | ||||||||||||||||||||
past due | days past due | leases | ||||||||||||||||||||||
Lease balances included in consolidated accounts receivable—current | $ | 2,067 | $ | 137 | $ | 149 | $ | 286 | $ | 2,353 | ||||||||||||||
Lease balances included in consolidated accounts receivable—long-term | 1,662 | — | — | — | 1,662 | |||||||||||||||||||
Total gross sales-type leases | 3,729 | 137 | 149 | 286 | 4,015 | |||||||||||||||||||
Allowance | (3 | ) | (3 | ) | (88 | ) | (91 | ) | (94 | ) | ||||||||||||||
Total net sales-type leases | $ | 3,726 | $ | 134 | $ | 61 | $ | 195 | $ | 3,921 | ||||||||||||||
Allowance for Credit Losses on Financing Receivables | ||||||||||||||||||||||||
The Company’s allowance for credit losses is based on management’s assessment of the collectability of customer accounts. A considerable amount of judgment is required in order to make this assessment including a detailed analysis of the aging of the lease receivables and the current credit worthiness of the Company's customers and an analysis of historical bad debts and other adjustments. If there is a deterioration of a major customer’s credit worthiness or actual defaults are higher than historical experience, the estimate of the recoverability of amounts due could be adversely affected. The Company reviews in detail the allowance for doubtful accounts on a quarterly basis and adjusts the allowance estimate to reflect actual portfolio performance and any changes in future portfolio performance expectations. The Company believes that there is no impairment of the receivables for the sales-type leases. The Company’s provision for write-offs and credit losses against the OTA sales-type lease receivable balances in fiscal 2013 and fiscal 2014, respectively, was as follows: | ||||||||||||||||||||||||
Balance at | Provisions | Write offs | Balance at | |||||||||||||||||||||
beginning of | charged to | and other | end of | |||||||||||||||||||||
period | expense | period | ||||||||||||||||||||||
March 31, | (in Thousands) | |||||||||||||||||||||||
2013 | Allowance for Doubtful Accounts on financing receivables | $ | 24 | $ | 50 | $ | — | $ | 74 | |||||||||||||||
2014 | Allowance for Doubtful Accounts on financing receivables | $ | 74 | $ | 96 | $ | 76 | $ | 94 | |||||||||||||||
Inventories | ||||||||||||||||||||||||
Inventories consist of raw materials and components, such as ballasts, metal sheet and coil stock and molded parts; work in process inventories, such as frames and reflectors; and finished goods, including completed fixtures and systems, and wireless energy management systems and accessories, such as lamps, meters and power supplies. All inventories are stated at the lower of cost or market value with cost determined using the first-in, first-out (FIFO) method. The Company reduces the carrying value of its inventories for differences between the cost and estimated net realizable value, taking into consideration usage in the preceding 9 to 24 months, expected demand, and other information indicating obsolescence. The Company records as a charge to cost of product revenue the amount required to reduce the carrying value of inventory to net realizable value. As of March 31, 2013 and 2014, the Company had inventory obsolescence reserves of $2.3 million and $2.5 million, respectively. | ||||||||||||||||||||||||
Costs associated with the procurement and warehousing of inventories, such as inbound freight charges and purchasing and receiving costs, are also included in cost of product revenue. | ||||||||||||||||||||||||
Inventories were comprised of the following (in thousands): | ||||||||||||||||||||||||
31-Mar-13 | 31-Mar-14 | |||||||||||||||||||||||
Raw materials and components | $ | 7,290 | $ | 6,894 | ||||||||||||||||||||
Work in process | 846 | 880 | ||||||||||||||||||||||
Finished goods | 6,177 | 4,016 | ||||||||||||||||||||||
$ | 14,313 | $ | 11,790 | |||||||||||||||||||||
Deferred Contract Costs | ||||||||||||||||||||||||
Deferred contract costs consist primarily of the costs of products delivered, and services performed, that are subject to additional performance obligations or customer acceptance. These deferred contract costs are expensed at the time the related revenue is recognized. Deferred costs amounted to $2.1 million and $0.7 million as of March 31, 2013 and March 31, 2014, respectively. | ||||||||||||||||||||||||
Prepaid Expenses and Other Current Assets | ||||||||||||||||||||||||
Prepaid expenses and other current assets consist primarily of prepaid insurance premiums, prepaid license fees, purchase deposits, advance payments to contractors, unbilled revenue, prepaid taxes and miscellaneous receivables. Prepaid expenses and other current assets includes $1.6 million and $2.8 million of unbilled accounts receivable as of March 31, 2013 and March 31, 2014, respectively. Prepaid expenses and other current assets also includes $1.0 million of assets held for sale as of March 31, 2014. See Note K "Subsequent Events" for further discussion. | ||||||||||||||||||||||||
Property and Equipment | ||||||||||||||||||||||||
Property and equipment are stated at cost. Expenditures for additions and improvements are capitalized, while replacements, maintenance and repairs which do not improve or extend the lives of the respective assets are expensed as incurred. Properties sold, or otherwise disposed of, are removed from the property accounts, with gains or losses on disposal credited or charged to income from operations. | ||||||||||||||||||||||||
The Company periodically reviews the carrying values of property and equipment for impairment in accordance with ASC 360, Property, Plant and Equipment, if events or changes in circumstances indicate that the assets may be impaired. The estimated future undiscounted cash flows expected to result from the use of the assets and their eventual disposition are compared to the assets’ carrying amount to determine if a write down to market value is required. No write downs were recorded in fiscal 2012 or 2013. In fiscal 2014, an impairment charge of $0.2 million was recorded. | ||||||||||||||||||||||||
Property and equipment were comprised of the following (in thousands): | ||||||||||||||||||||||||
March 31, 2013 | March 31, 2014 | |||||||||||||||||||||||
Land and land improvements | $ | 1,562 | $ | 1,480 | ||||||||||||||||||||
Buildings | 15,918 | 14,405 | ||||||||||||||||||||||
Furniture, fixtures and office equipment | 11,995 | 10,713 | ||||||||||||||||||||||
Leasehold improvements | 58 | 46 | ||||||||||||||||||||||
Equipment leased to customers under Power Purchase Agreements | 4,997 | 4,997 | ||||||||||||||||||||||
Plant equipment | 10,620 | 10,103 | ||||||||||||||||||||||
Construction in progress | 91 | 60 | ||||||||||||||||||||||
45,241 | 41,804 | |||||||||||||||||||||||
Less: accumulated depreciation and amortization | (17,294 | ) | (18,669 | ) | ||||||||||||||||||||
Net property and equipment | $ | 27,947 | $ | 23,135 | ||||||||||||||||||||
The Company has no equipment under capital leases. | ||||||||||||||||||||||||
Depreciation is provided over the estimated useful lives of the respective assets, using the straight-line method. The Company recorded depreciation expense of $4.0 million, $4.3 million and $3.8 million for the years ended March 31, 2012, 2013 and 2014, respectively. Depreciable lives by asset category are as follows: | ||||||||||||||||||||||||
Land improvements | 10-15 years | |||||||||||||||||||||||
Buildings and building improvements | 3-39 years | |||||||||||||||||||||||
Leasehold improvements | Shorter of asset life or life of lease | |||||||||||||||||||||||
Furniture, fixtures and office equipment | 2-10 years | |||||||||||||||||||||||
Equipment leased to customers under Power Purchase Agreements | 20 years | |||||||||||||||||||||||
Plant equipment | 3-10 years | |||||||||||||||||||||||
No interest was capitalized for construction in progress during fiscal 2013 or fiscal 2014. | ||||||||||||||||||||||||
Goodwill and Other Intangible Assets | ||||||||||||||||||||||||
The costs of specifically identifiable intangible assets that do not have an indefinite life are amortized over their estimated useful lives. Goodwill and intangible assets with indefinite lives are not amortized. Goodwill and intangible assets with indefinite lives are reviewed for impairment annually, as of January 1, or more frequently if impairment indicators arise. Amortizable intangible assets are amortized over their estimated economic useful life to reflect the pattern of economic benefits consumed based upon the following lives and methods: | ||||||||||||||||||||||||
Patents | 10-17 years | Straight-line | ||||||||||||||||||||||
Licenses | 7-13 years | Straight-line | ||||||||||||||||||||||
Customer relationships | 5-8 years | Accelerated based upon the pattern of economic benefits consumed | ||||||||||||||||||||||
Developed technology | 8 years | Accelerated based upon the pattern of economic benefits consumed | ||||||||||||||||||||||
Non-competition agreements | 5 years | Straight-line | ||||||||||||||||||||||
Indefinite lived intangible assets are evaluated for potential impairment whenever events or circumstances indicate that the carrying value may not be recoverable based primarily upon whether expected future undiscounted cash flows are sufficient to support the asset recovery. If the actual useful life of the asset is shorter than the estimated life estimated by us, the asset may be deemed to be impaired and accordingly a write-down of the value of the asset determined by a discounted cash flow analysis or shorter amortization period may be required. | ||||||||||||||||||||||||
The change in the carrying value of goodwill during fiscal 2014 was as follows (in thousands): | ||||||||||||||||||||||||
Balance at March 31, 2013 | $ | — | ||||||||||||||||||||||
Acquisition of Harris | 4,409 | |||||||||||||||||||||||
Balance at March 31, 2014 | $ | 4,409 | ||||||||||||||||||||||
The components of, and changes in, the carrying amount of other intangible assets were as follows (in thousands): | ||||||||||||||||||||||||
March 31, 2013 | March 31, 2014 | |||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||||||||||||||
Patents | $ | 2,358 | $ | (649 | ) | $ | 2,362 | $ | (784 | ) | ||||||||||||||
Licenses | 58 | (58 | ) | 58 | (58 | ) | ||||||||||||||||||
Trade name and trademarks | — | — | 1,942 | — | ||||||||||||||||||||
Customer relationships | — | — | 3,600 | (535 | ) | |||||||||||||||||||
Developed technology | — | — | 900 | (19 | ) | |||||||||||||||||||
Non-competition agreements | — | — | 100 | (15 | ) | |||||||||||||||||||
Total | $ | 2,416 | $ | (707 | ) | $ | 8,962 | $ | (1,411 | ) | ||||||||||||||
As of March 31, 2014, the weighted average useful life of intangible assets was 7.3 years. The estimated amortization expense for each of the next five years is shown below (in thousands): | ||||||||||||||||||||||||
Fiscal 2015 | $ | 1,350 | ||||||||||||||||||||||
Fiscal 2016 | 1,220 | |||||||||||||||||||||||
Fiscal 2017 | 877 | |||||||||||||||||||||||
Fiscal 2018 | 602 | |||||||||||||||||||||||
Fiscal 2019 | 426 | |||||||||||||||||||||||
Thereafter | 1,134 | |||||||||||||||||||||||
$ | 5,609 | |||||||||||||||||||||||
Amortization expense is set forth in the following table: | ||||||||||||||||||||||||
Fiscal Year Ended March 31, | ||||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||||
Amortization included in cost of sales: | ||||||||||||||||||||||||
Patents | $ | 136 | $ | 133 | $ | 135 | ||||||||||||||||||
Total | $ | 136 | $ | 133 | $ | 135 | ||||||||||||||||||
Amortization included in operating expenses: | ||||||||||||||||||||||||
Customer relationships | $ | — | $ | — | $ | 535 | ||||||||||||||||||
Developed technology | — | — | 19 | |||||||||||||||||||||
Non-competition agreements | — | — | 15 | |||||||||||||||||||||
Total | — | — | 569 | |||||||||||||||||||||
Total amortization | $ | 136 | $ | 133 | $ | 704 | ||||||||||||||||||
The Company’s management periodically reviews the carrying value of intangible assets for impairment. Write-offs recorded in fiscal 2012, 2013 and 2014 were $19,000, $0 and $45,000, respectively. | ||||||||||||||||||||||||
Long-Term Receivables | ||||||||||||||||||||||||
The Company records a long-term receivable for the non-current portion of its sales-type capital lease OTA contracts. The receivable is recorded at the net present value of the future cash flows from scheduled customer payments. The Company uses the implied cost of capital from each individual contract as the discount rate. | ||||||||||||||||||||||||
Also included in other long-term receivables are amounts due from a third party finance company to which the Company has sold, without recourse, the future cash flows from OTAs entered into with customers. Such receivables are recorded at the present value of the future cash flows discounted between 8.8% and 11.0%. As of March 31, 2014, the following amounts were due from the third party finance company in future periods (in thousands): | ||||||||||||||||||||||||
Fiscal 2015 | $ | 955 | ||||||||||||||||||||||
Fiscal 2016 | 309 | |||||||||||||||||||||||
Fiscal 2017 | 9 | |||||||||||||||||||||||
Total gross financed receivable | 1,273 | |||||||||||||||||||||||
Less: amount above to be collected during the next 12 months | (955 | ) | ||||||||||||||||||||||
Less: amount representing interest | (107 | ) | ||||||||||||||||||||||
Total net long-term receivable | $ | 211 | ||||||||||||||||||||||
Long-Term Inventories | ||||||||||||||||||||||||
The Company records long-term inventory for the non-current portion of its wireless controls inventory. The inventories are stated at the lower of cost or market value with cost determined using the FIFO method. | ||||||||||||||||||||||||
Other Long-Term Assets | ||||||||||||||||||||||||
Other long-term assets include long-term security deposits, prepaid licensing costs, deferred costs for a long-term contract, and deferred financing costs. Other long-term assets include $58,000 and $33,000 of deferred financing costs as of March 31, 2013 and March 31, 2014, respectively. Deferred financing costs related to debt issuances are amortized to interest expense over the life of the related debt issue (1 to 10 years). For the years ended March 31, 2012, 2013 and 2014, the amortization was $52,000, $42,000 and $40,000, respectively. | ||||||||||||||||||||||||
Accrued Expenses and Other | ||||||||||||||||||||||||
Accrued expenses include warranty accruals, accrued wages and benefits, accrued vacation, accrued legal costs, accrued commissions, customer deposits, accrued acquisition liabilities, accrued project costs, sales tax payable and other various unpaid expenses. Accrued expenses include $1.3 million and $0.0 million of accrued reorganization and settlement costs as of March 31, 2013 and March 31, 2014, respectively; and $0.7 million and $1.0 million of accrued project costs as of March 31, 2013 and March 31, 2014, respectively. | ||||||||||||||||||||||||
The Company generally offers a limited warranty of one year on its lighting products in addition to those standard warranties offered by major original equipment component manufacturers. The manufacturers’ warranties cover lamps and ballasts, which are significant components in the Company’s lighting products. Included in other long-term liabilities is $0.1 million for warranty reserves related to solar operating systems. | ||||||||||||||||||||||||
Changes in the Company’s warranty accrual were as follows (in thousands): | ||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||
2013 | 2014 | |||||||||||||||||||||||
Beginning of year | $ | 84 | $ | 284 | ||||||||||||||||||||
Provision to product cost of revenue | 402 | 300 | ||||||||||||||||||||||
Charges | (202 | ) | (321 | ) | ||||||||||||||||||||
End of year | $ | 284 | $ | 263 | ||||||||||||||||||||
Incentive Compensation | ||||||||||||||||||||||||
The Company’s compensation committee approved an Executive Fiscal Year 2012 Annual Cash Incentive Program under its 2004 Stock and Incentive Awards Plan which became effective as of May 21, 2011. The plan provided for performance based stock option awards ranging in fair value from 13-15% of the fiscal 2012 base salaries of the Company’s named executive officers. The range of fiscal 2012 financial performance-based bonus guidelines under the approved plan began if the Company achieved all of the following: a minimum of $115.0 million in revenue, a minimum of $4.9 million in net income and a minimum of $4.9 million in free cash flow. Free cash flow was defined as cash flow from operations less cash flow used for the purchase of property, plant and equipment. Additionally, if the Company’s performance was greater than 120% of the targets, a cash performance bonus payment was earned that would range from 12-14% of the fiscal 2012 base salaries. Based upon the results for the year ended March 31, 2012, the Company did not accrue any expense related to this plan. | ||||||||||||||||||||||||
The Company’s compensation committee approved an Executive Fiscal Year 2013 Annual Cash Incentive Program under its 2004 Stock and Incentive Awards Plan which became effective as of June 14, 2012. The plan provided for performance and discretionary cash bonus payments ranging from 25-100% of the fiscal 2013 base salaries of the Company’s named executive officers and other key employees. The plan provided for bonuses to be paid out on the basis of the achievement in fiscal 2013 of (i) target revenue of $119 million and/or (ii) target net income of $3.7 million. Revenue and net income were selected as the performance measures for the cash bonus program because they were viewed as the most critical elements to increasing the value of the Company's common stock and, therefore, to the Company's enterprise value. The compensation committee established a target bonus as a percentage of base salary for each of the named executive officers. If the Company achieved 90% of either or both the revenue and net income targets ($107 million in revenue or $3.33 million in net income), then the named executive officers would have received 50% of their target bonus for that element. If either or both of the target revenue or net income were exceeded, the named executive officers would be eligible to earn up to two times their target bonus for that element based on a sliding scale of up to 150% of the target revenue or net income. As described below, this plan was superseded by a new plan in November 2012, and, therefore, the Company did not accrue any expense related to this plan. | ||||||||||||||||||||||||
Effective November 9, 2012, the Company’s Compensation Committee approved a new incentive cash bonus program for the second half of fiscal 2013 in replacement of the then existing fiscal 2013 incentive bonus program described above. The new incentive cash bonus program provided a cash bonus opportunity to named executive officers and other key employees based on the Company’s relative achievement, in the second half of fiscal 2013, of target operating income (before bonuses and other extraordinary or unusual items) and target cost containment initiatives. Under the new program, 50% of the target bonus payments were based on the Company’s relative achievement of its cost containment target of $1.48 million for the second half of fiscal 2013. For every $1.00 of cost containment achieved, a bonus pool of $0.167 would be earned, up to a maximum total bonus pool of $247,000 for all employees. The other 50% of the target bonus payments would be based on the Company achieving operating income (before bonuses and other extraordinary or unusual items) of $500,000 for the second half of fiscal 2013. For every $1.00 of operating profit achieved, a bonus pool of $0.50 would be earned, up to a maximum total bonus pool of $247,000 for all employees. Based upon the results for the year ended March 31, 2013, the Company accrued the maximum expense related to this plan. | ||||||||||||||||||||||||
The Company’s compensation committee approved an Executive Fiscal Year 2014 Annual Cash Incentive Program under its 2004 Stock and Incentive Awards Plan which became effective as of May 13, 2013. The plan provided for performance cash bonus payments ranging from 35-100% of the fiscal 2014 base salaries of the Company’s named executive officers and other key employees. The plan provided for bonuses to be paid out on the basis of the achievement in fiscal 2014 of at least (i) $2.0 million of profit before taxes and (ii) revenue of at least $88.0 million. Based upon the results for the year ended March 31, 2014, the Company did not accrue any expense related to this plan. | ||||||||||||||||||||||||
Revenue Recognition | ||||||||||||||||||||||||
Revenue is recognized on the sales of our lighting and related energy efficiency systems and products when the following four criteria are met: | ||||||||||||||||||||||||
1 | persuasive evidence of an arrangement exists; | |||||||||||||||||||||||
2 | delivery has occurred and title has passed to the customer; | |||||||||||||||||||||||
3 | the sales price is fixed and determinable and no further obligation exists; and | |||||||||||||||||||||||
4 | collectability is reasonably assured. | |||||||||||||||||||||||
These four criteria are met for the Company’s product-only revenue upon delivery of the product and title passing to the customer. At that time, the Company provides for estimated costs that may be incurred for product warranties and sales returns. Revenues are presented net of sales tax and other sales related taxes. | ||||||||||||||||||||||||
For sales of the Company’s lighting and energy management technologies, consisting of multiple elements of revenue, such as a combination of product sales and services, the Company determines revenue by allocating the total contract revenue to each element based on their relative selling prices in accordance with ASC 605-25, Revenue Recognition - Multiple Element Arrangements. In such circumstances, the Company uses a hierarchy to determine the selling price to be used for allocating revenue to deliverables: (1) vendor-specific objective evidence (VSOE) of fair value, if available, (2) third-party evidence (TPE) of selling price if VSOE is not available, and (3) best estimate of the selling price if neither VSOE nor TPE is available (a description as to how the Company determined estimated selling price is provided below). | ||||||||||||||||||||||||
The nature of the Company’s multiple element arrangements for the sale of its lighting and energy management technologies is similar to a construction project, with materials being delivered and contracting and project management activities occurring according to an installation schedule. The significant deliverables include the shipment of products and related transfer of title and the installation. | ||||||||||||||||||||||||
To determine the selling price in multiple-element arrangements, the Company establishes the selling price for its HIF lighting and energy management system products using management's best estimate of the selling price, as VSOE or TPE does not exist. Product revenue is recognized when products are shipped. For product revenue, management's best estimate of selling price is determined using a cost plus gross profit margin method. In addition, the Company records in service revenue the selling price for its installation and recycling services using management’s best estimate of selling price, as VSOE or TPE does not exist. Service revenue is recognized when services are completed and customer acceptance has been received. Recycling services provided in connection with installation entail the disposal of the customer’s legacy lighting fixtures. The Company’s service revenues, other than for installation and recycling that are completed prior to delivery of the product, are included in product revenue using management’s best estimate of selling price, as VSOE or TPE does not exist. These services include comprehensive site assessment, site field verification, utility incentive and government subsidy management, engineering design, and project management. For these services, along with the Company's installation and recycling services, under a multiple-element arrangement, management’s best estimate of selling price is determined by considering several external and internal factors including, but not limited to, economic conditions and trends, customer demand, pricing practices, margin objectives, competition, geographies in which the Company offers its products and services and internal costs. The determination of estimated selling price is made through consultation with and approval by management, taking into account all of the preceding factors. | ||||||||||||||||||||||||
For sales of solar photovoltaic systems, which are governed by customer contracts that require the Company to deliver functioning solar power systems and are generally completed within three to 15 months from the start of construction, the Company recognizes revenue from fixed price construction contracts using the percentage-of-completion method in accordance with ASC 605-35, Construction-Type and Production-Type Contracts. Under this method, revenue arising from fixed price construction contracts is recognized as work is performed based upon the percentage of incurred costs to estimated total forecasted costs. The Company has determined that the appropriate method of measuring progress on these sales is measured by the percentage of costs incurred to date of the total estimated costs for each contract as materials are installed. The percentage-of-completion method requires revenue recognition from the delivery of products to be deferred and the cost of such products to be capitalized as a deferred cost and current asset on the balance sheet. The Company performs periodic evaluations of the progress of the installation of the solar photovoltaic systems using actual costs incurred over total estimated costs to complete a project. Provisions for estimated losses on uncompleted contracts, if any, are recognized in the period in which the loss first becomes probable and reasonably estimable. | ||||||||||||||||||||||||
The Company offers a financing program, called an Orion Throughput Agreement, or OTA, for a customer’s lease of the Company’s energy management systems. The OTA is structured as a sales-type lease and upon successful installation of the system and customer acknowledgment that the system is operating as specified, revenue is recognized at the Company’s net investment in the lease, which typically is the net present value of the future cash flows. | ||||||||||||||||||||||||
The Company offers a financing program, called a power purchase agreement, or PPA, for the Company’s renewable energy product offerings. A PPA is a supply side agreement for the generation of electricity and subsequent sale to the end user. Upon the customer’s acknowledgment that the system is operating as specified, product revenue is recognized on a monthly basis over the life of the PPA contract, which is typically in excess of 10 years. | ||||||||||||||||||||||||
Deferred revenue relates to advance customer billings, investment tax grants received related to PPAs and a separate obligation to provide maintenance on OTAs and is classified as a liability on the Consolidated Balance Sheet. The fair value of the maintenance is readily determinable based upon pricing from third-party vendors. Deferred revenue related to maintenance services is recognized when the services are delivered, which occurs in excess of a year after the original OTA contract is executed. | ||||||||||||||||||||||||
