Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | 27-May-14 | Sep. 30, 2013 |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'Thermon Group Holdings, Inc. | ' | ' |
Entity Central Index Key | '0001489096 | ' | ' |
Current Fiscal Year End Date | '--03-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Mar-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 31,932,562 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $716,482,796 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Income (Loss) (USD $) | 12 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |||
Income Statement [Abstract] | ' | ' | ' | |||
Sales | $277,323 | $284,036 | $272,323 | |||
Cost of sales | 142,153 | 151,204 | 140,208 | |||
Gross profit | 135,170 | 132,832 | 132,115 | |||
Operating expenses: | ' | ' | ' | |||
Marketing, general and administrative and engineering | 65,463 | 64,633 | 76,280 | |||
Amortization of intangible assets | 11,090 | 11,211 | 11,379 | |||
Income from operations | 58,617 | 56,988 | 44,456 | |||
Other income/(expenses): | ' | ' | ' | |||
Interest income | 246 | 112 | 122 | |||
Interest expense | -10,019 | -15,225 | -19,584 | |||
Loss on retirement of senior secured notes | -15,485 | 0 | -3,825 | |||
Other expense | -596 | -325 | -1,671 | |||
Income before provision for income taxes | 32,763 | 41,550 | 19,498 | |||
Income tax expense | 6,964 | 14,576 | 7,468 | |||
Net income (loss) | 25,799 | 26,974 | 12,030 | |||
Other comprehensive income: | ' | ' | ' | |||
Net income (loss) | 25,799 | 26,974 | 12,030 | |||
Foreign currency translation adjustment | -6,724 | -4,133 | -6,517 | |||
Derivative valuation, net of tax | 70 | 0 | 0 | |||
Other | 0 | -304 | -152 | |||
Total comprehensive income | $19,145 | $22,537 | $5,361 | |||
Net income per common share: | ' | ' | ' | |||
Basic (in dollars per share) | $0.82 | $0.88 | $0.41 | |||
Earnings Per Share, Diluted | $0.80 | [1] | $0.85 | [1] | $0.40 | [1] |
Weighted-average shares used in computing net income per common share: | ' | ' | ' | |||
Basic (in shares) | 31,595,019 | 30,796,675 | 29,083,478 | |||
Diluted (in shares) | 32,153,912 | 31,796,830 | 30,454,255 | |||
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOmMxNjhjYmMyYWFjYjQ5ZWU4MTVlNTUyYThjNTczMzY4fFRleHRTZWxlY3Rpb246MzY3RDM2ODQxOUM5NTJGNUREMEUyNENEMTlDMUNENEYM} |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $72,640 | $43,847 |
Accounts receivable, net of allowance for doubtful accounts of $751 and $1,141 as of March 31, 2014 and March 31, 2013, respectively | 52,578 | 56,123 |
Inventories, net | 37,316 | 34,391 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 2,880 | 3,515 |
Income taxes receivable | 3,310 | 5,287 |
Prepaid expenses and other current assets | 5,058 | 6,203 |
Deferred income taxes | 2,325 | 2,211 |
Total current assets | 176,107 | 151,577 |
Property, plant and equipment, net | 31,532 | 31,211 |
Goodwill | 114,112 | 116,303 |
Intangible assets, net | 118,917 | 131,916 |
Debt issuance costs, net | 1,528 | 4,373 |
Other long term assets | 263 | 143 |
Total assets | 442,459 | 435,523 |
Current liabilities: | ' | ' |
Accounts payable | 17,066 | 20,370 |
Accrued liabilities | 9,869 | 18,715 |
Current portion of long term debt | 13,500 | 0 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 1,749 | 1,629 |
Income taxes payable | 956 | 1,706 |
Obligations due to settle the CHS Transactions | 567 | 3,239 |
Total current liabilities | 43,707 | 45,659 |
Long-term debt, net of current maturities | 108,000 | 118,145 |
Deferred income taxes | 37,896 | 42,599 |
Other noncurrent liabilities | 2,390 | 3,073 |
Common stock: $.001 par value; 150,000,000 authorized; 31,920,865 and 31,307,582 shares issued and outstanding at March 31, 2014 and March 31, 2013, respectively | 32 | 31 |
Preferred stock: $.001 par value; 10,000,000 authorized; no shares issued and outstanding | 0 | 0 |
Additional paid in capital | 208,451 | 203,027 |
Accumulated other comprehensive loss | -7,880 | -1,075 |
Retained earnings | 49,863 | 24,064 |
Shareholders’ equity | 250,466 | 226,047 |
Total liabilities and shareholders' equity | $442,459 | $435,523 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Accounts receivable, allowance for doubtful accounts (in dollars) | $751 | $1,141 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 31,920,865 | 31,307,582 |
Common stock, shares outstanding | 31,920,865 | 31,307,582 |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Statements_of_ShareholdersMemb
Statements of Shareholders'/Members' Equity Statements of Shareholders/Members' Equity (USD $) | Total | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Common Stock [Member] | Restricted Stock Units (RSUs) [Member] | Performance Shares [Member] |
In Thousands, except Share data | USD ($) | USD ($) | USD ($) | USD ($) | ||
Balance, beginning of period at Mar. 31, 2011 | $126,532 | ($14,940) | $10,031 | $131,441 | ' | ' |
Common stock, shares outstanding, beginning of period at Mar. 31, 2011 | ' | ' | ' | 24,933,407,000 | ' | ' |
Net income (loss) | 12,030 | 12,030 | ' | ' | ' | ' |
Issuance of common stock for cash, shares | ' | ' | ' | 4,575,098,000 | ' | ' |
Issuance of common stock for cash | 48,459 | ' | ' | 48,459 | ' | ' |
Stock-based compensation expense | 6,514 | ' | ' | 6,514 | ' | ' |
Excess tax deduction from stock options | 2,181 | ' | ' | ' | ' | ' |
Net income (loss) | 12,030 | ' | ' | ' | ' | ' |
Foreign curency translation adjustment | -6,517 | ' | -6,517 | ' | ' | ' |
Foreign provision | 12,551 | ' | ' | ' | ' | ' |
Other | -152 | ' | -152 | ' | ' | ' |
Issuance of common stock in exercise of stock options, shares | ' | ' | ' | 683,443,000 | ' | ' |
Issuance of common stock in exercise of stock options | 3,433 | ' | ' | 3,433 | ' | ' |
Issuance of restricted stock as deferred compensation to employees and directors | ' | ' | ' | 16,136,000 | ' | ' |
Excess tax deduction from stock options exercises | 2,181 | ' | ' | 2,181 | ' | ' |
Balance, end of period at Mar. 31, 2012 | 192,480 | -2,910 | 3,362 | 192,028 | ' | ' |
Common stock, shares outstanding, end of period at Mar. 31, 2012 | ' | ' | ' | 30,208,084,000 | ' | ' |
Net income (loss) | 26,974 | 26,974 | ' | ' | ' | ' |
Stock-based compensation expense | 1,341 | ' | ' | 1,341 | ' | ' |
Excess tax deduction from stock options | 4,131 | ' | ' | ' | ' | ' |
Net income (loss) | 26,974 | ' | ' | ' | ' | ' |
Foreign curency translation adjustment | -4,133 | ' | -4,133 | ' | ' | ' |
Foreign provision | 12,352 | ' | ' | ' | ' | ' |
Other | -304 | ' | -304 | ' | ' | ' |
Issuance of common stock in exercise of stock options, shares | ' | ' | ' | 1,086,486,000 | ' | ' |
Issuance of common stock in exercise of stock options | 5,558 | ' | ' | 5,558 | ' | ' |
Issuance of restricted stock as deferred compensation to employees and directors | ' | ' | ' | 13,012,000 | ' | ' |
Excess tax deduction from stock options exercises | 4,131 | ' | ' | 4,131 | ' | ' |
Balance, end of period at Mar. 31, 2013 | 226,047 | 24,064 | -1,075 | 203,058 | ' | ' |
Common stock, shares outstanding, end of period at Mar. 31, 2013 | 31,307,582 | ' | ' | 31,307,582,000 | ' | ' |
Issuance of common stock in lieu of compensation, shares | ' | ' | ' | ' | 18,786,000 | 10,594,000 |
Stock-based compensation expense | 2,203 | ' | ' | 2,203 | ' | ' |
Excess tax deduction from stock options | -118 | ' | ' | ' | ' | ' |
Net income (loss) | 25,799 | ' | ' | ' | ' | ' |
Foreign curency translation adjustment | -6,724 | ' | -6,724 | ' | ' | ' |
Interest rate swap | -81 | ' | -81 | ' | ' | ' |
Foreign provision | 12,451 | ' | ' | ' | ' | ' |
Issuance of common stock in exercise of stock options, shares | ' | ' | ' | 566,487,000 | ' | ' |
Issuance of common stock in exercise of stock options | 3,340 | ' | ' | ' | ' | ' |
Issuance of restricted stock as deferred compensation to employees and directors | ' | ' | ' | 17,416,000 | ' | ' |
Balance, end of period at Mar. 31, 2014 | $250,466 | $49,863 | ($7,880) | $208,483 | ' | ' |
Common stock, shares outstanding, end of period at Mar. 31, 2014 | 31,920,865 | ' | ' | 31,920,865,000 | ' | ' |
Consolidated_Statement_of_Cash
Consolidated Statement 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) | $25,799 | $26,974 | $12,030 |
Adjustment to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 14,178 | 13,831 | 13,971 |
Amortization of debt costs | 4,572 | 3,321 | 4,127 |
Stock compensation expense | 2,203 | 1,341 | 6,514 |
Deferred income taxes | -4,429 | -1,919 | -4,947 |
Premiums paid on redemptions, included as financing activities | 15,485 | 0 | 3,825 |
Other non-cash operating activities | -177 | 551 | 721 |
Changes in operating assets and liabilities: | ' | ' | ' |
Accounts receivable | 2,894 | -7,120 | -11,435 |
Inventories | -3,500 | 3,389 | -8,189 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 648 | -1,807 | -478 |
Other current and noncurrent assets | -1,477 | -611 | -1,591 |
Accounts payable | -3,157 | 4,895 | -1,292 |
Accrued liabilities and noncurrent liabilities | -11,069 | -3,354 | -3,549 |
Income taxes payable | 1,190 | 657 | -9,777 |
Net cash provided by operating activities | 46,114 | 41,370 | 3,112 |
Investing activities | ' | ' | ' |
Purchases of property, plant and equipment | -3,367 | -6,264 | -8,883 |
Cash paid to settle the CHS Transactions | -2,055 | -289 | -685 |
Net cash used in investing activities | -5,422 | -6,553 | -9,568 |
Financing activities | ' | ' | ' |
Proceeds from long term debt | 135,000 | 0 | 0 |
Payments on senior secured notes | -118,145 | -21,000 | -70,855 |
Payments on long term debt | 0 | 0 | -2,063 |
Proceeds or payments on revolving lines of credit | -13,500 | 0 | 0 |
Capital Lease Obligations Incurred | 59 | 0 | 0 |
Proceeds from Initial Public Offering, net of transaction costs | 0 | 0 | 48,459 |
Issuance costs associated with debt financing | -1,728 | -248 | 0 |
Proceeds from Stock Options Exercised | 3,340 | 5,558 | 3,432 |
Benefit (loss) from excess tax deduction from option exercises | -118 | 4,131 | 2,181 |
Redemption Premium | -15,485 | -630 | -3,825 |
Net cash used in financing activities | -10,577 | -12,189 | -22,671 |
Effect of exchange rate changes on cash and cash equivalents | -1,321 | -249 | -671 |
Change in cash and cash equivalents | 28,794 | 22,379 | -29,798 |
Cash and cash equivalents at beginning of period | 43,847 | 21,468 | 51,266 |
Cash and cash equivalents at end of period | 72,640 | 43,847 | 21,468 |
Interest, net | 10,138 | 12,734 | 19,022 |
Income taxes paid | 11,098 | 10,639 | 17,723 |
Proceeds from Income Tax Refunds | ($2,004) | ($207) | ($512) |
Organization_and_Summary_of_Si
Organization and Summary of Significant Accounting Policies | 12 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||
Organization and Summary of Significant Accounting Policies | ' | ||||||
Organization and Summary of Significant Accounting Policies | |||||||
Organization | |||||||
On April 30, 2010, a group of investors led by entities affiliated with CHS Capital LLC (“CHS”) and two other private equity firms acquired a controlling interest in Thermon Holding Corp. and its subsidiaries from Thermon Holdings, LLC (“Predecessor”) for approximately $321,500 in a transaction that was financed by approximately $129,252 of equity investments by CHS, two other private equity firms and certain members of our current and former management team (collectively, the “management investors”) and $210,000 of debt raised in an exempt Rule 144A senior secured note offering to qualified institutional investors (collectively, the “CHS Transactions”). The proceeds from the equity investments and debt financing were used both to finance the acquisition and pay related transaction costs. As a result of the CHS Transactions, Thermon Group Holdings, Inc. became the ultimate parent of Thermon Holding Corp. Thermon Group Holdings, Inc. and its direct and indirect subsidiaries are referred to collectively as “we,” “our,” the “Company” or “Successor” herein. We refer to CHS and the two other private equity fund investors collectively as “our former private equity sponsors.” | |||||||
Basis of Consolidation | |||||||
The consolidated financial statements include the accounts of the Company and its subsidiaries. All significant inter-company balances and transactions have been eliminated in consolidation. Consolidated subsidiaries domiciled in foreign countries comprised approximately 67%, 71% and 66%, of the Company's consolidated sales and $39,078, $36,358 and $33,912 of the Company's consolidated pretax income for fiscal 2014, fiscal 2013 and fiscal 2012, respectively, and 55% and 54%, of the Company's consolidated total assets at March 31, 2014 and 2013, respectively. | |||||||
Segment Reporting | |||||||
The Company's senior management allocates resources and assesses the performance of its electrical and steam heat tracing of piping, vessels, instrumentation and associated equipment sales activities as one reportable segment. Resources are further allocated to four geographic segments which are the United States, Canada, Europe and Asia. | |||||||
Use of Estimates | |||||||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results inevitably will differ from those estimates, and such differences may be material to the financial statements. | |||||||
Cash Equivalents | |||||||
Cash and cash equivalents consist of cash in bank and money market funds. All highly liquid investments purchased with original maturities of three months or less are considered to be cash equivalents. | |||||||
Receivables | |||||||
The Company's receivables are recorded at cost when earned and represent claims against third parties that will be settled in cash. The carrying value of the Company's receivables, net of allowance for doubtful accounts, represents their estimated net realizable value. If events or changes in circumstances indicate specific receivable balances may be impaired, further consideration is given to the Company's ability to collect those balances and the allowance is adjusted accordingly. The Company has established an allowance for doubtful accounts based upon an analysis of aged receivables. Past-due receivable balances are written-off when the Company's internal collection efforts have been unsuccessful in collecting the amounts due. | |||||||
The Company's primary base of customers operates in the oil, chemical processing and power generation industries. Although the Company has a concentration of credit risk within these industries, the Company has not experienced significant collection losses on sales to these customers. The Company's foreign receivables are not concentrated within any one geographic region nor are they subject to any current economic conditions that would subject the Company to unusual risk. The Company does not generally require collateral or other security from customers. | |||||||
The Company performs credit evaluations of new customers and sometimes requires deposits, prepayments or use of trade letters of credit to mitigate our credit risk. Allowance for doubtful account balances were $751 and $1,141 as of March 31, 2014 and 2013, respectively. Although we have fully provided for these balances, we continue to pursue collection of these receivables. | |||||||
The following table summarizes the annual changes in our allowance for doubtful accounts: | |||||||
Balance at March 31, 2011 | $ | 1,487 | |||||
Additions charged to expense | 307 | ||||||
Write-off of uncollectible accounts | (360 | ) | |||||
Balance at March 31, 2012 | 1,434 | ||||||
Reductions charged to expense | (21 | ) | |||||
Write-off of uncollectible accounts | (272 | ) | |||||
Balance at March 31, 2013 | 1,141 | ||||||
Reductions to expense | (175 | ) | |||||
Write-off of uncollectible accounts | (215 | ) | |||||
Balance at March 31, 2014 | $ | 751 | |||||
Inventories | |||||||
Inventories, principally raw materials and finished goods, are valued at the lower of cost (weighted average cost) or market. We write down our inventory for estimated excess or obsolete inventory equal to the difference between the cost of inventory and estimated fair market value based on assumptions of future demand and market conditions. Fair market value is determined quarterly by comparing inventory levels of individual products and components to historical usage rates, current backlog and estimated future sales and by analyzing the age and potential applications of inventory, in order to identify specific products and components of inventory that are judged unlikely to be sold. Our finished goods inventory consists primarily of completed electrical cable that has been manufactured for various heat tracing solutions. Most of our manufactured product offerings are built to industry standard specifications that have general purpose applications and therefore are sold to a variety of customers in various industries. Some of our products, such as custom orders and ancillary components outsourced from third-party manufacturers, have more specific applications and therefore may be at a higher risk of inventory obsolescence. Inventory is written-off in the period in which the disposal occurs. Actual future write-offs of inventory may differ from estimates and calculations used to determine valuation allowances due to changes in customer demand, customer negotiations, product application, technology shifts and other factors. Historically, inventory obsolescence and potential excess cost adjustments have been within our expectations, and management does not believe that there is a reasonable likelihood that there will be a material change in future estimates or assumptions used to calculate the inventory valuation reserves. | |||||||
Significant judgments and estimates must be made and used in connection with establishing these allowances. If our assumptions used to calculate these allowances do not agree with our future ability to collect outstanding receivables, actual demand for our inventory, or the number of products and installations returned under warranty, additional provisions may be needed and our future results of operations could be adversely affected. | |||||||
Revenue Recognition | |||||||
Revenues from sales of products are recognized when persuasive evidence of an agreement exists, delivery of the product has occurred, the fee is fixed or determinable, and collectability is probable. | |||||||
On average, less than 20% of our annual revenues are derived from the installation of heat tracing solutions for which we apply construction-type accounting. These construction-related contracts are awarded on a competitive bid and negotiated basis. We offer our customers a range of contracting options, including cost-reimbursable, fixed-price and hybrid, which has both cost-reimbursable and fixed-price characteristics. Most of our construction contract revenue is recognized using either the percentage-of-completion method, based on the percentage that actual costs-to-date bear to total estimated costs to complete each contract or as it relates to cost-reimbursable projects, revenue is recognized as work is performed. We follow the guidance of FASB ASC Revenue Recognition Topic 605-35 for accounting policies relating to our use of the percentage-of-completion method, estimating costs and revenue recognition, including the recognition of profit incentives, unapproved change orders and claims and combining and segmenting contracts. We utilize the cost-to-cost approach to measure the extent of progress toward completion, as we believe this method is less subjective than relying on assessments of physical progress. Under the cost-to-cost approach, the use of total estimated cost to complete each contract is a significant variable in the process of determining recognized revenue and is a significant factor in the accounting for contracts. Significant estimates that impact the cost to complete each contract are costs of engineering, materials, components, equipment, labor and subcontracts; labor productivity; schedule durations, including subcontract and supplier progress; liquidated damages; contract disputes, including claims; achievement of contractual performance requirements; and contingency, among others. The cumulative impact of revisions in total cost estimates as contracts progress is reflected in the period in which these changes become known, including the recognition of any losses expected to be incurred on contracts in progress. Due to the various estimates inherent in our construction contract accounting, actual results could differ from those estimates. Our historical construction contract cost estimates have generally been accurate, and management does not believe that there is a reasonable likelihood that there will be a material change in future estimates or the methodology used to calculate these estimates. | |||||||
Sales which are not accounted for under ASC 605-35 may have multiple elements, including heat tracing product, engineering and “field” services such as inspection, repair and/or training. We assess such revenue arrangements to determine the appropriate units of accounting. Each deliverable provided under multiple-element arrangements is considered a separate unit of accounting. Revenues associated with the sale of a product are recognized upon delivery, while the revenue for engineering and field services are recognized as services are rendered, limited to the amount of consideration which is not contingent upon the successful provision of future products or services under the arrangement. Amounts assigned to each unit of accounting are based on an allocation of total arrangement consideration using a hierarchy of estimated selling price for the deliverables. The selling price used for each deliverable will be based on Vendor Specific Objective Evidence (“VSOE”), if available, Third Party Evidence (“TPE”), if VSOE is not available, or estimated selling price, if neither VSOE nor TPE is available. | |||||||
Property, Plant and Equipment | |||||||
Property, plant and equipment are stated at cost. Expenditures for renewals and improvements that significantly extend the useful life of an asset are capitalized. Expenditures for maintenance and repairs of assets are charged to operations as incurred when assets are sold or retired, the cost and accumulated depreciation are removed from the accounts and any gain or loss is credited or changed to operations. | |||||||
Depreciation is computed using the straight-line method over the following lives: | |||||||
Useful Lives in Years | |||||||
Land improvements | 15 | - | 20 | ||||
Buildings and improvements | 10 | - | 40 | ||||
Machinery and equipment | 3 | - | 25 | ||||
Office furniture and equipment | 3 | - | 10 | ||||
Internally developed software | 5 | - | 7 | ||||
Goodwill and Other Intangible Assets | |||||||
We evaluate goodwill for impairment annually during the fourth quarter of our fiscal year, or more frequently when indicators of impairment are present. We operate as a single reportable segment with four geographic reporting units, each of which are assessed. We perform a qualitative analysis to determine whether it is more likely than not that the fair value of goodwill is less than its carrying amount. Some of the impairment indicators we consider include significant differences between the carrying amount and the estimated fair value of our assets and liabilities; macroeconomic conditions such as a deterioration in general economic condition or limitations on accessing capital; industry and market considerations such as a deterioration in the environment in which we operate and an increased competitive environment; cost factors such as increases in raw materials, labor, or other costs that have a negative effect on earnings and cash flows; overall financial performance such as negative or declining cash flows or a decline in actual or planned revenue or earnings compared with actual and projected results of relevant prior periods; other relevant events such as litigation, changes in management, key personnel, strategy or customers; the testing for recoverability of our long-lived assets and a potential decrease in share price. We evaluate the significance of identified events and circumstances on the basis of the weight of evidence along with how they could affect the relationship between the reporting unit's fair value and carrying amount, including positive mitigating events and circumstances. If we determine it is more likely than not that the fair value of goodwill is less than its carrying amount, then we perform the first step of the two-step goodwill impairment test. In the first step of the goodwill impairment test, the reporting unit's carrying amount (including goodwill) and its fair value are compared. If the estimated fair value of a reporting unit is less than the carrying value, a second step is performed to compute the amount of the impairment by determining an "implied fair value" of goodwill. The determination of the "implied fair value" requires us to allocate the estimated value of the reporting unit to the assets and liabilities of the reporting unit. Any unallocated fair value represents the "implied fair value" of goodwill, which is compared to the corresponding carrying value. If the "implied fair value" is less than the carrying value, an impairment charge will be recorded. The Company determined that no impairment of goodwill existed during fiscal 2014, fiscal 2013 or fiscal 2012. | |||||||
