Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Dec. 31, 2013 | Jan. 29, 2014 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'MESA LABORATORIES INC /CO | ' |
Entity Central Index Key | '0000724004 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Dec-13 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--03-31 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 3,447,034 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $2,160 | $4,006 |
Accounts receivable, net | 8,844 | 8,474 |
Inventories, net | 7,155 | 5,576 |
Prepaid expenses and other | 2,441 | 1,399 |
Total current assets | 20,600 | 19,455 |
Property, plant and equipment, net | 7,681 | 7,406 |
Intangibles, net | 26,345 | 15,418 |
Goodwill | 37,929 | 23,640 |
Total assets | 92,555 | 65,919 |
Current liabilities: | ' | ' |
Accounts payable | 1,370 | 1,010 |
Accrued salaries and payroll taxes | 3,825 | 2,085 |
Unearned revenues | 1,714 | ' |
Other accrued expenses | 2,603 | 422 |
Income taxes payable | 1,271 | 1,145 |
Total current liabilities | 10,783 | 4,662 |
Deferred income taxes | 4,591 | 2,364 |
Long-term debt | 16,000 | 4,000 |
Contingent consideration | 2,676 | 2,140 |
Total liabilities | 34,050 | 13,166 |
Commitments and Contingencies (Note 7) | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, no par value | ' | ' |
Common stock, no par value; authorized 25,000,000 shares; issued and outstanding, 3,446,362 and 3,388,548 shares, respectively | 12,312 | 10,723 |
Employee loans to purchase stock | -57 | -149 |
Retained earnings | 46,250 | 42,179 |
Total stockholders' equity | 58,505 | 52,753 |
Total liabilities and stockholders' equity | $92,555 | $65,919 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
Condensed Consolidated Balance Sheets | ' | ' |
Preferred stock par value (in dollars per share) | $0 | $0 |
Common stock par value (in dollars per share) | $0 | $0 |
Common stock, authorized shares | 25,000,000 | 25,000,000 |
Common stock, issued shares | 3,446,362 | 3,388,548 |
Common stock, outstanding shares | 3,446,362 | 3,388,548 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Consolidated Statements of Income | ' | ' | ' | ' |
Revenues | $13,116 | $11,361 | $37,010 | $33,627 |
Cost of revenues | 5,410 | 4,414 | 14,907 | 12,976 |
Gross profit | 7,706 | 6,947 | 22,103 | 20,651 |
Operating expenses | ' | ' | ' | ' |
Selling | 1,595 | 1,223 | 4,097 | 3,297 |
General and administrative | 2,781 | 2,759 | 8,003 | 6,782 |
Research and development | 524 | 501 | 1,639 | 1,399 |
Total operating expenses | 4,900 | 4,483 | 13,739 | 11,478 |
Operating income | 2,806 | 2,464 | 8,364 | 9,173 |
Other (expense) income, net | -79 | -38 | 316 | -109 |
Earnings before income taxes | 2,727 | 2,426 | 8,680 | 9,064 |
Income taxes | 981 | 883 | 3,142 | 3,173 |
Net income | $1,746 | $1,543 | $5,538 | $5,891 |
Net income per share: | ' | ' | ' | ' |
Basic (in dollars per share) | $0.51 | $0.46 | $1.62 | $1.76 |
Diluted (in dollars per share) | $0.48 | $0.44 | $1.54 | $1.67 |
Weighted average common shares outstanding: | ' | ' | ' | ' |
Basic (in shares) | 3,434 | 3,360 | 3,414 | 3,349 |
Diluted (in shares) | 3,637 | 3,542 | 3,591 | 3,527 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | ' | ' |
Net income | $5,538 | $5,891 |
Depreciation and amortization | 2,682 | 2,585 |
Gain on dispositions, net | -420 | ' |
Stock-based compensation | 629 | 897 |
Change in assets and liabilities, net of effects of acquisitions and dispositions | ' | ' |
Accounts receivable, net | 1,202 | -631 |
Inventories, net | -684 | 67 |
Prepaid expenses and other | -425 | 114 |
Accounts payable | 105 | 310 |
Accrued liabilities and taxes payable | 714 | -782 |
Unearned Revenues | 133 | ' |
Net cash provided by operating activities | 9,474 | 8,451 |
Cash flows from investing activities: | ' | ' |
Acquisitions | -22,758 | -16,660 |
Proceeds from dispositions | 661 | ' |
Purchases of property, plant and equipment | -808 | -656 |
Net cash used in investing activities | -22,905 | -17,316 |
Cash flows from financing activities: | ' | ' |
Proceeds from the issuance of debt | 18,000 | 11,000 |
Payments on debt | -6,000 | -6,000 |
Dividends | -1,467 | -1,341 |
Purchase and retirement of common stock | -15 | -57 |
Proceeds from the exercise of stock options | 1,067 | 794 |