Shipping and Handling Costs | ||||||||||||||||||||||||
The Company records costs incurred in connection with shipping and handling of products as cost of product revenue. Amounts billed to customers in connection with these costs are included in product revenue. | ||||||||||||||||||||||||
Advertising | ||||||||||||||||||||||||
Advertising costs of $117,000, $111,000 and $28,000 for fiscal 2012, 2013 and 2014, respectively, were charged to operations as incurred. | ||||||||||||||||||||||||
Research and Development | ||||||||||||||||||||||||
The Company expenses research and development costs as incurred. | ||||||||||||||||||||||||
Income Taxes | ||||||||||||||||||||||||
The Company recognizes deferred tax assets and liabilities for the future tax consequences of temporary differences between financial reporting and income tax basis of assets and liabilities, measured using the enacted tax rates and laws expected to be in effect when the temporary differences reverse. Deferred income taxes also arise from the future tax benefits of operating loss and tax credit carryforwards. A valuation allowance is established when management determines that it is more likely than not that all or a portion of a deferred tax asset will not be realized. For the fiscal year ended March 31, 2014, the Company recorded a valuation allowance of $0.8 million against its deferred tax assets. | ||||||||||||||||||||||||
ASC 740, Income Taxes, also prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination. The Company has classified the amounts recorded for uncertain tax benefits in the balance sheet as other liabilities (non-current) to the extent that payment is not anticipated within one year. The Company recognizes penalties and interest related to uncertain tax liabilities in income tax expense. Penalties and interest are immaterial and are included in the unrecognized tax benefits. | ||||||||||||||||||||||||
Deferred tax benefits have not been recognized for income tax effects resulting from the exercise of non-qualified stock options. These benefits will be recognized in the period in which the benefits are realized as a reduction in taxes payable and an increase in additional paid-in capital. Realized tax benefits (expense) from the exercise of stock options were $989,000, $70,000 and $13,000 for the fiscal years 2012, 2013 and 2014, respectively. | ||||||||||||||||||||||||
Stock Option Plans | ||||||||||||||||||||||||
The Company’s share-based payments to employees are measured at fair value and are recognized in earnings, net of estimated forfeitures, on a straight-line basis over the requisite service period. | ||||||||||||||||||||||||
Cash flows from the exercise of stock options resulting from tax benefits in excess of recognized cumulative compensation costs (excess tax benefits) are classified as financing cash flows. For the years ended March 31, 2012, 2013 and 2014, $989,000, $70,000 and $13,000, respectively, of such excess tax benefits were classified as financing cash flows. | ||||||||||||||||||||||||
The Company uses the Black-Scholes option-pricing model. The Company calculates volatility based upon the historical market price of its common stock. The risk-free interest rate is the rate available as of the option date on zero-coupon U.S. Government issues with a remaining term equal to the expected term of the option. The expected term is based upon the vesting term of the Company’s options and expected exercise behavior. The Company has not paid dividends in the past and does not plan to pay any dividends in the foreseeable future. The Company estimates its forfeiture rate of unvested stock awards based on historical experience. | ||||||||||||||||||||||||
The fair value of each option grant in fiscal 2012, 2013 and 2014 was determined using the assumptions in the following table: | ||||||||||||||||||||||||
Fiscal Year Ended March 31, | ||||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||||
Weighted average expected term | 5.7 years | 5.5 years | 4.1 years | |||||||||||||||||||||
Risk-free interest rate | 1.5 | % | 0.8 | % | 0.8 | % | ||||||||||||||||||
Expected volatility | 70 | % | 72.5 - 74.4% | 73.3 | % | |||||||||||||||||||
Expected forfeiture rate | 15.1 | % | 21.4 | % | 20.3 | % | ||||||||||||||||||
Net Income (Loss) per Common Share | ||||||||||||||||||||||||
Basic net income (loss) per common share is computed by dividing net income (loss) attributable to common shareholders by the weighted-average number of common shares outstanding for the period and does not consider common stock equivalents. | ||||||||||||||||||||||||
Diluted net income (loss) per common share reflects the dilution that would occur if warrants and stock options were exercised and restricted shares vested. In the computation of diluted net income (loss) per common share, the Company uses the “treasury stock” method for outstanding options, warrants and restricted shares. Diluted net loss per common share is the same as basic net loss per common share for the years ended March 31, 2013 and March 31, 2014, because the effects of potentially dilutive securities are anti-dilutive. The effect of net income (loss) per common share is calculated based upon the following shares (in thousands except share amounts): | ||||||||||||||||||||||||
Fiscal Year Ended March 31, | ||||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||
Net income (loss) (in thousands) | $ | 483 | $ | (10,399 | ) | $ | (6,199 | ) | ||||||||||||||||
Denominator: | ||||||||||||||||||||||||
Weighted-average common shares outstanding | 22,953,037 | 20,996,625 | 20,987,964 | |||||||||||||||||||||
Weighted-average effect of assumed conversion of stock options and warrants | 433,488 | — | — | |||||||||||||||||||||
Weighted-average common shares and share equivalents outstanding | 23,386,525 | 20,996,625 | 20,987,964 | |||||||||||||||||||||
Net income (loss) per common share: | ||||||||||||||||||||||||
Basic | $ | 0.02 | $ | (0.50 | ) | $ | (0.30 | ) | ||||||||||||||||
Diluted | $ | 0.02 | $ | (0.50 | ) | $ | (0.30 | ) | ||||||||||||||||
The following table indicates the number of potentially dilutive securities as of the end of each period: | ||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||||
Common stock options | 3,697,633 | 3,312,523 | 2,716,317 | |||||||||||||||||||||
Restricted shares | — | 105,000 | 539,204 | |||||||||||||||||||||
Common stock warrants | 38,980 | 38,980 | 38,980 | |||||||||||||||||||||
Total | 3,736,613 | 3,456,503 | 3,294,501 | |||||||||||||||||||||
Concentration of Credit Risk and Other Risks and Uncertainties | ||||||||||||||||||||||||
The Company’s cash is deposited with five financial institutions. At times, deposits in these institutions exceed the amount of insurance provided on such deposits. The Company has not experienced any losses in such accounts and believes that it is not exposed to any significant risk on these balances. | ||||||||||||||||||||||||
The Company previously depended on one supplier for a number of components necessary for its products, including ballasts and lamps. Purchases from this supplier accounted for 14% of total cost of revenue in fiscal 2012. Currently, the Company has been able to obtain these components from multiple suppliers. For fiscal 2013 and 2014, no supplier accounted for more than 10% of total cost of revenue. | ||||||||||||||||||||||||
In fiscal 2012 and 2013, there were no customers who individually accounted for greater than 10% of revenue. In fiscal 2014, one customer accounted for 23% of revenue. | ||||||||||||||||||||||||
As of March 31, 2013 and March 31, 2014, no customers accounted for more than 10% of accounts receivable. | ||||||||||||||||||||||||
Recent Accounting Pronouncements | ||||||||||||||||||||||||
In July 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2013-11 ("ASU 2013-11"), “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists." ASU 2013-11 requires an entity to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, in the financial statements as a reduction to the deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The provisions of ASU 2013-11 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Company is currently evaluating the impact of ASU 2013-11. | ||||||||||||||||||||||||
In May 2014, FASB issued ASU 2014-09, "Revenue from Contracts with Customers." This ASU is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of good or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. This ASU is effective for annual reporting periods beginning after December 15, 2016 and early adoption is not permitted. Accordingly, the Company will adopt this ASU on April 1, 2017. Companies may use either a full retrospective or modified retrospective approach to adopt this ASU and management is currently evaluating which transition approach to use. The Company is currently evaluating the impact of ASU 2014-09. |
Acquisition
Acquisition | 12 Months Ended | |||||
Mar. 31, 2014 | ||||||
Business Combinations [Abstract] | ' | |||||
ACQUISITION | ' | |||||
NOTE C — ACQUISITION | ||||||
On July 1, 2013, the Company acquired all of the equity interests of Harris Manufacturing, Inc. and Harris LED, LLC(collectively, "Harris"). Harris was a Florida-based lighting company which engineered, designed, sourced and manufactured energy efficient lighting systems, including fluorescent and LED lighting solutions, and day-lighting products. | ||||||
The acquisition of Harris expanded the Company's product lines, including a patent pending LED lighting product designed for commercial office buildings, increased its sales force and provided growth opportunities into markets where the Company had previously not had a strong presence, specifically, new construction, retail store fronts, commercial office and government. | ||||||
The acquisition was consummated pursuant to a Stock and Unit Purchase Agreement, dated as of May 22, 2013 ("Purchase Agreement"), by and among Harris, the shareholders and members of Harris ("Harris Shareholders"), and the Company. The acquisition consideration paid to the Harris Shareholders was valued under the Purchase Agreement at an aggregate of $10.0 million, plus an adjustment of approximately $0.2 million to reflect the Company's acquisition of net working capital in excess of a targeted amount, plus an additional $0.6 million for the contingent consideration earn-out value assigned to non-employee Harris shareholders. The aggregate acquisition consideration was paid through a combination of $5.0 million in cash, $3.1 million in a three-year unsecured subordinated promissory note and the issuance of 856,997 shares of unregistered Company common stock. For purposes of the acquisition and the acquisition consideration, the shares of common stock issued in the acquisition of Harris were valued at $2.33 per share, which was the average closing share price as reported on the NYSE MKT for the 45 trading days preceding and the 22 trading days following the execution of the Purchase Agreement. For purposes of applying the purchase accounting provisions of ASC 805, Business Combinations, the shares of common stock issued in the acquisition were valued at $2.41 per share, which was the closing sale price of the Company's common stock as reported on the NYSE MKT on the July 1, 2013, date of acquisition. | ||||||
On October 21, 2013, the Company executed a letter agreement amending the Purchase Agreement. The letter agreement established a fixed future consideration of $1.4 million for the previously existing earn-out component of the Purchase Agreement and eliminated the requirement that certain revenue targets must be achieved. Under the letter agreement, on January 2, 2014, the Company issued $0.6 million, or 83,943 shares, of the Company's unregistered common stock. The fixed consideration was determined based upon the existing share calculation at a fair value of $3.80 per common share. On January 2, 2015, the Company will pay $0.8 million in cash to settle all outstanding obligations related to the earn-out component of the Purchase Agreement. | ||||||
Total revenues and pre-tax loss from Harris since the date of acquisition included in the accompanying consolidated statements of income for the year ended March 31, 2014 were $9.4 million and $(0.5) million, respectively. Included in the $0.5 million loss is $0.6 million of expense for intangible amortization and $0.3 million of expense for compensation related to deferred consideration. The Company incurred $0.5 million in acquisition and integration related costs for Harris during the year ended March 31, 2014, which included contingent consideration, legal, accounting and other integration related expenses. | ||||||
The Purchase Agreement contained customary representations and warranties, as well as indemnification obligations, and limitations thereon, by the Company and the Harris Shareholders. | ||||||
The following table summarizes the consideration paid to the Harris Shareholders and the preliminary fair value allocation of the purchase price (in thousands): | ||||||
Consideration paid to Harris Shareholders: | ||||||
Cash | $ | 5,000 | ||||
Seller provided debt | 3,124 | |||||
Shares of Company common stock | 2,065 | |||||
Contingent consideration arrangement | 612 | |||||
Total consideration paid | $ | 10,801 | ||||
Cash and cash equivalents | $ | 8 | ||||
Accounts receivable, net | 2,215 | |||||
Inventories | 1,633 | |||||
Other current assets | 86 | |||||
Property, plant and equipment | 117 | |||||
Deferred tax asset | 141 | |||||
Identifiable intangible assets: | ||||||
Customer relationships | 3,600 | |||||
Non-competition agreement | 100 | |||||
Developed technology | 900 | |||||
Trade name and trademarks | 1,900 | |||||
Accounts payable | (1,519 | ) | ||||
Deferred tax liabilities | (2,263 | ) | ||||
Accrued and other liabilities | (526 | ) | ||||
Total identifiable net assets | 6,392 | |||||
Goodwill | 4,409 | |||||
$ | 10,801 | |||||
Prior to the amendment discussed above, the contingent consideration arrangement required the Company to pay the Harris Shareholders up to $1.0 million in unregistered shares of the Company's common stock upon Harris' achievement of certain revenue milestones in calendar year 2013 and/or 2014, and, in the case of certain Harris Shareholders who became employees of the Company, their continued employment by the Company. The potential undiscounted amount of all future payments that the Company could have been required to make under the contingent consideration arrangement was between $0 and $1.0 million. The Company recorded $0.6 million for the non-employee Harris Shareholder portion of the contingent consideration liability on the acquisition date. Total contingent consideration of $0.5 million for employee Harris Shareholders will be recorded as compensation expense through the end of calendar 2014. During the year ended March 31, 2014, the Company expensed $0.3 million in compensation expense. | ||||||
As part of the preliminary purchase price allocation, the Company determined that the separately identifiable intangible assets acquired consisted of customer relationships, developed technology, trademarks and trade names, and non-competition agreements. The fair value of the acquired identifiable intangible assets and the goodwill in the table above are provisional pending completion of the final valuations for those assets. All of the intangible asset value was assigned to the Company's Energy Management segment. | ||||||
The separately identifiable intangible assets acquired that do not have an indefinite life are amortized over their estimated economic useful life to reflect the pattern of economic benefits consumed based upon the following lives and methods: | ||||||
Customer relationships | 5-8 years | Accelerated based upon the pattern of economic benefits consumed | ||||
Developed technology | 8 years | Accelerated based upon the pattern of economic benefits consumed | ||||
Non-competition agreements | 5 years | Straight-line | ||||
Trade name and trademarks | N/A | Indefinite life | ||||
The Company used the income approach to value the customer relationships, developed technology and non-competition agreements. This approach calculates the fair value by discounting the forecasted after-tax cash flows for each intangible asset back to a present value at an appropriate risk-adjusted rate of return. The data for these analyses was the cash flow estimates used to price the transaction. Fair value estimates are based on a complex series of judgments about future events and uncertainties and rely heavily on estimates and assumptions. | ||||||
In estimating the useful lives of the acquired assets, the Company considered ASC 350-30-35, General Intangibles Other Than Goodwill, and reviewed the following factors: the expected use by the combined company of the assets acquired, the expected useful life of another asset (or group of assets) related to the acquired assets, legal, regulatory or other contractual provisions that may limit the useful life of an acquired asset, the effects of obsolescence, demand, competition and other economic factors, and the level of maintenance expenditures required to obtain the expected future cash flows from the assets. The Company will amortize these intangible assets over their estimated economic useful lives. | ||||||
The goodwill of $4.4 million arising from the Harris acquisition consists largely of the synergies and economies of scale expected from combining operations, and, to a lesser extent, the assembled workforce of Harris. All of the goodwill was assigned to the Company's Energy Management segment. None of the acquired goodwill is expected to be deductible for tax purposes. | ||||||
The following unaudited pro forma condensed combined results of operations for the years ended March 31, 2013 and 2014, respectively, are based on the historical financial statements of the Company and Harris giving effect to the business combination as if it had occurred at the beginning of the period presented. Therefore, this pro forma data has been adjusted to include amortization of purchased intangible assets and interest on the promissory note delivered as part of the purchase price during the entire applicable periods. Additionally, the tax benefit of $2.3 million recorded during the year ended March 31, 2014 was eliminated and the tax benefit was recorded during the year ended March 31, 2013. This data is not necessarily indicative of the results of operations that would have been generated if the transaction had occurred at the beginning of the respective periods. Moreover, this data is not intended to be indicative of future results of operations (in thousands, other than per share data). | ||||||
Acquisition of Harris Pro Forma Results of Operations | ||||||
Fiscal Year Ended March 31, | ||||||
2013 | 2014 | |||||
Revenue | 102,198 | 92,868 | ||||
Net loss available to common shareholders | (7,489 | ) | (9,111 | ) | ||
Loss per share: | ||||||
Basic | (0.36 | ) | (0.43 | ) | ||
Diluted | (0.36 | ) | (0.43 | ) | ||
The supplemental pro forma results above exclude any benefits that may result from the acquisition due to synergies that are expected to be derived from the elimination of any duplicative costs. In addition, the pro forma results for the year ended March 31, 2014 was adjusted to exclude non-recurring aggregate acquisition-related costs of $0.2 million that were incurred in 2013. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Mar. 31, 2014 | |
Related Party Transactions [Abstract] | ' |
RELATED PARTY TRANSACTIONS | ' |
RELATED PARTY TRANSACTIONS | |
During fiscal 2012 and 2013, the Company purchased goods and services from an entity in the amounts of $46,000 and $40,000, respectively, for which a director of the Company serves as a member of the board of directors. During fiscal 2014, the Company purchased goods and services from an entity in the amount of $20,000, for which a director of the Company serves as a minority owner and chairman of the board of directors. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
LONG-TERM DEBT | ' | |||||||
LONG-TERM DEBT | ||||||||
Long-term debt as of March 31, 2013 and 2014 consisted of the following (in thousands): | ||||||||
March 31, | ||||||||
2013 | 2014 | |||||||
Term note | $ | 263 | $ | — | ||||
Harris seller's note | — | 2,624 | ||||||
Customer equipment finance notes payable | 4,408 | 2,331 | ||||||
First mortgage note payable | 694 | 607 | ||||||
Debenture payable | 721 | 675 | ||||||
Other long-term debt | 620 | 364 | ||||||
Total long-term debt | 6,706 | 6,601 | ||||||
Less current maturities | (2,597 | ) | (3,450 | ) | ||||
Long-term debt, less current maturities | $ | 4,109 | $ | 3,151 | ||||
Revolving Credit Agreement | ||||||||
The Company has an amended credit agreement (Credit Agreement) with JP Morgan Chase Bank, N.A. (JP Morgan). The Credit Agreement provides for a revolving credit facility (Credit Facility) that matures on August 30, 2014. Borrowings under the Credit Facility are limited to $15.0 million, subject to a borrowing base requirement when the outstanding principal balance of loans under the Credit Facility is greater than $5.0 million. Such commitment includes a $2.0 million sublimit for the issuance of letters of credit. As of March 31, 2014, the Company had no outstanding letters of credit. There were no loans outstanding under the Credit Agreement as of March 31, 2013 or March 31, 2014. In August 2013, the Company completed an additional amendment to extend the maturity date of the Credit Agreement to August 30, 2014, and made certain changes to the financial covenants, which are described below. | ||||||||
The Credit Agreement requires the Company to maintain (i) a ratio of total liabilities to tangible net worth not to exceed 0.50 to 1.00 as of the last day of any fiscal quarter, (ii) average daily unencumbered liquidity of at least $20.0 million during each period of three consecutive business days, (iii) a debt service coverage ratio of greater than 1.25 to 1.00 as of the last day of any fiscal quarter and (iv) a funded debt to EBITDA ratio of less than 2.5 to 1.0 as of the last day of any fiscal quarter. The Credit Agreement also contains certain restrictions on the ability of the Company to make capital or lease expenditures over prescribed limits, incur additional indebtedness, consolidate or merge, guarantee obligations of third parties, make loans or advances, declare or pay any dividend or distribution on its stock, redeem or repurchase shares of its stock or pledge assets. The Company was not in compliance with its debt service coverage ratio and its funded debt to earnings before interest, taxes, depreciation and amortization, or EBITDA, covenants in the Credit Agreement as of March 31, 2014. The Company received a waiver from JP Morgan for the covenant defaults. | ||||||||
The Credit Agreement is secured by a first priority security interest in the Company’s accounts receivable, inventory and general intangibles, and a second priority security interest in the Company’s equipment and fixtures. All OTAs, PPAs, leases, supply agreements and/or similar agreements relating to solar PV and wind turbine systems or facilities, as well as all accounts receivable and assets of the Company related to the foregoing, are excluded from these liens, except to the extent the Company elects to finance any such assets with JP Morgan. | ||||||||
Borrowings under the Credit Agreement bear interest based on LIBOR plus an applicable margin (Applicable Margin), which ranges from 2.0% to 3.0% per annum based on the Company's debt service coverage ratio from time to time. The Company must pay a fee ranging between 0.25% and 0.50% per annum on the average daily unused amount of the Credit Facility (with the amount of such fee based on the Company's debt service coverage ratio from time to time) and a fee in the amount of the Applicable Margin on the daily average face amount of undrawn issued letters of credit. The fee on unused amounts is waived if the Company or its affiliates maintain funds on deposit with JP Morgan or its affiliates above a specified amount. The deposit threshold requirement was met as of March 31, 2014. | ||||||||
Harris Seller's Note | ||||||||
On July 1, 2013, the Company issued an unsecured and subordinated promissory note in the principal amount of $3.1 million to partially fund the acquisition of Harris. The note is included in the table above as Harris seller's note. The note bears interest at the rate of 4% per annum. Principal and interest are payable quarterly and the note matures in July 2016. | ||||||||
Customer Equipment Finance Notes Payable | ||||||||
In September 2010, the Company entered into a note agreement with a financial institution that provided the Company with $2.4 million to fund completed customer contracts under the Company’s OTA finance program. In February 2011, the Company sold a portion of the OTA contracts collateralizing the note to a third party equipment finance company. Accordingly, the Company repaid $1.3 million of the outstanding note balance and recorded a prepayment penalty of $33,000. This note is included in the table above as customer equipment finance notes payable. The note is collateralized by the OTA-related equipment and the expected future monthly payments under the supporting 12 individual OTA customer contracts. The note bears interest at 7% and matures in September 2015. The note agreement includes certain prepayment penalties and a covenant that the Company maintain at least $5 million in cash liquidity. The Company was in compliance with all covenants in the note agreement as of March 31, 2014. | ||||||||
In March 2011, the Company entered into a note agreement with a financial institution that provided the Company with $0.9 million to fund completed customer contracts under the Company’s OTA finance program. This note is included in the table above as customer equipment finance notes payable. The note is collateralized by the OTA-related equipment and the expected future monthly payments under the supporting three individual OTA customer contracts. The note bears interest at 7% and requires monthly payments of $20,900 through April 2015. The note agreement includes certain prepayment penalties and a covenant that the Company maintain at least $5 million in cash liquidity. The Company was in compliance with all covenants in the note agreement as of March 31, 2014. | ||||||||
In June 2011, the Company entered into a note agreement with a financial institution that provided the Company with $2.8 million to fund completed customer contracts under the Company’s OTA finance program. This note is included in the table above as customer equipment finance notes payable. The note is collateralized by the OTA-related equipment and the expected future monthly payments under the supporting 40 individual OTA contracts. The note bears interest at 7.85% and matures in April 2016. The note agreement includes a debt service covenant with respect to the supporting OTA contracts that the aggregate amount of all remaining scheduled payments due with respect to the individual OTA contracts be not less than 1.25 to 1.0 of the remaining principal and interest payments due under the loan. As of March 31, 2014 the Company was in compliance with the debt service covenant. | ||||||||