Other intangible assets include indefinite lived intangible assets for which we must also perform an annual test of impairment. The Company's indefinite lived intangible assets consist primarily of trademarks. The fair value of the Company's trademarks is calculated using a “relief from royalty payments” methodology. This approach involves first estimating reasonable royalty rates for each trademark then applying these royalty rates to a net sales stream and discounting the resulting cash flows to determine the fair value. The royalty rate is estimated using both a market and income approach. The market approach relies on the existence of identifiable transactions in the marketplace involving the licensing of trademarks similar to those owned by the Company. The income approach uses a projected pretax profitability rate relevant to the licensed income stream. We believe the use of multiple valuation techniques results in a more accurate indicator of the fair value of each trademark. This fair value is then compared with the carrying value of each trademark. The results of this test during the fourth quarter of our fiscal year indicated that there was no impairment of our indefinite life intangible assets during fiscal 2014, fiscal 2013 or fiscal 2012. | |||||||
Debt Issuance Costs | |||||||
The Company defers the costs associated with debt and financing arrangements. These costs are amortized over the life of the loan or financing as interest expense using the effective interest method. When debt or the contract is retired prematurely, the proportionate unamortized deferred issuance costs are expensed as loss on retirement. Deferred debt issuance costs expensed as part of interest expense for fiscal 2014, fiscal 2013 and fiscal 2012 were $4,572, $3,321 and $4,127, respectively. Included in these amounts are the acceleration of amortization associated with redemptions of our senior secured notes and our prior revolving credit facility. | |||||||
Long-Lived Assets | |||||||
The Company evaluates its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of these assets is measured by comparison of the carrying amounts to the future undiscounted cash flows that the assets are expected to generate. If the long-lived assets are considered impaired, the impairment to be recognized equals the amount by which the carrying value of the asset exceeds the estimated fair value and is recorded in the period the determination was made. | |||||||
Stock-based Compensation | |||||||
We account for share-based payments to employees in accordance with ASC 718, Compensation-Stock Compensation, which requires that share-based payments (to the extent they are compensatory) be recognized in our consolidated statements of operations and comprehensive income based on their fair values. | |||||||
As required by ASC 718, we recognize stock-based compensation expense for share-based payments that are expected to vest. In determining whether an award is expected to vest, we use an estimated, forward-looking forfeiture rate based upon our historical forfeiture rates. Stock-based compensation expense recorded using an estimated forfeiture rate is updated for actual forfeitures quarterly. To the extent our actual forfeitures are different than our estimates, we record a true-up for the differences in the period that the awards vest, and such true-ups could materially affect our operating results. We also consider on a quarterly basis whether there have been any significant changes in facts and circumstances that would affect our expected forfeiture rate. | |||||||
We are also required to determine the fair value of stock-based awards at the grant date. For option awards that are subject to service conditions and/or performance conditions, we estimate the fair values of employee stock options using a Black-Scholes-Merton valuation model. Some of our option grants and awards included a market condition for which we used a Monte Carlo pricing model to establish grant date fair value. These determinations require judgment, including estimating expected volatility. If actual results differ significantly from these estimates, stock- based compensation expense and our results of operations could be impacted. | |||||||
Income Taxes | |||||||
We account for income taxes under the asset and liability method that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in our financial statements or tax returns. Judgment is required in assessing the future tax consequences of events that have been recognized in our financial statements or tax returns. Variations in the actual outcome of these future tax consequences could materially impact our financial position, results of operations or effective tax rate. | |||||||
Significant judgment is required in determining our worldwide income tax provision. In the ordinary course of a global business, there are many transactions and calculations where the ultimate tax outcome is uncertain. Some of these uncertainties arise as a consequence of revenue sharing and cost reimbursement arrangements among related entities, the process of identifying items of revenues and expenses that qualify for preferential tax treatment, and segregation of foreign and domestic earnings and expenses to avoid double taxation. Although we believe that our estimates are reasonable, the final tax outcome of these matters could be different from that which is reflected in our historical income tax provisions and accruals. Such differences could have a material effect on our income tax provision and net income in the period in which such determination is made. | |||||||
In estimating future tax consequences, all expected future events are considered other than enactments of changes in tax laws or rates. Valuation allowances are established when necessary to reduce deferred tax assets to amounts which are more likely than not to be realized. We consider future growth, forecasted earnings, future taxable income, the mix of earnings in the jurisdictions in which we operate, historical earnings, taxable income in prior years, if carryback is permitted under the law, and prudent and feasible tax planning strategies in determining the need for a valuation allowance. In the event we were to determine that we would not be able to realize all or part of our net deferred tax assets in the future, an adjustment to the deferred tax assets valuation allowance would be charged to earnings in the period in which we make such a determination, or goodwill would be adjusted at our final determination of the valuation allowance related to an acquisition within the measurement period. If we later determine that it is more likely than not that the net deferred tax assets would be realized, we would reverse the applicable portion of the previously provided valuation allowance as an adjustment to earnings at such time. The amount of income tax we pay is subject to ongoing audits by federal, state and foreign tax authorities, which often result in proposed assessments. Our estimate of the potential outcome for any uncertain tax issue is highly judgmental. We account for these uncertain tax issues pursuant to ASC 740, Income Taxes, which contains a two-step approach to recognizing and measuring uncertain tax positions taken or expected to be taken in a tax return. The first step is to determine if the weight of available evidence indicates that it is more likely than not that the tax position will be sustained on audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. Although we believe we have adequately reserved for our uncertain tax positions, no assurance can be given with respect to the final outcome of these matters. We adjust reserves for our uncertain tax positions due to changing facts and circumstances, such as the closing of a tax audit, judicial rulings, refinement of estimates or realization of earnings or deductions that differ from our estimates. To the extent that the final outcome of these matters is different than the amounts recorded, such differences generally will impact our provision for income taxes in the period in which such a determination is made. Our provisions for income taxes include the impact of reserve provisions and changes to reserves that are considered appropriate and also include the related interest and penalties. | |||||||
During fiscal 2014, we adopted a permanent reinvestment position whereby we expect to reinvest our foreign earnings for most of our foreign subsidiaries and do not expect to repatriate future earnings. As a result of this policy change, we will no longer accrue a tax liability in anticipation of future dividends from our foreign subsidiaries. | |||||||
Foreign Currency Transactions and Translation | |||||||
Exchange adjustments resulting from foreign currency transactions are recognized in income as realized. For the Company's non-U.S. dollar functional currency subsidiaries, assets and liabilities of foreign subsidiaries are translated into U.S. dollars using year-end exchange rates. Income and expense items are translated at a weighted average exchange rate prevailing during the year. Adjustments resulting from translation of financial statements are reflected as a separate component of shareholders' equity. | |||||||
Loss Contingencies | |||||||
We accrue for probable losses from contingencies on an undiscounted basis, when such costs are considered probable of being incurred and are reasonably estimable. Legal expense related to such matters are expensed as incurred. We periodically evaluate available information, both internal and external, relative to such contingencies and adjust this accrual as necessary. Disclosure of a contingency is required if there is at least a reasonable possibility that a material loss has been incurred. In determining whether a loss should be accrued we evaluate, among other factors, the degree of probability of an unfavorable outcome and the ability to make a reasonable estimate of the amount of loss. | |||||||
Warranties | |||||||
The Company offers a standard warranty on product sales in which we will replace a defective product for a period of one year. Warranties on construction projects are negotiated individually, are typically one year in duration, and may include the cost of labor to replace products. Factors that affect the Company's warranty liability include the amount of sales, historical and anticipated rates of warranty claims, and cost per claim. The Company periodically assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary. | |||||||
Research and Development | |||||||
Research and development expenditures are expensed when incurred and are included in marketing, general and administrative and engineering expenses. Research and development expenses include salaries, direct costs incurred, and building and overhead expenses. The amounts expensed for fiscal 2014, fiscal 2013 and fiscal 2012 were $3,008, $2,832 and $881, respectively. | |||||||
Shipping and Handling Cost | |||||||
The Company includes shipping and handling as part of cost of goods sold and freight collections from customers is included as part of sales. | |||||||
Economic Dependence | |||||||
No customer represented more than 10% of the Company's accounts receivable at March 31, 2014 and March 31, 2013, or sales for fiscal 2014, fiscal 2013 or fiscal 2012. | |||||||
Reclassifications | |||||||
Certain reclassifications have been made within these consolidated financial statements to conform prior periods to current year presentation. | |||||||
Recent Accounting Pronouncements | |||||||
Presentation of Comprehensive Income - In February 2013, the Accounting Standards Codification (ASC) ASC Topic 220, "Comprehensive Income," was amended to require an entity to disclose information about the amounts reclassified out of accumulated other comprehensive income by component. For amounts required to be reclassified out of accumulated other comprehensive income in their entirety in the same reporting period, the guidance requires entities to present significant amounts by their respective line items of net income, either on the face of the income statement or in the notes to the financial statements. For other amounts that are not required to be reclassified to net income in their entirety, a cross-reference is required to other disclosures that provide additional details about those amounts. These provisions are effective for interim and annual reporting periods beginning after December 15, 2012. The adoption of this guidance effective April 1, 2013 did not have a material impact on our consolidated financial statements. | |||||||
Fair Value Measurements and Disclosures - The FASB issued an Accounting Standard Update ("ASU") in December 2011, which requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of these arrangements on its financial position. The guidance requires entities to disclose both gross and net information about both instruments and transactions eligible for offset in the balance sheet and instruments and transactions subject to an agreement similar to a master netting arrangement. In January 2013, the FASB amended and clarified the scope of the disclosures to include only derivative instruments, repurchase agreements and securities lending transactions. The provisions for this ASU are effective for annual periods and interim periods within those years beginning on or after January 1, 2013. The adoption of this ASU did not have a material impact on our consolidated financial statements. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||
Fair Value Measurements | ||||||||||||||||||
Fair Value. We measure fair value based on authoritative accounting guidance, which defines fair value, establishes a framework for measuring fair value and expands on required disclosures regarding fair value measurements. | ||||||||||||||||||
Inputs are referred to as assumptions that market participants would use in pricing the asset or liability. The uses of inputs in the valuation process are categorized into a three-level fair value hierarchy. | ||||||||||||||||||
• | Level 1 — uses quoted prices in active markets for identical assets or liabilities we have the ability to access. | |||||||||||||||||
• | Level 2 — uses observable inputs other than quoted prices in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. | |||||||||||||||||
• | Level 3 — uses one or more significant inputs that are unobservable and supported by little or no market activity, and that reflect the use of significant management judgment. | |||||||||||||||||
Financial assets and liabilities with carrying amounts approximating fair value include cash, trade accounts receivable, accounts payable, accrued expenses and other current liabilities. The carrying amount of these financial assets and liabilities approximates fair value because of their short maturities. At March 31, 2014 and March 31, 2013, no assets or liabilities were valued using Level 3 criteria. | ||||||||||||||||||
Information about our long-term debt that is not measured at fair value follows: | ||||||||||||||||||
31-Mar-14 | 31-Mar-13 | |||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | Valuation Technique | ||||||||||||||
Value | Value | |||||||||||||||||
Financial Liabilities | ||||||||||||||||||
Senior secured credit facility | $ | 121,500 | $ | 121,500 | $ | — | $ | — | Level 2 - Market Approach | |||||||||
9.5% senior secured notes | $ | — | $ | — | $ | 118,145 | $ | 131,436 | Level 2 - Market Approach | |||||||||
At March 31, 2014, the fair value of our variable rate term loan approximates its carrying value as we pay interest based on the current market rate. As the quoted price is only available for similar financial assets, the Company concluded the pricing is indirectly observable through dealers and has been classified as Level 2. Differences between the fair value and the carrying value for the senior secured notes as of March 31, 2013 are primarily due to the instruments' fixed interest rate. Inherently, such instruments are subject to fluctuations in fair value due to movements in interest rates. Our 9.5% senior secured notes, which we fully redeemed in fiscal 2014, traded on over the counter markets. As the quoted price was only available through a dealer, the Company concluded the market was not active enough to be classified as a Level 1 valuation. However, the pricing was indirectly observable through dealers and has been classified as Level 2. | ||||||||||||||||||
Foreign Currency Forward Contracts | ||||||||||||||||||
We transact business in various foreign currencies and have established a program that primarily utilizes foreign currency forward contracts to offset the risk associated with fluctuations of certain foreign currencies. Under this program, increases or decreases in our foreign currency exposures are offset by gains or losses on the forward contracts to mitigate foreign currency transaction gains or losses. These foreign currency exposures typically arise from intercompany transactions. Our forward contracts generally have terms of 30 days. We do not use forward contracts for trading purposes or designate these forward contracts as hedging instruments pursuant to ASC 815. We adjust the carrying amount of all contracts to their fair value at the end of each reporting period and unrealized gains and losses are included in our results of operations for that period. These gains and losses largely offset gains and losses resulting from settlement of payments received from our foreign operations which are settled in U.S. dollars. All outstanding foreign currency forward contracts are marked to market at the end of the period with unrealized gains and losses included in other expense. The fair value is determined by quoted prices from active foreign currency markets (Level 2). The consolidated balance sheets reflect unrealized gains within accounts receivable, net and unrealized losses within accrued liabilities. Our ultimate realized gain or loss with respect to currency fluctuations will depend on the currency exchange rates and other factors in effect as the contracts mature. As of March 31, 2014 and March 31, 2013, the notional amounts of forward contracts were as follows: | ||||||||||||||||||
Notional amount of foreign exchange forward contracts by currency | ||||||||||||||||||
31-Mar-14 | March 31, 2013 | |||||||||||||||||
Russian Ruble | $ | 772 | $ | 4,233 | ||||||||||||||
Euro | 2,386 | 2,510 | ||||||||||||||||
Canadian Dollar | — | 2,134 | ||||||||||||||||
South Korean Won | 532 | 919 | ||||||||||||||||
Indian Rupee | 2,574 | 329 | ||||||||||||||||
Mexican Peso | 1,077 | — | ||||||||||||||||
Other | 837 | — | ||||||||||||||||
Total notional amounts | $ | 8,178 | $ | 10,125 | ||||||||||||||
31-Mar-14 | March 31, 2013 | |||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||||
Foreign exchange contract forwards | $ | 35 | $ | 93 | $ | 87 | $ | 32 | ||||||||||
Recognized foreign currency gains or losses related to our forward contracts in the accompanying consolidated statements of operations and comprehensive income were a loss of $309 and a gain of $3 for fiscal 2014 and fiscal 2013, respectively. In fiscal 2012, we incurred losses of $554 on our foreign currency forward contracts. Gains and losses from our forward contracts were offset by transaction gain and losses from the settlement of transactions denominated in foreign currencies. Our net foreign currency losses were $613, $423, and $1,625 for fiscal 2014, fiscal 2013, and fiscal 2012, respectively. Foreign currency gains and losses are recorded within other expense in our consolidated statements of operations and comprehensive income. | ||||||||||||||||||
Interest Rate Swap | ||||||||||||||||||
On June 13, 2013, the Company entered into an interest rate swap contract to reduce the exposure to interest rate fluctuations associated with its variable rate term loan. Under the agreement we will pay a fixed amount and receive or make payments based on a variable rate. Effective July 1, 2013, the Company designated the interest rate swap contract as a cash flow hedge pursuant to ASC 815. The Company formally documents all relationships between the hedging instrument and hedged item, its risk management objective and strategy, as well as counter-party creditworthiness. At each reporting period our interest rate swap contract is adjusted to fair value based on dealer quotes, which consider forward curves and volatility levels (Level 2). Unrealized gains, representing derivative assets, are reported within accounts receivable, net and unrealized losses, representing derivative liabilities, are reported within accrued liabilities on the accompanying condensed consolidated balance sheets. As of March 31, 2014, the fair value of the interest rate swap contract was an unrealized gain of $108. The change in fair value of the derivative instrument is recorded in accumulated other comprehensive loss to the extent the derivative instruments are deemed effective. Ineffectiveness is measured based on the changes in fair value of the interest rate swap contract and the change in fair value of the hypothetical derivative and is recognized in earnings in the period in which ineffectiveness is realized. Based on the criteria established by ASC 815, the interest rate swap contract is deemed to be highly effective. Any realized gains or losses resulting from the interest rate swap contract are recognized within interest expense. Gains and losses from our interest rate swap contract are offset by changes in the variable interest rate on our term loan. Since the effective date of our interest rate swap contract, interest expense on outstanding principal has been 3.62%. We have hedged 100% of the future interest payments on our variable rate term loan through its maturity date. | ||||||||||||||||||
The following table summarizes the aggregate unrealized loss in accumulated other comprehensive loss, and the losses reclassified into earnings for the year ended March 31, 2014: | ||||||||||||||||||
Year Ended March 31, 2014 | ||||||||||||||||||
Unrealized gain/(loss) at beginning of the period | $ | — | ||||||||||||||||
Add: gain/(loss) from change in fair value of cash flow hedge | (689 | ) | ||||||||||||||||
Add: non-fair value derivative asset transferred into accumulated other comprehensive income | (211 | ) | ||||||||||||||||
Less: loss reclassified into earnings from effective hedge | (797 | ) | ||||||||||||||||
Less: ineffective portion of hedge transferred into earnings | (22 | ) | ||||||||||||||||
Unrealized loss at end of the period | $ | (81 | ) | |||||||||||||||
We did not have any interest rate swaps during the years ended March 31, 2013 and March 31, 2012, respectively. | ||||||||||||||||||
Transfers out of accumulated other comprehensive loss | ||||||||||||||||||
During the year ended March 31, 2014, $797 and $22 of were transferred out of accumulated other comprehensive loss related to realized losses on our interest rate swap contract, and hedge ineffectiveness, respectively. |
Net_Income_Loss_per_Common_Sha
Net Income (Loss) per Common Share | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Net Income (Loss) per Common Share | ' | ||||||||||||
Net Income per Common Share | |||||||||||||