Net cash provided by financing activities | 11,585 | 4,396 |
Net decrease in cash and cash equivalents | -1,846 | -4,469 |
Cash and cash equivalents at beginning of period | 4,006 | 7,191 |
Cash and cash equivalents at end of period | 2,160 | 2,722 |
Cash paid for: | ' | ' |
Income taxes | 3,248 | 4,125 |
Interest | 52 | 120 |
Supplemental non-cash activity: | ' | ' |
Employee loans issued for the exercise of stock options | ' | 177 |
Repayment of employee loans for stock options | 92 | 347 |
Contingent consideration as part of an acquisition | $500 | $2,140 |
Description_of_Business_and_Su
Description of Business and Summary of Significant Accounting Policies | 9 Months Ended |
Dec. 31, 2013 | |
Description of Business and Summary of Significant Accounting Policies | ' |
Description of Business and Summary of Significant Accounting Policies | ' |
Note 1 -Description of Business and Summary of Significant Accounting Policies | |
Description of Business | |
Mesa Laboratories, Inc. was incorporated under the laws of the State of Colorado on March 26, 1982. The terms “we,” “us,” “our,” the “Company” or “Mesa” are used in this report to refer collectively to the parent company and the subsidiaries through which our various businesses are actually conducted. We pursue a strategy of focusing primarily on quality control products, which are sold into niche markets that are driven by regulatory requirements. We prefer markets that have limited competition where we can establish a commanding presence and achieve high gross margins. We are organized into three divisions across six physical locations. Our Instruments Division designs, manufactures and markets quality control instruments and disposable products utilized in connection with the healthcare, pharmaceutical, food and beverage, medical device, industrial hygiene, semiconductor and petrochemical industries. Our Biological Indicators Division manufactures and markets biological indicators and distributes chemical indicators used to assess the effectiveness of sterilization processes, including steam, gas, hydrogen peroxide and radiation, in the hospital, dental, medical device and pharmaceutical industries. Our Continuous Monitoring Division designs, develops and markets systems which are used to monitor various environmental parameters such as temperature, humidity and differential pressure to ensure that critical storage and processing conditions are maintained in hospitals, pharmaceutical and medical device manufacturers, blood banks, pharmacies and a number of other laboratory and industrial environments. | |
Basis of Presentation | |
The accompanying condensed balance sheet as of March 31, 2013, has been derived from audited financial statements. The accompanying unaudited interim condensed consolidated financial statements have been prepared on the same basis as our annual audited financial statements and in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. In the opinion of management, such unaudited information includes all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation of this interim information. Operating results and cash flows for interim periods are not necessarily indicative of results that can be expected for the entire year. The information included in this report should be read in conjunction with our audited financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended March 31, 2013. | |
The summary of our significant accounting policies is incorporated by reference to our Annual Report on Form 10-K for the year ended March 31, 2013. |
Acquisitions_and_Dispositions
Acquisitions and Dispositions | 9 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Acquisitions and Dispositions | ' | |||||||||||||
Acquisitions and Dispositions | ' | |||||||||||||
Note 2 — Acquisitions and Dispositions | ||||||||||||||
Acquisitions | ||||||||||||||
Amega Scientific | ||||||||||||||
On November 6, 2013, we completed a business combination (the “Amega Acquisition”) whereby we acquired substantially all of the assets and certain liabilities of Amega Scientific Corporation’s (“Amega”) business which provides continuous monitoring systems to regulated industries. The asset acquisition agreement (the “Amega Agreement”) includes provisions for both contingent consideration based on the cumulative three year revenues of our Continuous Monitoring Division and for a holdback payment, payable to the seller no later than November 6, 2014 less any losses incurred by the buyer, as defined. | ||||||||||||||