In September 2011, the Company entered into a credit agreement with JP Morgan that provided the Company with up to $5.0 million that was immediately available to fund completed customer contracts under its OTA finance program. This credit agreement is included in the table above as customer equipment finance notes payable. The Company had one year from the date of the commitment to borrow under the credit agreement, which expired on September 30, 2012 for new borrowings. As of March 31, 2014, the Company had $0.9 million outstanding under the credit agreement. The loan amount is collateralized by the OTA-related equipment and the expected future monthly payments under the supporting 34 individual OTA customer contracts. The current loan amount under the credit agreement bears interest at LIBOR plus 4% and matures in December 2016. In August 2013, the Company completed an amendment to the credit agreement making certain changes to the financial covenants requiring the Company to maintain (i) average daily unencumbered liquidity of at least $20.0 million during each period of three consecutive business days and (ii) a debt service coverage ratio of greater than 1.25 to 1.00 as of the last day of any fiscal quarter and (iii) a funded debt to EBITDA ratio of less than 2.5 to 1.0 as of the last day of any fiscal quarter. The Company was not in compliance with its debt service coverage ratio and its funded debt to earnings before interest, taxes, depreciation and amortization, or EBITDA, covenants as of March 31, 2014. The Company received a waiver from JP Morgan for the covenant defaults. | ||||||||
Term Note | ||||||||
The Company’s term note was satisfied in full in February 2014. Amounts outstanding under the note were secured by a first security interest and first mortgage in certain long-term assets and a secondary interest in inventory and accounts receivable and a secondary general business security agreement on all assets. | ||||||||
First Mortgage Note Payable | ||||||||
The Company’s first mortgage note payable has an interest rate of prime plus 2.25% (effective rate of 5.50% at March 31, 2014), and requires monthly payments of principal and interest of $10,000 through December 2014. This note is included in the table above as first mortgage note payable. The mortgage is secured by a first mortgage on the Company’s manufacturing facility. The mortgage includes certain prepayment penalties and various restrictive covenants, with which the Company was in compliance as of March 31, 2014. | ||||||||
Debenture Payable | ||||||||
The Company’s debenture payable was issued by Certified Development Company at an effective interest rate of 4.94%. The balance is payable in monthly principal and interest payments of $8,000 through December 2024 and is guaranteed by United States Small Business Administration 504 program. This payable is included in the table above as debenture payable. The amount due was collateralized by a second mortgage on the manufacturing facility. | ||||||||
Other Long-Term Debt | ||||||||
In November 2007, the Company completed a Wisconsin Community Development Block Grant with the local city government to provide financing in the amount of $750,000 for the purpose of acquiring additional production equipment. This loan is included in the table above as other long-term debt. The loan has an interest rate of 4.9% and is collateralized by the related equipment. The loan requires monthly payments of $11,000 through December 2014. | ||||||||
In September 2010, the Company entered into a note agreement with the Wisconsin Department of Commerce that provided the Company with $0.3 million to fund the Company’s rooftop solar project at its Manitowoc manufacturing facility. This note is included in the table above as other long-term debt. The note is collateralized by the related solar equipment. The note allowed for two years without interest accruing or principal payments due. Beginning in July 2012, the note bears interest at 2% and requires monthly payments of $4,600. The note matures in June 2017. The note agreement requires the Company to maintain a certain number of jobs at its Manitowoc facilities during the note’s duration. The Company was in compliance with all covenants in the note agreement as of March 31, 2014. | ||||||||
In January 2011, the Company amended its November 2007 Wisconsin Community Development Block Grant with the local city government to provide the Company with $0.2 million to fund equipment at its Manitowoc facility. This loan is included in the table above as other long-term debt. The amendment to the loan agreement is collateralized by the related equipment. The loan bears interest at 2.1125% and requires monthly payments of $3,600 through December 2014. The amendment to the loan agreement requires the Company to create and maintain a certain number of jobs at its Manitowoc facilities during the note’s duration. The Company was in compliance with all covenants in the loan agreement as of March 31, 2014. | ||||||||
Other long-term debt consists of a promissory note from the state government to provide working capital and equipment for the development of daylighting technologies. The note is secured by the related equipment. The loan bears interest at 2.0% and requires monthly payments of $3,400 through November 2015. | ||||||||
Aggregate Maturities | ||||||||
As of March 31, 2014, aggregate maturities of long-term debt were as follows (in thousands): | ||||||||
Fiscal 2015 | $ | 3,450 | ||||||
Fiscal 2016 | 1,884 | |||||||
Fiscal 2017 | 733 | |||||||
Fiscal 2018 | 70 | |||||||
Fiscal 2019 | 59 | |||||||
Thereafter | 405 | |||||||
$ | 6,601 | |||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
INCOME TAXES | ' | |||||||||||
INCOME TAXES | ||||||||||||
The total provision (benefit) for income taxes consists of the following for the fiscal years ending (in thousands): | ||||||||||||
Fiscal Year Ended March 31, | ||||||||||||
2012 | 2013 | 2014 | ||||||||||
Current | $ | 520 | $ | (180 | ) | $ | 19 | |||||
Deferred | (150 | ) | 4,253 | (2,077 | ) | |||||||
$ | 370 | $ | 4,073 | $ | (2,058 | ) | ||||||
2012 | 2013 | 2014 | ||||||||||
Federal | $ | 292 | $ | 3,803 | $ | (1,830 | ) | |||||
State | 78 | 270 | (228 | ) | ||||||||
$ | 370 | $ | 4,073 | $ | (2,058 | ) | ||||||
A reconciliation of the statutory federal income tax rate and effective income tax rate is as follows: | ||||||||||||
Fiscal Year Ended March 31, | ||||||||||||
2012 | 2013 | 2014 | ||||||||||
Statutory federal tax rate | 34 | % | 34 | % | 34 | % | ||||||
State taxes, net | 9.2 | % | 2.3 | % | 2.8 | % | ||||||
Federal tax credit | (11.6 | )% | 3.9 | % | 0.9 | % | ||||||
State tax credit | (5.9 | )% | (0.5 | )% | 0.4 | % | ||||||
Change in valuation reserve | 5.9 | % | (111.7 | )% | (10.2 | )% | ||||||
Permanent items | 10 | % | 2.3 | % | (2.9 | )% | ||||||
Change in tax contingency reserve | 0.8 | % | 3.4 | % | (0.3 | )% | ||||||
Other, net | 0.9 | % | 1.9 | % | 0.2 | % | ||||||
Effective income tax rate | 43.3 | % | (64.4 | )% | 24.9 | % | ||||||
The net deferred tax assets and liabilities reported in the accompanying consolidated financial statements include the following components (in thousands): | ||||||||||||
March 31, | ||||||||||||
2013 | 2014 | |||||||||||
Inventory, accruals and reserves | $ | 2,090 | $ | 1,445 | ||||||||
Other | 136 | 139 | ||||||||||
Deferred revenue | 338 | 44 | ||||||||||
Valuation allowance | (2,564 | ) | (1,628 | ) | ||||||||
Total net current deferred tax assets and liabilities | $ | — | $ | — | ||||||||
Federal and state operating loss carryforwards | 2,691 | 6,233 | ||||||||||
Tax credit carryforwards | 1,426 | 1,498 | ||||||||||
Non-qualified stock options | 2,298 | 2,541 | ||||||||||
Deferred revenue | 27 | 23 | ||||||||||
Fixed assets | (1,909 | ) | (1,889 | ) | ||||||||
Intangible assets | — | (2,125 | ) | |||||||||
Valuation allowance | (4,533 | ) | (6,281 | ) | ||||||||
Total net long-term deferred tax assets and liabilities | $ | — | $ | — | ||||||||
Total net deferred tax assets | $ | — | $ | — | ||||||||
The Company is eligible for tax benefits associated with the excess of the tax deduction available for exercises of non-qualified stock options, or NQSOs, over the amount recorded at grant. The amount of the benefit is based upon the ultimate deduction reflected in the applicable income tax return. Benefits of $1.0 million, $70,000 and $13,000 were recorded in fiscal 2012, fiscal 2013 and fiscal 2014, respectively, as a reduction in taxes payable and a credit to additional paid in capital based on the amount that was utilized in the current year. | ||||||||||||
As of March 31, 2014, the Company has federal net operating loss carryforwards of approximately $19.6 million, of which $3.5 million are associated with the exercise of NQSOs that have not yet been recognized by the Company in its financial statements. The Company also has state net operating loss carryforwards of approximately $15.8 million, of which $4.5 million are associated with the exercise of NQSOs. The Company also has federal tax credit carryforwards of approximately $1.5 million and state tax credits of $0.8 million. For the fiscal year ended March 31, 2014, the Company has recorded a valuation allowance of $7.9 million, equaling the net deferred tax asset due to the uncertainty of its realization value in the future. The Company considers future taxable income and ongoing prudent and feasible tax planning strategies in assessing the need for the valuation allowance. In the event that the Company determines that the deferred tax assets are able to be realized, an adjustment to the deferred tax asset would increase income in the period such determination is made. | ||||||||||||
Generally, a change of more than 50% in the ownership of the Company's stock, by value, over a three year period constitutes an ownership change for federal income tax purposes as defined under Section 382 of the Internal Revenue Code. As a result, the Company's ability to use its net operating loss carryforwards, attributable to the period prior to such ownership change, to offset taxable income can be subject to limitations in a particular year, which could potentially result in increased future tax liability for the Company. The Company does not believe an ownership change affects the use of the full amount of the net operating loss carryforwards. There was no limitation that occurred for fiscal 2012, fiscal 2013, or fiscal 2014. | ||||||||||||
The Company records its tax provision based on the respective tax rules and regulations for the jurisdictions in which it operates. Where the Company believes that a tax position is supportable for income tax purposes, the item is included in their income tax returns. Where treatment of a position is uncertain, a liability is recorded based upon the expected most likely outcome taking into consideration the technical merits of the position based on specific tax regulations and facts of each matter. These liabilities may be affected by changing interpretations of laws, rulings by tax authorities, or the expiration of the statute of limitations. | ||||||||||||
As of December 31, 2011, an examination of the Company’s U.S. federal income tax returns for tax years 2009 to 2011 was complete. The resolution of this examination did not have a material effect on its business, financial condition, results of operations or liquidity. | ||||||||||||
State income tax returns are generally subject to examination for a period of 3 to 5 years after filing of the respective return. The state effect of any federal changes remains subject to examination by various states for a period of up to two years after formal notification to the states. The Company currently has no state income tax return positions in the process of examination, administrative appeals or litigation. | ||||||||||||
Uncertain tax positions | ||||||||||||
As of March 31, 2014, the balance of gross unrecognized tax benefits was approximately $0.2 million, all of which would reduce the Company’s effective tax rate if recognized. The Company does not expect this amounts to change in the next twelve months as none of the issues are currently under examination, the statutes of limitations do not expire within the period, and the Company is not aware of any pending litigation. | ||||||||||||
The Company has classified the amounts recorded for uncertain tax benefits in the balance sheet as other liabilities (non-current) to the extent that payment is not anticipated within one year. The Company recognizes penalties and interest related to uncertain tax liabilities in income tax expense. Penalties and interest are immaterial as of the date of adoption and are included in the unrecognized tax benefits. The Company had the following unrecognized tax benefit activity (in thousands): | ||||||||||||
Fiscal Year Ended March 31, | ||||||||||||
2012 | 2013 | 2014 | ||||||||||
Unrecognized tax benefits as of beginning of fiscal year | $ | 399 | $ | 406 | $ | 188 | ||||||
Additions based on tax positions related to the current period positions | 7 | 16 | 22 | |||||||||
Reduction for tax positions of prior years | — | (1 | ) | — | ||||||||
Reduction due to lapse of statute of limitations | — | (233 | ) | — | ||||||||
Unrecognized tax benefits as of end of fiscal year | $ | 406 | $ | 188 | $ | 210 | ||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Mar. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
COMMITMENTS AND CONTINGENCIES | ' | |||
COMMITMENTS AND CONTINGENCIES | ||||
Operating Leases | ||||
The Company leases vehicles and equipment under operating leases expiring at various dates through 2021. Rent expense under operating leases was $2,111,000, $1,613,000 and $1,238,000 for fiscal 2012, 2013 and 2014, respectively. Total annual commitments under non-cancelable operating leases with terms in excess of one year at March 31, 2014 are as follows (in thousands): | ||||
Fiscal 2015 | $ | 289 | ||
Fiscal 2016 | 206 | |||
Fiscal 2017 | 85 | |||
Fiscal 2018 | 71 | |||
Fiscal 2019 | — | |||
Thereafter | — | |||
$ | 651 | |||
Purchase Commitments | ||||
The Company enters into non-cancellable purchase commitments for certain inventory items in order to secure better pricing and ensure materials on hand and capital expenditures. As of March 31, 2014, the Company had entered into $4.4 million of purchase commitments related to fiscal 2015 for inventory purchases. | ||||
Retirement Savings Plan | ||||
The Company sponsors a tax deferred retirement savings plan that permits eligible employees to contribute varying percentages of their compensation up to the limit allowed by the Internal Revenue Service. This plan also provides for discretionary Company contributions. In fiscal 2012, 2013 and 2014, the Company made matching contributions of approximately $15,000, $8,000 and $26,000, respectively. | ||||
Litigation | ||||
The Company is subject to various claims and legal proceedings arising in the ordinary course of business. As of the date hereof, the Company is unable to currently assess whether the final resolution of any of such claims or legal proceedings may have a material adverse effect on the Company. In addition to ordinary-course litigation, the Company is a party to the proceedings described below. | ||||
In August 2012, the Company received a subpoena issued by the SEC requesting certain documents and information generally related to the financial reporting of its sales of solar photovoltaic systems, among other matters. The Company continues to cooperate with the SEC regarding this non-public, fact-finding inquiry. The SEC has informed the Company that this inquiry should not be construed as an indication that any violations of law have occurred or that the SEC has any negative opinion of any person, entity or security. | ||||
On March 27, 2014, the Company was named as a defendant in a civil lawsuit filed by Neal R. Verfuerth, the Company's former chief executive officer who was terminated for cause in November 2012, in the United States District Court for the Eastern District of Wisconsin (Green Bay Division). The plaintiff alleges, among other things, that the Company breached certain agreements entered into with the plaintiff, including the plaintiff’s employment agreement, and violated certain laws. The complaint seeks, among other relief, unspecified pecuniary and compensatory damages, fees and such other relief as the court may deem just and proper. The Company believes that the claims are meritless and that it has substantial legal and factual defenses to the claims and allegations contained in the complaint. The Company intends to defend against these claims vigorously. |
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||
SHAREHOLDERS' EQUITY | ' | |||||||||||||||
SHAREHOLDERS’ EQUITY | ||||||||||||||||
Share Repurchase Program and Treasury Stock | ||||||||||||||||
In October 2011, the Company’s Board of Directors approved a share repurchase program authorizing the Company to repurchase in aggregate up to a maximum of $1.0 million of the Company’s outstanding common stock. In November 2011, the Company’s Board of Directors approved an increase to the share repurchase program authorizing the Company to repurchase in aggregate up to a maximum of $2.5 million of the Company’s outstanding common stock. In April 2012, the Company's Board approved another increase to the share repurchase program authorizing the Company to repurchase in aggregate up to a maximum of $7.5 million of the Company's outstanding common stock. As of March 31, 2014, the Company had repurchased 3.0 million shares of common stock at a cost of $6.8 million under the program. The Company did not repurchase any shares in fiscal 2014 and does not intend to repurchase any additional common stock under this program in the near-term. | ||||||||||||||||
Shareholder Rights Plan | ||||||||||||||||
On January 7, 2009, the Company’s Board of Directors adopted a shareholder rights plan and declared a dividend distribution of one common share purchase right (Right) for each outstanding share of the Company’s common stock. The issuance date for the distribution of the Rights was February 15, 2009 to shareholders of record on February 1, 2009. Each Right entitles the registered holder to purchase from the Company one share of the Company’s common stock at a price of $30.00 per share, subject to adjustment (Purchase Price). | ||||||||||||||||
The Rights will not be exercisable (and will be transferable only with the Company’s common stock) until a “Distribution Date” occurs (or the Rights are earlier redeemed or expire). A Distribution Date generally will occur on the earlier of a public announcement that a person or group of affiliated or associated persons (Acquiring Person) has acquired beneficial ownership of 20% or more of the Company’s outstanding common stock (Shares Acquisition Date) or 10 business days after the commencement of, or the announcement of an intention to make, a tender offer or exchange offer that would result in any such person or group of persons acquiring such beneficial ownership. | ||||||||||||||||
If a person becomes an Acquiring Person, holders of Rights (except as otherwise provided in the shareholder rights plan) will have the right to receive that number of shares of the Company’s common stock having a market value of two times the then-current Purchase Price, and all Rights beneficially owned by an Acquiring Person, or by certain related parties or transferees, will be null and void. If, after a Shares Acquisition Date, the Company is acquired in a merger or other business combination transaction or 50% or more of its consolidated assets or earning power are sold, proper provision will be made so that each holder of a Right (except as otherwise provided in the shareholder rights plan) will thereafter have the right to receive that number of shares of the acquiring company’s common stock which at the time of such transaction will have a market value of two times the then-current Purchase Price. | ||||||||||||||||
Until a Right is exercised, the holder thereof, as such, will have no rights as a shareholder of the Company. At any time prior to a person becoming an Acquiring Person, the Board of Directors of the Company may redeem the Rights in whole, but not in part, at a price of $0.001 per Right. Unless they are extended or earlier redeemed or exchanged, the Rights will expire on January 7, 2019. | ||||||||||||||||
Employee Stock Purchase Plan | ||||||||||||||||
In August 2010, the Company’s board of directors approved a non-compensatory employee stock purchase plan, or ESPP. The ESPP authorizes 2,500,000 million shares to be issued from treasury or authorized shares to satisfy employee share purchases under the ESPP. All full-time employees of the Company are eligible to be granted a non-transferable purchase right each calendar quarter to purchase directly from the Company up to $20,000 of the Company’s common stock at a purchase price equal to 100% of the closing sale price of the Company’s common stock on the NYSE MKT exchange on the last trading day of each quarter. The ESPP allows for employee loans from the Company, except for Section 16 officers, limited to 20% of an individual’s annual income and no more than $250,000 outstanding at any one time. Interest on the loans is charged at the 10-year loan IRS rate and is payable at the end of each calendar year or upon loan maturity. The loans are secured by a pledge of any and all the Company’s shares purchased by the participant under the ESPP and the Company has full recourse against the employee, including offset against compensation payable. As of March 31, 2013, the Company had halted the loan program. The Company had the following shares issued from treasury during fiscal 2013 and fiscal 2014: | ||||||||||||||||
As of March 31, 2013 | ||||||||||||||||
Shares Issued Under ESPP | Closing Market | Shares Issued Under Loan | Dollar Value of | Repayment of | ||||||||||||
Plan | Price | Program | Loans Issued | Loans | ||||||||||||
Quarter Ended June 30, 2012 | 9,232 | $2.20 | 7,955 | $ | 17,500 | $ | 1,600 | |||||||||
Quarter Ended September 30, 2012 | 27,467 | $1.98 | 25,606 | 50,700 | 4,060 | |||||||||||
Quarter Ended December 31, 2012 | 9,846 | $1.66 | 8,434 | 14,000 | 1,075 | |||||||||||
Quarter Ended March 31, 2013 | 1,053 | $2.48 | — | — | 30,830 | |||||||||||
Total | 47,598 | $1.66 - 2.48 | 41,995 | $ | 82,200 | $ | 37,565 | |||||||||
As of March 31, 2014 | ||||||||||||||||
Shares Issued Under ESPP | Closing Market | Shares Issued Under Loan | Dollar Value of | Repayment of | ||||||||||||
Plan | Price | Program | Loans Issued | Loans | ||||||||||||
Quarter Ended June 30, 2013 | 990 | $2.48 | — | $ | — | $ | 823 | |||||||||
Quarter Ended September 30, 2013 | 702 | $3.76 | — | — | 118,309 | |||||||||||
Quarter Ended December 31, 2013 | 319 | $6.80 | — | — | 94,300 | |||||||||||
Quarter Ended March 31, 2014 | 362 | $7.25 | — | — | 1,677 | |||||||||||
Total | 2,373 | $2.48 - 7.25 | — | $ | — | $ | 215,109 | |||||||||
Loans issued to employees are reflected on the Company’s balance sheet as a contra-equity account. |
Stock_Options_Restricted_Share
Stock Options, Restricted Shares and Warrants | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
STOCK OPTIONS, RESTRICTED SHARES AND WARRANTS | ' | ||||||||||||
STOCK OPTIONS, RESTRICTED SHARES AND WARRANTS | |||||||||||||
The Company grants stock options and restricted stock under its 2003 Stock Option and 2004 Stock and Incentive Awards Plans (Plans). Under the terms of the Plans, the Company has reserved 13,500,000 shares for issuance to key employees, consultants and directors. The options generally vest and become exercisable ratably between one month and five years although longer and shorter vesting periods have been used in certain circumstances. Exercisability of the options granted to employees are generally contingent on the employees’ continued employment and non-vested options are subject to forfeiture if employment terminates for any reason. Options under the Plans have a maximum life of 10 years. In the past, the Company has granted both ISOs and NQSOs, although in July 2008, the Company adopted a policy of thereafter only granting NQSOs. Certain non-employee directors have elected to receive stock awards in lieu of cash compensation pursuant to elections made under the Company’s non-employee director compensation program. The Plans also provide to certain employees accelerated vesting in the event of certain changes of control of the Company as well as under other special circumstances. | |||||||||||||
In fiscal 2011, the Company converted all of its existing ISO awards to NQSO awards. No consideration was given to the employees for their voluntary conversion of ISO awards. | |||||||||||||
In June 2012, the Company's compensation committee approved the issuance of restricted shares under the Plans to key employees to provide an opportunity for such employees to earn long-term equity incentive awards. In May 2013, the Compensation Committee of the Board of Directors changed the Company's long-term equity incentive grant policy so that only restricted shares are issued to all employees under the Plans. The restricted shares are settled in Company stock when the restriction period ends. Compensation cost for restricted shares granted to employees is recognized ratably over the vesting term, which is between three to five years. Settlement of the shares is contingent on the employees’ continued employment and non-vested shares are subject to forfeiture if employment terminates for any reason. In fiscal 2013, an aggregate of 163,750 restricted shares were granted valued at a price per share between $1.80 and $2.00, which was the closing market price as of each grant date. In fiscal 2014, an aggregate of 526,663 restricted shares were granted valued at a price per share between $2.41 and $6.97, which was the closing market price as of each grant date. | |||||||||||||
In fiscal 2012, the Company granted 29,308 shares from the 2004 Stock and Incentive Awards Plan to certain non-employee directors who elected to receive stock awards in lieu of cash compensation. The shares were valued ranging from $2.43 to $4.19 per share, the closing market price as of the issuance dates. In fiscal 2013, the Company granted 30,422 shares from the 2004 Stock and Incentive Awards Plan to certain non-employee directors who elected to receive stock awards in lieu of cash compensation. The shares were valued ranging from $1.62 to $2.57 per share, the closing market price as of the issuance dates. In fiscal 2014, the Company granted 33,641 shares from the 2004 Stock and Incentive Awards Plan to certain non-employee directors who elected to receive stock awards in lieu of cash compensation. The shares were valued ranging from $2.41 to $5.73 per share, the closing market price as of the issuance dates. Additionally, during fiscal 2013, the Company issued 3,000 shares to a consultant as part of a consulting compensation agreement. The shares were valued at $2.03 per share, the closing market price as of the issuance date. | |||||||||||||