Basic net income per share is computed by dividing net income by the weighted average number of common shares outstanding during each period. Diluted net income per share is computed by dividing net income by the weighted average number of common shares and common share equivalents outstanding (if dilutive) during each period. The number of common share equivalents, which includes options and both restricted and performance stock units, is computed using the treasury stock method. With regard to the performance stock units, we assumed that the associated performance targets will be met at the target level of performance for purposes of calculating diluted net income per common share for fiscal 2014 and 2013, the only periods in which the performance stock units were outstanding. | |||||||||||||
The reconciliation of the denominators used to calculate basic EPS and diluted EPS for fiscal 2014, fiscal 2013, and fiscal 2012, respectively, is as follows: | |||||||||||||
Year Ended March 31, 2014 | Year Ended March 31, 2013 | Year Ended March 31, 2012 | |||||||||||
Basic net income per common share | |||||||||||||
Net income | $ | 25,799 | $ | 26,974 | $ | 12,030 | |||||||
Weighted-average common shares outstanding | 31,595,019 | 30,796,675 | 29,083,478 | ||||||||||
Basic net income per common share | $ | 0.82 | $ | 0.88 | $ | 0.41 | |||||||
Year Ended March 31, 2014 | Year Ended March 31, 2013 | Year Ended March 31, 2012 | |||||||||||
Diluted net income per common share | |||||||||||||
Net income | $ | 25,799 | $ | 26,974 | $ | 12,030 | |||||||
Weighted-average common shares outstanding | 31,595,019 | 30,796,675 | 29,083,478 | ||||||||||
Common share equivalents: | |||||||||||||
Stock options issued | 502,886 | 953,710 | 1,370,777 | ||||||||||
Restricted and performance stock units issued | 56,007 | 46,445 | — | ||||||||||
Weighted average shares outstanding – dilutive | 32,153,912 | 31,796,830 | 30,454,255 | ||||||||||
Diluted net income per common share | $ | 0.8 | $ | 0.85 | $ | 0.4 | |||||||
For the year ended March 31, 2014, 168,118 equity awards were not included in the calculation of diluted net income per common share since they would have had an anti-dilutive effect. In fiscal 2013 and 2012, all equity awards were dilutive and included in the calculation above. |
Inventories
Inventories | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
Inventories consisted of the following at March 31: | ||||||||
2014 | 2013 | |||||||
Raw materials | $ | 12,036 | $ | 10,232 | ||||
Work in process | 2,200 | 1,685 | ||||||
Finished goods | 23,973 | 23,550 | ||||||
38,209 | 35,467 | |||||||
Valuation reserves | (893 | ) | (1,076 | ) | ||||
Inventories, net | $ | 37,316 | $ | 34,391 | ||||
The following table summarizes the annual changes in our valuation reserve accounts: | ||||||||
Balance at March 31, 2011 | $ | 1,705 | ||||||
Reduction in reserve | (594 | ) | ||||||
Charged to reserve | (17 | ) | ||||||
Balance at March 31, 2012 | 1,094 | |||||||
Additions charged to expense | 179 | |||||||
Charged to reserve | (197 | ) | ||||||
Balance at March 31, 2013 | 1,076 | |||||||
Reduction in reserve | (129 | ) | ||||||
Charged to reserve | (54 | ) | ||||||
Balance at March 31, 2014 | $ | 893 | ||||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment | ' | ||||||||
Property, Plant and Equipment | |||||||||
Property, plant and equipment consisted of the following at March 31: | |||||||||
2014 | 2013 | ||||||||
Land, buildings and improvements | $ | 19,874 | $ | 19,372 | |||||
Machinery and equipment | 13,641 | 12,114 | |||||||
Office furniture and equipment | 3,491 | 3,110 | |||||||
Internally developed software | 1,744 | 1,744 | |||||||
Construction in Progress | 1,732 | 1,042 | |||||||
Accumulated depreciation | (8,950 | ) | (6,171 | ) | |||||
$ | 31,532 | $ | 31,211 | ||||||
Depreciation expense was $3,088, $2,619 and $2,593, in fiscal 2014, fiscal 2013, and fiscal 2012, respectively. | |||||||||
Included within depreciation expense was amortization of internally developed software of $368, $237, and $151, in fiscal 2014, fiscal 2013 and fiscal 2012, respectively. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||||||||||
Goodwill and Other Intangible Assets | |||||||||||||||||||||||||
The carrying amount of goodwill as of March 31, 2014, is as follows: | |||||||||||||||||||||||||
Amount | |||||||||||||||||||||||||
Balance as of March 31, 2013 | $ | 116,303 | |||||||||||||||||||||||
Foreign currency translation impact | (2,191 | ) | |||||||||||||||||||||||
Balance as of March 31, 2014 | $ | 114,112 | |||||||||||||||||||||||
The Company does not expect goodwill recorded to be deductible for tax purposes. | |||||||||||||||||||||||||
Intangible assets at March 31, 2014 and March 31, 2013 consisted of the following: | |||||||||||||||||||||||||
Gross Carrying Amount at March 31, 2014 | Accumulated Amortization | Net Carrying Amount at March 31, 2014 | Gross Carrying Amount at March 31, 2013 | Accumulated Amortization | Net Carrying Amount at March 31, 2013 | ||||||||||||||||||||
Trademarks | $ | 47,042 | $ | — | $ | 47,042 | $ | 47,693 | $ | — | $ | 47,693 | |||||||||||||
Developed technology | 10,781 | (2,167 | ) | 8,614 | 10,929 | (1,659 | ) | 9,270 | |||||||||||||||||
Customer relationships | 99,578 | (37,383 | ) | 62,195 | 101,355 | (27,723 | ) | 73,632 | |||||||||||||||||
Backlog | 9,874 | (9,874 | ) | — | 10,167 | (10,167 | ) | — | |||||||||||||||||
Certification | 498 | — | 498 | 498 | — | 498 | |||||||||||||||||||
Other | 1,630 | (1,062 | ) | 568 | 1,630 | (807 | ) | 823 | |||||||||||||||||
Total | $ | 169,403 | $ | (50,486 | ) | $ | 118,917 | $ | 172,272 | $ | (40,356 | ) | $ | 131,916 | |||||||||||
Trademarks and certifications have indefinite lives. Developed technology, customer relationships, backlog and other intangible assets have estimated lives of 20 years, 10 years, 4 months and 6 years, respectively. The weighted average useful life for the group is 10 years. Portions of intangible assets are valued in foreign currencies; accordingly changes in indefinite life intangible assets at March 31, 2014 and March 31, 2013 were the result of foreign currency translation adjustments. | |||||||||||||||||||||||||
The Company recorded amortization expense of $11,090, $11,211, and $11,379 in fiscal 2014, fiscal 2013 and fiscal 2012, respectively. Annual amortization for the next five years and thereafter will approximate the following: | |||||||||||||||||||||||||
2015 | $ | 10,964 | |||||||||||||||||||||||
2016 | 10,964 | ||||||||||||||||||||||||
2017 | 10,767 | ||||||||||||||||||||||||
2018 | 10,709 | ||||||||||||||||||||||||
2019 | 10,709 | ||||||||||||||||||||||||
Thereafter | 17,264 | ||||||||||||||||||||||||
Total | $ | 71,377 | |||||||||||||||||||||||
Accrued_Liabilities
Accrued Liabilities | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Accrued Liabilities | ' | |||||||
Accrued Liabilities | ||||||||
Accrued current liabilities consisted of the following: | ||||||||
March 31, | March 31, | |||||||
2014 | 2013 | |||||||
Accrued employee compensation and related expenses | $ | 5,043 | $ | 8,047 | ||||
Interest | — | 4,703 | ||||||
Customer prepayment | 1,235 | 2,197 | ||||||
Warranty reserve | 645 | 552 | ||||||
Professional fees | 1,250 | 1,436 | ||||||
Sales tax payable | 707 | 175 | ||||||
Other | 989 | 1,605 | ||||||
Total accrued current liabilities | $ | 9,869 | $ | 18,715 | ||||
ShortTerm_Revolving_Lines_of_C
Short-Term Revolving Lines of Credit | 12 Months Ended |
Mar. 31, 2014 | |
Short-term Debt [Abstract] | ' |
Short-Term Revolving Lines of Credit | ' |
Short-Term Revolving Credit Facilities | |
The Company’s subsidiary in the Netherlands has a revolving credit facility in the amount of Euro 4,000 (equivalent to $5,501 USD at March 31, 2014). The facility is collateralized by receivables, inventory, equipment, furniture and real estate. No loans were outstanding on this facility at March 31, 2014 and 2013. | |
The Company’s subsidiary in India has a revolving credit facility in the amount of 80,000 Rupees (equivalent to $1,331 USD at March 31, 2014). The facility is collateralized by receivables, inventory, real estate, a letter of credit and cash. No loans were outstanding under the facility at March 31, 2014 and 2013. | |
The Company’s subsidiary in Australia has a revolving credit facility in the amount of $325 Australian Dollars (equivalent to $301 USD at March 31, 2014). The facility is collateralized by real estate. No loans were outstanding under the facility at March 31, 2014 and 2013. | |
The Company’s subsidiary in Japan has a revolving credit facility in the amount of 45,000 Japanese Yen (equivalent to $438 USD at March 31, 2014). No loans were outstanding under the Japanese revolving credit facility at March 31, 2014 and 2013. | |
Under the Company’s senior secured revolving credit facility described below in Note 9, “Long-Term Debt,” there were no outstanding borrowings at March 31, 2014 and 2013. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-Term Debt | ' | |||||||
Long-Term Debt | ||||||||
Long-term debt consisted of the following: | ||||||||
March 31, | March 31, | |||||||
2014 | 2013 | |||||||
9.500% Senior Secured Notes, due May 2017 | $ | — | $ | 118,145 | ||||
Variable Rate Term Loan, due April 2018 | 121,500 | — | ||||||
121,500 | 118,145 | |||||||
Less current portion | (13,500 | ) | — | |||||
$ | 108,000 | $ | 118,145 | |||||
Senior secured credit facility | ||||||||
On April 19, 2013, we entered into an amended and restated credit agreement with a group of lenders in the United States and Canada with JPMorgan Chase Bank, N.A. continuing to serve as lead administrative agent, which provided for (i) a five-year $135,000 senior secured term loan facility and (ii) a five-year $60,000 senior secured revolving credit facility, which we refer to collectively as our "credit facility." The term loan borrowings were used to redeem our outstanding senior secured notes, see "senior secured notes and refinancing under a term loan" below. | ||||||||
Under our credit facility, in no case shall availability exceed commitments thereunder. The credit facility will mature in April 2018. Any credit facility borrowings will bear interest, at our option, at a rate equal to either (i) a base rate determined by reference to the greatest of (a) JP Morgan Chase Bank's prime rate in New York City, (b) the federal funds effective rate in effect on such day plus ½ of 1% and (c) the adjusted LIBOR rate for a one month interest period on such day plus 1%, in each case plus an applicable margin dictated by our leverage ratio, or (ii) the LIBOR rate, plus an applicable margin dictated by our leverage ratio. Borrowings denominated in Canadian Dollars under the Canadian sub-facility bear interest at our option, at a rate equal to either (i) a base rate determined by reference to the greater of (a) JPMorgan Chase Bank, Toronto branch's prime rate and (b) the sum of (x) the yearly interest rate to which the one-month Canadian deposit offered rate is equivalent plus (y) 1.0%, in each case plus an applicable margin dictated by our leverage ratio, or (ii) a Canadian deposit offered rate determined by the sum of (a) the annual rate of interest determined with reference to the arithmetic average of the discount rate quotations of all institutions listed in respect of the relevant period for Canadian dollar-denominated bankers' acceptances plus (b) 0.10% per annum, plus an applicable margin dictated by our leverage ratio. In addition to paying interest on outstanding borrowings under our credit facility, we are currently required to pay a 0.4% per annum commitment fee to the lenders in respect of the unutilized commitments thereunder, which commitment fee could change based on our leverage ratio, and letter of credit fees equal to the LIBOR margin or the Canadian deposit offered rate, as applicable, on the undrawn amount of all outstanding letters of credit, in addition to a 0.125% annual fronting fee. At March 31, 2014, we had no outstanding borrowings under our revolving credit facility. If there had been any outstanding borrowings thereunder, the interest rate would have been approximately 2.69%. As of March 31, 2014, we had $59,137 of capacity available under our revolving credit facility after taking into account outstanding letters of credit. The variable rate term loan bears interest at the LIBOR rate plus an applicable margin dictated by our leverage ratio. As of March 31, 2014, our interest rate was 2.69%. The term loan includes monthly principal payments of $1,125 through March 31, 2016, increasing to $1,688 for the last two years of the loan. The remaining $54,000 is due in April 2018. | ||||||||
Senior secured notes and refinancing under a term loan. On May 20, 2013, we utilized the proceeds from our new variable rate term loan to redeem the remaining $118,145 of aggregate principal amount outstanding of our 9.5% senior secured notes. In conjunction with the redemption, we paid a total of $15,485 in redemption premiums and expensed the remaining $4,010 of associated deferred debt issuance costs. In fiscal 2013, the Company made partial redemptions of the senior secured notes in the amount of $21,000. As of the result of the redemption $871 of deferred debt issuance cost amortization was recorded. | ||||||||
Interest rate swap. On June 13, 2013, the Company entered into an interest rate swap to reduce the exposure to interest rate fluctuations associated with its variable rate term loan. Under the agreement we pay a fixed amount and receive payments based on a variable interest rate. The swap became effective as of July 31, 2013 and fixed the interest rate of the term loan at 3.62%. As of March 31, 2014, we have hedged 100% of the future interest payments on our variable rate term loan through its maturity date. | ||||||||
Guarantees; security. The obligations under our credit facility are guaranteed on a senior secured basis by each of our existing and future domestic restricted subsidiaries, including Thermon Industries, Inc., the U.S. borrower under our credit facility. The obligations under our credit facility are secured by a first priority perfected security interest in substantially all of our assets, subject to certain exceptions, permitted liens and encumbrances reasonably acceptable to the administrative agent under our credit facility. | ||||||||
Restrictive covenants. The credit facility contains various restrictive covenants that, among other things, restrict, subject to certain negotiated exceptions, our ability to: incur additional indebtedness or issue disqualified capital stock unless certain financial tests are satisfied; pay dividends, redeem subordinated debt or make other restricted payments; make certain investments or acquisitions; issue stock of subsidiaries; grant or permit certain liens on our assets; enter into certain transactions with affiliates; merge, consolidate or transfer substantially all of our assets; incur dividend or other payment restrictions affecting certain of our subsidiaries; transfer or sell assets, including capital stock of our subsidiaries; and change the business we conduct. As of March 31, 2014, we were in compliance with all restrictive covenants of the credit facility. | ||||||||
Maturities of long-term debt are as follows for the fiscal years ended March 31: | ||||||||
2015 | $ | 13,500 | ||||||
2016 | 13,500 | |||||||
2017 | 20,250 | |||||||
2018 | 20,250 | |||||||
2019 | 54,000 | |||||||
Total | $ | 121,500 | ||||||
RelatedParty_Transactions
Related-Party Transactions | 12 Months Ended |
Mar. 31, 2014 | |
Related Party Transactions [Abstract] | ' |
Related-Party Transactions | ' |
Related-Party Transactions | |
Included in our consolidated balance sheets is “Obligations due to settle the CHS Transactions,” which totaled $567 and $3,239 at March 31, 2014 and March 31, 2013, respectively. These amounts represent amounts due to the Predecessor owners in final settlement of the acquisition by our former private equity sponsors of a controlling interest in us that was completed on April 30, 2010. During fiscal 2014 and fiscal 2013, we paid $2,055 and $289, respectively, to the Predecessor owners, in each case reflected in "Obligations due to settle the CHS Transactions." During fiscal 2014, we received an income tax refund, in the amount of $2,004 from the United States Internal Revenue Service which we paid to the Predecessor owners because the refund related to tax periods in which they were in control of the Company, additionally the obligation was reduced by $617, of which $42 was withheld for professional fees incurred by the Company in connection with a concluded audit by the United States Internal Revenue Service, the remaining $575 was determined not to be payable to the Predecessor owners of the Company. At March 31, 2014, the remaining $567 outstanding represents remaining encumbered cash to be released as letters of credit and bank guarantees expire. | |
At March 31, 2014, approximately $3,589 of the purchase price consideration from the CHS Transactions was held in escrow to secure the Predecessor's indemnification obligations in the event of any breaches of representation and warranties contained in the definitive agreements. | |
We paid management and transaction success fees to, and reimbursed the out of pocket expenses of, our former private | |
equity sponsors of $8,158 in fiscal 2012 which is reported as part of marketing general and administrative and engineering expense and included $7,400 paid to the former private equity sponsors in fees for the termination of their respective management agreements. |
Employee_Benefits
Employee Benefits | 12 Months Ended |
Mar. 31, 2014 | |
Employee Benefits [Abstract] | ' |
Employee Benefits | ' |
Employee Benefits | |
The Company has defined contribution plans covering substantially all domestic employees and certain foreign subsidiary employees who meet certain service and eligibility requirements. Participant benefits are 100% vested upon participation. The Company matches employee contributions, limited to 50% of the first 6% of each employee's salary contributed. The Company's matching contributions to defined contribution plans on a consolidated basis were approximately $1,579, $1,458, and $1,357 in fiscal 2014, fiscal 2013, and fiscal 2012, respectively. | |
The Company has an incentive compensation program to provide employees with incentive pay based on the Company's ability to achieve certain profitability objectives. The Company recorded approximately $1,272, $4,268, and $6,943 for incentive compensation earned in fiscal 2014, fiscal 2013, and fiscal 2012, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||
Mar. 31, 2014 | ||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||
Commitments and Contingencies | ' | |||||
Commitments and Contingencies | ||||||
At March 31, 2014, the Company had in place letter of credit guarantees and performance bonds securing performance obligations of the Company. These arrangements totaled approximately $13,347. Of this amount, $1,307 is secured by cash deposits at the Company's financial institutions. The remaining $12,040 represents a reduction of the available amount of the Company's short term and long term revolving lines of credit. Included in prepaid expenses and other current assets at March 31, 2014 and March 31, 2013, was approximately $1,307 and $1,978, respectively, of cash deposits pledged as collateral on performance bonds and letters of credit. | ||||||
The Company leases various property and equipment under operating leases. Lease expense was approximately $3,033, $2,362, and $2,021 in fiscal 2014, fiscal 2013 and fiscal 2012, respectively. Future minimum annual lease payments under these leases are as follows for the fiscal years ended March 31: | ||||||
2015 | $ | 2,940 | ||||
2016 | 2,308 | |||||
2017 | 1,357 | |||||
2018 | 741 | |||||
2019 | 420 | |||||
Thereafter | 1,453 | |||||
$ | 9,219 | |||||
The Company has entered into information technology service agreements with several vendors. The service fees expense amounted to $2,060, $1,160, and $1,026 in fiscal 2014, fiscal 2013 and fiscal 2012, respectively. The future annual service fees under the service agreements are as follows for the fiscal years ended March 31: | ||||||
2015 | $ | 2,110 | ||||
2016 | 889 | |||||
2017 | 162 | |||||
2018 | — | |||||
2019 | — | |||||
Thereafter | — | |||||
$ | 3,161 | |||||
In the ordinary course of conducting its business, the Company becomes involved in various lawsuits and administrative proceedings. Some of these proceedings may result in fines, penalties, or judgment being assessed against the Company, which, from time to time, may have an impact on earnings. As of March 31, 2014, management believes that adequate reserves have been established for any probable losses. | ||||||
We do not currently expect any of the following proceedings will have a material adverse effect on the Company's operations or financial position. We cannot, however, provide any assurances that we will prevail in any of these matters. | ||||||
Notice of Tax Dispute with the Canada Revenue Agency. On June 13, 2011, we received notice from the Canada Revenue Agency, which we refer to as the "Agency," advising us that they disagree with the tax treatment we proposed with respect to certain asset transfers that were completed in August 2007 by our Predecessor owners. During fiscal 2013, we were informed by the Agency that their initial audit was concluded but they intended to make an assessment under Canada's General Anti Avoidance Rule. Under this rule, the Agency may assess a withholding tax on dividends deemed to have been made on loans made to our Canadian subsidiary during 2007. Such assessment could total $3,000 plus penalties and interest. At March 31, 2014, we have not recorded a tax liability reserve due for this matter with the Agency as we consider it more likely than not that our tax position will be fully sustained. While we intend to vigorously contest any assessment the Agency may make against us in this matter, we expect that any liability will be covered under an indemnity agreement with the Predecessor owners. | ||||||
Russia Tax Audit. Our income tax returns for the three years ended December 31, 2012 are subject to ongoing audits with the Russian tax authority. As of March 31, 2014, we were issued an assessment by the Russian tax authority for which we will file an objection. As of March 31, 2014, we have accrued $167 in our consolidated financial statements for the amount we believe to be payable to the Russian tax authority. See Note 14, “Income Taxes.” | ||||||
Changes in the Company's warranty reserve are as follows: | ||||||
Balance at March 31, 2011 | $ | 1,325 | ||||
Reserve for warranties issued during the period | 445 | |||||
Settlements made during the period | (913 | ) | ||||
Balance at March 31, 2012 | $ | 857 | ||||
Reserve for warranties issued during the period | 15 | |||||
Settlements made during the period | (320 | ) | ||||
Balance at March 31, 2013 | $ | 552 | ||||
Reserve for warranties issued during the period | 364 | |||||
Settlements made during the period | (271 | ) | ||||
Balance at March 31, 2014 | $ | 645 | ||||
Management Employment Contracts- Our four named executive officers were subject to employment agreements that provided for the payment of benefits in connection with certain qualifying termination events, which included continued payment of their base salary for up to twelve months and any earned but unpaid bonus for the current fiscal year. As a group, the combined possible severance payment would have been $1,463 in continued base salary and earned but unpaid bonus for the fiscal year ended March 31, 2014 if they were terminated in connection with a qualifying termination event as of March 31, 2014. Effective May 1, 2014, we entered into new employment agreements with our four named executive officers. The new employment agreements provide for the payment of benefits in connection with certain qualifying termination events, which include continuation of base salary for 6 to 18 months, depending on the qualifying termination event, and any earned but unpaid bonus for the current fiscal year. If such qualifying termination event occurs under the new employment agreements, the senior executive officers as a group would be entitled to receive between $568 and $1,705 in continuation of base salary, plus any accrued but unpaid bonus for the current fiscal year. |
StockBased_Compensation_Expens
Stock-Based Compensation Expense | 12 Months Ended | ||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||||||||