Under the terms of the Amega Agreement, we are required to pay contingent consideration if the cumulative revenues for our Continuous Monitoring Division for the three years subsequent to the acquisition meet certain levels. The potential consideration payable ranges from $0 to $10,000,000 and is based upon a sliding scale of three-year cumulative revenues between $31,625,000 and $43,500,000. Based on both historical and projected growth rates, we recorded $500,000 of contingent consideration payable. | ||||||||||||||
We expect to achieve savings and generate growth as we integrate the Amega operations and sales and marketing functions. These factors, among others, contributed to a purchase price in excess of the estimated fair value of the net identifiable assets acquired and, as a result, we recorded goodwill in connection with this transaction. The goodwill is expected to be deductible for tax purposes and it was assigned to our Continuous Monitoring segment. | ||||||||||||||
The Amega Acquisition constituted the acquisition of a business and was recognized at fair value. Due to the recent nature of the transaction, the purchase price allocation was based upon a preliminary estimated fair value of the assets and liabilities acquired as we are in the process of finalizing our valuation of the assets acquired and liabilities assumed. We determined the preliminary estimated fair values using discounted cash flow analyses and estimates made by management. The following reflects our preliminary allocation of the consideration, subject to customary purchase price adjustments in accordance with the Amega Agreement (in thousands): | ||||||||||||||
Cash consideration | $ | 11,268 | ||||||||||||
Holdback payment liability | 1,000 | |||||||||||||
Contingent consideration liability | 500 | |||||||||||||
Aggregate consideration | $ | 12,768 | ||||||||||||
The purchase price was allocated as follows: | ||||||||||||||
Accounts receivable, net | $ | 734 | ||||||||||||
Inventories, net | 410 | |||||||||||||
Prepaid expenses and other | 11 | |||||||||||||
Property, plant and equipment, net | 115 | |||||||||||||
Intangibles, net | 5,838 | |||||||||||||
Goodwill | 6,756 | |||||||||||||
Accrued salaries and payroll taxes | (53 | ) | ||||||||||||
Unearned revenues | (1,043 | ) | ||||||||||||
Total purchase price allocation | $ | 12,768 | ||||||||||||
Tempsys | ||||||||||||||
On November 6, 2013, we completed a business combination (the “TempSys Acquisition”) whereby we acquired all of the common stock of TempSys, Inc. (“TempSys”), a company in the business of providing continuous monitoring systems to regulated industries, for $9,826,000. | ||||||||||||||
We expect to achieve savings and generate growth as we integrate the TempSys operations and sales and marketing functions. These factors, among others, contributed to a purchase price in excess of the estimated fair value of the net identifiable assets acquired and, as a result, we recorded goodwill in connection with this transaction. The goodwill is not expected to be deductible for tax purposes and it was assigned to our Continuous Monitoring segment. | ||||||||||||||
The TempSys Acquisition constituted the acquisition of a business and was recognized at fair value. Due to the recent nature of the transaction, the purchase price allocation was based upon a preliminary estimated fair value of the assets and liabilities acquired as we are in the process of finalizing our valuation of the assets acquired and liabilities assumed. We determined the preliminary estimated fair values using discounted cash flow analyses and estimates made by management. The following reflects our preliminary allocation of the consideration, subject to customary purchase price adjustments in accordance with the TempSys Agreement (in thousands): | ||||||||||||||
The purchase price was allocated as follows: | ||||||||||||||
Cash | $ | 57 | ||||||||||||
Accounts receivable, net | 838 | |||||||||||||
Inventories, net | 447 | |||||||||||||
Prepaid expenses and other | 21 | |||||||||||||
Property, plant and equipment, net | 25 | |||||||||||||