In fiscal 2014, the Company recorded $0.2 million of stock-based compensation related to the deferred consideration for employee Harris Shareholders resulting from the Harris acquisition. The following amounts of stock-based compensation were recorded (in thousands): | |||||||||||||
Fiscal Year Ended March 31, | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Cost of product revenue | $ | 189 | $ | 114 | $ | 70 | |||||||
General and administrative | 548 | 578 | 1,025 | ||||||||||
Sales and marketing | 501 | 451 | 485 | ||||||||||
Research and development | 29 | 21 | 13 | ||||||||||
$ | 1,267 | $ | 1,164 | $ | 1,593 | ||||||||
The number of shares available for grant under the plans were as follows: | |||||||||||||
Available at March 31, 2011 | 1,577,676 | ||||||||||||
Granted stock options | (1,481,356 | ) | |||||||||||
Granted shares | (29,308 | ) | |||||||||||
Forfeited | 1,339,078 | ||||||||||||
Available at March 31, 2012 | 1,406,090 | ||||||||||||
Granted stock options | (1,054,876 | ) | |||||||||||
Granted shares | (33,422 | ) | |||||||||||
Restricted Shares | (163,750 | ) | |||||||||||
Forfeited restricted shares | 58,750 | ||||||||||||
Forfeited stock options | 1,419,986 | ||||||||||||
Available at March 31, 2013 | 1,632,778 | ||||||||||||
Granted stock options | (305,544 | ) | |||||||||||
Granted shares | (33,641 | ) | |||||||||||
Restricted shares | (526,663 | ) | |||||||||||
Forfeited restricted shares | 69,375 | ||||||||||||
Forfeited stock options | 455,691 | ||||||||||||
Available at March 31, 2014 | 1,291,996 | ||||||||||||
The following table summarizes information with respect to outstanding stock options: | |||||||||||||
Number of | Weighted | Weighted | Aggregate Intrinsic | ||||||||||
Shares | Average Exercise | Average Fair | Value | ||||||||||
Price | Value of | ||||||||||||
Options | |||||||||||||
Granted | |||||||||||||
Outstanding at March 31, 2011 | 3,658,768 | $ | 3.83 | 2.04 | |||||||||
Granted | 1,481,356 | $ | 3.56 | ||||||||||
Exercised | (103,413 | ) | $ | 1.45 | |||||||||
Forfeited | (1,339,078 | ) | $ | 4.18 | |||||||||
Outstanding at March 31, 2012 | 3,697,633 | $ | 3.76 | 1.95 | |||||||||
Granted | 1,054,876 | $ | 1.98 | ||||||||||
Exercised | (20,000 | ) | $ | 2.25 | |||||||||
Forfeited | (1,419,986 | ) | $ | 3.26 | |||||||||
Outstanding at March 31, 2013 | 3,312,523 | $ | 3.42 | 1.23 | |||||||||
Granted | 305,544 | $ | 2.41 | ||||||||||
Exercised | (446,059 | ) | $ | 2.58 | |||||||||
Forfeited | (455,691 | ) | $ | 3.52 | |||||||||
Outstanding at March 31, 2014 | 2,716,317 | $ | 3.43 | 1.32 | $ | 10,978,432 | |||||||
Exercisable at March 31, 2014 | 1,586,940 | $ | 5,614,065 | ||||||||||
The following table summarizes the range of exercise prices on outstanding stock options at March 31, 2014: | |||||||||||||
31-Mar-14 | |||||||||||||
Outstanding | Weighted Average Remaining Contractual Life (Years) | Weighted Average Exercise Price | Vested | Weighted Average Exercise Price | |||||||||
$0.75 | 10,000 | 1 | $0.75 | 10,000 | $0.75 | ||||||||
1.62 - 2.25 | 882,709 | 6.58 | 2.01 | 350,959 | 2.09 | ||||||||
2.41 - 2.75 | 546,944 | 8.08 | 2.48 | 192,920 | 2.49 | ||||||||
2.86 - 4.28 | 821,207 | 5.91 | 3.42 | 607,904 | 3.4 | ||||||||
4.49 - 4.76 | 54,400 | 3.75 | 4.65 | 52,800 | 4.65 | ||||||||
5.35 - 6.05 | 220,706 | 5.33 | 5.47 | 192,006 | 5.47 | ||||||||
9 | 43,000 | 3.87 | 9 | 43,000 | 9 | ||||||||
10.14 - 11.61 | 137,351 | 3.83 | 11.02 | 137,351 | 11.02 | ||||||||
2,716,317 | 6.32 | $3.43 | 1,586,940 | $4.09 | |||||||||
The aggregate intrinsic value represents the total pre-tax intrinsic value, which is calculated as the difference between the exercise price of the underlying stock options and the fair value of the Company’s closing common stock price of $7.25 as of March 31, 2014. | |||||||||||||
Unrecognized compensation cost related to non-vested common stock-based compensation as of March 31, 2014 is as follows (in thousands): | |||||||||||||
Fiscal 2015 | $ | 1,098 | |||||||||||
Fiscal 2016 | 868 | ||||||||||||
Fiscal 2017 | 519 | ||||||||||||
Fiscal 2018 | 361 | ||||||||||||
Fiscal 2019 | 134 | ||||||||||||
Thereafter | 7 | ||||||||||||
$ | 2,987 | ||||||||||||
Remaining weighted average expected term | 5.1 years | ||||||||||||
During fiscal 2014, the Company granted restricted shares as follows (which are included in the above stock plan activity tables): | |||||||||||||
Balance at March 31, 2013 | 105,000 | ||||||||||||
Shares issued | 526,663 | ||||||||||||
Shares vested | (23,084 | ) | |||||||||||
Shares forfeited | (69,375 | ) | |||||||||||
Shares outstanding at March 31, 2014 | 539,204 | ||||||||||||
Per share price on grant date | $1.80-6.97 | ||||||||||||
Compensation expense | $ | 261,351 | |||||||||||
As of March 31, 2014, the weighted average grant-date fair value of restricted shares granted was $3.32. | |||||||||||||
The Company has previously issued warrants in connection with various stock offerings and services rendered. The warrants grant the holder the option to purchase common stock at specified prices for a specified period of time. No warrants were issued in fiscal 2012, 2013 or 2014. | |||||||||||||
Outstanding warrants are comprised of the following: | |||||||||||||
Number of | Weighted | ||||||||||||
Shares | Average | ||||||||||||
Exercise Price | |||||||||||||
Outstanding at March 31, 2011 | 38,980 | $ | 2.25 | ||||||||||
Issued | — | — | |||||||||||
Exercised | — | $ | — | ||||||||||
Cancelled | — | $ | — | ||||||||||
Outstanding at March 31, 2012 | 38,980 | $ | 2.25 | ||||||||||
Issued | — | — | |||||||||||
Exercised | — | — | |||||||||||
Cancelled | — | — | |||||||||||
Outstanding at March 31, 2013 | 38,980 | $ | 2.25 | ||||||||||
Issued | — | — | |||||||||||
Exercised | — | — | |||||||||||
Cancelled | — | — | |||||||||||
Outstanding at March 31, 2014 | 38,980 | $ | 2.25 | ||||||||||
A summary of outstanding warrants as of March 31, 2014 follows: | |||||||||||||
Exercise Price | Number of Shares | Expiration | |||||||||||
$2.25 | 38,980 | Fiscal 2015 |
Segment_Data
Segment Data | 12 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
SEGMENT DATA | ' | |||||||||||||||||||||||
SEGMENT DATA | ||||||||||||||||||||||||
The descriptions of the Company’s segments and their summary financial information are presented below. | ||||||||||||||||||||||||
Energy Management | ||||||||||||||||||||||||
The Energy Management Division develops, manufactures, integrates and sells commercial HIF and other lighting systems and energy management systems. | ||||||||||||||||||||||||
Engineered Systems | ||||||||||||||||||||||||
The Engineered Systems Division sells and integrates alternative renewable energy systems, such as solar and wind systems. | ||||||||||||||||||||||||
Corporate and Other | ||||||||||||||||||||||||
Corporate and Other is comprised of operating expenses not directly allocated to the Company’s segments and adjustments to reconcile to consolidated results, which primarily include intercompany eliminations. | ||||||||||||||||||||||||
Revenues | Operating (Loss) Profit | |||||||||||||||||||||||
For the year ended March 31, | For the year ended March 31, | |||||||||||||||||||||||
(dollars in thousands) | 2012 | 2013 | 2014 | 2012 | 2013 | 2014 | ||||||||||||||||||
Segments: | ||||||||||||||||||||||||
Energy Management | $ | 72,097 | $ | 67,437 | $ | 66,793 | $ | 4,974 | $ | 245 | $ | (1,743 | ) | |||||||||||
Engineered Systems | 28,465 | 18,649 | 21,830 | 569 | 671 | 1,991 | ||||||||||||||||||
Corporate and Other | — | — | — | (5,021 | ) | (7,520 | ) | (8,591 | ) | |||||||||||||||
$ | 100,562 | $ | 86,086 | $ | 88,623 | $ | 522 | $ | (6,604 | ) | $ | (8,343 | ) | |||||||||||
Depreciation and Amortization | Capital Expenditures | |||||||||||||||||||||||
For the year ended March 31, | For the year ended March 31, | |||||||||||||||||||||||
(dollars in thousands) | 2012 | 2013 | 2014 | 2012 | 2013 | 2014 | ||||||||||||||||||
Segments: | ||||||||||||||||||||||||
Energy Management | $ | 1,703 | $ | 1,774 | $ | 2,667 | $ | 1,179 | $ | 993 | $ | 276 | ||||||||||||
Engineered Systems | 287 | 249 | 302 | 34 | 50 | — | ||||||||||||||||||
Corporate and Other | 2,246 | 2,554 | 1,569 | 3,114 | 1,116 | 134 | ||||||||||||||||||
$ | 4,236 | $ | 4,577 | $ | 4,538 | $ | 4,327 | $ | 2,159 | $ | 410 | |||||||||||||
Total Assets | Deferred Revenue | |||||||||||||||||||||||
(dollars in thousands) | March 31, 2013 | March 31, 2014 | March 31, 2013 | March 31, 2014 | ||||||||||||||||||||
Segments: | ||||||||||||||||||||||||
Energy Management | $ | 58,627 | $ | 57,118 | $ | 564 | $ | 276 | ||||||||||||||||
Engineered Systems | 9,339 | 7,742 | 3,640 | 1,654 | ||||||||||||||||||||
Corporate and Other | 34,131 | 34,080 | — | — | ||||||||||||||||||||
$ | 102,097 | $ | 98,940 | $ | 4,204 | $ | 1,930 | |||||||||||||||||
The Company’s revenue and long-lived assets outside the United States are insignificant. | ||||||||||||||||||||||||
Beginning in fiscal 2015, the Company intends to reorganize its business into the following business segments: U.S. markets, Orion engineered systems and Orion distribution services. The U.S. markets division will focus on selling lighting solutions into the wholesale markets. Its customers will include domestic energy service companies and electrical contractors. The Orion engineered systems division will focus on selling lighting products and construction and engineering services direct to end users. Additionally, Orion engineered systems will complete the construction management services related to existing contracted solar PV projects. Its customers will include national accounts, government, municipal and schools. The Orion distribution services division will focus on selling lighting products internationally and will begin to develop a network of broad line distributors. Historically, sales of all of the Company's lighting products and the related costs were combined through its energy management division. For this reason, the Company believes that it will be able to recast prior period revenue totals for the new segments, but does not believe that it will be able to practically recast the prior period operating income or loss for these new segments. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
SUBSEQUENT EVENTS | |
On May 23, 2014, the Company sold its operating facility in Plymouth, Wisconsin. Net proceeds from the sale were $1.0 million, after the payment of agent commissions. The facility was classified as an asset held for sale with a value of $1.0 million and was included in the Company's financial statements as prepaid expenses and other current assets. |
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Quarterly Financial Data [Abstract] | ' | |||||||||||||||||||
QUARTERLY FINANCIAL DATA (UNAUDITED) | ' | |||||||||||||||||||
QUARTERLY FINANCIAL DATA (UNAUDITED) | ||||||||||||||||||||
Summary quarterly results for the years ended March 31, 2013 and March 31, 2014 are as follows: | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
Jun 30, 2012 | Sep 30, 2012 | Dec 31, 2012 | Mar 31, 2013 | Total | ||||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||||||
Total revenue | $ | 15,310 | $ | 19,408 | $ | 29,087 | $ | 22,281 | $ | 86,086 | ||||||||||
Gross profit | $ | 4,373 | $ | 5,805 | $ | 8,581 | $ | 7,971 | $ | 26,730 | ||||||||||
Net income (loss) | $ | (1,940 | ) | $ | (9,659 | ) | $ | 651 | $ | 549 | $ | (10,399 | ) | |||||||
Basic net income per share | $ | (0.09 | ) | $ | (0.46 | ) | $ | 0.03 | $ | 0.03 | $ | (0.50 | ) | |||||||
Shares used in basic per share calculation | 22,561 | 21,076 | 20,192 | 20,157 | 20,997 | |||||||||||||||
Diluted net income per share | $ | (0.09 | ) | $ | (0.46 | ) | $ | 0.03 | $ | 0.03 | $ | (0.50 | ) | |||||||
Shares used in diluted per share calculation | 22,561 | 21,076 | 20,245 | 20,308 | 20,997 | |||||||||||||||
Three Months Ended | ||||||||||||||||||||
Jun 30, 2013 | Sep 30, 2013 | Dec 31, 2013 | Mar 31, 2014 | Total | ||||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||||||
Total revenue | $ | 20,852 | $ | 27,495 | $ | 27,692 | $ | 12,584 | $ | 88,623 | ||||||||||
Gross profit | $ | 5,723 | $ | 7,829 | $ | 8,150 | $ | 1,278 | $ | 22,980 | ||||||||||
Net income (loss) | $ | (781 | ) | $ | 2,403 | $ | 1,018 | $ | (8,839 | ) | $ | (6,199 | ) | |||||||
Basic net income per share | $ | (0.04 | ) | $ | 0.11 | $ | 0.05 | $ | (0.41 | ) | $ | (0.30 | ) | |||||||
Shares used in basic per share calculation | 20,174 | 21,090 | 21,220 | 21,469 | 20,988 | |||||||||||||||
Diluted net income per share | $ | (0.04 | ) | $ | 0.11 | $ | 0.05 | $ | (0.41 | ) | $ | (0.30 | ) | |||||||
Shares used in diluted per share calculation | 20,174 | 21,542 | 22,329 | 21,469 | 20,988 | |||||||||||||||
The four quarters for net earnings per share may not add to the total year because of differences in the weighted average number of shares outstanding during the quarters and the year. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||||||||||
Principles of Consolidation | ' | |||||||||||||||||||||||
Principles of Consolidation | ||||||||||||||||||||||||
The consolidated financial statements include the accounts of Orion Energy Systems, Inc. and its wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. | ||||||||||||||||||||||||
Reclassifications | ' | |||||||||||||||||||||||
Reclassifications | ||||||||||||||||||||||||
Where appropriate, certain reclassifications were made to prior years' financial statements to conform to the current year presentation. | ||||||||||||||||||||||||
Use of Estimates | ' | |||||||||||||||||||||||
Use of Estimates | ||||||||||||||||||||||||
The preparation of financial statements in conformity with Generally Accepted Accounting Principles, or GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during that reporting period. Areas that require the use of significant management estimates include revenue recognition, inventory obsolescence and bad debt reserves, accruals for warranty expenses, income taxes and certain equity transactions. Accordingly, actual results could differ from those estimates. | ||||||||||||||||||||||||
Cash and Cash Equivalents | ' | |||||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||
The Company considers all highly liquid, short-term investments with original maturities of three months or less to be cash equivalents. | ||||||||||||||||||||||||
Short-Term Investments | ' | |||||||||||||||||||||||
Short-Term Investments | ||||||||||||||||||||||||
The amortized cost and fair value of short-term investments, with gross unrealized gains and losses, as of March 31, 2013 and 2014 were as follows (in thousands): | ||||||||||||||||||||||||
31-Mar-13 | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair Value | Cash and Cash | Short-Term | |||||||||||||||||||
Cost | Gains | Losses | Equivalents | Investments | ||||||||||||||||||||
Money market funds | $ | 487 | $ | — | $ | — | $ | 487 | $ | 487 | $ | — | ||||||||||||
Bank certificate of deposit | 1,021 | — | — | 1,021 | — | 1,021 | ||||||||||||||||||
Total | $ | 1,508 | $ | — | $ | — | $ | 1,508 | $ | 487 | $ | 1,021 | ||||||||||||
31-Mar-14 | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair Value | Cash and Cash | Short-Term | |||||||||||||||||||
Cost | Gains | Losses | Equivalents | Investments | ||||||||||||||||||||
Money market funds | $ | 488 | $ | — | $ | — | $ | 488 | $ | 488 | $ | — | ||||||||||||
Bank certificate of deposit | 470 | — | — | 470 | — | 470 | ||||||||||||||||||
Total | $ | 958 | $ | — | $ | — | $ | 958 | $ | 488 | $ | 470 | ||||||||||||
As of March 31, 2013 and 2014, the Company’s financial assets described in the table above were measured at cost which approximates fair value due to the short-term nature of the investment (level 1 inputs). | ||||||||||||||||||||||||
Fair Value of Financial Instruments | ' | |||||||||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||||||||||
The Company’s financial instruments consist of cash, short-term investments, accounts receivable, accounts payable, accrued expenses and other and long-term debt. The carrying amounts of the Company’s financial instruments approximate their respective fair values due to the relatively short-term nature of these instruments, or in the case of long-term, because of the interest rates currently available to the Company for similar obligations. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. GAAP describes a fair value hierarchy based on the following three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value: | ||||||||||||||||||||||||
Level 1 — Valuations are based on unadjusted quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||||||||||
Level 2 — Valuations are based on quoted prices for similar assets or liabilities in active markets, or quoted prices in markets that are not active for which significant inputs are observable, either directly or indirectly. | ||||||||||||||||||||||||
Level 3 — Valuations are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Inputs reflect management’s best estimate of what market participants would use in valuing the asset or liability at the measurement date. | ||||||||||||||||||||||||
Accounts Receivable | ' | |||||||||||||||||||||||
Accounts Receivable | ||||||||||||||||||||||||
Substantially all of the Company’s accounts receivable are due from companies in the commercial, industrial and agricultural industries, as well as wholesalers. Credit is extended based on an evaluation of a customer’s financial condition. Generally, collateral is not required for end users; however, the payment of certain trade accounts receivable from wholesalers is secured by irrevocable standby letters of credit and/or guarantees. Accounts receivable are generally due within 30-60 days. Accounts receivable are stated at the amount the Company expects to collect from outstanding balances. The Company provides for probable uncollectible amounts through a charge to earnings and a credit to an allowance for doubtful accounts based on its assessment of the current status of individual accounts. Balances that are still outstanding after the Company has used reasonable collection efforts are written off through a charge to the allowance for doubtful accounts and a credit to accounts receivable. | ||||||||||||||||||||||||
Financing Receivables | ' | |||||||||||||||||||||||
Financing Receivables | ||||||||||||||||||||||||
The Company considers its lease balances included in consolidated current and long-term accounts receivable from its Orion Throughput Agreement, or OTA, sales-type leases to be financing receivables. | ||||||||||||||||||||||||
Allowance for Credit Losses on Financing Receivables | ||||||||||||||||||||||||
The Company’s allowance for credit losses is based on management’s assessment of the collectability of customer accounts. A considerable amount of judgment is required in order to make this assessment including a detailed analysis of the aging of the lease receivables and the current credit worthiness of the Company's customers and an analysis of historical bad debts and other adjustments. If there is a deterioration of a major customer’s credit worthiness or actual defaults are higher than historical experience, the estimate of the recoverability of amounts due could be adversely affected. The Company reviews in detail the allowance for doubtful accounts on a quarterly basis and adjusts the allowance estimate to reflect actual portfolio performance and any changes in future portfolio performance expectations. The Company believes that there is no impairment of the receivables for the sales-type leases. | ||||||||||||||||||||||||
Inventories | ' | |||||||||||||||||||||||
Inventories | ||||||||||||||||||||||||
Inventories consist of raw materials and components, such as ballasts, metal sheet and coil stock and molded parts; work in process inventories, such as frames and reflectors; and finished goods, including completed fixtures and systems, and wireless energy management systems and accessories, such as lamps, meters and power supplies. All inventories are stated at the lower of cost or market value with cost determined using the first-in, first-out (FIFO) method. The Company reduces the carrying value of its inventories for differences between the cost and estimated net realizable value, taking into consideration usage in the preceding 9 to 24 months, expected demand, and other information indicating obsolescence. The Company records as a charge to cost of product revenue the amount required to reduce the carrying value of inventory to net realizable value. As of March 31, 2013 and 2014, the Company had inventory obsolescence reserves of $2.3 million and $2.5 million, respectively. | ||||||||||||||||||||||||
Costs associated with the procurement and warehousing of inventories, such as inbound freight charges and purchasing and receiving costs, are also included in cost of product revenue. | ||||||||||||||||||||||||
Deferred Contract Costs | ' | |||||||||||||||||||||||
Deferred Contract Costs | ||||||||||||||||||||||||
Deferred contract costs consist primarily of the costs of products delivered, and services performed, that are subject to additional performance obligations or customer acceptance. These deferred contract costs are expensed at the time the related revenue is recognized. | ||||||||||||||||||||||||
Prepaid Expenses and Other Current Assets | ' | |||||||||||||||||||||||
Prepaid Expenses and Other Current Assets | ||||||||||||||||||||||||
Prepaid expenses and other current assets consist primarily of prepaid insurance premiums, prepaid license fees, purchase deposits, advance payments to contractors, unbilled revenue, prepaid taxes and miscellaneous receivables. | ||||||||||||||||||||||||
Property and Equipment | ' | |||||||||||||||||||||||
Property and Equipment | ||||||||||||||||||||||||
Property and equipment are stated at cost. Expenditures for additions and improvements are capitalized, while replacements, maintenance and repairs which do not improve or extend the lives of the respective assets are expensed as incurred. Properties sold, or otherwise disposed of, are removed from the property accounts, with gains or losses on disposal credited or charged to income from operations. | ||||||||||||||||||||||||
The Company periodically reviews the carrying values of property and equipment for impairment in accordance with ASC 360, Property, Plant and Equipment, if events or changes in circumstances indicate that the assets may be impaired. The estimated future undiscounted cash flows expected to result from the use of the assets and their eventual disposition are compared to the assets’ carrying amount to determine if a write down to market value is required. No write downs were recorded in fiscal 2012 or 2013. In fiscal 2014, an impairment charge of $0.2 million was recorded. | ||||||||||||||||||||||||
Property and equipment were comprised of the following (in thousands): | ||||||||||||||||||||||||
March 31, 2013 | March 31, 2014 | |||||||||||||||||||||||
Land and land improvements | $ | 1,562 | $ | 1,480 | ||||||||||||||||||||
Buildings | 15,918 | 14,405 | ||||||||||||||||||||||
Furniture, fixtures and office equipment | 11,995 | 10,713 | ||||||||||||||||||||||
Leasehold improvements | 58 | 46 | ||||||||||||||||||||||
Equipment leased to customers under Power Purchase Agreements | 4,997 | 4,997 | ||||||||||||||||||||||
Plant equipment | 10,620 | 10,103 | ||||||||||||||||||||||
Construction in progress | 91 | 60 | ||||||||||||||||||||||
45,241 | 41,804 | |||||||||||||||||||||||
Less: accumulated depreciation and amortization | (17,294 | ) | (18,669 | ) | ||||||||||||||||||||
Net property and equipment | $ | 27,947 | $ | 23,135 | ||||||||||||||||||||
The Company has no equipment under capital leases. | ||||||||||||||||||||||||
Depreciation is provided over the estimated useful lives of the respective assets, using the straight-line method. | ||||||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | |||||||||||||||||||||||
Goodwill and Other Intangible Assets | ||||||||||||||||||||||||
The costs of specifically identifiable intangible assets that do not have an indefinite life are amortized over their estimated useful lives. Goodwill and intangible assets with indefinite lives are not amortized. Goodwill and intangible assets with indefinite lives are reviewed for impairment annually, as of January 1, or more frequently if impairment indicators arise. Amortizable intangible assets are amortized over their estimated economic useful life to reflect the pattern of economic benefits consumed based upon the following lives and methods: | ||||||||||||||||||||||||
Patents | 10-17 years | Straight-line | ||||||||||||||||||||||
Licenses | 7-13 years | Straight-line | ||||||||||||||||||||||
Customer relationships | 5-8 years | Accelerated based upon the pattern of economic benefits consumed | ||||||||||||||||||||||
Developed technology | 8 years | Accelerated based upon the pattern of economic benefits consumed | ||||||||||||||||||||||
Non-competition agreements | 5 years | Straight-line | ||||||||||||||||||||||
Indefinite lived intangible assets are evaluated for potential impairment whenever events or circumstances indicate that the carrying value may not be recoverable based primarily upon whether expected future undiscounted cash flows are sufficient to support the asset recovery. If the actual useful life of the asset is shorter than the estimated life estimated by us, the asset may be deemed to be impaired and accordingly a write-down of the value of the asset determined by a discounted cash flow analysis or shorter amortization period may be required. | ||||||||||||||||||||||||
The change in the carrying value of goodwill during fiscal 2014 was as follows (in thousands): | ||||||||||||||||||||||||
Balance at March 31, 2013 | $ | — | ||||||||||||||||||||||
Acquisition of Harris | 4,409 | |||||||||||||||||||||||
Balance at March 31, 2014 | $ | 4,409 | ||||||||||||||||||||||
The components of, and changes in, the carrying amount of other intangible assets were as follows (in thousands): | ||||||||||||||||||||||||
March 31, 2013 | March 31, 2014 | |||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||||||||||||||
Patents | $ | 2,358 | $ | (649 | ) | $ | 2,362 | $ | (784 | ) | ||||||||||||||
Licenses | 58 | (58 | ) | 58 | (58 | ) | ||||||||||||||||||
Trade name and trademarks | — | — | 1,942 | — | ||||||||||||||||||||
Customer relationships | — | — | 3,600 | (535 | ) | |||||||||||||||||||
Developed technology | — | — | 900 | (19 | ) | |||||||||||||||||||
Non-competition agreements | — | — | 100 | (15 | ) | |||||||||||||||||||
Total | $ | 2,416 | $ | (707 | ) | $ | 8,962 | $ | (1,411 | ) | ||||||||||||||
As of March 31, 2014, the weighted average useful life of intangible assets was 7.3 years. The estimated amortization expense for each of the next five years is shown below (in thousands): | ||||||||||||||||||||||||
Fiscal 2015 | $ | 1,350 | ||||||||||||||||||||||
Fiscal 2016 | 1,220 | |||||||||||||||||||||||
Fiscal 2017 | 877 | |||||||||||||||||||||||
Fiscal 2018 | 602 | |||||||||||||||||||||||
Fiscal 2019 | 426 | |||||||||||||||||||||||
Thereafter | 1,134 | |||||||||||||||||||||||
$ | 5,609 | |||||||||||||||||||||||
Amortization expense is set forth in the following table: | ||||||||||||||||||||||||
Fiscal Year Ended March 31, | ||||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||||
Amortization included in cost of sales: | ||||||||||||||||||||||||