Stock-Based Compensation Expense | ' | ||||||||||||||||||||||||||
Stock-Based Compensation Expense | |||||||||||||||||||||||||||
Since the completion of the CHS Transactions on April 30, 2010, the Board of Directors has adopted and the shareholders have approved two stock option award plans. The 2010 Thermon Group Holdings, Inc. Restricted Stock and Stock Option Plans (“2010 Plan”) was approved on July 28, 2010. The plan authorized the issuance of 2,767,171 stock options or restricted shares (on a post stock split basis). On April 8, 2011, the Board of Directors approved the Thermon Group Holdings, Inc. 2011 Long-Term Incentive Plan (“2011 LTIP”). The 2011 LTIP made available 2,893,341 shares of the Company's common stock that may be awarded to employees, directors or non-employee contractor's compensation in the form of stock options or restricted stock awards. Collectively, the 2010 Plan and the 2011 LTIP are referred to as the “Stock Plans.” The Company does not hold any shares of its own stock as treasury shares. Accordingly, the vesting of restricted stock units and performance stock units and the exercise of stock options result in the issuance of additional new shares of the Company's stock. | |||||||||||||||||||||||||||
At the completion of the IPO on May 5, 2011, 2,757,524 options that were then unvested became vested and exercisable. Accordingly, the Company recorded stock compensation expense of $6,310 which represented all unamortized stock compensation expense related to the outstanding stock options under the 2010 Plan. | |||||||||||||||||||||||||||
Unvested options outstanding are scheduled to vest over five years with 20% vesting on the anniversary date of the grant each year. Stock options must be exercised within 10 years from date of grant. Stock options were issued with an exercise price which was equal to the market price of our common stock at the grant date. We estimate potential forfeitures of stock grants and adjust compensation cost recorded accordingly. The estimate of forfeitures will be adjusted over the requisite service period to the extent that actual forfeitures differ, or are expected to differ, from such estimates. Changes in estimated forfeitures will be recognized through a cumulative catch-up adjustment in the period of change and will also impact the amount of stock compensation expense to be recognized in future periods. During fiscal 2014, we did not make any changes in accounting principles or methods of estimates relating to stock-based compensation expense. | |||||||||||||||||||||||||||
Stock Options | |||||||||||||||||||||||||||
A summary of stock option activity under our Stock Plans for fiscal 2014, fiscal 2013 and fiscal 2012 are as follows: | |||||||||||||||||||||||||||
Options Outstanding | |||||||||||||||||||||||||||
Number of Shares | Weighted Average Exercise Price | ||||||||||||||||||||||||||
Balance at March 31, 2011 | 2,757,524 | $ | 5.38 | ||||||||||||||||||||||||
Granted | 117,600 | 12 | |||||||||||||||||||||||||
Exercised | (683,443 | ) | 5.38 | ||||||||||||||||||||||||
Forfeited | (12,056 | ) | 6.46 | ||||||||||||||||||||||||
Balance at March 31, 2012 | 2,179,625 | $ | 5.74 | ||||||||||||||||||||||||
Granted | 56,532 | 21.52 | |||||||||||||||||||||||||
Exercised | (1,086,486 | ) | 5.31 | ||||||||||||||||||||||||
Forfeited | (16,891 | ) | 7.98 | ||||||||||||||||||||||||
Balance at March 31, 2013 | 1,132,780 | $ | 6.98 | ||||||||||||||||||||||||
Exercised | (566,487 | ) | 5.9 | ||||||||||||||||||||||||
Forfeited | (7,827 | ) | 15.73 | ||||||||||||||||||||||||
Balance at March 31, 2014 | 558,466 | $ | 7.96 | ||||||||||||||||||||||||
For fiscal 2014, fiscal 2013 and fiscal 2012 the intrinsic value of stock option exercises was $10,285, $18,387, and $8,860, respectively. For the year ended March 31, 2014, the Company had a tax loss in the United States and therefore did not recognize an excess tax deduction from options exercised of $1,452. For the years ended March 31, 2013 and 2012, this benefit was $4,131 and $2,181, respectively and was recorded in Additional paid in capital. | |||||||||||||||||||||||||||
Unvested Options | |||||||||||||||||||||||||||
Number of Shares | Weighted Average Grant Date Fair Value | ||||||||||||||||||||||||||
Balance at March 31, 2011 | 2,757,524 | $ | 2.97 | ||||||||||||||||||||||||
Granted | 117,600 | 5.99 | |||||||||||||||||||||||||
Vested | (2,757,524 | ) | 2.97 | ||||||||||||||||||||||||
Balance at March 31, 2012 | 117,600 | $ | 5.99 | ||||||||||||||||||||||||
Granted | 56,532 | 12.26 | |||||||||||||||||||||||||
Vested | (23,520 | ) | 5.99 | ||||||||||||||||||||||||
Forfeited | (4,386 | ) | 8.32 | ||||||||||||||||||||||||
Balance at March 31, 2013 | 146,226 | $ | 8.34 | ||||||||||||||||||||||||
Vested | (33,001 | ) | 6.92 | ||||||||||||||||||||||||
Forfeited | (7,827 | ) | 8.32 | ||||||||||||||||||||||||
Balance at March 31, 2014 | 105,398 | $ | 8.33 | ||||||||||||||||||||||||
For fiscal 2014, fiscal 2013 and fiscal 2012, we recorded stock based compensation of $2,203, $1,341, and $6,514, respectively. Total unrecognized expense related to non-vested stock option awards was approximately $704 as of March 31, 2014. We anticipate this expense will be recognized over a weighted average period of approximately 2.58 years. | |||||||||||||||||||||||||||
The following table summarizes information about stock options outstanding as of March 31, 2014: | |||||||||||||||||||||||||||
Options Outstanding | Options Vested and Exercisable | ||||||||||||||||||||||||||
Exercise Price | Number Outstanding | Weighted Average Contractual Life (Years) | Weighted Average Exercise Price | Aggregate Intrinsic Value at March 31, 2014 | Number Vested and Exercisable | Weighted Average Contractual Life (Years) | Weighted Average Exercise Price | Aggregate Intrinsic Value at March 31, 2014 | |||||||||||||||||||
$5.20 | 393,327 | 6.55 | $ | 5.2 | $ | 7,072,019 | 393,327 | 6.55 | $ | 5.2 | $ | 7,072,019 | |||||||||||||||
$9.82 | 26,821 | 6.91 | 9.82 | 358,329 | 26,821 | 6.91 | 9.82 | 358,329 | |||||||||||||||||||
$12.00 | 88,104 | 7.12 | 12 | 985,003 | 24,054 | 7.12 | 12 | 268,924 | |||||||||||||||||||
$21.52 | 50,214 | 8.34 | 21.52 | 83,355 | 8,866 | 8.34 | 21.52 | 14,718 | |||||||||||||||||||
$5.20-$21.52 | 558,466 | 6.81 | $ | 7.96 | $ | 8,498,706 | 453,068 | 6.64 | $ | 6.15 | $ | 7,713,990 | |||||||||||||||
The aggregate intrinsic value in the preceding table represents the total intrinsic value based on our closing stock price of $23.18 as of March 31, 2014, which would have been received by the option holders had all option holders exercised as of that date. | |||||||||||||||||||||||||||
Stock options are valued by using a Black-Scholes-Merton option pricing model. We calculate the value of our stock option awards when they are granted. Accordingly, we update our valuation assumptions for volatility and the risk free interest rate each quarter that option grants are awarded. Annually, we prepare an analysis of the historical activity within our option plans as well as the demographic characteristics of the grantees of options within our stock option plan to determine the estimated life of the grants and possible ranges of estimated forfeiture. The expected life was determined using the simplified method for estimating expected option life, which qualify as “plain-vanilla” options. Due to the fact that the common stock underlying the options was not publicly traded for an equivalent period of the expected term of the options, the expected volatility was based on a comparable group of companies in conjunction with the historical volatility from traded shares of our stock. The risk-free interest rate is based on the rate of a zero-coupon U.S. Treasury instrument with a remaining term approximately equal to the expected term. We do not expect to pay dividends in the near term and therefore do not incorporate the dividend yield as part of our assumptions. | |||||||||||||||||||||||||||
The following table reflects the assumptions used for fiscal 2013 and 2012. No options were granted in fiscal 2014. | |||||||||||||||||||||||||||
Year Ended March 31, 2013 | Year Ended March 31, 2012 | ||||||||||||||||||||||||||
Expected life | 6.5 | 6.66 | |||||||||||||||||||||||||
Expected volatility | 59.9 | % | 45 | % | |||||||||||||||||||||||
Risk free interest rate | 0.98 | % | 3.25 | % | |||||||||||||||||||||||
Dividend expense yield | — | — | |||||||||||||||||||||||||
Restricted Stock Awards and Units | |||||||||||||||||||||||||||
Restricted stock awards have been issued to members of our board of directors and restricted stock units have been issued to certain employees. For restricted stock awards, the actual common shares have been issued with voting rights and are included as part of our total common shares outstanding. The common shares may not be sold or exchanged until the vesting period is completed. For restricted stock units, no common shares are issued until the vesting period is completed. For restricted stock units, the Company allows its employees to withhold a portion of their units upon the vesting dates in order to satisfy their tax obligation. For both restricted stock awards and units, fair value is determined by the market value of our common stock on the date of the grant | |||||||||||||||||||||||||||
The following table summarizes the activity with regard to unvested restricted stock awards during fiscal 2014, fiscal 2013 and fiscal 2012. | |||||||||||||||||||||||||||
Restricted Stock Awards | Number of Shares | Weighted Average Grant Price | |||||||||||||||||||||||||
Balance at March 31, 2011 | — | $ | — | ||||||||||||||||||||||||
Granted | 16,136 | 12.42 | |||||||||||||||||||||||||
Released | — | — | |||||||||||||||||||||||||
Forfeited | — | — | |||||||||||||||||||||||||
Balance of unvested awards at March 31, 2012 | 16,136 | $ | 12.42 | ||||||||||||||||||||||||
Granted | 13,012 | 21.52 | |||||||||||||||||||||||||
Released | (8,068 | ) | 12.42 | ||||||||||||||||||||||||
Forfeited | — | — | |||||||||||||||||||||||||
Balance of unvested awards at March 31, 2013 | 21,080 | $ | 18.09 | ||||||||||||||||||||||||
Granted | 17,416 | 20.09 | |||||||||||||||||||||||||
Released | (20,980 | ) | 18.09 | ||||||||||||||||||||||||
Forfeited | — | — | |||||||||||||||||||||||||
Balance of unvested awards at March 31, 2014 | 17,516 | $ | 20.09 | ||||||||||||||||||||||||
Based on our closing stock price of $23.18, the aggregate intrinsic value of the unvested restricted stock awards at March 31, 2014 was $406. Total unrecognized expense related to unvested restricted stock awards was approximately $130 as of March 31, 2014. We anticipate this expense to be recognized over a weighted average period of approximately 0.3 years. | |||||||||||||||||||||||||||
The following table summarizes the activity with regard to unvested restricted stock units during fiscal 2014 and fiscal 2013. There were no restricted stock units granted or outstanding during fiscal 2012. | |||||||||||||||||||||||||||
Restricted Stock Units | Number of Shares | Weighted Average Grant Fair Value | |||||||||||||||||||||||||
Balance at March 31, 2012 | — | $ | — | ||||||||||||||||||||||||
Granted | 71,923 | 21.52 | |||||||||||||||||||||||||
Released | — | — | |||||||||||||||||||||||||
Forfeited | (814 | ) | 21.52 | ||||||||||||||||||||||||
Balance of unvested units at March 31, 2013 | 71,109 | $ | 21.52 | ||||||||||||||||||||||||
Granted | 117,904 | 20.14 | |||||||||||||||||||||||||
Released | (18,786 | ) | 21.52 | ||||||||||||||||||||||||
Forfeited | (5,902 | ) | 21.52 | ||||||||||||||||||||||||
Balance of unvested units at March 31, 2014 | 164,325 | $ | 20.53 | ||||||||||||||||||||||||
Based on our closing stock price of $23.18, the aggregate intrinsic value of the unvested restricted stock units at March 31, 2014 was $3,809. Total unrecognized expense related to unvested restricted stock awards was approximately $2,558 as of March 31, 2014. We anticipate this expense to be recognized over a weighted average period of approximately 2.17 years. | |||||||||||||||||||||||||||
Performance Stock Units | |||||||||||||||||||||||||||
During fiscal 2014 and fiscal 2013, performance stock unit awards were issued to our four named executive officers and had a total fair value at grant date of $480 and $960, respectively. The performance indicator for these stock awards is based on the market performance of our stock price as compared to a pre-determined peer group of companies with similar business characteristics as ours. Since the performance indicator is market based, we prepared a Monte Carlo valuation model to calculate the probable outcome of the performance measure to arrive at the fair value. The fair value of the performance stock units will be expensed over three years, whether or not the market condition is met. At the end of each fiscal year, one-third of the performance stock units will be evaluated. It will then be determined how many shares of stock will be issued. In each year of the performance period, the possible number of shares will range from zero percent to two hundred percent of the target shares. In fiscal 2014 the target amount of shares ranged from zero to 29,036 in the aggregate and zero to 29,430 in fiscal 2013. In fiscal 2014, 10,594 shares in respect of vested performance stock units were issued to our four named executive officers. The Company withheld an additional 1,660 shares, to satisfy our named executive officers' tax obligations, for a total of 12,254 vested shares earned in fiscal 2014. No performance stock units were vested in fiscal 2013. Shares that are not awarded in a given year will be forfeited. At March 31, 2014, there was $384 in stock compensation that remained to be expensed. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||
Income Taxes | ' | ||||||||||||||
Income Taxes | |||||||||||||||
Income taxes included in the consolidated income statement consisted of the following | |||||||||||||||
Year Ended March 31, 2014 | Year Ended March 31, 2013 | Year Ended March 31, 2012 | |||||||||||||
Current provision: | |||||||||||||||
Federal provision (benefit) | $ | (1,594 | ) | $ | 3,835 | $ | (1,072 | ) | |||||||
Foreign provision | 12,451 | 12,352 | 12,551 | ||||||||||||
State provision | 484 | 422 | 356 | ||||||||||||
Deferred provision: | |||||||||||||||
Federal deferred benefit | (2,515 | ) | (376 | ) | (1,424 | ) | |||||||||
Foreign deferred benefit | (1,790 | ) | (1,646 | ) | (2,788 | ) | |||||||||
State deferred benefit | (72 | ) | (11 | ) | (155 | ) | |||||||||
Total provision for income taxes | $ | 6,964 | $ | 14,576 | $ | 7,468 | |||||||||
Deferred income tax assets and liabilities were as follows: | |||||||||||||||
March 31, | |||||||||||||||
2014 | 2013 | ||||||||||||||
Deferred tax assets: | |||||||||||||||
Current | |||||||||||||||
Accrued liabilities and reserves | $ | 1,934 | $ | 1,891 | |||||||||||
Unrealized gain on hedge | 39 | 11 | |||||||||||||
Inventories | 399 | 433 | |||||||||||||
Total current deferred tax assets | 2,372 | 2,335 | |||||||||||||
Non-current | |||||||||||||||
Foreign tax credit carry forward | 1,722 | 1,159 | |||||||||||||
Capitalized transaction costs | 670 | 740 | |||||||||||||
Stock option compensation | 796 | 963 | |||||||||||||
Other | 133 | 18 | |||||||||||||
Total non-current deferred tax assets | 3,321 | 2,880 | |||||||||||||
Deferred tax liabilities: | |||||||||||||||
Current | |||||||||||||||
Prepaid expenses | (47 | ) | (124 | ) | |||||||||||
Total current deferred tax liabilities | (47 | ) | (124 | ) | |||||||||||
Non-current | |||||||||||||||
Intangible assets | (35,088 | ) | (38,783 | ) | |||||||||||
Property, plant and equipment | (2,988 | ) | (3,011 | ) | |||||||||||
Undistributed foreign earnings | (3,141 | ) | (3,685 | ) | |||||||||||
Total non-current tax liabilities | (41,217 | ) | (45,479 | ) | |||||||||||
Net current deferred tax asset | $ | 2,325 | $ | 2,211 | |||||||||||
Net non-current deferred tax liability | $ | (37,896 | ) | $ | (42,599 | ) | |||||||||
As of March 31, 2014, the Company had foreign tax credit carryforwards of $1,722. These carryforwards expire in fiscal 2023. Recognition of these credit carryforwards is subject to an annual limit, which may cause them to expire before they are used. | |||||||||||||||
The U.S. and non-U.S. components of income (loss) from continuing operations before income taxes were as follows: | |||||||||||||||
Year Ended March 31, 2014 | Year Ended March 31, 2013 | Year Ended March 31, 2012 | |||||||||||||
U.S. | $ | (6,315 | ) | $ | 4,951 | $ | (14,480 | ) | |||||||
Non-U.S. | 39,078 | 36,599 | 33,978 | ||||||||||||
Income from continuing operations | $ | 32,763 | $ | 41,550 | $ | 19,498 | |||||||||
The difference between the provision for income taxes and the amount that would result from applying the U.S. statutory tax rate to income before provision for income taxes is as follows: | |||||||||||||||
Year Ended March 31, 2014 | Year Ended March 31, 2013 | Year Ended March 31, 2012 | |||||||||||||
Notional U.S. federal income tax expense at statutory rate | $ | 11,467 | $ | 14,543 | $ | 6,825 | |||||||||
Adjustments to reconcile to the income tax provision: | |||||||||||||||
U.S. state income tax provision, net | 243 | 263 | 77 | ||||||||||||
Undistributed foreign earnings | — | 44 | 1,728 | ||||||||||||
Effects on Canadian debt facility | — | — | — | ||||||||||||
Rate difference-international subsidiaries | (3,409 | ) | (270 | ) | (1,974 | ) | |||||||||
Nondeductible expenses | 179 | 115 | 774 | ||||||||||||
Charges/(benefits) related to uncertain tax positions | (797 | ) | 143 | 211 | |||||||||||
Release of tax liability from Predecessor owners | (575 | ) | — | — | |||||||||||
Other | (144 | ) | (262 | ) | (173 | ) | |||||||||
Provision for income taxes | $ | 6,964 | $ | 14,576 | $ | 7,468 | |||||||||
During the year ended March 31, 2014, we have adopted a permanent reinvestment position whereby we expect to reinvest our foreign earnings for most of our foreign subsidiaries and do not expect to repatriate future earnings. As a result of this policy change, we will no longer accrue a tax liability in anticipation of future dividends from our significant foreign subsidiaries. The estimated annual effective tax rate for the fiscal year ended March 31, 2014 reflects the estimated taxable earnings of our various foreign subsidiaries and the applicable local tax rates and after accounting for certain permanent differences, such as nondeductible compensation expenses. The deferred tax liability recorded on the U.S. financial statements that was previously recorded on prior foreign earnings is subject to fluctuations in the U.S. dollar/foreign currency exchange rate each year. The translation effect to our deferred tax liability is included as part of the “Foreign currency translation adjustment” within “Other comprehensive income” and was a $525 and $52 increase to other comprehensive income for the years ended March 31, 2014 and March 31, 2013, respectively and a $287 reduction for the year ended March 31, 2012. | |||||||||||||||
For the year ended March 31, 2014, the United States entities generated a net operating loss as result of the premiums paid and other costs related to the refinancing of the senior secured notes. As previous tax periods that remain open do not have available taxable income to apply this loss, it can only be carried forward. The net operating loss may be carried forward to tax periods until the fiscal year ending March 31, 2034. Without the debt refinancing costs during the year ended March 31, 2014, the United States entities would have generated taxable income in fiscal 2014 and we expect that the Company will generate taxable income in the U.S. in the fiscal year ending March 31, 2015. Accordingly, we recognized the tax benefit of this loss in the fiscal year ended March 31, 2014 and have not applied a valuation allowance. | |||||||||||||||
In connection with the Audax Transaction in 2007, the Predecessor obtained financing in Canada, which was repaid through the CHS Transactions. In completing the Audax Transaction, the stock of Thermon Canada, a subsidiary of Thermon Manufacturing Company (“TMC”), was distributed to Thermon Holding Corp. (“THC”). This caused TMC to realize a gain on the difference between its tax basis in Thermon Canada and the fair market value of Thermon Canada's stock under Section 311(b) of the Internal Revenue Code; however, the gain was deferred under the consolidated return rules and created a “deferred intercompany gain.” This deferred gain is a tax attribute that is not reflected on the financial statements of the Company since it is avoidable. | |||||||||||||||
As of March 31, 2014, the tax years 2011 through 2014 remain open to examination by the major taxing jurisdictions to which we are subject with the exception of Canada as discussed below. The Company’s U.S. federal income tax return is under exam for the tax year ended March 31, 2011. The Company’s Canadian federal income tax returns are under exam for the Predecessor’s tax years ended March 31, 2008, 2009 and 2010. See Note 12, “Commitments and Contingencies.” | |||||||||||||||
A liability for uncertain tax positions of $167 was recorded during the year ended March 31, 2014 which relates to an ongoing Russian tax audit. See Note 12, “Commitments and Contingencies.” During the year ended March 31, 2014, we concluded an income tax audit with the United States Internal Revenue Service. As a result, we released reserves for uncertain tax positions taken on the periods under examination and recorded a related tax benefit of $944. Additionally, $60 of interest and penalties were accrued on previously established reserves. Activity within our reserve for uncertain tax positions as well as the penalties and interest are recorded as a component of the Company's income tax expense. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||||||||
Year Ended March 31, 2014 | Year Ended March 31, 2013 | ||||||||||||||
Beginning balance | $ | 1,651 | $ | 1,509 | |||||||||||
Additions based on tax positions related to the current year | 167 | — | |||||||||||||
Reductions for tax positions of prior years | (944 | ) | — | ||||||||||||
Settlements | (80 | ) | — | ||||||||||||
Interest and penalties on prior reserves | 60 | 142 | |||||||||||||
Reserve for uncertain income taxes | $ | 854 | $ | 1,651 | |||||||||||
With the conclusion of an audit with the United States Internal Revenue Service, we received a refund of $2,004. This amount related to tax periods associated with our Predecessor owners and was therefore payable as part of "Obligations due to settle the CHS Transactions", see Note 10. Related-Party Transactions. The payment of this refund represented the final transaction tax benefit due to the Predecessor owners. Accordingly, we released $575 of additional estimated tax benefits as a reduction of tax expense that we determined would not be realized and are no longer payable. |
Geographic_Information
Geographic Information | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Geographic Information | ' | ||||||||||||
Geographic Information | |||||||||||||
We have defined our operating segments based on geographic regions. These regions share similar economic characteristics, product mix, customers and distribution methods. Accordingly, we have elected to aggregate these geographic regions into a single reportable segment. | |||||||||||||
Within our single reportable segment, we present additional detail for those countries or regions that generate significant revenue and operating income. For purposes of this note, revenue is attributed to individual countries on the basis of the physical location and jurisdiction of organization of the subsidiary that invoices the material and services. | |||||||||||||
Total sales, income from operations and property, plant and equipment,net classified by major geographic area in which the Company operates are as follows: | |||||||||||||
Year Ended March 31, 2014 | Year Ended March 31, 2013 | Year Ended March 31, 2012 | |||||||||||
Sales by geographic area: | |||||||||||||
United States | $ | 91,187 | $ | 83,458 | $ | 93,074 | |||||||
Canada | 93,626 | 99,808 | 83,532 | ||||||||||
Europe | 58,248 | 59,495 | 66,709 | ||||||||||
Asia | 34,262 | 41,275 | 29,008 | ||||||||||
$ | 277,323 | $ | 284,036 | $ | 272,323 | ||||||||
Income from Operations: | |||||||||||||
United States | $ | 14,847 | $ | 15,571 | $ | 17,513 | |||||||
Canada | 32,190 | 34,352 | 29,648 | ||||||||||