Deferred income taxes | 585 | |||||||||||||
Intangibles, net | 6,135 | |||||||||||||
Goodwill | 6,954 | |||||||||||||
Accounts payable | (255 | ) | ||||||||||||
Accrued salaries and payroll taxes | (2,134 | ) | ||||||||||||
Unearned revenues | (485 | ) | ||||||||||||
Other accrued expenses | (135 | ) | ||||||||||||
Deferred income taxes | (2,227 | ) | ||||||||||||
Total purchase price allocation | $ | 9,826 | ||||||||||||
Suretorque | ||||||||||||||
On July 1, 2013, we completed a business combination (the “Suretorque Acquisition”) whereby we acquired substantially all of the assets of ST Acquisitions, LLC’s (“ST Acquisitions”) business involving the design, manufacturing, sale and service of its SureTorque line of bottle cap torque testing instrumentation. The asset acquisition agreement (the “Suretorque Agreement”) includes a provision for a holdback payment, payable to the seller one year from the effective date less any losses incurred by the buyer, as defined. | ||||||||||||||
We expect to achieve savings and income growth as we integrate the Suretorque operations and sales marketing functions. These factors, among others, contributed to a purchase price in excess of the estimated fair value of the net identifiable assets acquired and, as a result, we recorded goodwill in connection with this transaction. The goodwill is expected to be deductible for tax purposes. All of the goodwill was assigned to our Instruments segment. | ||||||||||||||
The Suretorque Acquisition constituted the acquisition of a business and was recognized at fair value. We determined the estimated fair values using discounted cash flow analyses and estimates made by management. The following reflects our allocation of the consideration in accordance with the Suretorque Agreement (in thousands): | ||||||||||||||
Cash consideration | $ | 1,721 | ||||||||||||
Holdback payment liability | 100 | |||||||||||||
Aggregate consideration | $ | 1,821 | ||||||||||||
The purchase price was allocated as follows: | ||||||||||||||
Inventories, net | $ | 230 | ||||||||||||
Property, plant and equipment, net | 7 | |||||||||||||
Intangibles, net | 1,005 | |||||||||||||
Goodwill | 579 | |||||||||||||
Total purchase price allocation | $ | 1,821 | ||||||||||||
Bios | ||||||||||||||
On May 15, 2012, we completed a business combination (the “Bios Acquisition”) by acquiring specific assets and assuming certain liabilities of Bios International Corporation (“Bios”), a New Jersey corporation. The asset acquisition agreement (the “Bios Agreement”) includes a provision for contingent consideration based on revenue growth over a three year earn-out period. The Bios Acquisition further diversified and grew our Instruments segment. | ||||||||||||||
The contingent consideration arrangement requires us to pay Bios if cumulative revenues related to the acquisition for the three years subsequent to the acquisition exceed $22,127,000. The potential undiscounted future payment that we could be required to make ranges from $0 to $6,710,000. The fair value of the contingent consideration arrangement included in the purchase price below was estimated based on the historic revenue growth rates of Bios. Over the remaining term of the agreement, we are accreting through interest expense the difference between the estimated fair value of the contingent consideration, $2,140,000, and the amount we estimate we will pay, $2,240,000. | ||||||||||||||
The Bios Acquisition constituted the acquisition of a business and was recognized at fair value. We determined the estimated fair values using discounted cash flow analyses and estimates made by management. The financial statements for the three months ended June 30, 2012, reflected our preliminary purchase price allocation, which was finalized in the second quarter of the year ended March 31, 2013. The following reflects our allocation of the consideration in accordance with the Bios Agreement (in thousands): | ||||||||||||||
Cash consideration | $ | 16,660 | ||||||||||||
Contingent purchase price liability | 2,140 | |||||||||||||
Aggregate consideration | $ | 18,800 | ||||||||||||
The purchase price was allocated as follows: | ||||||||||||||
Accounts receivable, net | $ | 478 | ||||||||||||
Inventories, net | 910 | |||||||||||||
Other current assets | 28 | |||||||||||||