Patents | $ | 136 | $ | 133 | $ | 135 | ||||||||||||||||||
Total | $ | 136 | $ | 133 | $ | 135 | ||||||||||||||||||
Amortization included in operating expenses: | ||||||||||||||||||||||||
Customer relationships | $ | — | $ | — | $ | 535 | ||||||||||||||||||
Developed technology | — | — | 19 | |||||||||||||||||||||
Non-competition agreements | — | — | 15 | |||||||||||||||||||||
Total | — | — | 569 | |||||||||||||||||||||
Total amortization | $ | 136 | $ | 133 | $ | 704 | ||||||||||||||||||
The Company’s management periodically reviews the carrying value of intangible assets for impairment. | ||||||||||||||||||||||||
Long Term Receivables | ' | |||||||||||||||||||||||
Long-Term Receivables | ||||||||||||||||||||||||
The Company records a long-term receivable for the non-current portion of its sales-type capital lease OTA contracts. The receivable is recorded at the net present value of the future cash flows from scheduled customer payments. The Company uses the implied cost of capital from each individual contract as the discount rate. | ||||||||||||||||||||||||
Also included in other long-term receivables are amounts due from a third party finance company to which the Company has sold, without recourse, the future cash flows from OTAs entered into with customers. Such receivables are recorded at the present value of the future cash flows discounted between 8.8% and 11.0%. | ||||||||||||||||||||||||
Long Term Inventories | ' | |||||||||||||||||||||||
Long-Term Inventories | ||||||||||||||||||||||||
The Company records long-term inventory for the non-current portion of its wireless controls inventory. The inventories are stated at the lower of cost or market value with cost determined using the FIFO method. | ||||||||||||||||||||||||
Other Long Term Assets | ' | |||||||||||||||||||||||
Other Long-Term Assets | ||||||||||||||||||||||||
Other long-term assets include long-term security deposits, prepaid licensing costs, deferred costs for a long-term contract, and deferred financing costs. Other long-term assets include $58,000 and $33,000 of deferred financing costs as of March 31, 2013 and March 31, 2014, respectively. Deferred financing costs related to debt issuances are amortized to interest expense over the life of the related debt issue (1 to 10 years). | ||||||||||||||||||||||||
Accrued Expenses and Other | ' | |||||||||||||||||||||||
Accrued Expenses and Other | ||||||||||||||||||||||||
Accrued expenses include warranty accruals, accrued wages and benefits, accrued vacation, accrued legal costs, accrued commissions, customer deposits, accrued acquisition liabilities, accrued project costs, sales tax payable and other various unpaid expenses. Accrued expenses include $1.3 million and $0.0 million of accrued reorganization and settlement costs as of March 31, 2013 and March 31, 2014, respectively; and $0.7 million and $1.0 million of accrued project costs as of March 31, 2013 and March 31, 2014, respectively. | ||||||||||||||||||||||||
The Company generally offers a limited warranty of one year on its lighting products in addition to those standard warranties offered by major original equipment component manufacturers. The manufacturers’ warranties cover lamps and ballasts, which are significant components in the Company’s lighting products. | ||||||||||||||||||||||||
Incentive Compensation | ' | |||||||||||||||||||||||
Incentive Compensation | ||||||||||||||||||||||||
The Company’s compensation committee approved an Executive Fiscal Year 2012 Annual Cash Incentive Program under its 2004 Stock and Incentive Awards Plan which became effective as of May 21, 2011. The plan provided for performance based stock option awards ranging in fair value from 13-15% of the fiscal 2012 base salaries of the Company’s named executive officers. The range of fiscal 2012 financial performance-based bonus guidelines under the approved plan began if the Company achieved all of the following: a minimum of $115.0 million in revenue, a minimum of $4.9 million in net income and a minimum of $4.9 million in free cash flow. Free cash flow was defined as cash flow from operations less cash flow used for the purchase of property, plant and equipment. Additionally, if the Company’s performance was greater than 120% of the targets, a cash performance bonus payment was earned that would range from 12-14% of the fiscal 2012 base salaries. Based upon the results for the year ended March 31, 2012, the Company did not accrue any expense related to this plan. | ||||||||||||||||||||||||
The Company’s compensation committee approved an Executive Fiscal Year 2013 Annual Cash Incentive Program under its 2004 Stock and Incentive Awards Plan which became effective as of June 14, 2012. The plan provided for performance and discretionary cash bonus payments ranging from 25-100% of the fiscal 2013 base salaries of the Company’s named executive officers and other key employees. The plan provided for bonuses to be paid out on the basis of the achievement in fiscal 2013 of (i) target revenue of $119 million and/or (ii) target net income of $3.7 million. Revenue and net income were selected as the performance measures for the cash bonus program because they were viewed as the most critical elements to increasing the value of the Company's common stock and, therefore, to the Company's enterprise value. The compensation committee established a target bonus as a percentage of base salary for each of the named executive officers. If the Company achieved 90% of either or both the revenue and net income targets ($107 million in revenue or $3.33 million in net income), then the named executive officers would have received 50% of their target bonus for that element. If either or both of the target revenue or net income were exceeded, the named executive officers would be eligible to earn up to two times their target bonus for that element based on a sliding scale of up to 150% of the target revenue or net income. As described below, this plan was superseded by a new plan in November 2012, and, therefore, the Company did not accrue any expense related to this plan. | ||||||||||||||||||||||||
Effective November 9, 2012, the Company’s Compensation Committee approved a new incentive cash bonus program for the second half of fiscal 2013 in replacement of the then existing fiscal 2013 incentive bonus program described above. The new incentive cash bonus program provided a cash bonus opportunity to named executive officers and other key employees based on the Company’s relative achievement, in the second half of fiscal 2013, of target operating income (before bonuses and other extraordinary or unusual items) and target cost containment initiatives. Under the new program, 50% of the target bonus payments were based on the Company’s relative achievement of its cost containment target of $1.48 million for the second half of fiscal 2013. For every $1.00 of cost containment achieved, a bonus pool of $0.167 would be earned, up to a maximum total bonus pool of $247,000 for all employees. The other 50% of the target bonus payments would be based on the Company achieving operating income (before bonuses and other extraordinary or unusual items) of $500,000 for the second half of fiscal 2013. For every $1.00 of operating profit achieved, a bonus pool of $0.50 would be earned, up to a maximum total bonus pool of $247,000 for all employees. Based upon the results for the year ended March 31, 2013, the Company accrued the maximum expense related to this plan. | ||||||||||||||||||||||||
The Company’s compensation committee approved an Executive Fiscal Year 2014 Annual Cash Incentive Program under its 2004 Stock and Incentive Awards Plan which became effective as of May 13, 2013. The plan provided for performance cash bonus payments ranging from 35-100% of the fiscal 2014 base salaries of the Company’s named executive officers and other key employees. The plan provided for bonuses to be paid out on the basis of the achievement in fiscal 2014 of at least (i) $2.0 million of profit before taxes and (ii) revenue of at least $88.0 million. Based upon the results for the year ended March 31, 2014, the Company did not accrue any expense related to this plan. | ||||||||||||||||||||||||
Revenue Recognition | ' | |||||||||||||||||||||||
Revenue Recognition | ||||||||||||||||||||||||
Revenue is recognized on the sales of our lighting and related energy efficiency systems and products when the following four criteria are met: | ||||||||||||||||||||||||
1 | persuasive evidence of an arrangement exists; | |||||||||||||||||||||||
2 | delivery has occurred and title has passed to the customer; | |||||||||||||||||||||||
3 | the sales price is fixed and determinable and no further obligation exists; and | |||||||||||||||||||||||
4 | collectability is reasonably assured. | |||||||||||||||||||||||
These four criteria are met for the Company’s product-only revenue upon delivery of the product and title passing to the customer. At that time, the Company provides for estimated costs that may be incurred for product warranties and sales returns. Revenues are presented net of sales tax and other sales related taxes. | ||||||||||||||||||||||||
For sales of the Company’s lighting and energy management technologies, consisting of multiple elements of revenue, such as a combination of product sales and services, the Company determines revenue by allocating the total contract revenue to each element based on their relative selling prices in accordance with ASC 605-25, Revenue Recognition - Multiple Element Arrangements. In such circumstances, the Company uses a hierarchy to determine the selling price to be used for allocating revenue to deliverables: (1) vendor-specific objective evidence (VSOE) of fair value, if available, (2) third-party evidence (TPE) of selling price if VSOE is not available, and (3) best estimate of the selling price if neither VSOE nor TPE is available (a description as to how the Company determined estimated selling price is provided below). | ||||||||||||||||||||||||
The nature of the Company’s multiple element arrangements for the sale of its lighting and energy management technologies is similar to a construction project, with materials being delivered and contracting and project management activities occurring according to an installation schedule. The significant deliverables include the shipment of products and related transfer of title and the installation. | ||||||||||||||||||||||||
To determine the selling price in multiple-element arrangements, the Company establishes the selling price for its HIF lighting and energy management system products using management's best estimate of the selling price, as VSOE or TPE does not exist. Product revenue is recognized when products are shipped. For product revenue, management's best estimate of selling price is determined using a cost plus gross profit margin method. In addition, the Company records in service revenue the selling price for its installation and recycling services using management’s best estimate of selling price, as VSOE or TPE does not exist. Service revenue is recognized when services are completed and customer acceptance has been received. Recycling services provided in connection with installation entail the disposal of the customer’s legacy lighting fixtures. The Company’s service revenues, other than for installation and recycling that are completed prior to delivery of the product, are included in product revenue using management’s best estimate of selling price, as VSOE or TPE does not exist. These services include comprehensive site assessment, site field verification, utility incentive and government subsidy management, engineering design, and project management. For these services, along with the Company's installation and recycling services, under a multiple-element arrangement, management’s best estimate of selling price is determined by considering several external and internal factors including, but not limited to, economic conditions and trends, customer demand, pricing practices, margin objectives, competition, geographies in which the Company offers its products and services and internal costs. The determination of estimated selling price is made through consultation with and approval by management, taking into account all of the preceding factors. | ||||||||||||||||||||||||
For sales of solar photovoltaic systems, which are governed by customer contracts that require the Company to deliver functioning solar power systems and are generally completed within three to 15 months from the start of construction, the Company recognizes revenue from fixed price construction contracts using the percentage-of-completion method in accordance with ASC 605-35, Construction-Type and Production-Type Contracts. Under this method, revenue arising from fixed price construction contracts is recognized as work is performed based upon the percentage of incurred costs to estimated total forecasted costs. The Company has determined that the appropriate method of measuring progress on these sales is measured by the percentage of costs incurred to date of the total estimated costs for each contract as materials are installed. The percentage-of-completion method requires revenue recognition from the delivery of products to be deferred and the cost of such products to be capitalized as a deferred cost and current asset on the balance sheet. The Company performs periodic evaluations of the progress of the installation of the solar photovoltaic systems using actual costs incurred over total estimated costs to complete a project. Provisions for estimated losses on uncompleted contracts, if any, are recognized in the period in which the loss first becomes probable and reasonably estimable. | ||||||||||||||||||||||||
The Company offers a financing program, called an Orion Throughput Agreement, or OTA, for a customer’s lease of the Company’s energy management systems. The OTA is structured as a sales-type lease and upon successful installation of the system and customer acknowledgment that the system is operating as specified, revenue is recognized at the Company’s net investment in the lease, which typically is the net present value of the future cash flows. | ||||||||||||||||||||||||
The Company offers a financing program, called a power purchase agreement, or PPA, for the Company’s renewable energy product offerings. A PPA is a supply side agreement for the generation of electricity and subsequent sale to the end user. Upon the customer’s acknowledgment that the system is operating as specified, product revenue is recognized on a monthly basis over the life of the PPA contract, which is typically in excess of 10 years. | ||||||||||||||||||||||||
Deferred revenue relates to advance customer billings, investment tax grants received related to PPAs and a separate obligation to provide maintenance on OTAs and is classified as a liability on the Consolidated Balance Sheet. The fair value of the maintenance is readily determinable based upon pricing from third-party vendors. Deferred revenue related to maintenance services is recognized when the services are delivered, which occurs in excess of a year after the original OTA contract is executed. | ||||||||||||||||||||||||
Shipping and Handling Costs | ' | |||||||||||||||||||||||
Shipping and Handling Costs | ||||||||||||||||||||||||
The Company records costs incurred in connection with shipping and handling of products as cost of product revenue. Amounts billed to customers in connection with these costs are included in product revenue. | ||||||||||||||||||||||||
Advertising | ' | |||||||||||||||||||||||
Advertising | ||||||||||||||||||||||||
Advertising costs of $117,000, $111,000 and $28,000 for fiscal 2012, 2013 and 2014, respectively, were charged to operations as incurred. | ||||||||||||||||||||||||
Research and Development | ' | |||||||||||||||||||||||
Research and Development | ||||||||||||||||||||||||
The Company expenses research and development costs as incurred. | ||||||||||||||||||||||||
Income Taxes | ' | |||||||||||||||||||||||
Income Taxes | ||||||||||||||||||||||||
The Company recognizes deferred tax assets and liabilities for the future tax consequences of temporary differences between financial reporting and income tax basis of assets and liabilities, measured using the enacted tax rates and laws expected to be in effect when the temporary differences reverse. Deferred income taxes also arise from the future tax benefits of operating loss and tax credit carryforwards. A valuation allowance is established when management determines that it is more likely than not that all or a portion of a deferred tax asset will not be realized. For the fiscal year ended March 31, 2014, the Company recorded a valuation allowance of $0.8 million against its deferred tax assets. | ||||||||||||||||||||||||
ASC 740, Income Taxes, also prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination. The Company has classified the amounts recorded for uncertain tax benefits in the balance sheet as other liabilities (non-current) to the extent that payment is not anticipated within one year. The Company recognizes penalties and interest related to uncertain tax liabilities in income tax expense. Penalties and interest are immaterial and are included in the unrecognized tax benefits. | ||||||||||||||||||||||||
Deferred tax benefits have not been recognized for income tax effects resulting from the exercise of non-qualified stock options. These benefits will be recognized in the period in which the benefits are realized as a reduction in taxes payable and an increase in additional paid-in capital. | ||||||||||||||||||||||||
Stock Option Plans | ' | |||||||||||||||||||||||
Stock Option Plans | ||||||||||||||||||||||||
The Company’s share-based payments to employees are measured at fair value and are recognized in earnings, net of estimated forfeitures, on a straight-line basis over the requisite service period. | ||||||||||||||||||||||||
Cash flows from the exercise of stock options resulting from tax benefits in excess of recognized cumulative compensation costs (excess tax benefits) are classified as financing cash flows. For the years ended March 31, 2012, 2013 and 2014, $989,000, $70,000 and $13,000, respectively, of such excess tax benefits were classified as financing cash flows. | ||||||||||||||||||||||||
The Company uses the Black-Scholes option-pricing model. The Company calculates volatility based upon the historical market price of its common stock. The risk-free interest rate is the rate available as of the option date on zero-coupon U.S. Government issues with a remaining term equal to the expected term of the option. The expected term is based upon the vesting term of the Company’s options and expected exercise behavior. The Company has not paid dividends in the past and does not plan to pay any dividends in the foreseeable future. The Company estimates its forfeiture rate of unvested stock awards based on historical experience. | ||||||||||||||||||||||||
Net Income (Loss) per Common Share | ' | |||||||||||||||||||||||
Net Income (Loss) per Common Share | ||||||||||||||||||||||||
Basic net income (loss) per common share is computed by dividing net income (loss) attributable to common shareholders by the weighted-average number of common shares outstanding for the period and does not consider common stock equivalents. | ||||||||||||||||||||||||
Diluted net income (loss) per common share reflects the dilution that would occur if warrants and stock options were exercised and restricted shares vested. In the computation of diluted net income (loss) per common share, the Company uses the “treasury stock” method for outstanding options, warrants and restricted shares. Diluted net loss per common share is the same as basic net loss per common share for the years ended March 31, 2013 and March 31, 2014, because the effects of potentially dilutive securities are anti-dilutive. | ||||||||||||||||||||||||
Concentration of Credit Risk and Other Risks and Uncertainties | ' | |||||||||||||||||||||||
Concentration of Credit Risk and Other Risks and Uncertainties | ||||||||||||||||||||||||
The Company’s cash is deposited with five financial institutions. At times, deposits in these institutions exceed the amount of insurance provided on such deposits. The Company has not experienced any losses in such accounts and believes that it is not exposed to any significant risk on these balances. | ||||||||||||||||||||||||
Recent Accounting Pronouncements | ' | |||||||||||||||||||||||
Recent Accounting Pronouncements | ||||||||||||||||||||||||
In July 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2013-11 ("ASU 2013-11"), “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists." ASU 2013-11 requires an entity to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, in the financial statements as a reduction to the deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The provisions of ASU 2013-11 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Company is currently evaluating the impact of ASU 2013-11. | ||||||||||||||||||||||||
In May 2014, FASB issued ASU 2014-09, "Revenue from Contracts with Customers." This ASU is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of good or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. This ASU is effective for annual reporting periods beginning after December 15, 2016 and early adoption is not permitted. Accordingly, the Company will adopt this ASU on April 1, 2017. Companies may use either a full retrospective or modified retrospective approach to adopt this ASU and management is currently evaluating which transition approach to use. The Company is currently evaluating the impact of ASU 2014-09. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||||||||||
Amortized cost and fair value of short-term investments, with gross unrealized gains and losses | ' | |||||||||||||||||||||||
The amortized cost and fair value of short-term investments, with gross unrealized gains and losses, as of March 31, 2013 and 2014 were as follows (in thousands): | ||||||||||||||||||||||||
31-Mar-13 | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair Value | Cash and Cash | Short-Term | |||||||||||||||||||
Cost | Gains | Losses | Equivalents | Investments | ||||||||||||||||||||
Money market funds | $ | 487 | $ | — | $ | — | $ | 487 | $ | 487 | $ | — | ||||||||||||
Bank certificate of deposit | 1,021 | — | — | 1,021 | — | 1,021 | ||||||||||||||||||
Total | $ | 1,508 | $ | — | $ | — | $ | 1,508 | $ | 487 | $ | 1,021 | ||||||||||||
31-Mar-14 | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair Value | Cash and Cash | Short-Term | |||||||||||||||||||
Cost | Gains | Losses | Equivalents | Investments | ||||||||||||||||||||
Money market funds | $ | 488 | $ | — | $ | — | $ | 488 | $ | 488 | $ | — | ||||||||||||
Bank certificate of deposit | 470 | — | — | 470 | — | 470 | ||||||||||||||||||
Total | $ | 958 | $ | — | $ | — | $ | 958 | $ | 488 | $ | 470 | ||||||||||||
Credit quality of the Company's financing receivables using Aging Analysis | ' | |||||||||||||||||||||||
Additional disclosures on the credit quality of the Company’s financing receivables are as follows: | ||||||||||||||||||||||||
Age Analysis as of March 31, 2013 (in thousands): | ||||||||||||||||||||||||
Not Past Due | 1-90 days | Greater than 90 | Total past due | Total sales-type | ||||||||||||||||||||
past due | days past due | leases | ||||||||||||||||||||||
Lease balances included in consolidated accounts receivable—current | $ | 2,817 | $ | 97 | $ | 151 | $ | 248 | $ | 3,065 | ||||||||||||||
Lease balances included in consolidated accounts receivable—long-term | 4,009 | — | — | — | 4,009 | |||||||||||||||||||
Total gross sales-type leases | 6,826 | 97 | 151 | 248 | 7,074 | |||||||||||||||||||
Allowance | — | — | (74 | ) | (74 | ) | (74 | ) | ||||||||||||||||
Total net sales-type leases | $ | 6,826 | $ | 97 | $ | 77 | $ | 174 | $ | 7,000 | ||||||||||||||
Age Analysis as of March 31, 2014 (in thousands): | ||||||||||||||||||||||||
Not Past Due | 1-90 days | Greater than 90 | Total past due | Total sales-type | ||||||||||||||||||||
past due | days past due | leases | ||||||||||||||||||||||
Lease balances included in consolidated accounts receivable—current | $ | 2,067 | $ | 137 | $ | 149 | $ | 286 | $ | 2,353 | ||||||||||||||
Lease balances included in consolidated accounts receivable—long-term | 1,662 | — | — | — | 1,662 | |||||||||||||||||||
Total gross sales-type leases | 3,729 | 137 | 149 | 286 | 4,015 | |||||||||||||||||||
Allowance | (3 | ) | (3 | ) | (88 | ) | (91 | ) | (94 | ) | ||||||||||||||
Total net sales-type leases | $ | 3,726 | $ | 134 | $ | 61 | $ | 195 | $ | 3,921 | ||||||||||||||
Allowance for Credit Losses on Financing Receivables | ' | |||||||||||||||||||||||
The Company’s provision for write-offs and credit losses against the OTA sales-type lease receivable balances in fiscal 2013 and fiscal 2014, respectively, was as follows: | ||||||||||||||||||||||||
Balance at | Provisions | Write offs | Balance at | |||||||||||||||||||||
beginning of | charged to | and other | end of | |||||||||||||||||||||
period | expense | period | ||||||||||||||||||||||
March 31, | (in Thousands) | |||||||||||||||||||||||
2013 | Allowance for Doubtful Accounts on financing receivables | $ | 24 | $ | 50 | $ | — | $ | 74 | |||||||||||||||
2014 | Allowance for Doubtful Accounts on financing receivables | $ | 74 | $ | 96 | $ | 76 | $ | 94 | |||||||||||||||
Inventories | ' | |||||||||||||||||||||||
Inventories were comprised of the following (in thousands): | ||||||||||||||||||||||||
31-Mar-13 | 31-Mar-14 | |||||||||||||||||||||||
Raw materials and components | $ | 7,290 | $ | 6,894 | ||||||||||||||||||||
Work in process | 846 | 880 | ||||||||||||||||||||||
Finished goods | 6,177 | 4,016 | ||||||||||||||||||||||
$ | 14,313 | $ | 11,790 | |||||||||||||||||||||
Property and equipment | ' | |||||||||||||||||||||||
Property and equipment were comprised of the following (in thousands): | ||||||||||||||||||||||||
March 31, 2013 | March 31, 2014 | |||||||||||||||||||||||
Land and land improvements | $ | 1,562 | $ | 1,480 | ||||||||||||||||||||
Buildings | 15,918 | 14,405 | ||||||||||||||||||||||
Furniture, fixtures and office equipment | 11,995 | 10,713 | ||||||||||||||||||||||
Leasehold improvements | 58 | 46 | ||||||||||||||||||||||
Equipment leased to customers under Power Purchase Agreements | 4,997 | 4,997 | ||||||||||||||||||||||
Plant equipment | 10,620 | 10,103 | ||||||||||||||||||||||
Construction in progress | 91 | 60 | ||||||||||||||||||||||
45,241 | 41,804 | |||||||||||||||||||||||
Less: accumulated depreciation and amortization | (17,294 | ) | (18,669 | ) | ||||||||||||||||||||
Net property and equipment | $ | 27,947 | $ | 23,135 | ||||||||||||||||||||
Depreciable lives by asset category are as follows: | ||||||||||||||||||||||||
Land improvements | 10-15 years | |||||||||||||||||||||||
Buildings and building improvements | 3-39 years | |||||||||||||||||||||||
Leasehold improvements | Shorter of asset life or life of lease | |||||||||||||||||||||||
Furniture, fixtures and office equipment | 2-10 years | |||||||||||||||||||||||
Equipment leased to customers under Power Purchase Agreements | 20 years | |||||||||||||||||||||||
Plant equipment | 3-10 years | |||||||||||||||||||||||
Schedule of Intangible Assets and Goodwill | ' | |||||||||||||||||||||||