Europe | 9,398 | 4,080 | 8,252 | ||||||||||
Asia | 5,737 | 5,943 | 5,095 | ||||||||||
Unallocated: | |||||||||||||
Management fees | — | — | (8,158 | ) | |||||||||
Public company costs | (1,352 | ) | (1,617 | ) | (1,380 | ) | |||||||
Stock compensation | (2,203 | ) | (1,341 | ) | (6,514 | ) | |||||||
$ | 58,617 | $ | 56,988 | $ | 44,456 | ||||||||
March 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Property, plant and equipment, net: | |||||||||||||
United States | $ | 26,428 | $ | 25,906 | |||||||||
Canada | 1,235 | 1,573 | |||||||||||
Europe | 3,290 | 3,069 | |||||||||||
Asia | 579 | 663 | |||||||||||
$ | 31,532 | $ | 31,211 | ||||||||||
At March 31, 2014 and March 31, 2013, non-current deferred tax assets of $3,321 and $2,880 respectively, were applicable to the United States. |
Quarterly_Results_Unaudited
Quarterly Results (Unaudited) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Results (Unaudited) | ' | ||||||||||||||||
Quarterly Results (Unaudited) | |||||||||||||||||
The following quarterly results have been derived from unaudited consolidated financial statements that, in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of such quarterly information. The operating results for any quarter are not necessarily indicative of the results to be expected for any future period. The unaudited quarterly financial data for each of the eight quarters in the two years ended March 31, 2014 are as follows: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
30-Jun-13 | 30-Sep-13 | 31-Dec-13 | 31-Mar-14 | ||||||||||||||
Sales | $ | 65,600 | $ | 72,783 | $ | 71,465 | $ | 67,475 | |||||||||
Gross Profit | 31,014 | 35,355 | 36,056 | 32,745 | |||||||||||||
Income from operations | 12,055 | 14,453 | 17,758 | 14,351 | |||||||||||||
Net income (loss) (a) | $ | (6,938 | ) | $ | 10,572 | $ | 12,583 | $ | 9,582 | ||||||||
Net income (loss) per common share | |||||||||||||||||
Basic | $ | (0.22 | ) | $ | 0.34 | $ | 0.4 | $ | 0.3 | ||||||||
Diluted | (0.22 | ) | 0.33 | 0.39 | 0.3 | ||||||||||||
(a) During the three months ended June 30, 2013, we redeemed the remaining $118,145 of the aggregate outstanding principal amount of our 9.5% senior secured notes. In conjunction with the redemption, we paid a total of $15,485 in call premiums and expensed the remaining $4,010 of associated deferred debt issuance costs. | |||||||||||||||||
Three Months Ended | |||||||||||||||||
30-Jun-12 | 30-Sep-12 | 31-Dec-12 | 31-Mar-13 | ||||||||||||||
Sales | $ | 67,690 | $ | 67,849 | $ | 76,830 | $ | 71,667 | |||||||||
Gross Profit | 33,339 | 32,639 | 34,951 | 31,903 | |||||||||||||
Income from operations | 14,530 | 15,347 | 15,253 | 11,858 | |||||||||||||
Net income | $ | 6,600 | $ | 6,987 | $ | 7,738 | $ | 5,649 | |||||||||
Net income per common share | |||||||||||||||||
Basic | $ | 0.22 | $ | 0.23 | $ | 0.25 | $ | 0.18 | |||||||||
Diluted | 0.21 | 0.22 | 0.24 | 0.18 | |||||||||||||
Organization_and_Summary_of_Si1
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||
Basis of Consolidation | ' | ||||||
Basis of Consolidation | |||||||
The consolidated financial statements include the accounts of the Company and its subsidiaries. All significant inter-company balances and transactions have been eliminated in consolidation. Consolidated subsidiaries domiciled in foreign countries comprised approximately 67%, 71% and 66%, of the Company's consolidated sales and $39,078, $36,358 and $33,912 of the Company's consolidated pretax income for fiscal 2014, fiscal 2013 and fiscal 2012, respectively, and 55% and 54%, of the Company's consolidated total assets at March 31, 2014 and 2013, respectively. | |||||||
Segment Reporting | ' | ||||||
Segment Reporting | |||||||
The Company's senior management allocates resources and assesses the performance of its electrical and steam heat tracing of piping, vessels, instrumentation and associated equipment sales activities as one reportable segment. | |||||||
Use of Estimates | ' | ||||||
Use of Estimates | |||||||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results inevitably will differ from those estimates, and such differences may be material to the financial statements. | |||||||
Cash Equivalents | ' | ||||||
Cash Equivalents | |||||||
Cash and cash equivalents consist of cash in bank and money market funds. All highly liquid investments purchased with original maturities of three months or less are considered to be cash equivalents. | |||||||
Receivables | ' | ||||||
Receivables | |||||||
The Company's receivables are recorded at cost when earned and represent claims against third parties that will be settled in cash. The carrying value of the Company's receivables, net of allowance for doubtful accounts, represents their estimated net realizable value. If events or changes in circumstances indicate specific receivable balances may be impaired, further consideration is given to the Company's ability to collect those balances and the allowance is adjusted accordingly. The Company has established an allowance for doubtful accounts based upon an analysis of aged receivables. Past-due receivable balances are written-off when the Company's internal collection efforts have been unsuccessful in collecting the amounts due. | |||||||
The Company's primary base of customers operates in the oil, chemical processing and power generation industries. Although the Company has a concentration of credit risk within these industries, the Company has not experienced significant collection losses on sales to these customers. The Company's foreign receivables are not concentrated within any one geographic region nor are they subject to any current economic conditions that would subject the Company to unusual risk. The Company does not generally require collateral or other security from customers. | |||||||
The Company performs credit evaluations of new customers and sometimes requires deposits, prepayments or use of trade letters of credit to mitigate our credit risk. Allowance for doubtful account balances were $751 and $1,141 as of March 31, 2014 and 2013, respectively. Although we have fully provided for these balances, we continue to pursue collection of these receivables. | |||||||
The following table summarizes the annual changes in our allowance for doubtful accounts: | |||||||
Balance at March 31, 2011 | $ | 1,487 | |||||
Additions charged to expense | 307 | ||||||
Write-off of uncollectible accounts | (360 | ) | |||||
Balance at March 31, 2012 | 1,434 | ||||||
Reductions charged to expense | (21 | ) | |||||
Write-off of uncollectible accounts | (272 | ) | |||||
Balance at March 31, 2013 | 1,141 | ||||||
Reductions to expense | (175 | ) | |||||
Write-off of uncollectible accounts | (215 | ) | |||||
Balance at March 31, 2014 | $ | 751 | |||||
Inventories | ' | ||||||
Inventories | |||||||
Inventories, principally raw materials and finished goods, are valued at the lower of cost (weighted average cost) or market. We write down our inventory for estimated excess or obsolete inventory equal to the difference between the cost of inventory and estimated fair market value based on assumptions of future demand and market conditions. Fair market value is determined quarterly by comparing inventory levels of individual products and components to historical usage rates, current backlog and estimated future sales and by analyzing the age and potential applications of inventory, in order to identify specific products and components of inventory that are judged unlikely to be sold. Our finished goods inventory consists primarily of completed electrical cable that has been manufactured for various heat tracing solutions. Most of our manufactured product offerings are built to industry standard specifications that have general purpose applications and therefore are sold to a variety of customers in various industries. Some of our products, such as custom orders and ancillary components outsourced from third-party manufacturers, have more specific applications and therefore may be at a higher risk of inventory obsolescence. Inventory is written-off in the period in which the disposal occurs. Actual future write-offs of inventory may differ from estimates and calculations used to determine valuation allowances due to changes in customer demand, customer negotiations, product application, technology shifts and other factors. Historically, inventory obsolescence and potential excess cost adjustments have been within our expectations, and management does not believe that there is a reasonable likelihood that there will be a material change in future estimates or assumptions used to calculate the inventory valuation reserves. | |||||||
Significant judgments and estimates must be made and used in connection with establishing these allowances. If our assumptions used to calculate these allowances do not agree with our future ability to collect outstanding receivables, actual demand for our inventory, or the number of products and installations returned under warranty, additional provisions may be needed and our future results of operations could be adversely affected. | |||||||
Revenue Recognition | ' | ||||||
Revenue Recognition | |||||||
Revenues from sales of products are recognized when persuasive evidence of an agreement exists, delivery of the product has occurred, the fee is fixed or determinable, and collectability is probable. | |||||||
On average, less than 20% of our annual revenues are derived from the installation of heat tracing solutions for which we apply construction-type accounting. These construction-related contracts are awarded on a competitive bid and negotiated basis. We offer our customers a range of contracting options, including cost-reimbursable, fixed-price and hybrid, which has both cost-reimbursable and fixed-price characteristics. Most of our construction contract revenue is recognized using either the percentage-of-completion method, based on the percentage that actual costs-to-date bear to total estimated costs to complete each contract or as it relates to cost-reimbursable projects, revenue is recognized as work is performed. We follow the guidance of FASB ASC Revenue Recognition Topic 605-35 for accounting policies relating to our use of the percentage-of-completion method, estimating costs and revenue recognition, including the recognition of profit incentives, unapproved change orders and claims and combining and segmenting contracts. We utilize the cost-to-cost approach to measure the extent of progress toward completion, as we believe this method is less subjective than relying on assessments of physical progress. Under the cost-to-cost approach, the use of total estimated cost to complete each contract is a significant variable in the process of determining recognized revenue and is a significant factor in the accounting for contracts. Significant estimates that impact the cost to complete each contract are costs of engineering, materials, components, equipment, labor and subcontracts; labor productivity; schedule durations, including subcontract and supplier progress; liquidated damages; contract disputes, including claims; achievement of contractual performance requirements; and contingency, among others. The cumulative impact of revisions in total cost estimates as contracts progress is reflected in the period in which these changes become known, including the recognition of any losses expected to be incurred on contracts in progress. Due to the various estimates inherent in our construction contract accounting, actual results could differ from those estimates. Our historical construction contract cost estimates have generally been accurate, and management does not believe that there is a reasonable likelihood that there will be a material change in future estimates or the methodology used to calculate these estimates. | |||||||
Sales which are not accounted for under ASC 605-35 may have multiple elements, including heat tracing product, engineering and “field” services such as inspection, repair and/or training. We assess such revenue arrangements to determine the appropriate units of accounting. Each deliverable provided under multiple-element arrangements is considered a separate unit of accounting. Revenues associated with the sale of a product are recognized upon delivery, while the revenue for engineering and field services are recognized as services are rendered, limited to the amount of consideration which is not contingent upon the successful provision of future products or services under the arrangement. Amounts assigned to each unit of accounting are based on an allocation of total arrangement consideration using a hierarchy of estimated selling price for the deliverables. The selling price used for each deliverable will be based on Vendor Specific Objective Evidence (“VSOE”), if available, Third Party Evidence (“TPE”), if VSOE is not available, or estimated selling price, if neither VSOE nor TPE is available. | |||||||
Property, Plant and Equipment | ' | ||||||
Property, Plant and Equipment | |||||||
Property, plant and equipment are stated at cost. Expenditures for renewals and improvements that significantly extend the useful life of an asset are capitalized. Expenditures for maintenance and repairs of assets are charged to operations as incurred when assets are sold or retired, the cost and accumulated depreciation are removed from the accounts and any gain or loss is credited or changed to operations. | |||||||
Depreciation is computed using the straight-line method over the following lives: | |||||||
Useful Lives in Years | |||||||
Land improvements | 15 | - | 20 | ||||
Buildings and improvements | 10 | - | 40 | ||||
Machinery and equipment | 3 | - | 25 | ||||
Office furniture and equipment | 3 | - | 10 | ||||
Internally developed software | 5 | - | 7 | ||||
Goodwill and Other Intangible Assets | ' | ||||||
Goodwill and Other Intangible Assets | |||||||
We evaluate goodwill for impairment annually during the fourth quarter of our fiscal year, or more frequently when indicators of impairment are present. We operate as a single reportable segment with four geographic reporting units, each of which are assessed. We perform a qualitative analysis to determine whether it is more likely than not that the fair value of goodwill is less than its carrying amount. Some of the impairment indicators we consider include significant differences between the carrying amount and the estimated fair value of our assets and liabilities; macroeconomic conditions such as a deterioration in general economic condition or limitations on accessing capital; industry and market considerations such as a deterioration in the environment in which we operate and an increased competitive environment; cost factors such as increases in raw materials, labor, or other costs that have a negative effect on earnings and cash flows; overall financial performance such as negative or declining cash flows or a decline in actual or planned revenue or earnings compared with actual and projected results of relevant prior periods; other relevant events such as litigation, changes in management, key personnel, strategy or customers; the testing for recoverability of our long-lived assets and a potential decrease in share price. We evaluate the significance of identified events and circumstances on the basis of the weight of evidence along with how they could affect the relationship between the reporting unit's fair value and carrying amount, including positive mitigating events and circumstances. If we determine it is more likely than not that the fair value of goodwill is less than its carrying amount, then we perform the first step of the two-step goodwill impairment test. In the first step of the goodwill impairment test, the reporting unit's carrying amount (including goodwill) and its fair value are compared. If the estimated fair value of a reporting unit is less than the carrying value, a second step is performed to compute the amount of the impairment by determining an "implied fair value" of goodwill. The determination of the "implied fair value" requires us to allocate the estimated value of the reporting unit to the assets and liabilities of the reporting unit. Any unallocated fair value represents the "implied fair value" of goodwill, which is compared to the corresponding carrying value. If the "implied fair value" is less than the carrying value, an impairment charge will be recorded. The Company determined that no impairment of goodwill existed during fiscal 2014, fiscal 2013 or fiscal 2012. | |||||||
Other intangible assets include indefinite lived intangible assets for which we must also perform an annual test of impairment. The Company's indefinite lived intangible assets consist primarily of trademarks. The fair value of the Company's trademarks is calculated using a “relief from royalty payments” methodology. This approach involves first estimating reasonable royalty rates for each trademark then applying these royalty rates to a net sales stream and discounting the resulting cash flows to determine the fair value. The royalty rate is estimated using both a market and income approach. The market approach relies on the existence of identifiable transactions in the marketplace involving the licensing of trademarks similar to those owned by the Company. The income approach uses a projected pretax profitability rate relevant to the licensed income stream. We believe the use of multiple valuation techniques results in a more accurate indicator of the fair value of each trademark. This fair value is then compared with the carrying value of each trademark. The results of this test during the fourth quarter of our fiscal year indicated that there was no impairment of our indefinite life intangible assets during fiscal 2014, fiscal 2013 | |||||||
Debt Issuance Costs | ' | ||||||
Debt Issuance Costs | |||||||
The Company defers the costs associated with debt and financing arrangements. These costs are amortized over the life of the loan or financing as interest expense using the effective interest method. When debt or the contract is retired prematurely, the proportionate unamortized deferred issuance costs are expensed as loss on retirement. Deferred debt issuance costs expensed as part of interest expense for fiscal 2014, fiscal 2013 and fiscal 2012 were $4,572, $3,321 and $4,127, respectively. Included in these amounts are the acceleration of amortization associated with redemptions of our senior secured notes and our prior revolving credit facility. | |||||||
Long-Lived Assets | ' | ||||||
Long-Lived Assets | |||||||
The Company evaluates its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of these assets is measured by comparison of the carrying amounts to the future undiscounted cash flows that the assets are expected to generate. If the long-lived assets are considered impaired, the impairment to be recognized equals the amount by which the carrying value of the asset exceeds the estimated fair value and is recorded in the period the determination was made. | |||||||
Stock-based Compensation | ' | ||||||
Stock-based Compensation | |||||||
We account for share-based payments to employees in accordance with ASC 718, Compensation-Stock Compensation, which requires that share-based payments (to the extent they are compensatory) be recognized in our consolidated statements of operations and comprehensive income based on their fair values. | |||||||
As required by ASC 718, we recognize stock-based compensation expense for share-based payments that are expected to vest. In determining whether an award is expected to vest, we use an estimated, forward-looking forfeiture rate based upon our historical forfeiture rates. Stock-based compensation expense recorded using an estimated forfeiture rate is updated for actual forfeitures quarterly. To the extent our actual forfeitures are different than our estimates, we record a true-up for the differences in the period that the awards vest, and such true-ups could materially affect our operating results. We also consider on a quarterly basis whether there have been any significant changes in facts and circumstances that would affect our expected forfeiture rate. | |||||||
We are also required to determine the fair value of stock-based awards at the grant date. For option awards that are subject to service conditions and/or performance conditions, we estimate the fair values of employee stock options using a Black-Scholes-Merton valuation model. Some of our option grants and awards included a market condition for which we used a Monte Carlo pricing model to establish grant date fair value. These determinations require judgment, including estimating expected volatility. If actual results differ significantly from these estimates, stock- based compensation expense and our results of operations could be impacted. | |||||||
Income Taxes | ' | ||||||
Income Taxes | |||||||
We account for income taxes under the asset and liability method that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in our financial statements or tax returns. Judgment is required in assessing the future tax consequences of events that have been recognized in our financial statements or tax returns. Variations in the actual outcome of these future tax consequences could materially impact our financial position, results of operations or effective tax rate. | |||||||
Significant judgment is required in determining our worldwide income tax provision. In the ordinary course of a global business, there are many transactions and calculations where the ultimate tax outcome is uncertain. Some of these uncertainties arise as a consequence of revenue sharing and cost reimbursement arrangements among related entities, the process of identifying items of revenues and expenses that qualify for preferential tax treatment, and segregation of foreign and domestic earnings and expenses to avoid double taxation. Although we believe that our estimates are reasonable, the final tax outcome of these matters could be different from that which is reflected in our historical income tax provisions and accruals. Such differences could have a material effect on our income tax provision and net income in the period in which such determination is made. | |||||||
In estimating future tax consequences, all expected future events are considered other than enactments of changes in tax laws or rates. Valuation allowances are established when necessary to reduce deferred tax assets to amounts which are more likely than not to be realized. We consider future growth, forecasted earnings, future taxable income, the mix of earnings in the jurisdictions in which we operate, historical earnings, taxable income in prior years, if carryback is permitted under the law, and prudent and feasible tax planning strategies in determining the need for a valuation allowance. In the event we were to determine that we would not be able to realize all or part of our net deferred tax assets in the future, an adjustment to the deferred tax assets valuation allowance would be charged to earnings in the period in which we make such a determination, or goodwill would be adjusted at our final determination of the valuation allowance related to an acquisition within the measurement period. If we later determine that it is more likely than not that the net deferred tax assets would be realized, we would reverse the applicable portion of the previously provided valuation allowance as an adjustment to earnings at such time. The amount of income tax we pay is subject to ongoing audits by federal, state and foreign tax authorities, which often result in proposed assessments. Our estimate of the potential outcome for any uncertain tax issue is highly judgmental. We account for these uncertain tax issues pursuant to ASC 740, Income Taxes, which contains a two-step approach to recognizing and measuring uncertain tax positions taken or expected to be taken in a tax return. The first step is to determine if the weight of available evidence indicates that it is more likely than not that the tax position will be sustained on audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. Although we believe we have adequately reserved for our uncertain tax positions, no assurance can be given with respect to the final outcome of these matters. We adjust reserves for our uncertain tax positions due to changing facts and circumstances, such as the closing of a tax audit, judicial rulings, refinement of estimates or realization of earnings or deductions that differ from our estimates. To the extent that the final outcome of these matters is different than the amounts recorded, such differences generally will impact our provision for income taxes in the period in which such a determination is made. Our provisions for income taxes include the impact of reserve provisions and changes to reserves that are considered appropriate and also include the related interest and penalties. | |||||||