Property, plant and equipment, net | 63 | |||||||||||||
Intangibles, net | 8,200 | |||||||||||||
Goodwill | 9,190 | |||||||||||||
Other accrued expenses | (69 | ) | ||||||||||||
Total purchase price allocation | $ | 18,800 | ||||||||||||
Pro forma results | ||||||||||||||
Our condensed consolidated statements of income include the results of the Bios Acquisition from the acquisition date of May 15, 2012, the Suretorque Acquisition from the acquisition date of July 1, 2013, and the TempSys and Amega Acquisitions from the acquisition date of Nov 6, 2013. The pro forma effects of these acquisitions were adjusted for the following material nonrecurring events that occurred prior to, but directly attributable to, the business combinations discussed: a one-time bonus accrual at TempSys in the amount of $2,048,000 for employees’ past services and a one-time disposal of inventories at TempSys in the amount of $335,000, related to an un-marketed product that will not be developed post-acquisition. The adjusted pro forma effect of these acquisitions on our results of operations as if the acquisitions had been completed on April 1, 2013 and 2012 are as follows: | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
December 31, | December 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Revenues | $ | 14,777 | $ | 14,074 | $ | 43,559 | $ | 42,476 | ||||||
Net income | 2,112 | 2,116 | 6,849 | 6,982 | ||||||||||
Net Income per common share: | ||||||||||||||
Basic | $ | 0.62 | $ | 0.63 | $ | 2.01 | $ | 2.08 | ||||||
Diluted | 0.58 | 0.6 | 1.91 | 1.98 | ||||||||||
Dispositions | ||||||||||||||
On August 12, 2013, we entered into an agreement whereby we sold our NuSonics product line (the “Nusonics Disposal”) for $661,000. The carrying value of this product line was $193,000 which resulted in a pre-tax gain of $468,000. |
Inventories
Inventories | 9 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventories | ' | |||||||
Inventories | ' | |||||||
Note 3 - Inventories | ||||||||
Inventories consist of the following (in thousands): | ||||||||
December 31, 2013 | March 31, 2013 | |||||||
Raw materials | $ | 5,692 | $ | 4,052 | ||||
Work-in-process | 419 | 271 | ||||||
Finished goods | 1,873 | 1,514 | ||||||
Less: reserve | (829 | ) | (261 | ) | ||||
$ | 7,155 | $ | 5,576 |
Longterm_Debt
Long-term Debt | 9 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Long-term Debt | ' | |||||||
Long-term Debt | ' | |||||||
Note 4 - Long-term Debt | ||||||||
Long-term debt consists of the following (in thousands): | ||||||||
December 31, 2013 | March 31, 2013 | |||||||
Line of credit (1.4% at Dec 31, 2013) | $ | 16,000 | $ | 4,000 | ||||
Less: current portion | — | — | ||||||
Long-term portion | $ | 16,000 | $ | 4,000 | ||||
In February 2012, we entered into a three year agreement (the “Credit Facility”) for a $20,000,000 revolving line of credit (“Line of Credit”) and up to $1,000,000 of letters of credit, maturing in February 2015. Funds from the Credit Facility may be used for general working capital and corporate needs, retiring existing debt, or to support acquisitions and capital expenditures. | ||||||||
Under the Credit Facility, indebtedness bears interest at either: (1) LIBOR, as defined, plus an applicable margin ranging from 1.25% to 2.00%; or (2) the bank’s commercial bank floating rate (“CBFR”), which is the greater of the bank’s prime rate or one month LIBOR + 2.50%, adjusted down, from 1.25% to 0.50%. We elect the interest rate with each borrowing under the Line of Credit. In addition, there is an unused capacity fee of 0.15% to 0.30%. The adjustments and unused capacity fee depend on the ratio of funded debt to our trailing four quarters of EBITDA, as defined, with four tiers ranging from a ratio of less than one to greater than two. Letter of credit fees are based on the applicable LIBOR rate. | ||||||||
The Credit Facility is secured by all of our assets and requires us to maintain a ratio of funded debt to our trailing four quarters of EBITDA, as defined, of 2.5 to 1.0, and a minimum fixed charge coverage ratio of 1.5 to 1.0. We were in compliance with these covenants at December 31, 2013. | ||||||||