The change in the carrying value of goodwill during fiscal 2014 was as follows (in thousands): | ||||||||||||||||||||||||
Balance at March 31, 2013 | $ | — | ||||||||||||||||||||||
Acquisition of Harris | 4,409 | |||||||||||||||||||||||
Balance at March 31, 2014 | $ | 4,409 | ||||||||||||||||||||||
The estimated amortization expense for each of the next five years is shown below (in thousands): | ||||||||||||||||||||||||
Fiscal 2015 | $ | 1,350 | ||||||||||||||||||||||
Fiscal 2016 | 1,220 | |||||||||||||||||||||||
Fiscal 2017 | 877 | |||||||||||||||||||||||
Fiscal 2018 | 602 | |||||||||||||||||||||||
Fiscal 2019 | 426 | |||||||||||||||||||||||
Thereafter | 1,134 | |||||||||||||||||||||||
$ | 5,609 | |||||||||||||||||||||||
Amortizable intangible assets are amortized over their estimated economic useful life to reflect the pattern of economic benefits consumed based upon the following lives and methods: | ||||||||||||||||||||||||
Patents | 10-17 years | Straight-line | ||||||||||||||||||||||
Licenses | 7-13 years | Straight-line | ||||||||||||||||||||||
Customer relationships | 5-8 years | Accelerated based upon the pattern of economic benefits consumed | ||||||||||||||||||||||
Developed technology | 8 years | Accelerated based upon the pattern of economic benefits consumed | ||||||||||||||||||||||
Non-competition agreements | 5 years | Straight-line | ||||||||||||||||||||||
The components of, and changes in, the carrying amount of other intangible assets were as follows (in thousands): | ||||||||||||||||||||||||
March 31, 2013 | March 31, 2014 | |||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||||||||||||||
Patents | $ | 2,358 | $ | (649 | ) | $ | 2,362 | $ | (784 | ) | ||||||||||||||
Licenses | 58 | (58 | ) | 58 | (58 | ) | ||||||||||||||||||
Trade name and trademarks | — | — | 1,942 | — | ||||||||||||||||||||
Customer relationships | — | — | 3,600 | (535 | ) | |||||||||||||||||||
Developed technology | — | — | 900 | (19 | ) | |||||||||||||||||||
Non-competition agreements | — | — | 100 | (15 | ) | |||||||||||||||||||
Total | $ | 2,416 | $ | (707 | ) | $ | 8,962 | $ | (1,411 | ) | ||||||||||||||
Amortization expense is set forth in the following table: | ||||||||||||||||||||||||
Fiscal Year Ended March 31, | ||||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||||
Amortization included in cost of sales: | ||||||||||||||||||||||||
Patents | $ | 136 | $ | 133 | $ | 135 | ||||||||||||||||||
Total | $ | 136 | $ | 133 | $ | 135 | ||||||||||||||||||
Amortization included in operating expenses: | ||||||||||||||||||||||||
Customer relationships | $ | — | $ | — | $ | 535 | ||||||||||||||||||
Developed technology | — | — | 19 | |||||||||||||||||||||
Non-competition agreements | — | — | 15 | |||||||||||||||||||||
Total | — | — | 569 | |||||||||||||||||||||
Total amortization | $ | 136 | $ | 133 | $ | 704 | ||||||||||||||||||
Due from the third party finance company in future periods | ' | |||||||||||||||||||||||
As of March 31, 2014, the following amounts were due from the third party finance company in future periods (in thousands): | ||||||||||||||||||||||||
Fiscal 2015 | $ | 955 | ||||||||||||||||||||||
Fiscal 2016 | 309 | |||||||||||||||||||||||
Fiscal 2017 | 9 | |||||||||||||||||||||||
Total gross financed receivable | 1,273 | |||||||||||||||||||||||
Less: amount above to be collected during the next 12 months | (955 | ) | ||||||||||||||||||||||
Less: amount representing interest | (107 | ) | ||||||||||||||||||||||
Total net long-term receivable | $ | 211 | ||||||||||||||||||||||
Changes in warranty accrual | ' | |||||||||||||||||||||||
Changes in the Company’s warranty accrual were as follows (in thousands): | ||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||
2013 | 2014 | |||||||||||||||||||||||
Beginning of year | $ | 84 | $ | 284 | ||||||||||||||||||||
Provision to product cost of revenue | 402 | 300 | ||||||||||||||||||||||
Charges | (202 | ) | (321 | ) | ||||||||||||||||||||
End of year | $ | 284 | $ | 263 | ||||||||||||||||||||
Fair value of each option grant | ' | |||||||||||||||||||||||
The fair value of each option grant in fiscal 2012, 2013 and 2014 was determined using the assumptions in the following table: | ||||||||||||||||||||||||
Fiscal Year Ended March 31, | ||||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||||
Weighted average expected term | 5.7 years | 5.5 years | 4.1 years | |||||||||||||||||||||
Risk-free interest rate | 1.5 | % | 0.8 | % | 0.8 | % | ||||||||||||||||||
Expected volatility | 70 | % | 72.5 - 74.4% | 73.3 | % | |||||||||||||||||||
Expected forfeiture rate | 15.1 | % | 21.4 | % | 20.3 | % | ||||||||||||||||||
Summary of the effect of net income per common share | ' | |||||||||||||||||||||||
The effect of net income (loss) per common share is calculated based upon the following shares (in thousands except share amounts): | ||||||||||||||||||||||||
Fiscal Year Ended March 31, | ||||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||
Net income (loss) (in thousands) | $ | 483 | $ | (10,399 | ) | $ | (6,199 | ) | ||||||||||||||||
Denominator: | ||||||||||||||||||||||||
Weighted-average common shares outstanding | 22,953,037 | 20,996,625 | 20,987,964 | |||||||||||||||||||||
Weighted-average effect of assumed conversion of stock options and warrants | 433,488 | — | — | |||||||||||||||||||||
Weighted-average common shares and share equivalents outstanding | 23,386,525 | 20,996,625 | 20,987,964 | |||||||||||||||||||||
Net income (loss) per common share: | ||||||||||||||||||||||||
Basic | $ | 0.02 | $ | (0.50 | ) | $ | (0.30 | ) | ||||||||||||||||
Diluted | $ | 0.02 | $ | (0.50 | ) | $ | (0.30 | ) | ||||||||||||||||
Number of potentially dilutive securities | ' | |||||||||||||||||||||||
The following table indicates the number of potentially dilutive securities as of the end of each period: | ||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||||
Common stock options | 3,697,633 | 3,312,523 | 2,716,317 | |||||||||||||||||||||
Restricted shares | — | 105,000 | 539,204 | |||||||||||||||||||||
Common stock warrants | 38,980 | 38,980 | 38,980 | |||||||||||||||||||||
Total | 3,736,613 | 3,456,503 | 3,294,501 | |||||||||||||||||||||
Acquisition_Tables
Acquisition (Tables) | 12 Months Ended | |||||
Mar. 31, 2014 | ||||||
Business Combinations [Abstract] | ' | |||||
Consideration Paid and the Preliminary Fair Value Allocation of the Purchase Price | ' | |||||
The following table summarizes the consideration paid to the Harris Shareholders and the preliminary fair value allocation of the purchase price (in thousands): | ||||||
Consideration paid to Harris Shareholders: | ||||||
Cash | $ | 5,000 | ||||
Seller provided debt | 3,124 | |||||
Shares of Company common stock | 2,065 | |||||
Contingent consideration arrangement | 612 | |||||
Total consideration paid | $ | 10,801 | ||||
Cash and cash equivalents | $ | 8 | ||||
Accounts receivable, net | 2,215 | |||||
Inventories | 1,633 | |||||
Other current assets | 86 | |||||
Property, plant and equipment | 117 | |||||
Deferred tax asset | 141 | |||||
Identifiable intangible assets: | ||||||
Customer relationships | 3,600 | |||||
Non-competition agreement | 100 | |||||
Developed technology | 900 | |||||
Trade name and trademarks | 1,900 | |||||
Accounts payable | (1,519 | ) | ||||
Deferred tax liabilities | (2,263 | ) | ||||
Accrued and other liabilities | (526 | ) | ||||
Total identifiable net assets | 6,392 | |||||
Goodwill | 4,409 | |||||
$ | 10,801 | |||||
Identifiable Intangible Assets Acquired | ' | |||||
The separately identifiable intangible assets acquired that do not have an indefinite life are amortized over their estimated economic useful life to reflect the pattern of economic benefits consumed based upon the following lives and methods: | ||||||
Customer relationships | 5-8 years | Accelerated based upon the pattern of economic benefits consumed | ||||
Developed technology | 8 years | Accelerated based upon the pattern of economic benefits consumed | ||||
Non-competition agreements | 5 years | Straight-line | ||||
Trade name and trademarks | N/A | Indefinite life | ||||
Pro Forma Condensed Combined Results of Operations | ' | |||||
The following unaudited pro forma condensed combined results of operations for the years ended March 31, 2013 and 2014, respectively, are based on the historical financial statements of the Company and Harris giving effect to the business combination as if it had occurred at the beginning of the period presented. Therefore, this pro forma data has been adjusted to include amortization of purchased intangible assets and interest on the promissory note delivered as part of the purchase price during the entire applicable periods. Additionally, the tax benefit of $2.3 million recorded during the year ended March 31, 2014 was eliminated and the tax benefit was recorded during the year ended March 31, 2013. This data is not necessarily indicative of the results of operations that would have been generated if the transaction had occurred at the beginning of the respective periods. Moreover, this data is not intended to be indicative of future results of operations (in thousands, other than per share data). | ||||||
Acquisition of Harris Pro Forma Results of Operations | ||||||
Fiscal Year Ended March 31, | ||||||
2013 | 2014 | |||||
Revenue | 102,198 | 92,868 | ||||
Net loss available to common shareholders | (7,489 | ) | (9,111 | ) | ||
Loss per share: | ||||||
Basic | (0.36 | ) | (0.43 | ) | ||
Diluted | (0.36 | ) | (0.43 | ) |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-term debt | ' | |||||||
Long-term debt as of March 31, 2013 and 2014 consisted of the following (in thousands): | ||||||||
March 31, | ||||||||
2013 | 2014 | |||||||
Term note | $ | 263 | $ | — | ||||
Harris seller's note | — | 2,624 | ||||||
Customer equipment finance notes payable | 4,408 | 2,331 | ||||||
First mortgage note payable | 694 | 607 | ||||||
Debenture payable | 721 | 675 | ||||||
Other long-term debt | 620 | 364 | ||||||
Total long-term debt | 6,706 | 6,601 | ||||||
Less current maturities | (2,597 | ) | (3,450 | ) | ||||
Long-term debt, less current maturities | $ | 4,109 | $ | 3,151 | ||||
Schedule of Maturities of Long-term Debt | ' | |||||||
As of March 31, 2014, aggregate maturities of long-term debt were as follows (in thousands): | ||||||||
Fiscal 2015 | $ | 3,450 | ||||||
Fiscal 2016 | 1,884 | |||||||
Fiscal 2017 | 733 | |||||||
Fiscal 2018 | 70 | |||||||
Fiscal 2019 | 59 | |||||||
Thereafter | 405 | |||||||
$ | 6,601 | |||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Schedule of components of income tax expense (benefit) | ' | |||||||||||
The total provision (benefit) for income taxes consists of the following for the fiscal years ending (in thousands): | ||||||||||||
Fiscal Year Ended March 31, | ||||||||||||
2012 | 2013 | 2014 | ||||||||||
Current | $ | 520 | $ | (180 | ) | $ | 19 | |||||
Deferred | (150 | ) | 4,253 | (2,077 | ) | |||||||
$ | 370 | $ | 4,073 | $ | (2,058 | ) | ||||||
2012 | 2013 | 2014 | ||||||||||
Federal | $ | 292 | $ | 3,803 | $ | (1,830 | ) | |||||
State | 78 | 270 | (228 | ) | ||||||||
$ | 370 | $ | 4,073 | $ | (2,058 | ) | ||||||
Reconciliation of the statutory federal income tax rate and the effective income tax rate | ' | |||||||||||
A reconciliation of the statutory federal income tax rate and effective income tax rate is as follows: | ||||||||||||
Fiscal Year Ended March 31, | ||||||||||||
2012 | 2013 | 2014 | ||||||||||
Statutory federal tax rate | 34 | % | 34 | % | 34 | % | ||||||
State taxes, net | 9.2 | % | 2.3 | % | 2.8 | % | ||||||
Federal tax credit | (11.6 | )% | 3.9 | % | 0.9 | % | ||||||
State tax credit | (5.9 | )% | (0.5 | )% | 0.4 | % | ||||||
Change in valuation reserve | 5.9 | % | (111.7 | )% | (10.2 | )% | ||||||
Permanent items | 10 | % | 2.3 | % | (2.9 | )% | ||||||
Change in tax contingency reserve | 0.8 | % | 3.4 | % | (0.3 | )% | ||||||
Other, net | 0.9 | % | 1.9 | % | 0.2 | % | ||||||
Effective income tax rate | 43.3 | % | (64.4 | )% | 24.9 | % | ||||||
Schedule of deferred tax assets and liabilities | ' | |||||||||||
The net deferred tax assets and liabilities reported in the accompanying consolidated financial statements include the following components (in thousands): | ||||||||||||
March 31, | ||||||||||||
2013 | 2014 | |||||||||||
Inventory, accruals and reserves | $ | 2,090 | $ | 1,445 | ||||||||
Other | 136 | 139 | ||||||||||
Deferred revenue | 338 | 44 | ||||||||||
Valuation allowance | (2,564 | ) | (1,628 | ) | ||||||||
Total net current deferred tax assets and liabilities | $ | — | $ | — | ||||||||
Federal and state operating loss carryforwards | 2,691 | 6,233 | ||||||||||
Tax credit carryforwards | 1,426 | 1,498 | ||||||||||
Non-qualified stock options | 2,298 | 2,541 | ||||||||||
Deferred revenue | 27 | 23 | ||||||||||
Fixed assets | (1,909 | ) | (1,889 | ) | ||||||||
Intangible assets | — | (2,125 | ) | |||||||||
Valuation allowance | (4,533 | ) | (6,281 | ) | ||||||||
Total net long-term deferred tax assets and liabilities | $ | — | $ | — | ||||||||
Total net deferred tax assets | $ | — | $ | — | ||||||||
Unrecognized tax benefit activity | ' | |||||||||||
The Company had the following unrecognized tax benefit activity (in thousands): | ||||||||||||
Fiscal Year Ended March 31, | ||||||||||||
2012 | 2013 | 2014 | ||||||||||
Unrecognized tax benefits as of beginning of fiscal year | $ | 399 | $ | 406 | $ | 188 | ||||||
Additions based on tax positions related to the current period positions | 7 | 16 | 22 | |||||||||
Reduction for tax positions of prior years | — | (1 | ) | — | ||||||||
Reduction due to lapse of statute of limitations | — | (233 | ) | — | ||||||||
Unrecognized tax benefits as of end of fiscal year | $ | 406 | $ | 188 | $ | 210 | ||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||
Mar. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Schedule of Annual Commitments under Non-Cancelable Operating Leases | ' | |||
Total annual commitments under non-cancelable operating leases with terms in excess of one year at March 31, 2014 are as follows (in thousands): | ||||
Fiscal 2015 | $ | 289 | ||
Fiscal 2016 | 206 | |||
Fiscal 2017 | 85 | |||
Fiscal 2018 | 71 | |||
Fiscal 2019 | — | |||
Thereafter | — | |||
$ | 651 | |||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 12 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||
Shares issued from treasury | ' | |||||||||||||||
The Company had the following shares issued from treasury during fiscal 2013 and fiscal 2014: | ||||||||||||||||
As of March 31, 2013 | ||||||||||||||||
Shares Issued Under ESPP | Closing Market | Shares Issued Under Loan | Dollar Value of | Repayment of | ||||||||||||
Plan | Price | Program | Loans Issued | Loans | ||||||||||||
Quarter Ended June 30, 2012 | 9,232 | $2.20 | 7,955 | $ | 17,500 | $ | 1,600 | |||||||||
Quarter Ended September 30, 2012 | 27,467 | $1.98 | 25,606 | 50,700 | 4,060 | |||||||||||
Quarter Ended December 31, 2012 | 9,846 | $1.66 | 8,434 | 14,000 | 1,075 | |||||||||||
Quarter Ended March 31, 2013 | 1,053 | $2.48 | — | — | 30,830 | |||||||||||
Total | 47,598 | $1.66 - 2.48 | 41,995 | $ | 82,200 | $ | 37,565 | |||||||||
As of March 31, 2014 | ||||||||||||||||
Shares Issued Under ESPP | Closing Market | Shares Issued Under Loan | Dollar Value of | Repayment of | ||||||||||||
Plan | Price | Program | Loans Issued | Loans | ||||||||||||
Quarter Ended June 30, 2013 | 990 | $2.48 | — | $ | — | $ | 823 | |||||||||
Quarter Ended September 30, 2013 | 702 | $3.76 | — | — | 118,309 | |||||||||||
Quarter Ended December 31, 2013 | 319 | $6.80 | — | — | 94,300 | |||||||||||
Quarter Ended March 31, 2014 | 362 | $7.25 | — | — | 1,677 | |||||||||||
Total | 2,373 | $2.48 - 7.25 | — | $ | — | $ | 215,109 | |||||||||
Stock_Options_Restricted_Share1
Stock Options, Restricted Shares and Warrants (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Stock-based compensation | ' | ||||||||||||
The following amounts of stock-based compensation were recorded (in thousands): | |||||||||||||
Fiscal Year Ended March 31, | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Cost of product revenue | $ | 189 | $ | 114 | $ | 70 | |||||||
General and administrative | 548 | 578 | 1,025 | ||||||||||
Sales and marketing | 501 | 451 | 485 | ||||||||||
Research and development | 29 | 21 | 13 | ||||||||||
$ | 1,267 | $ | 1,164 | $ | 1,593 | ||||||||
Number of shares available for grant | ' | ||||||||||||
The number of shares available for grant under the plans were as follows: | |||||||||||||
Available at March 31, 2011 | 1,577,676 | ||||||||||||
Granted stock options | (1,481,356 | ) | |||||||||||
Granted shares | (29,308 | ) | |||||||||||
Forfeited | 1,339,078 | ||||||||||||
Available at March 31, 2012 | 1,406,090 | ||||||||||||
Granted stock options | (1,054,876 | ) | |||||||||||
Granted shares | (33,422 | ) | |||||||||||
Restricted Shares | (163,750 | ) | |||||||||||
Forfeited restricted shares | 58,750 | ||||||||||||
Forfeited stock options | 1,419,986 | ||||||||||||
Available at March 31, 2013 | 1,632,778 | ||||||||||||
Granted stock options | (305,544 | ) | |||||||||||
Granted shares | (33,641 | ) | |||||||||||
Restricted shares | (526,663 | ) | |||||||||||
Forfeited restricted shares | 69,375 | ||||||||||||
Forfeited stock options | 455,691 | ||||||||||||
Available at March 31, 2014 | 1,291,996 | ||||||||||||
Summary of outstanding stock options | ' | ||||||||||||
The following table summarizes information with respect to outstanding stock options: | |||||||||||||
Number of | Weighted | Weighted | Aggregate Intrinsic | ||||||||||
Shares | Average Exercise | Average Fair | Value | ||||||||||
Price | Value of | ||||||||||||
Options | |||||||||||||
Granted | |||||||||||||
Outstanding at March 31, 2011 | 3,658,768 | $ | 3.83 | 2.04 | |||||||||
Granted | 1,481,356 | $ | 3.56 | ||||||||||
Exercised | (103,413 | ) | $ | 1.45 | |||||||||
Forfeited | (1,339,078 | ) | $ | 4.18 | |||||||||
Outstanding at March 31, 2012 | 3,697,633 | $ | 3.76 | 1.95 | |||||||||
Granted | 1,054,876 | $ | 1.98 | ||||||||||
Exercised | (20,000 | ) | $ | 2.25 | |||||||||
Forfeited | (1,419,986 | ) | $ | 3.26 | |||||||||
Outstanding at March 31, 2013 | 3,312,523 | $ | 3.42 | 1.23 | |||||||||
Granted | 305,544 | $ | 2.41 | ||||||||||
Exercised | (446,059 | ) | $ | 2.58 | |||||||||
Forfeited | (455,691 | ) | $ | 3.52 | |||||||||
Outstanding at March 31, 2014 | 2,716,317 | $ | 3.43 | 1.32 | $ | 10,978,432 | |||||||
Exercisable at March 31, 2014 | 1,586,940 | $ | 5,614,065 | ||||||||||
Schedule of range of exercise prices | ' | ||||||||||||
The following table summarizes the range of exercise prices on outstanding stock options at March 31, 2014: | |||||||||||||
31-Mar-14 | |||||||||||||
Outstanding | Weighted Average Remaining Contractual Life (Years) | Weighted Average Exercise Price | Vested | Weighted Average Exercise Price | |||||||||
$0.75 | 10,000 | 1 | $0.75 | 10,000 | $0.75 | ||||||||
1.62 - 2.25 | 882,709 | 6.58 | 2.01 | 350,959 | 2.09 | ||||||||
2.41 - 2.75 | 546,944 | 8.08 | 2.48 | 192,920 | 2.49 | ||||||||
2.86 - 4.28 | 821,207 | 5.91 | 3.42 | 607,904 | 3.4 | ||||||||
4.49 - 4.76 | 54,400 | 3.75 | 4.65 | 52,800 | 4.65 | ||||||||
5.35 - 6.05 | 220,706 | 5.33 | 5.47 | 192,006 | 5.47 | ||||||||
9 | 43,000 | 3.87 | 9 | 43,000 | 9 | ||||||||
10.14 - 11.61 | 137,351 | 3.83 | 11.02 | 137,351 | 11.02 | ||||||||
2,716,317 | 6.32 | $3.43 | 1,586,940 | $4.09 | |||||||||
Schedule of unrecognized compensation cost related to non-vested awards | ' | ||||||||||||
Unrecognized compensation cost related to non-vested common stock-based compensation as of March 31, 2014 is as follows (in thousands): | |||||||||||||
Fiscal 2015 | $ | 1,098 | |||||||||||
Fiscal 2016 | 868 | ||||||||||||
Fiscal 2017 | 519 | ||||||||||||
Fiscal 2018 | 361 | ||||||||||||
Fiscal 2019 | 134 | ||||||||||||
Thereafter | 7 | ||||||||||||
$ | 2,987 | ||||||||||||
Remaining weighted average expected term | 5.1 years | ||||||||||||
Summary of restricted shares granted | ' | ||||||||||||
During fiscal 2014, the Company granted restricted shares as follows (which are included in the above stock plan activity tables): | |||||||||||||
Balance at March 31, 2013 | 105,000 | ||||||||||||
Shares issued | 526,663 | ||||||||||||
Shares vested | (23,084 | ) | |||||||||||
Shares forfeited | (69,375 | ) | |||||||||||
Shares outstanding at March 31, 2014 | 539,204 | ||||||||||||
Per share price on grant date | $1.80-6.97 | ||||||||||||
Compensation expense | $ | 261,351 | |||||||||||
Warrants outstanding rollforward | ' | ||||||||||||
Outstanding warrants are comprised of the following: | |||||||||||||
Number of | Weighted | ||||||||||||
Shares | Average | ||||||||||||
Exercise Price | |||||||||||||
Outstanding at March 31, 2011 | 38,980 | $ | 2.25 | ||||||||||
Issued | — | — | |||||||||||
Exercised | — | $ | — | ||||||||||
Cancelled | — | $ | — | ||||||||||
Outstanding at March 31, 2012 | 38,980 | $ | 2.25 | ||||||||||
Issued | — | — | |||||||||||
Exercised | — | — | |||||||||||
Cancelled | — | — | |||||||||||
Outstanding at March 31, 2013 | 38,980 | $ | 2.25 | ||||||||||
Issued | — | — | |||||||||||
Exercised | — | — | |||||||||||
Cancelled | — | — | |||||||||||
Outstanding at March 31, 2014 | 38,980 | $ | 2.25 | ||||||||||
Summary of outstanding warrants by exercise price | ' | ||||||||||||
A summary of outstanding warrants as of March 31, 2014 follows: | |||||||||||||
Exercise Price | Number of Shares | Expiration | |||||||||||
$2.25 | 38,980 | Fiscal 2015 |
Segment_Data_Tables
Segment Data (Tables) | 12 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Schedule of segment information | ' | |||||||||||||||||||||||
Corporate and Other is comprised of operating expenses not directly allocated to the Company’s segments and adjustments to reconcile to consolidated results, which primarily include intercompany eliminations. | ||||||||||||||||||||||||
Revenues | Operating (Loss) Profit | |||||||||||||||||||||||
For the year ended March 31, | For the year ended March 31, | |||||||||||||||||||||||
(dollars in thousands) | 2012 | 2013 | 2014 | 2012 | 2013 | 2014 | ||||||||||||||||||
Segments: | ||||||||||||||||||||||||
Energy Management | $ | 72,097 | $ | 67,437 | $ | 66,793 | $ | 4,974 | $ | 245 | $ | (1,743 | ) | |||||||||||
Engineered Systems | 28,465 | 18,649 | 21,830 | 569 | 671 | 1,991 | ||||||||||||||||||
Corporate and Other | — | — | — | (5,021 | ) | (7,520 | ) | (8,591 | ) | |||||||||||||||
$ | 100,562 | $ | 86,086 | $ | 88,623 | $ | 522 | $ | (6,604 | ) | $ | (8,343 | ) | |||||||||||
Depreciation and Amortization | Capital Expenditures | |||||||||||||||||||||||
For the year ended March 31, | For the year ended March 31, | |||||||||||||||||||||||
(dollars in thousands) | 2012 | 2013 | 2014 | 2012 | 2013 | 2014 | ||||||||||||||||||
Segments: | ||||||||||||||||||||||||
Energy Management | $ | 1,703 | $ | 1,774 | $ | 2,667 | $ | 1,179 | $ | 993 | $ | 276 | ||||||||||||
Engineered Systems | 287 | 249 | 302 | 34 | 50 | — | ||||||||||||||||||
Corporate and Other | 2,246 | 2,554 | 1,569 | 3,114 | 1,116 | 134 | ||||||||||||||||||
$ | 4,236 | $ | 4,577 | $ | 4,538 | $ | 4,327 | $ | 2,159 | $ | 410 | |||||||||||||
Total Assets | Deferred Revenue | |||||||||||||||||||||||
(dollars in thousands) | March 31, 2013 | March 31, 2014 | March 31, 2013 | March 31, 2014 | ||||||||||||||||||||
Segments: | ||||||||||||||||||||||||
Energy Management | $ | 58,627 | $ | 57,118 | $ | 564 | $ | 276 | ||||||||||||||||
Engineered Systems | 9,339 | 7,742 | 3,640 | 1,654 | ||||||||||||||||||||
Corporate and Other | 34,131 | 34,080 | — | — | ||||||||||||||||||||
$ | 102,097 | $ | 98,940 | $ | 4,204 | $ | 1,930 | |||||||||||||||||
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Quarterly Financial Data [Abstract] | ' | |||||||||||||||||||
Schedule of Quarterly Financial Information | ' | |||||||||||||||||||
Summary quarterly results for the years ended March 31, 2013 and March 31, 2014 are as follows: | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
Jun 30, 2012 | Sep 30, 2012 | Dec 31, 2012 | Mar 31, 2013 | Total | ||||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||||||
Total revenue | $ | 15,310 | $ | 19,408 | $ | 29,087 | $ | 22,281 | $ | 86,086 | ||||||||||
Gross profit | $ | 4,373 | $ | 5,805 | $ | 8,581 | $ | 7,971 | $ | 26,730 | ||||||||||
Net income (loss) | $ | (1,940 | ) | $ | (9,659 | ) | $ | 651 | $ | 549 | $ | (10,399 | ) | |||||||
Basic net income per share | $ | (0.09 | ) | $ | (0.46 | ) | $ | 0.03 | $ | 0.03 | $ | (0.50 | ) | |||||||
Shares used in basic per share calculation | 22,561 | 21,076 | 20,192 | 20,157 | 20,997 | |||||||||||||||
Diluted net income per share | $ | (0.09 | ) | $ | (0.46 | ) | $ | 0.03 | $ | 0.03 | $ | (0.50 | ) | |||||||
Shares used in diluted per share calculation | 22,561 | 21,076 | 20,245 | 20,308 | 20,997 | |||||||||||||||
Three Months Ended | ||||||||||||||||||||
Jun 30, 2013 | Sep 30, 2013 | Dec 31, 2013 | Mar 31, 2014 | Total | ||||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||||||
Total revenue | $ | 20,852 | $ | 27,495 | $ | 27,692 | $ | 12,584 | $ | 88,623 | ||||||||||
Gross profit | $ | 5,723 | $ | 7,829 | $ | 8,150 | $ | 1,278 | $ | 22,980 | ||||||||||
Net income (loss) | $ | (781 | ) | $ | 2,403 | $ | 1,018 | $ | (8,839 | ) | $ | (6,199 | ) | |||||||
Basic net income per share | $ | (0.04 | ) | $ | 0.11 | $ | 0.05 | $ | (0.41 | ) | $ | (0.30 | ) | |||||||
Shares used in basic per share calculation | 20,174 | 21,090 | 21,220 | 21,469 | 20,988 | |||||||||||||||
Diluted net income per share | $ | (0.04 | ) | $ | 0.11 | $ | 0.05 | $ | (0.41 | ) | $ | (0.30 | ) | |||||||
Shares used in diluted per share calculation | 20,174 | 21,542 | 22,329 | 21,469 | 20,988 | |||||||||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Cash and Cash Equivalents) (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Amortized cost and fair value of short-term investments, with gross unrealized gains and losses | ' | ' |
Amortized Cost | $958 | $1,508 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Fair Value | 958 | 1,508 |
Cash and Cash Equivalents | 488 | 487 |
Short-Term Investments | 470 | 1,021 |
Money market funds [Member] | ' | ' |
Amortized cost and fair value of short-term investments, with gross unrealized gains and losses | ' | ' |
Amortized Cost | 488 | 487 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Fair Value | 488 | 487 |
Cash and Cash Equivalents | 488 | 487 |
Short-Term Investments | 0 | 0 |
Bank certificate of deposit [Member] | ' | ' |
Amortized cost and fair value of short-term investments, with gross unrealized gains and losses | ' | ' |
Amortized Cost | 470 | 1,021 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Fair Value | 470 | 1,021 |
Cash and Cash Equivalents | 0 | 0 |
Short-Term Investments | $470 | $1,021 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Financing Receivables) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Credit quality of the Company's financing receivables using Aging Analysis | ' | ' | ' |
Allowance | ($384) | ($900) | ' |
Total net sales-type leases | 15,098 | 18,397 | ' |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ' | ' | ' |
Provisions charged to expense | 174 | 757 | 566 |
Not past due [Member] | ' | ' | ' |
Credit quality of the Company's financing receivables using Aging Analysis | ' | ' | ' |
Lease balances included in consolidated accounts receivablebcurrent | 2,067 | 2,817 | ' |