During fiscal 2014, we adopted a permanent reinvestment position whereby we expect to reinvest our foreign earnings for most of our foreign subsidiaries and do not expect to repatriate future earnings. As a result of this policy change, we will no longer accrue a tax liability in anticipation of future dividends from our foreign subsidiaries. | |||||||
Foreign Currency Transactions and Translation | ' | ||||||
Foreign Currency Transactions and Translation | |||||||
Exchange adjustments resulting from foreign currency transactions are recognized in income as realized. For the Company's non-U.S. dollar functional currency subsidiaries, assets and liabilities of foreign subsidiaries are translated into U.S. dollars using year-end exchange rates. Income and expense items are translated at a weighted average exchange rate prevailing during the year. Adjustments resulting from translation of financial statements are reflected as a separate component of shareholders' equity. | |||||||
Loss Contingencies | ' | ||||||
Loss Contingencies | |||||||
We accrue for probable losses from contingencies on an undiscounted basis, when such costs are considered probable of being incurred and are reasonably estimable. Legal expense related to such matters are expensed as incurred. We periodically evaluate available information, both internal and external, relative to such contingencies and adjust this accrual as necessary. Disclosure of a contingency is required if there is at least a reasonable possibility that a material loss has been incurred. In determining whether a loss should be accrued we evaluate, among other factors, the degree of probability of an unfavorable outcome and the ability to make a reasonable estimate of the amount of loss. | |||||||
Warranties | ' | ||||||
Warranties | |||||||
The Company offers a standard warranty on product sales in which we will replace a defective product for a period of one year. Warranties on construction projects are negotiated individually, are typically one year in duration, and may include the cost of labor to replace products. Factors that affect the Company's warranty liability include the amount of sales, historical and anticipated rates of warranty claims, and cost per claim. The Company periodically assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary. | |||||||
Research and Development | ' | ||||||
Research and Development | |||||||
Research and development expenditures are expensed when incurred and are included in marketing, general and administrative and engineering expenses. Research and development expenses include salaries, direct costs incurred, and building and overhead expenses. The amounts expensed for fiscal 2014, fiscal 2013 and fiscal 2012 were $3,008, $2,832 and $881, respectively. | |||||||
Shipping and Handling Cost | ' | ||||||
Shipping and Handling Cost | |||||||
The Company includes shipping and handling as part of cost of goods sold and freight collections from customers is included as part of sales. | |||||||
Economic Dependence | ' | ||||||
Economic Dependence | |||||||
No customer represented more than 10% of the Company's accounts receivable at March 31, 2014 and March 31, 2013, or sales for fiscal 2014, fiscal 2013 or fiscal 2012. | |||||||
Reclassifications | ' | ||||||
Reclassifications | |||||||
Certain reclassifications have been made within these consolidated financial statements to conform prior periods to current year presentation. | |||||||
Recent Accounting Pronouncements | ' | ||||||
Recent Accounting Pronouncements | |||||||
Organization_and_Summary_of_Si2
Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||
Schedule of Changes in Allowance for Doubtful Accounts | ' | ||||||||
The following table summarizes the annual changes in our allowance for doubtful accounts: | |||||||||
Balance at March 31, 2011 | $ | 1,487 | |||||||
Additions charged to expense | 307 | ||||||||
Write-off of uncollectible accounts | (360 | ) | |||||||
Balance at March 31, 2012 | 1,434 | ||||||||
Reductions charged to expense | (21 | ) | |||||||
Write-off of uncollectible accounts | (272 | ) | |||||||
Balance at March 31, 2013 | 1,141 | ||||||||
Reductions to expense | (175 | ) | |||||||
Write-off of uncollectible accounts | (215 | ) | |||||||
Balance at March 31, 2014 | $ | 751 | |||||||
Schedule of Property, Plant and Equipment | ' | ||||||||
Depreciation is computed using the straight-line method over the following lives: | |||||||||
Useful Lives in Years | |||||||||
Land improvements | 15 | - | 20 | ||||||
Buildings and improvements | 10 | - | 40 | ||||||
Machinery and equipment | 3 | - | 25 | ||||||
Office furniture and equipment | 3 | - | 10 | ||||||
Internally developed software | 5 | - | 7 | ||||||
Property, plant and equipment consisted of the following at March 31: | |||||||||
2014 | 2013 | ||||||||
Land, buildings and improvements | $ | 19,874 | $ | 19,372 | |||||
Machinery and equipment | 13,641 | 12,114 | |||||||
Office furniture and equipment | 3,491 | 3,110 | |||||||
Internally developed software | 1,744 | 1,744 | |||||||
Construction in Progress | 1,732 | 1,042 | |||||||
Accumulated depreciation | (8,950 | ) | (6,171 | ) | |||||
$ | 31,532 | $ | 31,211 | ||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||
Schedule of long-term debt that is not measured at fair value | ' | |||||||||||||||||
Information about our long-term debt that is not measured at fair value follows: | ||||||||||||||||||
31-Mar-14 | 31-Mar-13 | |||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | Valuation Technique | ||||||||||||||
Value | Value | |||||||||||||||||
Financial Liabilities | ||||||||||||||||||
Senior secured credit facility | $ | 121,500 | $ | 121,500 | $ | — | $ | — | Level 2 - Market Approach | |||||||||
9.5% senior secured notes | $ | — | $ | — | $ | 118,145 | $ | 131,436 | Level 2 - Market Approach | |||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | ' | |||||||||||||||||
As of March 31, 2014 and March 31, 2013, the notional amounts of forward contracts were as follows: | ||||||||||||||||||
Notional amount of foreign exchange forward contracts by currency | ||||||||||||||||||
31-Mar-14 | March 31, 2013 | |||||||||||||||||
Russian Ruble | $ | 772 | $ | 4,233 | ||||||||||||||
Euro | 2,386 | 2,510 | ||||||||||||||||
Canadian Dollar | — | 2,134 | ||||||||||||||||
South Korean Won | 532 | 919 | ||||||||||||||||
Indian Rupee | 2,574 | 329 | ||||||||||||||||
Mexican Peso | 1,077 | — | ||||||||||||||||
Other | 837 | — | ||||||||||||||||
Total notional amounts | $ | 8,178 | $ | 10,125 | ||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | ' | |||||||||||||||||
31-Mar-14 | March 31, 2013 | |||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||||
Foreign exchange contract forwards | $ | 35 | $ | 93 | $ | 87 | $ | 32 | ||||||||||
Net_Income_Loss_per_Common_Sha1
Net Income (Loss) per Common Share (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of reconciliation of the denominators used to calculate basic EPS and diluted EPS | ' | ||||||||||||
The reconciliation of the denominators used to calculate basic EPS and diluted EPS for fiscal 2014, fiscal 2013, and fiscal 2012, respectively, is as follows: | |||||||||||||
Year Ended March 31, 2014 | Year Ended March 31, 2013 | Year Ended March 31, 2012 | |||||||||||
Basic net income per common share | |||||||||||||
Net income | $ | 25,799 | $ | 26,974 | $ | 12,030 | |||||||
Weighted-average common shares outstanding | 31,595,019 | 30,796,675 | 29,083,478 | ||||||||||
Basic net income per common share | $ | 0.82 | $ | 0.88 | $ | 0.41 | |||||||
Year Ended March 31, 2014 | Year Ended March 31, 2013 | Year Ended March 31, 2012 | |||||||||||
Diluted net income per common share | |||||||||||||
Net income | $ | 25,799 | $ | 26,974 | $ | 12,030 | |||||||
Weighted-average common shares outstanding | 31,595,019 | 30,796,675 | 29,083,478 | ||||||||||
Common share equivalents: | |||||||||||||
Stock options issued | 502,886 | 953,710 | 1,370,777 | ||||||||||
Restricted and performance stock units issued | 56,007 | 46,445 | — | ||||||||||
Weighted average shares outstanding – dilutive | 32,153,912 | 31,796,830 | 30,454,255 | ||||||||||
Diluted net income per common share | $ | 0.8 | $ | 0.85 | $ | 0.4 | |||||||
For the year ended March 31, 2014, 168,118 equity awards were not included in the calculation of diluted net income per common share since they would have had an anti-dilutive effect. In fiscal 2013 and 2012, all equity awards were dilutive and included in the calculation above. |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventory | ' | |||||||
Inventories consisted of the following at March 31: | ||||||||
2014 | 2013 | |||||||
Raw materials | $ | 12,036 | $ | 10,232 | ||||
Work in process | 2,200 | 1,685 | ||||||
Finished goods | 23,973 | 23,550 | ||||||
38,209 | 35,467 | |||||||
Valuation reserves | (893 | ) | (1,076 | ) | ||||
Inventories, net | $ | 37,316 | $ | 34,391 | ||||
The following table summarizes the annual changes in our valuation reserve accounts: | ||||||||
Balance at March 31, 2011 | $ | 1,705 | ||||||
Reduction in reserve | (594 | ) | ||||||
Charged to reserve | (17 | ) | ||||||
Balance at March 31, 2012 | 1,094 | |||||||
Additions charged to expense | 179 | |||||||
Charged to reserve | (197 | ) | ||||||
Balance at March 31, 2013 | 1,076 | |||||||
Reduction in reserve | (129 | ) | ||||||
Charged to reserve | (54 | ) | ||||||
Balance at March 31, 2014 | $ | 893 | ||||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Schedule of Property, Plant and Equipment | ' | ||||||||
Depreciation is computed using the straight-line method over the following lives: | |||||||||
Useful Lives in Years | |||||||||
Land improvements | 15 | - | 20 | ||||||
Buildings and improvements | 10 | - | 40 | ||||||
Machinery and equipment | 3 | - | 25 | ||||||
Office furniture and equipment | 3 | - | 10 | ||||||
Internally developed software | 5 | - | 7 | ||||||
Property, plant and equipment consisted of the following at March 31: | |||||||||
2014 | 2013 | ||||||||
Land, buildings and improvements | $ | 19,874 | $ | 19,372 | |||||
Machinery and equipment | 13,641 | 12,114 | |||||||
Office furniture and equipment | 3,491 | 3,110 | |||||||
Internally developed software | 1,744 | 1,744 | |||||||
Construction in Progress | 1,732 | 1,042 | |||||||
Accumulated depreciation | (8,950 | ) | (6,171 | ) | |||||
$ | 31,532 | $ | 31,211 | ||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of carrying amount of goodwill | ' | ||||||||||||||||||||||||
The carrying amount of goodwill as of March 31, 2014, is as follows: | |||||||||||||||||||||||||
Amount | |||||||||||||||||||||||||
Balance as of March 31, 2013 | $ | 116,303 | |||||||||||||||||||||||
Foreign currency translation impact | (2,191 | ) | |||||||||||||||||||||||
Balance as of March 31, 2014 | $ | 114,112 | |||||||||||||||||||||||
Schedule of Acquired Finite-Lived Intangible Assets by Major Class | ' | ||||||||||||||||||||||||
Intangible assets at March 31, 2014 and March 31, 2013 consisted of the following: | |||||||||||||||||||||||||
Gross Carrying Amount at March 31, 2014 | Accumulated Amortization | Net Carrying Amount at March 31, 2014 | Gross Carrying Amount at March 31, 2013 | Accumulated Amortization | Net Carrying Amount at March 31, 2013 | ||||||||||||||||||||
Trademarks | $ | 47,042 | $ | — | $ | 47,042 | $ | 47,693 | $ | — | $ | 47,693 | |||||||||||||
Developed technology | 10,781 | (2,167 | ) | 8,614 | 10,929 | (1,659 | ) | 9,270 | |||||||||||||||||
Customer relationships | 99,578 | (37,383 | ) | 62,195 | 101,355 | (27,723 | ) | 73,632 | |||||||||||||||||
Backlog | 9,874 | (9,874 | ) | — | 10,167 | (10,167 | ) | — | |||||||||||||||||
Certification | 498 | — | 498 | 498 | — | 498 | |||||||||||||||||||
Other | 1,630 | (1,062 | ) | 568 | 1,630 | (807 | ) | 823 | |||||||||||||||||
Total | $ | 169,403 | $ | (50,486 | ) | $ | 118,917 | $ | 172,272 | $ | (40,356 | ) | $ | 131,916 | |||||||||||
Schedule of Future Amortization Expense | ' | ||||||||||||||||||||||||
Annual amortization for the next five years and thereafter will approximate the following: | |||||||||||||||||||||||||
2015 | $ | 10,964 | |||||||||||||||||||||||
2016 | 10,964 | ||||||||||||||||||||||||
2017 | 10,767 | ||||||||||||||||||||||||
2018 | 10,709 | ||||||||||||||||||||||||
2019 | 10,709 | ||||||||||||||||||||||||
Thereafter | 17,264 | ||||||||||||||||||||||||
Total | $ | 71,377 | |||||||||||||||||||||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Schedule of accrued current liabilities | ' | |||||||
Accrued current liabilities consisted of the following: | ||||||||
March 31, | March 31, | |||||||
2014 | 2013 | |||||||
Accrued employee compensation and related expenses | $ | 5,043 | $ | 8,047 | ||||
Interest | — | 4,703 | ||||||
Customer prepayment | 1,235 | 2,197 | ||||||
Warranty reserve | 645 | 552 | ||||||
Professional fees | 1,250 | 1,436 | ||||||
Sales tax payable | 707 | 175 | ||||||
Other | 989 | 1,605 | ||||||
Total accrued current liabilities | $ | 9,869 | $ | 18,715 | ||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of long-term debt | ' | |||||||
Long-term debt consisted of the following: | ||||||||
March 31, | March 31, | |||||||
2014 | 2013 | |||||||
9.500% Senior Secured Notes, due May 2017 | $ | — | $ | 118,145 | ||||
Variable Rate Term Loan, due April 2018 | 121,500 | — | ||||||
121,500 | 118,145 | |||||||
Less current portion | (13,500 | ) | — | |||||
$ | 108,000 | $ | 118,145 | |||||
Schedule of maturities of long-term debt | ' | |||||||
Maturities of long-term debt are as follows for the fiscal years ended March 31: | ||||||||
2015 | $ | 13,500 | ||||||
2016 | 13,500 | |||||||
2017 | 20,250 | |||||||
2018 | 20,250 | |||||||
2019 | 54,000 | |||||||
Total | $ | 121,500 | ||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||
Mar. 31, 2014 | ||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||
Schedule of future minimum lease payments for capital leases | ' | |||||
Future minimum annual lease payments under these leases are as follows for the fiscal years ended March 31: | ||||||
2015 | $ | 2,940 | ||||
2016 | 2,308 | |||||
2017 | 1,357 | |||||
2018 | 741 | |||||
2019 | 420 | |||||
Thereafter | 1,453 | |||||
$ | 9,219 | |||||
Schedule of contractual obligations by maturity year | ' | |||||
The future annual service fees under the service agreements are as follows for the fiscal years ended March 31: | ||||||
2015 | $ | 2,110 | ||||
2016 | 889 | |||||
2017 | 162 | |||||
2018 | — | |||||
2019 | — | |||||
Thereafter | — | |||||
$ | 3,161 | |||||
Schedule of product liability contingencies | ' | |||||
Changes in the Company's warranty reserve are as follows: | ||||||
Balance at March 31, 2011 | $ | 1,325 | ||||
Reserve for warranties issued during the period | 445 | |||||
Settlements made during the period | (913 | ) | ||||
Balance at March 31, 2012 | $ | 857 | ||||
Reserve for warranties issued during the period | 15 | |||||
Settlements made during the period | (320 | ) | ||||
Balance at March 31, 2013 | $ | 552 | ||||
Reserve for warranties issued during the period | 364 | |||||
Settlements made during the period | (271 | ) | ||||
Balance at March 31, 2014 | $ | 645 | ||||
StockBased_Compensation_Expens1
Stock-Based Compensation Expense (Tables) | 12 Months Ended | ||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||||||||
Schedule of shares outstanding | ' | ||||||||||||||||||||||||||
A summary of stock option activity under our Stock Plans for fiscal 2014, fiscal 2013 and fiscal 2012 are as follows: | |||||||||||||||||||||||||||
Options Outstanding | |||||||||||||||||||||||||||
Number of Shares | Weighted Average Exercise Price | ||||||||||||||||||||||||||
Balance at March 31, 2011 | 2,757,524 | $ | 5.38 | ||||||||||||||||||||||||
Granted | 117,600 | 12 | |||||||||||||||||||||||||
Exercised | (683,443 | ) | 5.38 | ||||||||||||||||||||||||
Forfeited | (12,056 | ) | 6.46 | ||||||||||||||||||||||||
Balance at March 31, 2012 | 2,179,625 | $ | 5.74 | ||||||||||||||||||||||||
Granted | 56,532 | 21.52 | |||||||||||||||||||||||||
Exercised | (1,086,486 | ) | 5.31 | ||||||||||||||||||||||||
Forfeited | (16,891 | ) | 7.98 | ||||||||||||||||||||||||
Balance at March 31, 2013 | 1,132,780 | $ | 6.98 | ||||||||||||||||||||||||
Exercised | (566,487 | ) | 5.9 | ||||||||||||||||||||||||
Forfeited | (7,827 | ) | 15.73 | ||||||||||||||||||||||||
Balance at March 31, 2014 | 558,466 | $ | 7.96 | ||||||||||||||||||||||||
Schedule of nonvested share activity | ' | ||||||||||||||||||||||||||
For fiscal 2014, fiscal 2013 and fiscal 2012 the intrinsic value of stock option exercises was $10,285, $18,387, and $8,860, respectively. For the year ended March 31, 2014, the Company had a tax loss in the United States and therefore did not recognize an excess tax deduction from options exercised of $1,452. For the years ended March 31, 2013 and 2012, this benefit was $4,131 and $2,181, respectively and was recorded in Additional paid in capital. | |||||||||||||||||||||||||||
Unvested Options | |||||||||||||||||||||||||||
Number of Shares | Weighted Average Grant Date Fair Value | ||||||||||||||||||||||||||
Balance at March 31, 2011 | 2,757,524 | $ | 2.97 | ||||||||||||||||||||||||
Granted | 117,600 | 5.99 | |||||||||||||||||||||||||
Vested | (2,757,524 | ) | 2.97 | ||||||||||||||||||||||||
Balance at March 31, 2012 | 117,600 | $ | 5.99 | ||||||||||||||||||||||||
Granted | 56,532 | 12.26 | |||||||||||||||||||||||||
Vested | (23,520 | ) | 5.99 | ||||||||||||||||||||||||
Forfeited | (4,386 | ) | 8.32 | ||||||||||||||||||||||||
Balance at March 31, 2013 | 146,226 | $ | 8.34 | ||||||||||||||||||||||||
Vested | (33,001 | ) | 6.92 | ||||||||||||||||||||||||
Forfeited | (7,827 | ) | 8.32 | ||||||||||||||||||||||||
Balance at March 31, 2014 | 105,398 | $ | 8.33 | ||||||||||||||||||||||||
Schedule of shares oustanding, vested and exercisable | ' | ||||||||||||||||||||||||||
The following table summarizes information about stock options outstanding as of March 31, 2014: | |||||||||||||||||||||||||||
Options Outstanding | Options Vested and Exercisable | ||||||||||||||||||||||||||
Exercise Price | Number Outstanding | Weighted Average Contractual Life (Years) | Weighted Average Exercise Price | Aggregate Intrinsic Value at March 31, 2014 | Number Vested and Exercisable | Weighted Average Contractual Life (Years) | Weighted Average Exercise Price | Aggregate Intrinsic Value at March 31, 2014 | |||||||||||||||||||
$5.20 | 393,327 | 6.55 | $ | 5.2 | $ | 7,072,019 | 393,327 | 6.55 | $ | 5.2 | $ | 7,072,019 | |||||||||||||||
$9.82 | 26,821 | 6.91 | 9.82 | 358,329 | 26,821 | 6.91 | 9.82 | 358,329 | |||||||||||||||||||
$12.00 | 88,104 | 7.12 | 12 | 985,003 | 24,054 | 7.12 | 12 | 268,924 | |||||||||||||||||||
$21.52 | 50,214 | 8.34 | 21.52 | 83,355 | 8,866 | 8.34 | 21.52 | 14,718 | |||||||||||||||||||
$5.20-$21.52 | 558,466 | 6.81 | $ | 7.96 | $ | 8,498,706 | 453,068 | 6.64 | $ | 6.15 | $ | 7,713,990 | |||||||||||||||
Schedule of valuation assumptions used | ' | ||||||||||||||||||||||||||
No options were granted in fiscal 2014. | |||||||||||||||||||||||||||
Year Ended March 31, 2013 | Year Ended March 31, 2012 | ||||||||||||||||||||||||||
Expected life | 6.5 | 6.66 | |||||||||||||||||||||||||
Expected volatility | 59.9 | % | 45 | % | |||||||||||||||||||||||
Risk free interest rate | 0.98 | % | 3.25 | % | |||||||||||||||||||||||
Dividend expense yield | — | — | |||||||||||||||||||||||||
Schedule restricted stock activity | ' | ||||||||||||||||||||||||||
Restricted Stock Awards | Number of Shares | Weighted Average Grant Price | |||||||||||||||||||||||||
Balance at March 31, 2011 | — | $ | — | ||||||||||||||||||||||||
Granted | 16,136 | 12.42 | |||||||||||||||||||||||||
Released | — | — | |||||||||||||||||||||||||
Forfeited | — | — | |||||||||||||||||||||||||
Balance of unvested awards at March 31, 2012 | 16,136 | $ | 12.42 | ||||||||||||||||||||||||
Granted | 13,012 | 21.52 | |||||||||||||||||||||||||
Released | (8,068 | ) | 12.42 | ||||||||||||||||||||||||
Forfeited | — | — | |||||||||||||||||||||||||
Balance of unvested awards at March 31, 2013 | 21,080 | $ | 18.09 | ||||||||||||||||||||||||
Granted | 17,416 | 20.09 | |||||||||||||||||||||||||
Released | (20,980 | ) | 18.09 | ||||||||||||||||||||||||
Forfeited | — | — | |||||||||||||||||||||||||
Balance of unvested awards at March 31, 2014 | 17,516 | $ | 20.09 | ||||||||||||||||||||||||
Restricted Stock Units | Number of Shares | Weighted Average Grant Fair Value | |||||||||||||||||||||||||
Balance at March 31, 2012 | — | $ | — | ||||||||||||||||||||||||
Granted | 71,923 | 21.52 | |||||||||||||||||||||||||
Released | — | — | |||||||||||||||||||||||||
Forfeited | (814 | ) | 21.52 | ||||||||||||||||||||||||
Balance of unvested units at March 31, 2013 | 71,109 | $ | 21.52 | ||||||||||||||||||||||||
Granted | 117,904 | 20.14 | |||||||||||||||||||||||||
Released | (18,786 | ) | 21.52 | ||||||||||||||||||||||||
Forfeited | (5,902 | ) | 21.52 | ||||||||||||||||||||||||
Balance of unvested units at March 31, 2014 | 164,325 | $ | 20.53 | ||||||||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | ||||||||||||||
Income taxes included in the consolidated income statement consisted of the following | |||||||||||||||
Year Ended March 31, 2014 | Year Ended March 31, 2013 | Year Ended March 31, 2012 | |||||||||||||
Current provision: | |||||||||||||||
Federal provision (benefit) | $ | (1,594 | ) | $ | 3,835 | $ | (1,072 | ) | |||||||
Foreign provision | 12,451 | 12,352 | 12,551 | ||||||||||||
State provision | 484 | 422 | 356 | ||||||||||||
Deferred provision: | |||||||||||||||
Federal deferred benefit | (2,515 | ) | (376 | ) | (1,424 | ) | |||||||||
Foreign deferred benefit | (1,790 | ) | (1,646 | ) | (2,788 | ) | |||||||||
State deferred benefit | (72 | ) | (11 | ) | (155 | ) | |||||||||
Total provision for income taxes | $ | 6,964 | $ | 14,576 | $ | 7,468 | |||||||||
Schedule of Deferred Tax Assets and Liabilities | ' | ||||||||||||||
Deferred income tax assets and liabilities were as follows: | |||||||||||||||
March 31, | |||||||||||||||
2014 | 2013 | ||||||||||||||
Deferred tax assets: | |||||||||||||||
Current | |||||||||||||||
Accrued liabilities and reserves | $ | 1,934 | $ | 1,891 | |||||||||||
Unrealized gain on hedge | 39 | 11 | |||||||||||||
Inventories | 399 | 433 | |||||||||||||
Total current deferred tax assets | 2,372 | 2,335 | |||||||||||||
Non-current | |||||||||||||||
Foreign tax credit carry forward | 1,722 | 1,159 | |||||||||||||
Capitalized transaction costs | 670 | 740 | |||||||||||||
Stock option compensation | 796 | 963 | |||||||||||||
Other | 133 | 18 | |||||||||||||
Total non-current deferred tax assets | 3,321 | 2,880 | |||||||||||||
Deferred tax liabilities: | |||||||||||||||
Current | |||||||||||||||
Prepaid expenses | (47 | ) | (124 | ) | |||||||||||
Total current deferred tax liabilities | (47 | ) | (124 | ) | |||||||||||
Non-current | |||||||||||||||
Intangible assets | (35,088 | ) | (38,783 | ) | |||||||||||
Property, plant and equipment | (2,988 | ) | (3,011 | ) | |||||||||||
Undistributed foreign earnings | (3,141 | ) | (3,685 | ) | |||||||||||
Total non-current tax liabilities | (41,217 | ) | (45,479 | ) | |||||||||||
Net current deferred tax asset | $ | 2,325 | $ | 2,211 | |||||||||||
Net non-current deferred tax liability | $ | (37,896 | ) | $ | (42,599 | ) | |||||||||
Schedule of Income before Income Tax | ' | ||||||||||||||
The U.S. and non-U.S. components of income (loss) from continuing operations before income taxes were as follows: | |||||||||||||||
Year Ended March 31, 2014 | Year Ended March 31, 2013 | Year Ended March 31, 2012 | |||||||||||||
U.S. | $ | (6,315 | ) | $ | 4,951 | $ | (14,480 | ) | |||||||
Non-U.S. | 39,078 | 36,599 | 33,978 | ||||||||||||
Income from continuing operations | $ | 32,763 | $ | 41,550 | $ | 19,498 | |||||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | ||||||||||||||