In order to facilitate the TempSys and Amega Acquisitions, in November 2013 we borrowed $18,000,000 under the terms of the Line of Credit. During the three months ended December 31, 2013 we made principal repayments of $2,000,000. As a result, the amount outstanding under the Line of Credit was $16,000,000 as of December 31, 2013. In January 2014, we made an additional principal payment of $1,000,000. |
Stockbased_Compensation
Stock-based Compensation | 9 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Stock-based Compensation | ' | |||||||||||||
Stock-based Compensation | ' | |||||||||||||
Note 5 - Stock-based Compensation | ||||||||||||||
Amounts recognized in the condensed consolidated financial statements related to stock-based compensation are as follows (in thousands, except per share data): | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
December 31, | December 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Total cost of stock-based compensation charged against income before income taxes | $ | 272 | $ | 459 | $ | 629 | $ | 897 | ||||||
Amount of income tax benefit recognized in earnings | 98 | 163 | 228 | 314 | ||||||||||
Amount charged against net income | $ | 174 | $ | 296 | 401 | 583 | ||||||||
Impact on net income per common share: | ||||||||||||||
Basic | $ | 0.05 | $ | 0.09 | $ | 0.12 | $ | 0.17 | ||||||
Diluted | 0.05 | 0.08 | 0.11 | 0.17 | ||||||||||
Stock-based compensation expense is included in cost of revenues, selling, and general and administrative expense in the accompanying condensed consolidated statements of income. | ||||||||||||||
The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model (“Black-Scholes”). We use historical data to estimate the expected price volatility, the expected stock option life and expected forfeiture rate. The risk-free interest rate is based on the United States Treasury yield curve in effect at the time of grant for the estimated life of the stock option. The dividend yield is calculated based upon the dividend payments made during the prior four quarters as a percent of the average stock price for that period. | ||||||||||||||
The following is a summary of stock option activity for the nine months ended December 31, 2013: | ||||||||||||||
Number of | Weighted- | Weighted- | Aggregate | |||||||||||
Shares | Average Exercise | Average | Intrinsic Value | |||||||||||
Price per Share | Remaining | (000s) | ||||||||||||
Contractual | ||||||||||||||
Term | ||||||||||||||
Outstanding at March 31, 2013 | 416,125 | $ | 29.87 | 3.7 | $ | 9,529 | ||||||||
Stock options granted | 128,124 | 55.33 | 6.3 | |||||||||||
Stock options forfeited | (17,680 | ) | 44.21 | |||||||||||
Stock options expired | — | — | ||||||||||||
Stock options exercised | (66,140 | ) | 21.85 | |||||||||||
Outstanding at December 31, 2013 | 460,429 | 37.57 | 4.4 | 18,884 | ||||||||||
Exercisable at December 31, 2013 | 192,570 | 25.59 | 3.1 | 10,204 | ||||||||||
The total intrinsic value of stock options exercised was $2,889,000 and $1,800,000 for the nine months ended December 31, 2013 and 2012, respectively. | ||||||||||||||
A summary of the status of our unvested stock option shares as of December 31, 2013 is as follows: | ||||||||||||||
Number of | Weighted- | |||||||||||||
Shares | Average | |||||||||||||
Grant-Date | ||||||||||||||
Fair Value | ||||||||||||||
Unvested at March 31, 2013 | 257,805 | $ | 9.55 | |||||||||||
Stock options granted | 128,124 | 15.9 | ||||||||||||
Stock options forfeited | (17,270 | ) | 10.32 | |||||||||||
Stock options vested | (100,800 | ) | 8.54 | |||||||||||
Unvested at December 31, 2013 | 267,859 | 13.01 | ||||||||||||
As of December 31, 2013, there was $ 2,407,000 of total unrecognized compensation expense related to unvested stock options. As of December 31, 2013, we have 200,376 shares available for future stock option grants. | ||||||||||||||
Effective November 30, 2012, as part of our Chief Financial Officer transition, 14,400 unvested options were modified to a) extend the expiration date to 10 years following the original grant date, b) allow them to be exercised through their expiration date, and c) accelerate the vesting such that all options would vest by November 30, 2014. This was a modification of the terms of an equity award and, accordingly, we treated this as an exchange of the original award for a new award. We recorded incremental compensation expense of approximately $240,000 for the three and nine months ended December 31, 2012, which is included in general and administrative expense on the accompanying condensed consolidated statements of income. |