Lease balances included in consolidated accounts receivableblong-term | 1,662 | 4,009 | ' |
Total gross sales-type leases | 3,729 | 6,826 | ' |
Allowance | -3 | 0 | ' |
Total net sales-type leases | 3,726 | 6,826 | ' |
1-90 days past due [Member] | ' | ' | ' |
Credit quality of the Company's financing receivables using Aging Analysis | ' | ' | ' |
Lease balances included in consolidated accounts receivablebcurrent | 137 | 97 | ' |
Lease balances included in consolidated accounts receivableblong-term | 0 | 0 | ' |
Total gross sales-type leases | 137 | 97 | ' |
Allowance | -3 | 0 | ' |
Total net sales-type leases | 134 | 97 | ' |
Greater than 90 days past due [Member] | ' | ' | ' |
Credit quality of the Company's financing receivables using Aging Analysis | ' | ' | ' |
Lease balances included in consolidated accounts receivablebcurrent | 149 | 151 | ' |
Lease balances included in consolidated accounts receivableblong-term | 0 | 0 | ' |
Total gross sales-type leases | 149 | 151 | ' |
Allowance | -88 | -74 | ' |
Total net sales-type leases | 61 | 77 | ' |
Total past due [Member] | ' | ' | ' |
Credit quality of the Company's financing receivables using Aging Analysis | ' | ' | ' |
Lease balances included in consolidated accounts receivablebcurrent | 286 | 248 | ' |
Lease balances included in consolidated accounts receivableblong-term | 0 | 0 | ' |
Total gross sales-type leases | 286 | 248 | ' |
Allowance | -91 | -74 | ' |
Total net sales-type leases | 195 | 174 | ' |
Total sales-type leases [Member] | ' | ' | ' |
Credit quality of the Company's financing receivables using Aging Analysis | ' | ' | ' |
Lease balances included in consolidated accounts receivablebcurrent | 2,353 | 3,065 | ' |
Lease balances included in consolidated accounts receivableblong-term | 1,662 | 4,009 | ' |
Total gross sales-type leases | 4,015 | 7,074 | ' |
Allowance | -94 | -74 | ' |
Total net sales-type leases | 3,921 | 7,000 | ' |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ' | ' | ' |
Allowance for Doubtful Accounts on financing receivables, beginning of period | 74 | 24 | ' |
Provisions charged to expense | 96 | 50 | ' |
Write-offs and other | 76 | 0 | ' |
Allowance for Doubtful Accounts on financing receivables, end of period | $94 | $74 | ' |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Inventories) (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounting Policies [Abstract] | ' | ' |
Raw materials and components | $6,894 | $7,290 |
Work in process | 880 | 846 |
Finished goods | 4,016 | 6,177 |
Total | $11,790 | $14,313 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies (Prop Plant and Equip) (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property and equipment | ' | ' |
Property plant and equipment gross | $41,804 | $45,241 |
Less: accumulated depreciation and amortization | -18,669 | -17,294 |
Net property and equipment | 23,135 | 27,947 |
Land and land improvements [Member] | ' | ' |
Property and equipment | ' | ' |
Property plant and equipment gross | 1,480 | 1,562 |
Buildings and building improvements [Member] | ' | ' |
Property and equipment | ' | ' |
Property plant and equipment gross | 14,405 | 15,918 |
Furniture, fixtures and office equipment [Member] | ' | ' |
Property and equipment | ' | ' |
Property plant and equipment gross | 10,713 | 11,995 |
Leasehold improvements [Member] | ' | ' |
Property and equipment | ' | ' |
Property plant and equipment gross | 46 | 58 |
Equipment leased to customers under Power Purchase Agreements [Member] | ' | ' |
Property and equipment | ' | ' |
Property plant and equipment gross | 4,997 | 4,997 |
Plant equipment [Member] | ' | ' |
Property and equipment | ' | ' |
Property plant and equipment gross | 10,103 | 10,620 |
Construction in progress [Member] | ' | ' |
Property and equipment | ' | ' |
Property plant and equipment gross | $60 | $91 |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies (PPE Useful Lives) (Details) | 12 Months Ended |
Mar. 31, 2014 | |
Land improvements [Member] | Maximum [Member] | ' |
Depreciation using the straight-line method | ' |
Property, plant and equipment, useful life | '15 years |
Land improvements [Member] | Minimum [Member] | ' |
Depreciation using the straight-line method | ' |
Property, plant and equipment, useful life | '10 years |
Buildings and building improvements [Member] | Maximum [Member] | ' |
Depreciation using the straight-line method | ' |
Property, plant and equipment, useful life | '39 years |
Buildings and building improvements [Member] | Minimum [Member] | ' |
Depreciation using the straight-line method | ' |
Property, plant and equipment, useful life | '3 years |
Furniture, fixtures and office equipment [Member] | Maximum [Member] | ' |
Depreciation using the straight-line method | ' |
Property, plant and equipment, useful life | '10 years |
Furniture, fixtures and office equipment [Member] | Minimum [Member] | ' |
Depreciation using the straight-line method | ' |
Property, plant and equipment, useful life | '2 years |
Equipment Leased to Other Party [Member] | ' |
Depreciation using the straight-line method | ' |
Property, plant and equipment, useful life | '20 years |
Plant equipment [Member] | Maximum [Member] | ' |
Depreciation using the straight-line method | ' |
Property, plant and equipment, useful life | '10 years |
Plant equipment [Member] | Minimum [Member] | ' |
Depreciation using the straight-line method | ' |
Property, plant and equipment, useful life | '3 years |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies (Goodwill and Other Intangible Assets) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross carrying amount | $8,962 | $2,416 | ' |
Accumulated Amortization | -1,411 | -707 | ' |
Intangible assets, estimated economic useful life | '7 years 4 months | ' | ' |
Finite-Lived Intangible Assets, Estimated Amortization Expense | ' | ' | ' |
Fiscal 2015 | 1,350 | ' | ' |
Fiscal 2016 | 1,220 | ' | ' |
Fiscal 2017 | 877 | ' | ' |
Fiscal 2018 | 602 | ' | ' |
Fiscal 2019 | 426 | ' | ' |
Thereafter | 1,134 | ' | ' |
Total | 5,609 | ' | ' |
Amortization expense | 704 | 133 | 136 |
Goodwill [Roll Forward] | ' | ' | ' |
Goodwill, beginning of period | 0 | ' | ' |
Acquisition of Harris | 4,409 | ' | ' |
Goodwill, end of period | 4,409 | 0 | ' |
Cost of Sales [Member] | ' | ' | ' |
Finite-Lived Intangible Assets, Estimated Amortization Expense | ' | ' | ' |
Amortization expense | 135 | 133 | 136 |
Operating Expense [Member] | ' | ' | ' |
Finite-Lived Intangible Assets, Estimated Amortization Expense | ' | ' | ' |
Amortization expense | 569 | 0 | 0 |
Patents [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross carrying amount | 2,362 | 2,358 | ' |
Accumulated Amortization | -784 | -649 | ' |
Patents [Member] | Cost of Sales [Member] | ' | ' | ' |
Finite-Lived Intangible Assets, Estimated Amortization Expense | ' | ' | ' |
Amortization expense | 135 | 133 | 136 |
Patents [Member] | Minimum [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Intangible assets, estimated economic useful life | '10 years | ' | ' |
Patents [Member] | Maximum [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Intangible assets, estimated economic useful life | '17 years | ' | ' |
Licenses [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross carrying amount | 58 | 58 | ' |
Accumulated Amortization | -58 | -58 | ' |
Licenses [Member] | Minimum [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Intangible assets, estimated economic useful life | '7 years | ' | ' |
Licenses [Member] | Maximum [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Intangible assets, estimated economic useful life | '13 years | ' | ' |
Trademarks and Trade Names [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross carrying amount | 1,942 | 0 | ' |
Accumulated Amortization | 0 | 0 | ' |
Customer Relationships [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross carrying amount | 3,600 | 0 | ' |
Accumulated Amortization | -535 | 0 | ' |
Customer Relationships [Member] | Operating Expense [Member] | ' | ' | ' |
Finite-Lived Intangible Assets, Estimated Amortization Expense | ' | ' | ' |
Amortization expense | 535 | 0 | 0 |
Customer Relationships [Member] | Minimum [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Intangible assets, estimated economic useful life | '5 years | ' | ' |
Customer Relationships [Member] | Maximum [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Intangible assets, estimated economic useful life | '8 years | ' | ' |
Developed Technology [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross carrying amount | 900 | 0 | ' |
Accumulated Amortization | -19 | 0 | ' |
Intangible assets, estimated economic useful life | '8 years | ' | ' |
Developed Technology [Member] | Operating Expense [Member] | ' | ' | ' |
Finite-Lived Intangible Assets, Estimated Amortization Expense | ' | ' | ' |
Amortization expense | 19 | 0 | 0 |
Non-competition Agreement [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross carrying amount | 100 | 0 | ' |
Accumulated Amortization | -15 | 0 | ' |
Intangible assets, estimated economic useful life | '5 years | ' | ' |
Non-competition Agreement [Member] | Operating Expense [Member] | ' | ' | ' |
Finite-Lived Intangible Assets, Estimated Amortization Expense | ' | ' | ' |
Amortization expense | $15 | $0 | $0 |
Summary_of_Significant_Account9
Summary of Significant Accounting Policies (LT Receivables) (Details) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Accounting Policies [Abstract] | ' |
Fiscal 2015 | $955 |
Fiscal 2016 | 309 |
Fiscal 2017 | 9 |
Total gross financed receivable | 1,273 |
Less: amount above to be collected during the next 12 months | -955 |
Less: amount representing interest | -107 |
Total net long-term receivable | $211 |
Recovered_Sheet1
Summary of Significant Accounting Policies (Warranty Accrual) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Movement in Standard Product Warranty Accrual [Roll Forward] | ' | ' |
Beginning of period | $284 | $84 |
Provision to product cost of revenue | 300 | 402 |
Charges | -321 | -202 |
End of period | $263 | $284 |
Recovered_Sheet2
Summary of Significant Accounting Policies (Incentive Comp) (Details) (USD $) | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Deferred Bonus [Member] | ' | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ' | ' | ' | ' |
Financial performance-based bonus guidelines, operating income (minimum) | $500,000 | ' | ' | ' |
Financial performance-based bonus guidelines, performance target percentage | ' | ' | 90.00% | 120.00% |
Financial performance-based bonus guidelines, revenue (minimum) | ' | 88,000,000 | 119,000,000 | ' |
Financial performance-based bonus guidelines, payment percentage of target bonus (maximum) | ' | ' | 150.00% | ' |
Financial performance-based bonus guidelines, net income (minimum) | ' | ' | 3,700,000 | ' |
Financial performance-based bonus guidelines, cost containment, percent of target bonus payment | 50.00% | ' | ' | ' |
Financial performance-based bonus guidelines, cost containment (minimum) | 1,480,000 | ' | ' | ' |
Financial performance-based bonus guidelines, cost containment, earning factor for ever dollar achieved | 0.167 | ' | ' | ' |
Financial performance-based bonus guidelines, cost containment, maximum payment amount | 247,000 | ' | ' | ' |
Financial performance-based bonus guidelines, operating income, percent of target bonus payment | 50.00% | ' | ' | ' |
Financial performance-based bonus guidelines, operating income, earning factor for ever dollar achieved | 0.5 | ' | ' | ' |
Financial performance-based bonus guidelines, operating income, maximum payment amount | 247,000 | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Cash Award, Threshold, Profit Before Taxes | ' | 2,000,000 | ' | ' |
Deferred Bonus [Member] | Minimum [Member] | ' | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ' | ' | ' | ' |
Discretionary bonus payments, percentage | ' | 35.00% | 25.00% | 12.00% |
Deferred Bonus [Member] | Maximum [Member] | ' | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ' | ' | ' | ' |
Discretionary bonus payments, percentage | ' | 100.00% | 100.00% | 14.00% |
Deferred Bonus [Member] | Performace Target of Ninety Percent [Member] | ' | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ' | ' | ' | ' |
Financial performance-based bonus guidelines, revenue (minimum) | ' | ' | 107,000,000 | ' |
Financial performance-based bonus guidelines, payment percentage of target bonus (maximum) | ' | ' | 50.00% | ' |
Financial performance-based bonus guidelines, net income (minimum) | ' | ' | 3,330,000 | ' |
Employee Stock Option [Member] | ' | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ' | ' | ' | ' |
Share-based payment award guidelines, revenue (minimum) | ' | ' | ' | 115,000,000 |
Share-based payment award guidelines, net income (minimum) | ' | ' | ' | 4,900,000 |
Share-based payment award guidelines, free cash flow (minimum) | ' | ' | ' | 4,900,000 |
Employee Stock Option [Member] | Minimum [Member] | ' | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ' | ' | ' | ' |
Share-based payment award, percentage | ' | ' | ' | 13.00% |
Employee Stock Option [Member] | Maximum [Member] | ' | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ' | ' | ' | ' |
Share-based payment award, percentage | ' | ' | ' | 15.00% |
Recovered_Sheet3
Summary of Significant Accounting Policies (Stock Option Assumptions) (Details) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Accounting Policies [Abstract] | ' | ' | ' |
Weighted average expected term | '4 years 1 month | '5 years 6 months | '5 years 8 months |
Risk-free interest rate | 0.80% | 0.80% | 1.50% |
Expected volatility | 73.30% | ' | 70.00% |
Expected volatility, minimum | ' | 72.50% | ' |
Expected volatility, maximum | ' | 74.40% | ' |
Expected forfeiture rate | 20.30% | 21.40% | 15.10% |
Recovered_Sheet4
Summary of Significant Accounting Policies (EPS) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Numerator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ($8,839) | $1,018 | $2,403 | ($781) | $549 | $651 | ($9,659) | ($1,940) | ($6,199) | ($10,399) | $483 |
Denominator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average common shares outstanding | 21,469,000 | 21,220,000 | 21,090,000 | 20,174,000 | 20,157,000 | 20,192,000 | 21,076,000 | 22,561,000 | 20,987,964 | 20,996,625 | 22,953,037 |
Weighted-average effect of assumed conversion of stock options and warrants | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 433,488 |
Weighted-average common shares outstanding | 21,469,000 | 22,329,000 | 21,542,000 | 20,174,000 | 20,308,000 | 20,245,000 | 21,076,000 | 22,561,000 | 20,987,964 | 20,996,625 | 23,386,525 |
Net income (loss) per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | ($0.41) | $0.05 | $0.11 | ($0.04) | $0.03 | $0.03 | ($0.46) | ($0.09) | ($0.30) | ($0.50) | $0.02 |
Diluted | ($0.41) | $0.05 | $0.11 | ($0.04) | $0.03 | $0.03 | ($0.46) | ($0.09) | ($0.30) | ($0.50) | $0.02 |
Recovered_Sheet5
Summary of Significant Accounting Policies (Dilutive Securities) (Details) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Number of potentially dilutive securities | ' | ' | ' |
Number of potentially dilutive securities | 3,294,501 | 3,456,503 | 3,736,613 |
Employee Stock Option [Member] | ' | ' | ' |
Number of potentially dilutive securities | ' | ' | ' |
Number of potentially dilutive securities | 2,716,317 | 3,312,523 | 3,697,633 |
Restricted shares [Member] | ' | ' | ' |
Number of potentially dilutive securities | ' | ' | ' |
Number of potentially dilutive securities | 539,204 | 105,000 | 0 |
Common stock warrants [Member] | ' | ' | ' |
Number of potentially dilutive securities | ' | ' | ' |
Number of potentially dilutive securities | 38,980 | 38,980 | 38,980 |
Recovered_Sheet6
Summary of Significant Accounting Policies (Concentration Risk) (Details) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
customer | customer | customer | |
Sales [Member] | Customer Concentration Risk [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration Risk, Number of Entities Involved in Risk Calculation | 1 | 0 | 0 |
Concentration risk, percentage | 23.00% | ' | ' |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration Risk, Number of Entities Involved in Risk Calculation | 0 | 0 | ' |
Energy Management [Member] | Cost of Goods, Total [Member] | Supplier Concentration Risk [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration Risk, Number of Entities Involved in Risk Calculation | 0 | 0 | 1 |
Concentration risk, percentage | ' | ' | 14.00% |
Recovered_Sheet7
Summary of Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Summary of Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' |
Accounts Receivables Are Due, Minimum Period | '30 days | ' | ' |
Accounts Receivables Are Due, Maximum Period | '60 days | ' | ' |
Inventory obsolescence reserve | $2,500,000 | $2,300,000 | ' |
Deferred Contract Costs | 742,000 | 2,118,000 | ' |
Unbilled accounts receivable | 2,800,000 | 1,600,000 | ' |
Real Estate Held-for-sale | 1,000,000 | ' | ' |
Asset Impairment Charges | 200,000 | ' | ' |
Depreciation and Amortization | 3,798,000 | 4,322,000 | 3,981,000 |
Impairment write-off of Intangible Assets | 45,000 | 0 | 19,000 |
Deferred financing costs | 33,000 | 58,000 | ' |
Deferred financing costs amortized over useful life of debt issue minimum | '1 year | ' | ' |
Deferred financing costs amortized over useful life of debt issue maximum | '10 years | ' | ' |
Amortization of deferred financing costs | 40,000 | 42,000 | 52,000 |
Accrued Reorganization Costs And Contractual Commitments | 0 | 1,300,000 | ' |
Accrued Project Costs | 1,000,000 | 700,000 | ' |
Product Warranty Accrual | 263,000 | 284,000 | 84,000 |
Solar power systems completion period minimum | '3 months | ' | ' |
Solar power systems completion period maximum | '15 months | ' | ' |
Power purchase agreement product revenue is recognized term | '10 years | ' | ' |
Advertising costs | 28,000 | 111,000 | 117,000 |
Deferred tax assets valuation allowance | 800,000 | ' | ' |
Realized tax benefits and (expense) from the exercise of stock options | 13,000 | 70,000 | 989,000 |
Maximum [Member] | ' | ' | ' |
Summary of Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' |
Length of Time of Inventory Usage Considered for Inventory Reserve | '24 months | ' | ' |
Long-term receivables from OTA contracts present value of the future cash flows discounted rate | 11.00% | ' | ' |
Minimum [Member] | ' | ' | ' |
Summary of Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' |
Length of Time of Inventory Usage Considered for Inventory Reserve | '9 months | ' | ' |
Long-term receivables from OTA contracts present value of the future cash flows discounted rate | 8.80% | ' | ' |
Engineered Systems [Member] | ' | ' | ' |
Summary of Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' |
Product Warranty Accrual | 100,000 | ' | ' |
Construction in progress [Member] | ' | ' | ' |
Summary of Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' |
Interest capitalized for construction in progress | $0 | $0 | ' |
Acquisition_Acquisition_Agreem
Acquisition (Acquisition Agreement) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Jan. 02, 2014 | Jul. 02, 2013 | Mar. 31, 2014 | Oct. 21, 2013 | 22-May-13 | Jan. 02, 2015 | |
Harris [Member] | Harris [Member] | Harris [Member] | Harris [Member] | Harris [Member] | Subsequent Event [Member] | ||||
Harris [Member] | |||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase agreement, value | ' | ' | ' | ' | ' | ' | ' | $10,000,000 | ' |
Purchase agreement, potential adjustment, amount | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' |
Business acquisition, common stock issued | ' | ' | ' | 600,000 | ' | ' | ' | 600,000 | ' |
Acquisition consideration, cash | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' |
Acquisition consideration, debt | ' | ' | ' | ' | 3,124,000 | ' | ' | ' | ' |
Acquisition consideration, shares | ' | ' | ' | 83,943 | 856,997 | ' | ' | ' | ' |
Acquisition consideration, share price (per share) | ' | ' | ' | ' | $2.33 | ' | ' | ' | ' |
Acquisition share price determination, trading days before purchase agreement | ' | ' | ' | ' | '45 days | ' | ' | ' | ' |
Acquisition share price determination, trading days after purchase agreement | ' | ' | ' | ' | '22 days | ' | ' | ' | ' |
Purchase accounting provisions, share price (per share) | ' | ' | ' | ' | $2.41 | ' | ' | ' | ' |
Business Combination, Fixed Future Consideration, Amount | ' | ' | ' | ' | ' | ' | 1,400,000 | ' | ' |
Business Combination, Fixed Future Consideration, Shares, Price Per Share | ' | ' | ' | $3.80 | ' | ' | ' | ' | ' |
Business Combination, Fixed Future Consideration, Cash | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 |
Total revenues since the date of acquisition | ' | ' | ' | ' | ' | 9,400,000 | ' | ' | ' |
Pre-tax loss since the date of acquisition | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' |
Amortization expense | 704,000 | 133,000 | 136,000 | ' | ' | 600,000 | ' | ' | ' |
Contingent consideration, reduction in liability during period | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' |
Acquisition and integration related costs | ' | ' | ' | ' | ' | $500,000 | ' | ' | ' |
Acquisition_Consideration_Paid
Acquisition (Consideration Paid) (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Jul. 02, 2013 | Jul. 02, 2013 | Jul. 02, 2013 | Jul. 02, 2013 | Jul. 02, 2013 |
In Thousands, unless otherwise specified | Harris [Member] | Harris [Member] | Harris [Member] | Harris [Member] | Harris [Member] | ||
Customer Relationships [Member] | Non-competition Agreement [Member] | Developed Technology [Member] | Trade Name and Trademarks [Member] | ||||
Consideration paid to Harris Shareholders: | ' | ' | ' | ' | ' | ' | ' |
Cash | ' | ' | $5,000 | ' | ' | ' | ' |
Seller provided debt | ' | ' | 3,124 | ' | ' | ' | ' |
Shares of company common stock | ' | ' | 2,065 | ' | ' | ' | ' |
Contingent consideration arrangement | ' | ' | 612 | ' | ' | ' | ' |
Total consideration paid | ' | ' | 10,801 | ' | ' | ' | ' |
Preliminary fair value allocation of the purchase price | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | 8 | ' | ' | ' | ' |
Accounts receivable, net | ' | ' | 2,215 | ' | ' | ' | ' |
Inventories | ' | ' | 1,633 | ' | ' | ' | ' |
Other current assets | ' | ' | 86 | ' | ' | ' | ' |
Property, plant and equipment | ' | ' | 117 | ' | ' | ' | ' |
Deferred tax asset | ' | ' | 141 | ' | ' | ' | ' |
Identifiable intangible assets | ' | ' | ' | 3,600 | 100 | 900 | 1,900 |
Accounts payable | ' | ' | -1,519 | ' | ' | ' | ' |
Deferred tax liabilities | ' | ' | -2,263 | ' | ' | ' | ' |
Accrued and other liabilities | ' | ' | -526 | ' | ' | ' | ' |
Total identifiable net assets | ' | ' | 6,392 | ' | ' | ' | ' |
Goodwill | 4,409 | 0 | 4,409 | ' | ' | ' | ' |
Assets acquired, goodwill, and liabilities assumed, net | ' | ' | $10,801 | ' | ' | ' | ' |
Acquisition_Contingent_Conside
Acquisition (Contingent Consideration) (Details) (Harris [Member], USD $) | 12 Months Ended | |
Mar. 31, 2014 | Jul. 02, 2013 | |
Harris [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Contingent consideration maximum amount of liability | ' | $1,000,000 |
Contingent consideration minimum amount of liability | ' | 0 |
Contingent consideration, recorded liability | ' | 600,000 |
Contingent consideration, liability to be recorded | ' | 500,000 |
Contingent consideration, reduction in liability during period | $300,000 | ' |
Acquisition_Identifiable_Intan
Acquisition (Identifiable Intangible Assets Acquired) (Details) | 12 Months Ended |
Mar. 31, 2014 | |
Business Acquisition [Line Items] | ' |
Intangible assets, estimated economic useful life | '7 years 4 months |
Customer Relationships [Member] | Minimum [Member] | ' |
Business Acquisition [Line Items] | ' |
Intangible assets, estimated economic useful life | '5 years |
Customer Relationships [Member] | Maximum [Member] | ' |
Business Acquisition [Line Items] | ' |
Intangible assets, estimated economic useful life | '8 years |
Developed Technology [Member] | ' |
Business Acquisition [Line Items] | ' |
Intangible assets, estimated economic useful life | '8 years |
Non-competition Agreement [Member] | ' |
Business Acquisition [Line Items] | ' |
Intangible assets, estimated economic useful life | '5 years |
Harris [Member] | Customer Relationships [Member] | Minimum [Member] | ' |
Business Acquisition [Line Items] | ' |
Intangible assets, estimated economic useful life | '5 years |
Harris [Member] | Customer Relationships [Member] | Maximum [Member] | ' |
Business Acquisition [Line Items] | ' |
Intangible assets, estimated economic useful life | '8 years |
Harris [Member] | Developed Technology [Member] | ' |
Business Acquisition [Line Items] | ' |
Intangible assets, estimated economic useful life | '8 years |
Harris [Member] | Non-competition Agreement [Member] | ' |
Business Acquisition [Line Items] | ' |
Intangible assets, estimated economic useful life | '5 years |
Acquisition_Pro_Forma_Results_
Acquisition (Pro Forma Results of Operations) (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Pro Forma Results of Operations | ' | ' | ' |
Non-recurring aggregate acquisition-related costs | $819,000 | $0 | $0 |
Harris [Member] | ' | ' | ' |
Pro Forma Results of Operations | ' | ' | ' |
Tax benefit | 2,300,000 | ' | ' |
Revenue | 92,868,000 | 102,198,000 | ' |
Net income (loss) available to common shareholders | -9,111,000 | -7,489,000 | ' |
Basic | ($0.43) | ($0.36) | ' |
Diluted | ($0.43) | ($0.36) | ' |
Harris [Member] | Acquisition-related Costs [Member] | ' | ' | ' |
Pro Forma Results of Operations | ' | ' | ' |
Non-recurring aggregate acquisition-related costs | $200,000 | ' | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 |
Entity that Current Director Sits on the Board of Directors | Entity that Current Director Sits on the Board of Directors | Entity that Current Director Owns Minority Interest and Serves as Board of Directors Chairman [Member] | |
Related Party Transactions (Textual) [Abstract] | ' | ' | ' |
Purchased goods and services | $40 | $46 | $20 |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Long-term debt | ' | ' |
Long-term Debt | $6,601 | $6,706 |
Less current maturities | -3,450 | -2,597 |
Long-term debt, less current maturities | 3,151 | 4,109 |
Term note [Member] | ' | ' |
Long-term debt | ' | ' |
Long-term Debt | 0 | 263 |
Harris Seller's Note [Member] | ' | ' |
Long-term debt | ' | ' |
Long-term Debt | 2,624 | 0 |
Customer equipment finance notes payable [Member] | ' | ' |
Long-term debt | ' | ' |
Long-term Debt | 2,331 | 4,408 |
First mortgage note payable [Member] | ' | ' |
Long-term debt | ' | ' |
Long-term Debt | 607 | 694 |
Debenture payable [Member] | ' | ' |
Long-term debt | ' | ' |
Long-term Debt | 675 | 721 |
Other long-term debt [Member] | ' | ' |
Long-term debt | ' | ' |
Long-term Debt | $364 | $620 |
LongTerm_Debt_Revolving_Credit
Long-Term Debt (Revolving Credit Facility) (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Debt (Textual) [Abstract] | ' | ' |
Outstanding letters of credit totaling | $0 | ' |
Revolving Credit Facility [Member] | ' | ' |
Debt (Textual) [Abstract] | ' | ' |
Maximum borrowing capacity | 15,000,000 | ' |
Maximum borrowing capacity before subject to borrowing base requirements | 5,000,000 | ' |
Letters of credit for the Company's account in the aggregate principal amount | 2,000,000 | ' |