The difference between the provision for income taxes and the amount that would result from applying the U.S. statutory tax rate to income before provision for income taxes is as follows: | |||||||||||||||
Year Ended March 31, 2014 | Year Ended March 31, 2013 | Year Ended March 31, 2012 | |||||||||||||
Notional U.S. federal income tax expense at statutory rate | $ | 11,467 | $ | 14,543 | $ | 6,825 | |||||||||
Adjustments to reconcile to the income tax provision: | |||||||||||||||
U.S. state income tax provision, net | 243 | 263 | 77 | ||||||||||||
Undistributed foreign earnings | — | 44 | 1,728 | ||||||||||||
Effects on Canadian debt facility | — | — | — | ||||||||||||
Rate difference-international subsidiaries | (3,409 | ) | (270 | ) | (1,974 | ) | |||||||||
Nondeductible expenses | 179 | 115 | 774 | ||||||||||||
Charges/(benefits) related to uncertain tax positions | (797 | ) | 143 | 211 | |||||||||||
Release of tax liability from Predecessor owners | (575 | ) | — | — | |||||||||||
Other | (144 | ) | (262 | ) | (173 | ) | |||||||||
Provision for income taxes | $ | 6,964 | $ | 14,576 | $ | 7,468 | |||||||||
Schedule of Unrecognized Tax Benefits | ' | ||||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||||||||
Year Ended March 31, 2014 | Year Ended March 31, 2013 | ||||||||||||||
Beginning balance | $ | 1,651 | $ | 1,509 | |||||||||||
Additions based on tax positions related to the current year | 167 | — | |||||||||||||
Reductions for tax positions of prior years | (944 | ) | — | ||||||||||||
Settlements | (80 | ) | — | ||||||||||||
Interest and penalties on prior reserves | 60 | 142 | |||||||||||||
Reserve for uncertain income taxes | $ | 854 | $ | 1,651 | |||||||||||
Geographic_Information_Tables
Geographic Information (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Total sales and operating income classified by major geographic area in which the company operates | ' | ||||||||||||
Year Ended March 31, 2014 | Year Ended March 31, 2013 | Year Ended March 31, 2012 | |||||||||||
Sales by geographic area: | |||||||||||||
United States | $ | 91,187 | $ | 83,458 | $ | 93,074 | |||||||
Canada | 93,626 | 99,808 | 83,532 | ||||||||||
Europe | 58,248 | 59,495 | 66,709 | ||||||||||
Asia | 34,262 | 41,275 | 29,008 | ||||||||||
$ | 277,323 | $ | 284,036 | $ | 272,323 | ||||||||
Income from Operations: | |||||||||||||
United States | $ | 14,847 | $ | 15,571 | $ | 17,513 | |||||||
Canada | 32,190 | 34,352 | 29,648 | ||||||||||
Europe | 9,398 | 4,080 | 8,252 | ||||||||||
Asia | 5,737 | 5,943 | 5,095 | ||||||||||
Unallocated: | |||||||||||||
Management fees | — | — | (8,158 | ) | |||||||||
Public company costs | (1,352 | ) | (1,617 | ) | (1,380 | ) | |||||||
Stock compensation | (2,203 | ) | (1,341 | ) | (6,514 | ) | |||||||
$ | 58,617 | $ | 56,988 | $ | 44,456 | ||||||||
March 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Property, plant and equipment, net: | |||||||||||||
United States | $ | 26,428 | $ | 25,906 | |||||||||
Canada | 1,235 | 1,573 | |||||||||||
Europe | 3,290 | 3,069 | |||||||||||
Asia | 579 | 663 | |||||||||||
$ | 31,532 | $ | 31,211 | ||||||||||
At March 31, 2014 and March 31, 2013, non-current deferred tax assets of $3,321 and $2,880 respectively, were applicable to the United States. |
Quarterly_Results_Unaudited_Ta
Quarterly Results (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of quarterly financial information | ' | ||||||||||||||||
The unaudited quarterly financial data for each of the eight quarters in the two years ended March 31, 2014 are as follows: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
30-Jun-13 | 30-Sep-13 | 31-Dec-13 | 31-Mar-14 | ||||||||||||||
Sales | $ | 65,600 | $ | 72,783 | $ | 71,465 | $ | 67,475 | |||||||||
Gross Profit | 31,014 | 35,355 | 36,056 | 32,745 | |||||||||||||
Income from operations | 12,055 | 14,453 | 17,758 | 14,351 | |||||||||||||
Net income (loss) (a) | $ | (6,938 | ) | $ | 10,572 | $ | 12,583 | $ | 9,582 | ||||||||
Net income (loss) per common share | |||||||||||||||||
Basic | $ | (0.22 | ) | $ | 0.34 | $ | 0.4 | $ | 0.3 | ||||||||
Diluted | (0.22 | ) | 0.33 | 0.39 | 0.3 | ||||||||||||
(a) During the three months ended June 30, 2013, we redeemed the remaining $118,145 of the aggregate outstanding principal amount of our 9.5% senior secured notes. In conjunction with the redemption, we paid a total of $15,485 in call premiums and expensed the remaining $4,010 of associated deferred debt issuance costs. | |||||||||||||||||
Three Months Ended | |||||||||||||||||
30-Jun-12 | 30-Sep-12 | 31-Dec-12 | 31-Mar-13 | ||||||||||||||
Sales | $ | 67,690 | $ | 67,849 | $ | 76,830 | $ | 71,667 | |||||||||
Gross Profit | 33,339 | 32,639 | 34,951 | 31,903 | |||||||||||||
Income from operations | 14,530 | 15,347 | 15,253 | 11,858 | |||||||||||||
Net income | $ | 6,600 | $ | 6,987 | $ | 7,738 | $ | 5,649 | |||||||||
Net income per common share | |||||||||||||||||
Basic | $ | 0.22 | $ | 0.23 | $ | 0.25 | $ | 0.18 | |||||||||
Diluted | 0.21 | 0.22 | 0.24 | 0.18 | |||||||||||||
Organization_and_Summary_of_Si3
Organization and Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 0 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 | Apr. 30, 2010 | 20-May-13 | Mar. 31, 2013 | Apr. 30, 2010 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Apr. 30, 2010 |
Senior secured note [Member] | Senior secured note [Member] | Group of investors and other private equity firms [Member] | Land Improvements [Member] | Land Improvements [Member] | Building and Building Improvements [Member] | Building and Building Improvements [Member] | Machinery and equipment [Member] | Machinery and equipment [Member] | Furniture and Fixtures [Member] | Furniture and Fixtures [Member] | Software Development [Member] | Software Development [Member] | Allowance for Doubtful Accounts [Member] | Allowance for Doubtful Accounts [Member] | Allowance for Doubtful Accounts [Member] | Inventory Valuation Reserve [Member] | Inventory Valuation Reserve [Member] | Inventory Valuation Reserve [Member] | Predecessor [Member] | |||||||||||||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Group of investors and other private equity firms [Member] | ||||||||||||||||||||||
Thermon Holding Corp. [Member] | ||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of other private equity firms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price to acquire the controlling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $321,500 |
Cost of selling controlling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 129,252 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consideration transferred, liabilities incurred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 210,000 |
Sales | ' | ' | ' | ' | 71,667 | 76,830 | 67,849 | 67,690 | 277,323 | 284,036 | 272,323 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Profit | 32,745 | 36,056 | 35,355 | 31,014 | 31,903 | 34,951 | 32,639 | 33,339 | 135,170 | 132,832 | 132,115 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by (used in) operations | ' | ' | ' | ' | ' | ' | ' | ' | 46,114 | 41,370 | 3,112 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-U.S. | ' | ' | ' | ' | ' | ' | ' | ' | 39,078 | 36,358 | 33,912 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Disclosure on Geographic Areas, Long-Lived Assets in Foreign Countries | 55.00% | ' | ' | ' | 54.00% | ' | ' | ' | 55.00% | 54.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Entity Wide Disclosure On Geographic Areas, Revenue From External Customers Attributed To Foreign Countries, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | 67.00% | 71.00% | 66.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable, allowance for doubtful accounts (in dollars) | 751 | ' | ' | ' | 1,141 | ' | ' | ' | 751 | 1,141 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, beginning of period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,487 | ' | ' | 1,705 | ' |
Reductions to expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -175 | ' | ' | ' | ' | -17 | ' |
Additions charged to expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -21 | 307 | -129 | 179 | -594 | ' |
Write-off of uncollectible accounts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -215 | -272 | -360 | -54 | -197 | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | '20 years | '10 years | '40 years | '3 years | '25 years | '3 years | '10 years | '5 years | '7 years | ' | ' | ' | ' | ' | ' | ' |
Amortization of Deferred Charges | ' | ' | ' | ' | ' | ' | ' | ' | 4,572 | 3,321 | 4,127 | ' | 4,010 | 871 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Research and Development Expense | ' | ' | ' | ' | ' | ' | ' | ' | $3,008 | $2,832 | $881 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ' | ' |
Secured Debt | $121,500 | $118,145 |
Financial Liabilities, Long-term debt | ' | ' |
Carrying Value | 121,500 | 118,145 |
Fair Value | ' | $131,436 |
Fair_Value_Measurements_Foreig
Fair Value Measurements - Foreign Exchange Contracts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Maximum term of forward contracts | '30 days | ' | ' |
Net foreign currency loss | $613 | $423 | $1,625 |
Foreign Exchange Forward Contracts [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Foreign exchange contract forwards, assets | 35 | 87 | ' |
Foreign exchange contract forwards, liabilities | 93 | 32 | ' |
Gain (loss) on realized on foreign currency related to forward contracts | -309 | -3 | 554 |
Interest Rate Swap [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Foreign exchange contract forwards, assets | $108 | ' | ' |
Fair_Value_Measurements_Foreig1
Fair Value Measurements - Foreign Exchange Contracts by Currency (Details) (Foreign Exchange Forward Contracts [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Derivatives [Line Items] | ' | ' | ' |
Gain (Loss) on Foreign Currency Derivatives Recorded in Earnings, Net | ($309) | ($3) | $554 |
Notional amount | 8,178 | 10,125 | ' |
Russian Rubles [Member] | ' | ' | ' |
Derivatives [Line Items] | ' | ' | ' |
Notional amount | 772 | 4,233 | ' |
Euro [Member] | ' | ' | ' |
Derivatives [Line Items] | ' | ' | ' |
Notional amount | 2,386 | 2,510 | ' |
Canadian Dollars [Member] | ' | ' | ' |
Derivatives [Line Items] | ' | ' | ' |
Notional amount | 0 | 2,134 | ' |
South Korean Won [Member] | ' | ' | ' |
Derivatives [Line Items] | ' | ' | ' |
Notional amount | 532 | 919 | ' |
India, Rupees | ' | ' | ' |
Derivatives [Line Items] | ' | ' | ' |
Notional amount | 2,574 | 329 | ' |
Mexico, Pesos | ' | ' | ' |
Derivatives [Line Items] | ' | ' | ' |
Notional amount | 1,077 | 0 | ' |
Other [Member] | ' | ' | ' |
Derivatives [Line Items] | ' | ' | ' |
Notional amount | $837 | ' | ' |
Fair_Value_Measurements_Intere
Fair Value Measurements Interest Rate Swap (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Unrealized Loss In Accumulated Other Comprehensive Loss [Roll Forward] | ' |
Unrealized gain/(loss) at beginning of the period | $0 |
Add: gain/(loss) from change in fair value of cash flow hedge | -689 |
Add: non-fair value derivative asset transferred into accumulated other comprehensive income | -211 |
Less: loss reclassified into earnings from effective hedge | -797 |
Less: ineffective portion of hedge transferred into earnings | -22 |
Unrealized loss at end of the period | ($81) |
Net_Income_Loss_per_Common_Sha2
Net Income (Loss) per Common Share (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 | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | ' | ' | ' | ' | ' | ' | ' | 168,118,000 | ' | ' | |||
Basic net income (loss) per common share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | $25,799 | $26,974 | $12,030 | |||
Weighted-average common shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 31,595,019 | 30,796,675 | 29,083,478 | |||
Basic net income (loss) per common share (in dollars per share) | $0.30 | $0.40 | $0.34 | ($0.22) | $0.18 | $0.25 | $0.23 | $0.22 | $0.82 | $0.88 | $0.41 | |||
Diluted net income (loss) per common share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | $25,799 | $26,974 | $12,030 | |||
Weighted-average common shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 31,595,019 | 30,796,675 | 29,083,478 | |||
Weighted average shares oustanding - dilutive | ' | ' | ' | ' | ' | ' | ' | ' | 32,153,912 | 31,796,830 | 30,454,255 | |||
Diluted net income (loss) per common share (in dollars per share) | $0.30 | $0.39 | $0.33 | ($0.22) | ' | ' | ' | ' | $0.80 | [1] | $0.85 | [1] | $0.40 | [1] |
Stock Options [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Diluted net income (loss) per common share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Restricted and performance stock units issued | ' | ' | ' | ' | ' | ' | ' | ' | 502,886 | 953,710 | 1,370,777 | |||
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Diluted net income (loss) per common share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Restricted and performance stock units issued | ' | ' | ' | ' | ' | ' | ' | ' | 56,007 | 46,445 | 0 | |||
Successor [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Basic net income (loss) per common share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Basic net income (loss) per common share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.41 | |||
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOmMxNjhjYmMyYWFjYjQ5ZWU4MTVlNTUyYThjNTczMzY4fFRleHRTZWxlY3Rpb246MzY3RDM2ODQxOUM5NTJGNUREMEUyNENEMTlDMUNENEYM} |
Inventories_Details
Inventories (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Work in process | $2,200 | $1,685 |
Raw materials | 12,036 | 10,232 |
Finished goods | 23,973 | 23,550 |
Inventories, gross | 38,209 | 35,467 |
Valuation reserves | -893 | -1,076 |
Inventories, net | $37,316 | $34,391 |
Inventories_Inventories_Valuat
Inventories Inventories - Valuation Reserve Accounts (Details) (Inventory Valuation Reserve [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Inventory Valuation Reserve [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Valuation Allowances and Reserves, Adjustments | ($129) | $179 | ($594) |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance, beginning of period | ' | ' | 1,705 |
Additions charged to expense | ' | ' | -17 |
Charged to reserve | ($54) | ($197) | ' |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Accumulated Depreciation | ($8,950) | ($6,171) | ' |
Property, plant and equipment, net | 31,532 | 31,211 | ' |
Depreciation expense | 3,088 | 2,619 | 2,593 |
Land, buildings and improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | 19,874 | 19,372 | ' |
Machinery and equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | 13,641 | 12,114 | ' |
Office furniture and equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | 3,491 | 3,110 | ' |
Internally developed software [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | 1,744 | 1,744 | ' |
Depreciation expense | 368 | 237 | 151 |
Construction in Progress [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | $1,732 | $1,042 | ' |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Narrative (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization of intangible assets | $11,090 | $11,211 | $11,379 |
CHS Transactions [Member] | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Weighted average useful life of intangible assets | '10 years | ' | ' |
CHS Transactions [Member] | Developed Technology [Member] | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Estimated lives of intangible assets | '20 years | ' | ' |
CHS Transactions [Member] | Backlog [Member] | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Estimated lives of intangible assets | '4 months | ' | ' |
CHS Transactions [Member] | Customer Relationships [Member] | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Estimated lives of intangible assets | '10 years | ' | ' |
CHS Transactions [Member] | Other [Member] | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Estimated lives of intangible assets | '6 years | ' | ' |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Goodwill [Roll Forward] | ' |
Goodwill, beginning of period | $116,303 |
Foreign currency translation impact | -2,191 |
Goodwill, end of period | $114,112 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Schedule of Definite-Lived Assets (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Acquired Indefinite-Lived and Finite-Lived Intangible Assets [Line Items] | ' | ' |
Net carrying amount, finite-lived intangibles | $71,377 | ' |
Gross carrying amount, intangibles | 169,403 | 172,272 |
Accumulated amortization, intangibles | -50,486 | -40,356 |
Net carrying amount, intangibles | 118,917 | 131,916 |
Developed Technology [Member] | ' | ' |
Schedule of Acquired Indefinite-Lived and Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount, finite-lived intangibles | 10,781 | 10,929 |
Accumulated amortization, finite-lived intangibles | -2,167 | -1,659 |
Net carrying amount, finite-lived intangibles | 8,614 | 9,270 |
Customer Relationships [Member] | ' | ' |
Schedule of Acquired Indefinite-Lived and Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount, finite-lived intangibles | 99,578 | 101,355 |
Accumulated amortization, finite-lived intangibles | -37,383 | -27,723 |
Net carrying amount, finite-lived intangibles | 62,195 | 73,632 |
Backlog [Member] | ' | ' |
Schedule of Acquired Indefinite-Lived and Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount, finite-lived intangibles | 9,874 | 10,167 |
Accumulated amortization, finite-lived intangibles | -9,874 | -10,167 |
Net carrying amount, finite-lived intangibles | 0 | 0 |
Other [Member] | ' | ' |
Schedule of Acquired Indefinite-Lived and Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount, finite-lived intangibles | 1,630 | 1,630 |
Accumulated amortization, finite-lived intangibles | -1,062 | -807 |
Net carrying amount, finite-lived intangibles | 568 | 823 |
Trademarks [Member] | ' | ' |
Schedule of Acquired Indefinite-Lived and Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount, indefinite-lived intangibles | 47,042 | 47,693 |
Certification Marks [Member] | ' | ' |
Schedule of Acquired Indefinite-Lived and Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount, indefinite-lived intangibles | $498 | $498 |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets - Schedule of Amortization (Details) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' |
2014 | $10,964 |
2015 | 10,964 |
2016 | 10,767 |
2017 | 10,709 |
2018 | 10,709 |
Thereafter | 17,264 |
Net carrying amount, finite-lived intangibles | $71,377 |
Accrued_Liabilities_Details
Accrued Liabilities (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Accrued employee compensation and related expenses | $5,043 | $8,047 |
Interest | 0 | 4,703 |
Customer prepayment | 1,235 | 2,197 |
Warranty reserve | 645 | 552 |
Professional fees | 1,250 | 1,436 |
Sales tax payable | 707 | 175 |
Other | 989 | 1,605 |
Total accrued current liabilities | $9,869 | $18,715 |
ShortTerm_Revolving_Lines_of_C1
Short-Term Revolving Lines of Credit (Details) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
Netherlands [Member] | Netherlands [Member] | India [Member] | India [Member] | Australia [Member] | Japan [Member] | Japan [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Euro Member Countries, Euro | India, Rupees | Australia, Dollars | Japan, Yen | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Netherlands [Member] | India [Member] | Australia [Member] | Japan [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | Netherlands [Member] | India [Member] | Australia [Member] | Japan [Member] | ||||||||||
EUR (€) | INR | AUD | JPY (¥) | ||||||||||||||
Short-Term Revolving Lines of Credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,501,000 | $1,331,000 | $301,000 | $438,000 | € 4,000,000 | 80,000,000 | 325,000 | ¥ 45,000,000 |
Outstanding borrowings | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | 20-May-13 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Loans Payable [Member] | Senior secured note [Member] | Senior secured note [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Period One [Member] | Period Two [Member] | Period Three [Member] | 9.500% Senior Secured Notes, due May 2017 | 9.500% Senior Secured Notes, due May 2017 | Variable Rate Term Loan, Due April 2018 | Variable Rate Term Loan, Due April 2018 | |||||
Thermon Industries, Inc. [Member] | Loans Payable [Member] | Loans Payable [Member] | Loans Payable [Member] | Senior secured note [Member] | Senior secured note [Member] | Loans Payable [Member] | Loans Payable [Member] | ||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Fee | ' | ' | ' | ' | ' | ' | ' | '.00125 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate (as a percent) | ' | ' | ' | ' | 2.69% | ' | ' | ' | ' | ' | ' | ' | ' | 9.50% | ' | ' | ' |
Debt instrument, maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-May-17 | ' | 30-Apr-18 | ' |
Long-term debt | $121,500,000 | $118,145,000 | ' | ' | ' | $118,145,000 | ' | ' | ' | ' | ' | ' | ' | $0 | $118,145,000 | $121,500,000 | $0 |
Less current portion | -13,500,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, noncurrent | 108,000,000 | 118,145,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | 60,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capacity available under credit facility | ' | ' | ' | ' | ' | ' | ' | ' | 59,137,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding borrowings | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate at period end (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.69% | ' | ' | ' | ' | ' | ' | ' |
Annual commitment fee on unutilized commitments (as a percent) | ' | ' | ' | ' | ' | ' | ' | 0.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash interest expense | 10,019,000 | 15,225,000 | 19,584,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Partial redemptions | 118,145,000 | 21,000,000 | 70,855,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash premiums paid on redemption | ' | ' | ' | ' | ' | 15,485,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred debt amortization | 4,572,000 | 3,321,000 | 4,127,000 | ' | ' | 4,010,000 | 871,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face amount of term loan | ' | ' | ' | ' | 135,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign Currency Transaction Risk | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum term of forward contracts | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Notes Payable | ' | ' | ' | ' | ' | ' | $21,000,000 | ' | ' | ' | $1,125,000 | $1,688,000 | $54,000,000 | ' | ' | ' | ' |
Derivative, Fixed Interest Rate | ' | ' | ' | 3.62% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long_Term_Debt_Maturities_Deta
Long Term Debt Maturities (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
2015 | $13,500 | ' |
2016 | 13,500 | ' |
2017 | 20,250 | ' |
2018 | 20,250 | ' |
2019 | 54,000 | ' |
Long-term Debt | $121,500 | $118,145 |
RelatedParty_Transactions_Deta
Related-Party Transactions (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Obligations due to settle the CHS Transactions | $567 | $567 | $3,239 | ' |
Payments to settle the CHS transactions | ' | 2,055 | 289 | 685 |
Non-cash Reduction of Related Party Liability | 617 | ' | ' | ' |
Professional Fees Withheld to Settle Related Party Transactions | 42 | ' | ' | ' |
Amounts Determined not to be Payable to Predecessor Owners | 575 | ' | ' | ' |
Successor [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Management fees including termination fee paid in connection with IPO | ' | ' | ' | 8,158 |
Fees for the termination of management agreements | ' | ' | ' | 7,400 |
CHS Transactions [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Obligations due to settle the CHS Transactions | ' | $3,589 | ' | ' |
Employee_Benefits_Details
Employee Benefits - (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ' | ' | ' |
Annual vesting percentage | 100.00% | ' | ' |
Employer matching contribution, percent | 50.00% | ' | ' |
Maximum annual contribution per employee, percent | 6.00% | ' | ' |
Employer discretionary contribution, amount | $1,579 | $1,458 | $1,357 |
Incentive compensation paid | $1,272 | $4,268 | $6,943 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | 2-May-14 | 2-May-14 |
Notice of Tax Dispute with the Canada Revenue Agency [Member] | Management [Member] | Foreign Tax Authority [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||||
Minimum [Member] | Maximum [Member] | |||||||
Management [Member] | Management [Member] | |||||||
Commitments and Contingencies | ' | ' | ' | ' | ' | ' | ' | ' |
Totaled arrangements under letter of credit guarantees and performance bonds securing performance obligations | $13,347 | ' | ' | ' | ' | ' | ' | ' |
Guarantee obligations secured by cash deposits | 1,307 | ' | ' | ' | ' | ' | ' | ' |
Guarantee obligations represented by a reduction of the available amount of the company's short term and long term revolving lines of credit | 12,040 | ' | ' | ' | ' | ' | ' | ' |
Cash deposits pledged as collateral on performance bonds and letters of credit | 1,307 | 1,978 | ' | ' | ' | ' | ' | ' |
Lease expense | 3,033 | 2,362 | 2,021 | ' | ' | ' | ' | ' |
Liability for uncertain tax positions, current | ' | ' | ' | ' | ' | 167 | ' | ' |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | 2,940 | ' | ' | ' | ' | ' | ' | ' |
2015 | 2,308 | ' | ' | ' | ' | ' | ' | ' |
2016 | 1,357 | ' | ' | ' | ' | ' | ' | ' |
2017 | 741 | ' | ' | ' | ' | ' | ' | ' |
2018 | 420 | ' | ' | ' | ' | ' | ' | ' |
Thereafter | 1,453 | ' | ' | ' | ' | ' | ' | ' |
Operating Leases, Future Minimum Payments Due | 9,219 | ' | ' | ' | ' | ' | ' | ' |
Service fee expense | 2,060 | 1,160 | 1,026 | ' | ' | ' | ' | ' |
Purchase Obligation, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | 2,110 | ' | ' | ' | ' | ' | ' | ' |
2015 | 889 | ' | ' | ' | ' | ' | ' | ' |
2016 | 162 | ' | ' | ' | ' | ' | ' | ' |
2017 | 0 | ' | ' | ' | ' | ' | ' | ' |
2018 | 0 | ' | ' | ' | ' | ' | ' | ' |
Thereafter | 0 | ' | ' | ' | ' | ' | ' | ' |
Purchase Obligation | 3,161 | ' | ' | ' | ' | ' | ' | ' |
Tax due that is requested by the Agency | ' | ' | ' | 3,000 | ' | ' | ' | ' |
Changes in the product liability | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | 552 | 857 | 1,325 | ' | ' | ' | ' | ' |
Provision for warranties issued | 364 | 15 | 445 | ' | ' | ' | ' | ' |
Settlements | -271 | -320 | -913 | ' | ' | ' | ' | ' |
Balance at end of period | 645 | 552 | 857 | ' | ' | ' | ' | ' |
Settlement consideration paid | ' | ' | ' | ' | $1,463 | ' | $568 | $1,705 |
StockBased_Compensation_Expens2
Stock-Based Compensation Expense (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Jul. 28, 2010 | Jul. 28, 2010 | 5-May-11 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | 5-May-11 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Dec. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Restricted Stock and Stock Option Plan [Member] | 2011 Long-term Incentive Plan [Member] | IPO [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | ||||
Maximum [Member] | IPO [Member] | Executive_Officers | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intrinsic value of stock options exercised | ' | ' | ' | ' | ' | ' | $10,285,000 | $18,387,000 | $8,860,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustments to APIC, income tax deficiency from share-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,452,000 | ' | ' |
Excess tax deduction from stock options exercises | ' | 4,131,000 | 2,181,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,131,000 | 2,181,000 |
Maximum number of shares of the company's common stock that may be awarded | ' | ' | ' | 2,767,171 | 2,893,341 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options, vested and exercisable (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,757,524 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock compensation expense associated with the acceleration of the pre-IPO options | ' | ' | ' | ' | ' | 6,310,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period (in years) | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual vesting percentage | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options outstanding, beginning of period (in shares) | ' | ' | ' | ' | ' | ' | 1,132,780 | 2,179,625 | 2,757,524 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in shares) | ' | ' | ' | ' | ' | ' | ' | 56,532 | 117,600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercised (in shares) | ' | ' | ' | ' | ' | ' | -566,487 | -1,086,486 | -683,443 | ' | ' | -21,000 | -8,000 | 0 | ' | ' | ' | ' | ' | ' | ' | -566,487,000 | -1,086,486,000 | -683,443,000 |
Forfeited (in shares) | ' | ' | ' | ' | ' | ' | -7,827 | -16,891 | -12,056 | ' | ' | 0 | 0 | 0 | ' | -1,660 | ' | ' | ' | ' | ' | ' | ' | ' |
Options outstanding, end of period (in shares) | ' | ' | ' | ' | ' | ' | 558,466 | 1,132,780 | 2,179,625 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options outstanding, weighted average exercise price, beginning of period (in dollars per share) | ' | ' | ' | ' | ' | ' | $6.98 | $5.74 | $5.38 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted, weighted average exercise price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | $21.52 | $12 | ' | ' | $20.09 | $21.52 | $12.42 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercised, weighted average exercise price (in dollars per share) | ' | ' | ' | ' | ' | ' | $5.90 | $5.31 | $5.38 | ' | ' | $18.09 | $12.42 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited, weighted average exercise price (in dollars per share) | ' | ' | ' | ' | ' | ' | $15.73 | $7.98 | $6.46 | ' | ' | $0 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options outstanding, weighted average exercise price, end of period (in dollars per share) | ' | ' | ' | ' | ' | ' | $7.96 | $6.98 | $5.74 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock compensation expense | 2,203,000 | 1,341,000 | 6,514,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Closing price (in dollars per share) | ' | ' | ' | ' | ' | ' | $23.18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 406,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total unrecognized expense related to non-vested stock option awards | ' | ' | ' | ' | ' | ' | 704,000 | ' | ' | ' | ' | 130,000 | ' | ' | ' | 384,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Stock based compensation, recognition period | ' | ' | ' | ' | ' | ' | '2 years 6 months 29 days | ' | ' | ' | ' | '0 years 4 months 6 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of executives issued stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total fair value of options issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $480,000 | $960,000 | ' | ' | ' | ' | ' | ' | ' |
Expiration term | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization Period For The Fair Value Share Based Compsensation Award (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' |
Possible number of shares issued each year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 29,036 | 29,430 | ' | ' | ' |
StockBased_Compensation_Expens3
Stock-Based Compensation Expense Stock-Based Compensation Expense - Unvested Shares (Details) (Stock Options [Member], USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Options outstanding, beginning of period (in shares) | 1,132,780 | 2,179,625 | 2,757,524 |
Forfeited (in shares) | -7,827 | -16,891 | -12,056 |
Options outstanding, end of period (in shares) | 558,466 | 1,132,780 | 2,179,625 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' | ' |
Options outstanding, weighted average exercise price, beginning of period (in dollars per share) | $6.98 | $5.74 | $5.38 |
Granted, weighted average exercise price (in dollars per share) | ' | $21.52 | $12 |
Forfeited, weighted average exercise price (in dollars per share) | $15.73 | $7.98 | $6.46 |
Options outstanding, weighted average exercise price, end of period (in dollars per share) | $7.96 | $6.98 | $5.74 |
Unvested [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Options outstanding, beginning of period (in shares) | 146,226 | 117,600 | 2,757,524 |
Granted (in shares) | ' | 56,532 | 117,600 |
Vested (in shares) | -33,001 | -23,520 | -2,757,524 |
Forfeited (in shares) | -7,827 | -4,386 | ' |
Options outstanding, end of period (in shares) | 105,398 | 146,226 | 117,600 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' | ' |
Options outstanding, weighted average exercise price, beginning of period (in dollars per share) | $8.34 | $5.99 | $2.97 |
Granted, weighted average exercise price (in dollars per share) | ' | $12.26 | $5.99 |
Vested, weighted average exercise price (in dollars per share) | $6.92 | $5.99 | $2.97 |
Forfeited, weighted average exercise price (in dollars per share) | $8.32 | $8.32 | ' |
Options outstanding, weighted average exercise price, end of period (in dollars per share) | $8.33 | $8.34 | $5.99 |
StockBased_Compensation_Expens4
Stock-Based Compensation Expense - Stock Options Outstanding, Exercisable and Intrinsic Value (Details) (Stock Options [Member], 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] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $10,285,000 | $18,387,000 | $8,860,000 | ' |
Options outstanding (in shares) | 558,466 | 1,132,780 | 2,179,625 | 2,757,524 |
$5.20 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Options outstanding (in shares) | 393,327 | ' | ' | ' |
Options outstanding, weighted average contractual life (in years) | '6 years 6 months 18 days | ' | ' | ' |
Options outstanding, weighted average exercise price (in dollars per share) | $5.20 | ' | ' | ' |
Options outstanding, aggregate intrinsic value | 7,072,019 | ' | ' | ' |
Options vested and exercisable, number exercisable (in shares) | 393,327 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | '6 years 6 months 17 days | ' | ' | ' |
Options vested and exercisable, weighted average exercise price (in dollars per share) | 5.2 | ' | ' | ' |
Options vested and exercisable, aggregate intrinsic value | 7,072,019 | ' | ' | ' |
$9.82 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Options outstanding (in shares) | 26,821 | ' | ' | ' |
Options outstanding, weighted average contractual life (in years) | '6 years 10 months 28 days | ' | ' | ' |
Options outstanding, weighted average exercise price (in dollars per share) | $9.82 | ' | ' | ' |
Options outstanding, aggregate intrinsic value | 358,329 | ' | ' | ' |
Options vested and exercisable, number exercisable (in shares) | 26,821 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | '6 years 10 months 28 days | ' | ' | ' |
Options vested and exercisable, weighted average exercise price (in dollars per share) | 9.82 | ' | ' | ' |
Options vested and exercisable, aggregate intrinsic value | 358,329 | ' | ' | ' |
$12.00 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Options outstanding (in shares) | 88,104 | ' | ' | ' |
Options outstanding, weighted average contractual life (in years) | '7 years 1 month 13 days | ' | ' | ' |
Options outstanding, weighted average exercise price (in dollars per share) | $12 | ' | ' | ' |
Options outstanding, aggregate intrinsic value | 985,003 | ' | ' | ' |
Options vested and exercisable, number exercisable (in shares) | 24,054 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | '7 years 1 month 13 days | ' | ' | ' |
Options vested and exercisable, weighted average exercise price (in dollars per share) | 12 | ' | ' | ' |
Options vested and exercisable, aggregate intrinsic value | 268,924 | ' | ' | ' |
$21.52 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Options outstanding (in shares) | 50,214 | ' | ' | ' |
Options outstanding, weighted average contractual life (in years) | '8 years 4 months 2 days | ' | ' | ' |
Options outstanding, weighted average exercise price (in dollars per share) | $21.52 | ' | ' | ' |
Options outstanding, aggregate intrinsic value | 83,355 | ' | ' | ' |
Options vested and exercisable, number exercisable (in shares) | 8,866 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | '8 years 4 months 2 days | ' | ' | ' |
Options vested and exercisable, weighted average exercise price (in dollars per share) | 21.52 | ' | ' | ' |
Options vested and exercisable, aggregate intrinsic value | 14,718 | ' | ' | ' |
$5.20 - $21.52 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Options outstanding (in shares) | 558,466 | ' | ' | ' |
Options outstanding, weighted average contractual life (in years) | '6 years 9 months 23 days | ' | ' | ' |
Options outstanding, weighted average exercise price (in dollars per share) | $7.96 | ' | ' | ' |
Options outstanding, aggregate intrinsic value | 8,498,706 | ' | ' | ' |
Options vested and exercisable, number exercisable (in shares) | 453,068 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | '6 years 7 months 22 days | ' | ' | ' |
Options vested and exercisable, weighted average exercise price (in dollars per share) | 6.15 | ' | ' | ' |
Options vested and exercisable, aggregate intrinsic value | $7,713,990 | ' | ' | ' |
StockBased_Compensation_Expens5
Stock-Based Compensation Expense - Stock Options Assumptions (Details) (Stock Options [Member]) | 12 Months Ended | |
Mar. 31, 2013 | Mar. 31, 2012 | |
Stock Options [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Expected life (in years) | '6 years 6 months | '6 years 7 months 28 days |
Estimated volatility (as a percent) | 59.89% | 45.00% |
Risk free rate (as a percent) | 0.98% | 3.25% |
Dividend expense yield | 0.00% | 0.00% |
StockBased_Compensation_Expens6
Stock-Based Compensation Expense - Restricted Shares (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Aggregate intrinsic value | $406,000 | ' | ' |
Total unrecognized expense related to non-vested stock option awards | 130,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Outstanding, beginning of period (in shares) | 21,000 | 16,000 | 0 |
Granted (in shares) | 17,000 | 13,000 | 16,000 |
Exercised (in shares) | -21,000 | -8,000 | 0 |
Forfeited (in shares) | 0 | 0 | 0 |
Outstanding, end of period (in shares) | 18,000 | 21,000 | 16,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' | ' |
Options outstanding, weighted average grant price, beginning of period (in dollars per share) | $18.09 | $12.42 | $0 |
Granted, weighted average exercise price (in dollars per share) | $20.09 | $21.52 | $12.42 |
Exercised, weighted average exercise price (in dollars per share) | $18.09 | $12.42 | $0 |
Forfeited, weighted average exercise price (in dollars per share) | $0 | $0 | $0 |
Options outstanding, weighted average grant price, end of period (in dollars per share) | $20.09 | $18.09 | $12.42 |
Stock based compensation, recognition period | '0 years 4 months 6 days | ' | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Aggregate intrinsic value | 3,809,000 | ' | ' |
Total unrecognized expense related to non-vested stock option awards | 2,558,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Outstanding, beginning of period (in shares) | 71,109 | 0 | ' |
Granted (in shares) | 117,904 | 71,923 | ' |
Exercised (in shares) | -18,786 | 0 | ' |
Forfeited (in shares) | -5,902 | -814 | ' |
Outstanding, end of period (in shares) | 164,325 | 71,109 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' | ' |
Options outstanding, weighted average grant price, beginning of period (in dollars per share) | $21.52 | $0 | ' |
Granted, weighted average exercise price (in dollars per share) | $20.14 | $21.52 | ' |
Exercised, weighted average exercise price (in dollars per share) | $21.52 | $0 | ' |
Forfeited, weighted average exercise price (in dollars per share) | $21.52 | $21.52 | ' |
Options outstanding, weighted average grant price, end of period (in dollars per share) | $20.53 | $21.52 | ' |
Stock based compensation, recognition period | '2 years 2 months 1 day | ' | ' |
Performance 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, Value | 480,000 | 960,000 | ' |
Total unrecognized expense related to non-vested stock option awards | $384,000 | ' | ' |
Vested shares | 12,254 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Granted (in shares) | 10,594 | 0 | ' |
Forfeited (in shares) | -1,660 | ' | ' |
Minimum [Member] | Performance Shares [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share Based Compensation Arrangement, Possible Number Of Shares Issued Each Year | 0 | 0 | ' |
Maximum [Member] | Performance Shares [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share Based Compensation Arrangement, Possible Number Of Shares Issued Each Year | 29,036 | 29,430 | ' |
Income_Taxes_Income_Taxes_in_C
Income Taxes - Income Taxes in Consolidated Income Statement (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Current Provision [Abstract] | ' | ' | ' |
Federal provision (benefit) | ($1,594) | $3,835 | ($1,072) |
Foreign provision | 12,451 | 12,352 | 12,551 |
State provision | 484 | 422 | 356 |
Deferred Provision [Abstract] | ' | ' | ' |
Federal deferred benefit | -2,515 | -376 | -1,424 |
Foreign deferred benefit | -1,790 | -1,646 | -2,788 |
State deferred benefit | -72 | -11 | -155 |
Total provision for income taxes | $6,964 | $14,576 | $7,468 |
Income_Taxes_Deferred_Income_T
Income Taxes - Deferred Income Tax Assets and Liabilities (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Components of Deferred Tax Assets [Abstract] | ' | ' | ' |
Accrued liabilities and reserves | $1,934 | $1,891 | ' |
Unrealized gain on hedge | 39 | 11 | ' |
Inventories | 399 | 433 | ' |
Total current deferred tax assets | 2,372 | 2,335 | ' |
Foreign tax credit carry forward | 1,722 | 1,159 | ' |
Capitalized transaction costs | 670 | 740 | ' |
Stock option compensation | 796 | 963 | ' |
Other | 133 | 18 | ' |
Total non-current deferred tax assets | 3,321 | 2,880 | ' |
Components of Deferred Tax Liabilities [Abstract] | ' | ' | ' |
Prepaid expenses | -47 | -124 | ' |
Total current deferred tax liabilities | -47 | -124 | ' |
Intangible assets | -35,088 | -38,783 | ' |
Property, plant and equipment | -2,988 | -3,011 | ' |
Undistributed foreign earnings | -3,141 | -3,685 | ' |
Total non-current tax liabilities | -41,217 | -45,479 | ' |
Net current deferred tax asset | 2,325 | 2,211 | ' |
Net non-current deferred tax liability | -37,896 | -42,599 | ' |
Translation Adjustment Functional to Reporting Currency, Net of Tax | ($525) | ($52) | $287 |
Operating Loss Carryforwards, Expiration Dates | 31-Mar-23 | ' | ' |
Income_Taxes_Income_Loss_From_
Income Taxes - Income (Loss) From Continuing Operations Before Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Components of Income (Loss) From Continuing Operations Before Income Taxes [Line Items] | ' | ' | ' |
U.S. | ($6,315) | $4,951 | ($14,480) |
Non-U.S. | 39,078 | 36,358 | 33,912 |
Income from continuing operations | 32,763 | 41,550 | 19,498 |
Scenario, Previously Reported [Member] | ' | ' | ' |
Components of Income (Loss) From Continuing Operations Before Income Taxes [Line Items] | ' | ' | ' |
Non-U.S. | ' | $36,599 | $33,978 |
Income_Taxes_Income_Tax_Reconc
Income Taxes - Income Tax Reconciliation (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Income Tax Reconciliation [Line Items] | ' | ' | ' |
Translation Adjustment Functional to Reporting Currency, Net of Tax | ($525) | ($52) | $287 |
Notional U.S. federal income tax expense at statutory rate | 11,467 | 14,543 | 6,825 |
U.S. state income tax provision, net | 243 | 263 | 77 |
Undistributed foreign earnings | 0 | 44 | 1,728 |
Effects on Canadian debt facility | 0 | 0 | 0 |
Rate difference-international subsidiaries | -3,409 | -270 | -1,974 |
Nondeductible expenses | 179 | 115 | 774 |
Charges/(benefits) related to uncertain tax positions | -797 | 143 | 211 |
Release of tax liability from Predecessor owners | -575 | 0 | 0 |
Other | -144 | -262 | -173 |
Total provision for income taxes | 6,964 | 14,576 | 7,468 |
Foreign Tax Authority [Member] | ' | ' | ' |
Income Tax Reconciliation [Line Items] | ' | ' | ' |
Liability for uncertain tax positions, current | $167 | ' | ' |
Income_Taxes_Unrecognized_Tax_
Income Taxes - Unrecognized Tax Benefits (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Proceeds from Income Tax Refunds | ($2,004) | ($207) | ($512) |
Tax benefit from amounts determined not to be payable to predecessor owners | 575 | 0 | 0 |
Reserve for uncertain income taxes, beginning of period | 1,651 | 1,509 | ' |
Additions based on tax positions related to the current year | ' | 0 | ' |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | -944 | 0 | ' |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | -80 | 0 | ' |
Interest and penalties on prior reserves | 60 | 142 | ' |
Reserve for uncertain income taxes, end of period | $854 | $1,651 | $1,509 |
Geographic_Information_Details
Geographic Information (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 |
Sales by geographic area: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-current deferred tax assets | $3,321 | ' | ' | ' | $2,880 | ' | ' | ' | $3,321 | $2,880 | ' |
Revenues | ' | ' | ' | ' | 71,667 | 76,830 | 67,849 | 67,690 | 277,323 | 284,036 | 272,323 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Public Company Costs | ' | ' | ' | ' | ' | ' | ' | ' | -1,352 | -1,617 | -1,380 |
Stock compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | -2,203 | -1,341 | -6,514 |
Operating income (loss) | 14,351 | 17,758 | 14,453 | 12,055 | 11,858 | 15,253 | 15,347 | 14,530 | 58,617 | 56,988 | 44,456 |
Property, plant and equipment, net | 31,532 | ' | ' | ' | 31,211 | ' | ' | ' | 31,532 | 31,211 | ' |
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales by geographic area: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-current deferred tax assets | 3,321 | ' | ' | ' | 2,880 | ' | ' | ' | 3,321 | 2,880 | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 91,187 | 83,458 | 93,074 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 14,847 | 15,571 | 17,513 |
Property, plant and equipment, net | 26,428 | ' | ' | ' | 25,906 | ' | ' | ' | 26,428 | 25,906 | ' |
Canada [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales by geographic area: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 93,626 | 99,808 | 83,532 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 32,190 | 34,352 | 29,648 |
Property, plant and equipment, net | 1,235 | ' | ' | ' | 1,573 | ' | ' | ' | 1,235 | 1,573 | ' |
Europe [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales by geographic area: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 58,248 | 59,495 | 66,709 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 9,398 | 4,080 | 8,252 |
Property, plant and equipment, net | 3,290 | ' | ' | ' | 3,069 | ' | ' | ' | 3,290 | 3,069 | ' |
Asia [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales by geographic area: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 34,262 | 41,275 | 29,008 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 5,737 | 5,943 | 5,095 |
Property, plant and equipment, net | 579 | ' | ' | ' | 663 | ' | ' | ' | 579 | 663 | ' |
Unallocated [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Management fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Stock compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,341 | ' |
Successor [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 58,617 | ' | 44,456 |
Successor [Member] | Unallocated [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Management fees | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | -8,158 |
Stock compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ($2,203) | ' | ($6,514) |
Quarterly_Results_Unaudited_De
Quarterly Results (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, except Per 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 | |||
Quarterly Results [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | $67,475 | $71,465 | $72,783 | $65,600 | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | 71,667 | 76,830 | 67,849 | 67,690 | 277,323 | 284,036 | 272,323 | |||
Gross Profit | 32,745 | 36,056 | 35,355 | 31,014 | 31,903 | 34,951 | 32,639 | 33,339 | 135,170 | 132,832 | 132,115 | |||
Operating income (loss) | 14,351 | 17,758 | 14,453 | 12,055 | 11,858 | 15,253 | 15,347 | 14,530 | 58,617 | 56,988 | 44,456 | |||
Net income (loss) | $9,582 | $12,583 | $10,572 | ($6,938) | $5,649 | $7,738 | $6,987 | $6,600 | ' | $26,974 | $12,030 | |||
Earnings Per Share, Basic and Diluted [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Basic (in dollars per share) | $0.30 | $0.40 | $0.34 | ($0.22) | $0.18 | $0.25 | $0.23 | $0.22 | $0.82 | $0.88 | $0.41 | |||
Earnings Per Share, Basic and Diluted | ' | ' | ' | ' | $0.18 | $0.24 | $0.22 | ' | ' | ' | ' | |||
Earnings Per Share, Diluted | $0.30 | $0.39 | $0.33 | ($0.22) | ' | ' | ' | ' | $0.80 | [1] | $0.85 | [1] | $0.40 | [1] |
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOmMxNjhjYmMyYWFjYjQ5ZWU4MTVlNTUyYThjNTczMzY4fFRleHRTZWxlY3Rpb246MzY3RDM2ODQxOUM5NTJGNUREMEUyNENEMTlDMUNENEYM} |