Borrowings by the company under credit agreement | 0 | 0 |
Average daily unencumbered liquidity required | $20,000,000 | ' |
Debt Service Coverage Ratio Minimum | 1.25 | ' |
Funded Debt to EBITDA Ratio Minimum | 2.5 | ' |
Revolving Credit Facility [Member] | Minimum [Member] | ' | ' |
Debt (Textual) [Abstract] | ' | ' |
Average daily unused amount of the credit facility fee rate | 0.25% | ' |
Revolving Credit Facility [Member] | Maximum [Member] | ' | ' |
Debt (Textual) [Abstract] | ' | ' |
Total liabilities to tangible net worth ratio, minimum | 0.5 | ' |
Average daily unused amount of the credit facility fee rate | 0.50% | ' |
London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | Minimum [Member] | ' | ' |
Debt (Textual) [Abstract] | ' | ' |
Spread on basis rate | 2.00% | ' |
London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | Maximum [Member] | ' | ' |
Debt (Textual) [Abstract] | ' | ' |
Spread on basis rate | 3.00% | ' |
LongTerm_Debt_All_Other_Debt_D
Long-Term Debt (All Other Debt) (Details) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 | Feb. 28, 2011 | Mar. 31, 2014 | Sep. 30, 2010 | Mar. 31, 2014 | Mar. 31, 2011 | Mar. 31, 2014 | Jun. 30, 2011 | Mar. 31, 2014 | Sep. 30, 2011 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Nov. 30, 2007 | Mar. 31, 2014 | Sep. 30, 2010 | Mar. 31, 2014 | Jan. 31, 2011 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
Harris Seller's Note [Member] | Harris Seller's Note [Member] | September 2010 OTA Finance Program [Member] | September 2010 OTA Finance Program [Member] | September 2010 OTA Finance Program [Member] | March 2011 OTA Finance Program [Member] | March 2011 OTA Finance Program [Member] | June 2011 OTA Finance Program [Member] | June 2011 OTA Finance Program [Member] | September 2011 OTA Finance Program [Member] | September 2011 OTA Finance Program [Member] | First mortgage note payable [Member] | Debenture payable [Member] | Agreement for Wisconsin Community Development Block Grant with Local City Government [Member] | Agreement for Wisconsin Community Development Block Grant with Local City Government [Member] | Agreement with Wisconsin Department of Commerce [Member] | Agreement with Wisconsin Department of Commerce [Member] | Amended Agreement for Wisconsin Community Development Block Grant with Local City Government [Member] | Amended Agreement for Wisconsin Community Development Block Grant with Local City Government [Member] | Promissory Note from State Government [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | |
contract | contract | contract | contract | September 2010 OTA Finance Program [Member] | March 2011 OTA Finance Program [Member] | June 2011 OTA Finance Program [Member] | September 2011 OTA Finance Program [Member] | |||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, face amount | ' | $3,100,000 | ' | ' | $2,400,000 | ' | $900,000 | ' | $2,800,000 | ' | $5,000,000 | ' | ' | ' | $750,000 | ' | $300,000 | ' | $200,000 | ' | ' | ' | ' | ' |
Stated interest rate, percentage | 4.00% | ' | ' | 7.00% | ' | 7.00% | ' | 7.85% | ' | ' | ' | ' | ' | 4.90% | ' | 2.00% | ' | 2.11% | ' | 2.00% | ' | ' | ' | ' |
Repayments of the outstanding notes payable | ' | ' | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepayment penalty recorded | ' | ' | 33,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of supporting individual OTA customer contracts | ' | ' | ' | 12 | ' | 3 | ' | 40 | ' | 34 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Monthly principal and interest payment | ' | ' | ' | ' | ' | 20,900 | ' | ' | ' | ' | ' | 10,000 | 8,000 | 11,000 | ' | 4,600 | ' | 3,600 | ' | 3,400 | ' | ' | ' | ' |
Debt instrument, covenant compliance, cash liquidity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | 5,000,000 | ' | ' |
Debt instrument, covenant compliance, aggregate amount of all remaining scheduled payments due of individual OTA contracts versus remaining principal and interest payments due | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25 | ' |
Notes payable outstanding balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Spread on basis rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | 2.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, covenant compliance, average daily unencumbered liquidity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $20,000,000 |
Debt Service Coverage Ratio Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Funded Debt to EBITDA Ratio Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective interest rate, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.50% | 4.94% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period of time without interest accruing or principal payments due | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Aggregate_Maturi
Long-Term Debt (Aggregate Maturities) (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
Fiscal 2015 | $3,450 | ' |
Fiscal 2016 | 1,884 | ' |
Fiscal 2017 | 733 | ' |
Fiscal 2018 | 70 | ' |
Fiscal 2019 | 59 | ' |
Thereafter | 405 | ' |
Long-term Debt | $6,601 | $6,706 |
Income_Taxes_Schedule_of_Compo
Income Taxes (Schedule of Components of Income Tax Expense or Benefit) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Current | $19 | ($180) | $520 |
Deferred | -2,077 | 4,253 | -150 |
Income Tax Expense (Benefit), Continuing Operations | -2,058 | 4,073 | 370 |
Federal | -1,830 | 3,803 | 292 |
State | ($228) | $270 | $78 |
Income_Taxes_Reconciliation_of
Income Taxes (Reconciliation of tax rates) (Details) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Statutory federal tax rate | 34.00% | 34.00% | 34.00% |
State taxes, net | 2.80% | 2.30% | 9.20% |
Federal tax credit | 0.90% | 3.90% | -11.60% |
State tax credit | 0.40% | -0.50% | -5.90% |
Change in valuation reserve | -10.20% | -111.70% | 5.90% |
Permanent items | -2.90% | 2.30% | 10.00% |
Prior year permanent differences | -0.30% | 3.40% | 0.80% |
Other, net | 0.20% | 1.90% | 0.90% |
Effective income tax rate | 24.90% | -64.40% | 43.30% |
Income_Taxes_Schedule_of_Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Inventory, accruals and reserves | $1,445 | $2,090 |
Other | 139 | 136 |
Deferred revenue | 44 | 338 |
Valuation allowance | -1,628 | -2,564 |
Total net current deferred tax assets and liabilities | 0 | 0 |
Federal and state operating loss carryforwards | 6,233 | 2,691 |
Tax credit carryforwards | 1,498 | 1,426 |
Non-qualified stock options | 2,541 | 2,298 |
Deferred revenue | 23 | 27 |
Fixed assets | -1,889 | -1,909 |
Intangible assets | -2,125 | 0 |
Valuation allowance | -6,281 | -4,533 |
Total net long-term deferred tax assets and liabilities | 0 | 0 |
Total net deferred tax assets | $0 | $0 |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Excess tax benefits from stock-based compensation | $13,000 | $70,000 | $989,000 |
Valuation allowance | 7,900,000 | ' | ' |
Domestic Country [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Operating loss carryforwards | 19,600,000 | ' | ' |
Exercise of NQSOs | 3,500,000 | ' | ' |
Tax credit carryforwards | 1,500,000 | ' | ' |
State And Local Jurisdiction [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Operating loss carryforwards | 15,800,000 | ' | ' |
Exercise of NQSOs | 4,500,000 | ' | ' |
Tax credit carryforwards | $800,000 | ' | ' |
Minimum [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Period of time State income tax returns subject to examination | '3 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Period of time State income tax returns subject to examination | '5 years | ' | ' |
Income_Taxes_Unrecognized_Tax_
Income Taxes (Unrecognized Tax Benefit Activity) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | ' | ' | ' |
Unrecognized tax benefits as of beginning of period | $188 | $406 | $399 |
Additions based on tax positions related to the current period positions | 22 | 16 | 7 |
Reduction for tax positions of prior years | 0 | -1 | 0 |
Reductions due to lapse of statute of limitations | 0 | -233 | 0 |
Unrecognized tax benefits as of end of period | $210 | $188 | $406 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details Textual) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Long-term Purchase Commitment [Line Items] | ' | ' | ' |
Rent expense under operating leases | $1,238,000 | $1,613,000 | $2,111,000 |
Discretionary Company contributions to retirement savings plan | 26,000 | 8,000 | 15,000 |
Inventories [Member] | ' | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' | ' |
Purchase commitments | $4,400,000 | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies (Schedule of Annual Commitments under Non-Cancelable Operating Agreements) (Details) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Fiscal 2015 | $289 |
Fiscal 2016 | 206 |
Fiscal 2017 | 85 |
Fiscal 2018 | 71 |
Fiscal 2019 | 0 |
Thereafter | 0 |
Total future payments due | $651 |
Shareholders_Equity_Details_Te
Shareholders' Equity (Details Textual) (USD $) | 12 Months Ended | 1 Months Ended | 30 Months Ended | ||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Aug. 31, 2010 | Feb. 15, 2009 | Apr. 30, 2012 | Nov. 30, 2011 | Oct. 31, 2011 | Mar. 31, 2014 | |
October 2011 [Member] | October 2011 [Member] | October 2011 [Member] | October 2011 [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock repurchase program, authorized amount | ' | ' | ' | ' | ' | $7,500,000 | $2,500,000 | $1,000,000 | ' |
Treasury stock purchase, shares | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 |
Repurchase of common stock into treasury | 0 | 6,007,000 | 740,000 | ' | ' | ' | ' | ' | 6,800,000 |
Right issue share price (USD per share) | ' | ' | ' | ' | $30 | ' | ' | ' | ' |
Minimum subscription percentage | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Number of business days to trigger a distribution date | '10 days | ' | ' | ' | ' | ' | ' | ' | ' |
Share acquisition percentage | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Prior to a person becoming an Acquiring Person, the Board of Directors of the Company's redemption Rate (USD per share) | ' | ' | ' | ' | $0.00 | ' | ' | ' | ' |
Employee stock purchase plan, shares authorized | ' | ' | ' | 2,500,000 | ' | ' | ' | ' | ' |
Maximum amount limit for ESPP per employee | 20,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price to market price matching percentage | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Sec 16 Officers limit percentage on ESPP based on annual income | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Sec 16 officers maximum limit on ESPP in amounts | $250,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Period of interest on loans | '10 years | ' | ' | ' | ' | ' | ' | ' | ' |
Shareholders_Equity_Schedule_o
Shareholders' Equity (Schedule of ESPP Activity) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | |
Shares issued from treasury | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares Issued Under ESPP Plan | 362 | 319 | 702 | 990 | 1,053 | 9,846 | 27,467 | 9,232 | 2,373 | 47,598 |
Closing Market Price (USD per share) | $7.25 | $6.80 | $3.76 | $2.48 | $2.48 | $1.66 | $1.98 | $2.20 | ' | ' |
Shares Issued Under Loan Program | 0 | 0 | 0 | 0 | 0 | 8,434 | 25,606 | 7,955 | 0 | 41,995 |
Dollar Value of Loans Issued | $0 | $0 | $0 | $0 | $0 | $14,000 | $50,700 | $17,500 | $0 | $82,200 |
Repayment of Loans | $1,677 | $94,300 | $118,309 | $823 | $30,830 | $1,075 | $4,060 | $1,600 | $215,109 | $37,565 |
Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued from treasury | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Closing Market Price (USD per share) | ' | ' | ' | ' | ' | ' | ' | ' | $2.48 | $1.66 |
Maximum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued from treasury | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Closing Market Price (USD per share) | ' | ' | ' | ' | ' | ' | ' | ' | $7.25 | $2.48 |
Stock_Options_Restricted_Share2
Stock Options, Restricted Shares and Warrants (Details Textual) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Remaining weighted average expected term | '5 years 1 month | ' | ' |
Common stock closing price | 7.25 | ' | ' |
2003 Stock Option and 2004 Stock and Incentive Awards Plans [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Reserved shares for issuance to key employees | 13,500,000 | ' | ' |
Maximum life of option under the plan | '10 years | ' | ' |
2003 Stock Option and 2004 Stock and Incentive Awards Plans [Member] | Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period | '1 month | ' | ' |
2003 Stock Option and 2004 Stock and Incentive Awards Plans [Member] | Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period | '5 years | ' | ' |
Restricted shares [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 3.32 | ' | ' |
Restricted shares granted | 526,663 | 163,750 | ' |
Restricted shares [Member] | Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Remaining weighted average expected term | '3 years | ' | ' |
Per share price on grant date (USD per share) | 2.41 | 1.8 | ' |
Restricted shares [Member] | Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Remaining weighted average expected term | '5 years | ' | ' |
Per share price on grant date (USD per share) | 6.97 | 2 | ' |
Non-Employee Director [Member] | 2004 Stock and Incentive Awards Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Grant of shares to consultant as part of consulting compensation agreement | 33,641 | 30,422 | 29,308 |
Non-Employee Director [Member] | 2004 Stock and Incentive Awards Plan [Member] | Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Common stock closing price | 2.41 | 1.62 | 2.43 |
Non-Employee Director [Member] | 2004 Stock and Incentive Awards Plan [Member] | Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Common stock closing price | 5.73 | 2.57 | 4.19 |
Consultant [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Grant of shares to consultant as part of consulting compensation agreement | ' | 3,000 | ' |
Common stock closing price | ' | 2.03 | ' |
Stock_Options_Restricted_Share3
Stock Options, Restricted Shares and Warrants (Stock-based Compensation) (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Stock-based compensation | ' | ' | ' |
Compensation expense | $1,593,000 | $1,164,000 | $1,267,000 |
Cost of product revenue [Member] | ' | ' | ' |
Stock-based compensation | ' | ' | ' |
Compensation expense | 70,000 | 114,000 | 189,000 |
General and administrative [Member] | ' | ' | ' |
Stock-based compensation | ' | ' | ' |
Compensation expense | 1,025,000 | 578,000 | 548,000 |
Sales and marketing [Member] | ' | ' | ' |
Stock-based compensation | ' | ' | ' |
Compensation expense | 485,000 | 451,000 | 501,000 |
Research and development [Member] | ' | ' | ' |
Stock-based compensation | ' | ' | ' |
Compensation expense | 13,000 | 21,000 | 29,000 |
Harris [Member] | ' | ' | ' |
Stock-based compensation | ' | ' | ' |
Compensation expense | $200,000 | ' | ' |
Stock_Options_Restricted_Share4
Stock Options, Restricted Shares and Warrants (Schedule of Shares Available for Grant) (Details) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant [Roll Forward] | ' | ' | ' |
Number of shares available for grant, beginning of period | 1,632,778 | 1,406,090 | 1,577,676 |
Granted shares | -33,641 | -33,422 | -29,308 |
Number of shares available for grant, end of period | 1,291,996 | 1,632,778 | 1,406,090 |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant [Roll Forward] | ' | ' | ' |
Granted stock options | -305,544 | -1,054,876 | -1,481,356 |
Forfeited | 455,691 | 1,419,986 | 1,339,078 |
Restricted shares [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant [Roll Forward] | ' | ' | ' |
Restricted shares | -526,663 | -163,750 | ' |
Forfeited | 69,375 | 58,750 | ' |
Stock_Options_Restricted_Share5
Stock Options, Restricted Shares and Warrants (Summary of Outstanding Stock Options) (Details) (USD $) | 12 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' | ' |
Number of Shares, Beginning Balance | 3,312,523 | 3,697,633 | 3,658,768 | ' |
Number of Shares, Granted | 305,544 | 1,054,876 | 1,481,356 | ' |
Number of Shares, Exercised | -446,059 | -20,000 | -103,413 | ' |
Number of Shares, Forfeited | -455,691 | -1,419,986 | -1,339,078 | ' |
Number of Shares, Ending Balance | 2,716,317 | 3,312,523 | 3,697,633 | 3,658,768 |
Number of Shares, Exercisable | 1,586,940 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' | ' | ' |
Weighted Average Exercise Price, Beginning Balance (in dollars per share) | $3.42 | $3.76 | $3.83 | ' |
Weighted Average Exercise Price, Granted Stock Options (in dollars per share) | $2.41 | $1.98 | $3.56 | ' |
Weighted Average Exercise Price, Exercised (in dollars per share) | $2.58 | $2.25 | $1.45 | ' |
Weighted Average Exercise Price, Forfeited (in dollars per share) | $3.52 | $3.26 | $4.18 | ' |
Weighted Average Exercise Price, Ending Balance (in dollars per share) | $3.43 | $3.42 | $3.76 | $3.83 |
Weighted Average Fair Value of Options Granted | $1.32 | $1.23 | $1.95 | $2.04 |
Aggregate Intrinsic Value, Outstanding | $10,978,432 | ' | ' | ' |
Aggregate Intrinsic Value, Exercisable | $5,614,065 | ' | ' | ' |
Stock_Options_Restricted_Share6
Stock Options, Restricted Shares and Warrants (Summary of Exercise Price Range) (Details) (USD $) | 12 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2011 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Outstanding | 2,716,317 | 3,312,523 | 3,697,633 | 3,658,768 |
Weighted Average Remaining Contractual Life (Years) | '6 years 3 months 26 days | ' | ' | ' |
Weighted Average Exercise Price | $3.43 | $3.42 | $3.76 | $3.83 |
Vested | 1,586,940 | ' | ' | ' |
Weighted Average Exercise Price | $4.09 | ' | ' | ' |
.75 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Exercise Price Range, Lower Range Limit | $0.75 | ' | ' | ' |
Outstanding | 10,000 | ' | ' | ' |
Weighted Average Remaining Contractual Life (Years) | '1 year | ' | ' | ' |
Weighted Average Exercise Price | $0.75 | ' | ' | ' |
Vested | 10,000 | ' | ' | ' |
Weighted Average Exercise Price | $0.75 | ' | ' | ' |
1.62 - 2.25 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Exercise Price Range, Lower Range Limit | $1.62 | ' | ' | ' |
Exercise Price Range, Upper Range Limit | $2.25 | ' | ' | ' |
Outstanding | 882,709 | ' | ' | ' |
Weighted Average Remaining Contractual Life (Years) | '6 years 6 months 29 days | ' | ' | ' |
Weighted Average Exercise Price | $2.01 | ' | ' | ' |
Vested | 350,959 | ' | ' | ' |
Weighted Average Exercise Price | $2.09 | ' | ' | ' |
2.41 - 2.75 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Exercise Price Range, Lower Range Limit | $2.41 | ' | ' | ' |
Exercise Price Range, Upper Range Limit | $2.75 | ' | ' | ' |
Outstanding | 546,944 | ' | ' | ' |
Weighted Average Remaining Contractual Life (Years) | '8 years 0 months 29 days | ' | ' | ' |
Weighted Average Exercise Price | $2.48 | ' | ' | ' |
Vested | 192,920 | ' | ' | ' |
Weighted Average Exercise Price | $2.49 | ' | ' | ' |
2.86 - 4.28 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Exercise Price Range, Lower Range Limit | $2.86 | ' | ' | ' |
Exercise Price Range, Upper Range Limit | $4.28 | ' | ' | ' |
Outstanding | 821,207 | ' | ' | ' |
Weighted Average Remaining Contractual Life (Years) | '5 years 10 months 28 days | ' | ' | ' |
Weighted Average Exercise Price | $3.42 | ' | ' | ' |
Vested | 607,904 | ' | ' | ' |
Weighted Average Exercise Price | $3.40 | ' | ' | ' |
4.49 - 4.76 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Exercise Price Range, Lower Range Limit | $4.49 | ' | ' | ' |
Exercise Price Range, Upper Range Limit | $4.76 | ' | ' | ' |
Outstanding | 54,400 | ' | ' | ' |
Weighted Average Remaining Contractual Life (Years) | '3 years 9 months | ' | ' | ' |
Weighted Average Exercise Price | $4.65 | ' | ' | ' |
Vested | 52,800 | ' | ' | ' |
Weighted Average Exercise Price | $4.65 | ' | ' | ' |
5.35 - 6.05 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Exercise Price Range, Lower Range Limit | $5.35 | ' | ' | ' |
Exercise Price Range, Upper Range Limit | $6.05 | ' | ' | ' |
Outstanding | 220,706 | ' | ' | ' |
Weighted Average Remaining Contractual Life (Years) | '5 years 3 months 29 days | ' | ' | ' |
Weighted Average Exercise Price | $5.47 | ' | ' | ' |
Vested | 192,006 | ' | ' | ' |
Weighted Average Exercise Price | $5.47 | ' | ' | ' |
9.00 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Exercise Price Range, Lower Range Limit | $9 | ' | ' | ' |
Outstanding | 43,000 | ' | ' | ' |
Weighted Average Remaining Contractual Life (Years) | '3 years 10 months 13 days | ' | ' | ' |
Weighted Average Exercise Price | $9 | ' | ' | ' |
Vested | 43,000 | ' | ' | ' |
Weighted Average Exercise Price | $9 | ' | ' | ' |
10.14 - 11.61 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Exercise Price Range, Lower Range Limit | $10.14 | ' | ' | ' |
Exercise Price Range, Upper Range Limit | $11.61 | ' | ' | ' |
Outstanding | 137,351 | ' | ' | ' |
Weighted Average Remaining Contractual Life (Years) | '3 years 9 months 29 days | ' | ' | ' |
Weighted Average Exercise Price | $11.02 | ' | ' | ' |
Vested | 137,351 | ' | ' | ' |
Weighted Average Exercise Price | $11.02 | ' | ' | ' |
Stock_Options_Restricted_Share7
Stock Options, Restricted Shares and Warrants (Summary of Unrecognized Compensation Cost) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Fiscal 2015 | $1,098 |
Fiscal 2016 | 868 |
Fiscal 2017 | 519 |
Fiscal 2018 | 361 |
Fiscal 2019 | 134 |
Thereafter | 7 |
Total compensation cost | $2,987 |
Remaining weighted average expected term | '5 years 1 month |
Stock_Options_Restricted_Share8
Stock Options, Restricted Shares and Warrants (Schedule of Restricted Shares) (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Compensation expense | $1,593,000 | $1,164,000 | $1,267,000 |
Restricted shares [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares outstanding | 105,000 | ' | ' |
Shares issued | 526,663 | ' | ' |
Shares vested | -23,084 | ' | ' |
Shares forfeited | -69,375 | ' | ' |
Shares outstanding | 539,204 | ' | ' |
Compensation expense | $261,351 | ' | ' |
Restricted shares [Member] | Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Per share price on grant date (USD per share) | $2.41 | $1.80 | ' |
Restricted shares [Member] | Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Per share price on grant date (USD per share) | $6.97 | $2 | ' |
Stock_Options_Restricted_Share9
Stock Options, Restricted Shares and Warrants (Outstanding Warrants) (Details) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Class of Warrant or Right, Outstanding [Roll Forward] | ' | ' | ' |
Number of Shares Outstanding, Beginning of period | 38,980 | 38,980 | 38,980 |
Number of Shares Outstanding, Issued | 0 | 0 | 0 |
Number of Shares Outstanding, Exercised | 0 | 0 | 0 |
Number of Shares Outstanding, Cancelled | 0 | 0 | 0 |
Number of Shares Outstanding, End of period | 38,980 | 38,980 | 38,980 |
Weighted Average Exercise Price, Beginning of Period (USD per share) | 2.25 | 2.25 | 2.25 |
Weighted Average Exercise Price, Issued (USD per share) | 0 | 0 | 0 |
Weighted Average Exercise Price, Exercised (USD per share) | 0 | 0 | 0 |
Weighted Average Exercise Price, Cancelled (USD per share) | 0 | 0 | 0 |
Weighted Average Exercise Price, End of Period (USD per share) | 2.25 | 2.25 | 2.25 |
Recovered_Sheet8
Stock Options, Restricted Shares and Warrants (Summary of Outstanding Warrants) (Details) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2011 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' | ' |
Exercise Price | 2.25 | 2.25 | 2.25 | 2.25 |
Number of Warrants | 38,980 | ' | ' | ' |
Segment_Data_Reconciliation_of
Segment Data (Reconciliation of segment operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Corporate and Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $12,584 | $27,692 | $27,495 | $20,852 | $22,281 | $29,087 | $19,408 | $15,310 | $88,623 | $86,086 | $100,562 |
Operating (Loss) Profit | ' | ' | ' | ' | ' | ' | ' | ' | -8,343 | -6,604 | 522 |
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 4,538 | 4,577 | 4,236 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 410 | 2,159 | 4,327 |
Energy Management [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Corporate and Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 66,793 | 67,437 | 72,097 |
Operating (Loss) Profit | ' | ' | ' | ' | ' | ' | ' | ' | -1,743 | 245 | 4,974 |
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 2,667 | 1,774 | 1,703 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 276 | 993 | 1,179 |
Engineered Systems [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Corporate and Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 21,830 | 18,649 | 28,465 |
Operating (Loss) Profit | ' | ' | ' | ' | ' | ' | ' | ' | 1,991 | 671 | 569 |
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 302 | 249 | 287 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 50 | 34 |
Corporate and Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Corporate and Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Operating (Loss) Profit | ' | ' | ' | ' | ' | ' | ' | ' | -8,591 | -7,520 | -5,021 |
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 1,569 | 2,554 | 2,246 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | $134 | $1,116 | $3,114 |
Segment_Data_Reconciliation_of1
Segment Data (Reconciliation of segment assets and liabilities) (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Corporate and Other | ' | ' |
Total Assets | $98,940 | $102,097 |
Deferred Revenue | 1,930 | 4,204 |
Energy Management [Member] | ' | ' |
Corporate and Other | ' | ' |
Total Assets | 57,118 | 58,627 |
Deferred Revenue | 276 | 564 |
Engineered Systems [Member] | ' | ' |
Corporate and Other | ' | ' |
Total Assets | 7,742 | 9,339 |
Deferred Revenue | 1,654 | 3,640 |
Corporate and Other [Member] | ' | ' |
Corporate and Other | ' | ' |
Total Assets | 34,080 | 34,131 |
Deferred Revenue | $0 | $0 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | 23-May-14 | |
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ' | ' | ' | ' |
Proceeds from Sale of Property, Plant, and Equipment | $80,000 | $46,000 | $24,000 | $1,000,000 |
Real Estate Held-for-sale | $1,000,000 | ' | ' | $1,000,000 |
Quarterly_Financial_Data_Detai
Quarterly Financial Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Selected Quarterly Financial Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenue | $12,584 | $27,692 | $27,495 | $20,852 | $22,281 | $29,087 | $19,408 | $15,310 | $88,623 | $86,086 | $100,562 |
Gross profit | 1,278 | 8,150 | 7,829 | 5,723 | 7,971 | 8,581 | 5,805 | 4,373 | 22,980 | 26,730 | 30,038 |
Net income (loss) | ($8,839) | $1,018 | $2,403 | ($781) | $549 | $651 | ($9,659) | ($1,940) | ($6,199) | ($10,399) | $483 |
Basic net income per share (in usd per share) | ($0.41) | $0.05 | $0.11 | ($0.04) | $0.03 | $0.03 | ($0.46) | ($0.09) | ($0.30) | ($0.50) | $0.02 |
Shares used in basic per share calculation | 21,469,000 | 21,220,000 | 21,090,000 | 20,174,000 | 20,157,000 | 20,192,000 | 21,076,000 | 22,561,000 | 20,987,964 | 20,996,625 | 22,953,037 |
Diluted net income per share (in usd per share) | ($0.41) | $0.05 | $0.11 | ($0.04) | $0.03 | $0.03 | ($0.46) | ($0.09) | ($0.30) | ($0.50) | $0.02 |
Shares used in diluted per share calculation | 21,469,000 | 22,329,000 | 21,542,000 | 20,174,000 | 20,308,000 | 20,245,000 | 21,076,000 | 22,561,000 | 20,987,964 | 20,996,625 | 23,386,525 |