Net_Income_Per_Share
Net Income Per Share | 9 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Net Income Per Share | ' | |||||||||||||
Net Income Per Share | ' | |||||||||||||
Note 6 - Net Income Per Share | ||||||||||||||
Basic net income per share is computed by dividing net income by the weighted-average number of common shares outstanding during the reporting period. Diluted net income per share is computed similarly to basic net income per share, except that it includes the potential dilution that could occur if dilutive securities were exercised. | ||||||||||||||
The following table presents a reconciliation of the denominators used in the computation of net income per share - basic and diluted (in thousands, except per share data): | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
December 31, | December 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Net income available for stockholders | $ | 1,746 | $ | 1,543 | $ | 5,538 | $ | 5,891 | ||||||
Weighted average outstanding shares of common stock | 3,434 | 3,360 | 3,414 | 3,349 | ||||||||||
Dilutive effect of stock options | 203 | 182 | 177 | 178 | ||||||||||
Common stock and equivalents | 3,637 | 3,542 | 3,591 | 3,527 | ||||||||||
Net income per share: | ||||||||||||||
Basic | $ | 0.51 | $ | 0.46 | $ | 1.62 | 1.76 | |||||||
Diluted | 0.48 | 0.44 | 1.54 | 1.67 | ||||||||||
For the three and nine months ended December 31, 2013, 27,000 and 60,000 outstanding stock options, respectively, were excluded from the calculation of diluted net income per share because their inclusion would have been anti-dilutive. For both the three and nine months ended December 31, 2012, zero outstanding stock options were excluded from the calculation of diluted net income per share because their inclusion would have been anti-dilutive. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies | ' |
Commitments and Contingencies | ' |
Note 7- Commitments and Contingencies | |
As part of the Amega Acquisition, the Amega Agreement includes a provision for contingent consideration based on revenue growth over a three year earn-out period. The contingent consideration arrangement requires us to pay Amega if the cumulative revenues from our Continuous Monitoring Division for the three years subsequent to the acquisition exceed $31,625,000. The potential undiscounted future payment that we could be required to make ranges from $0 to $10,000,000 and is based upon a sliding scale of three-year cumulative revenues between $31,625,000 and $43,500,000. The fair value of the contingent consideration arrangement included in the purchase price was estimated based on the historic revenue growth and current projections for the Continuous Monitoring Division. We recorded $500,000 of contingent consideration payable on the accompanying condensed consolidated balance sheets. Any changes to the contingent consideration ultimately paid would result in additional income or expense on the condensed consolidated statements of income. The contingent consideration is payable in the third quarter of our year ending March 31, 2017. | |
As part of the Bios Acquisition, the Bios Agreement includes a provision for contingent consideration based on revenue growth over a three year earn-out period. The contingent consideration arrangement requires us to pay Bios if the cumulative revenues from the acquisition for the three years subsequent to the acquisition exceed $22,127,000. The potential undiscounted future payment that we could be required to make ranges from $0 to $6,710,000. The fair value of the contingent consideration arrangement included in the purchase price was estimated based on the historic revenue growth of Bios. We recorded a contingent consideration liability of $2,140,000 on the accompanying condensed consolidated balance sheets. Any changes to the contingent consideration ultimately paid would result in additional income or expense on the condensed consolidated statements of income. There has been no material change to the contingent consideration liability as of December 31, 2013. The contingent consideration is payable in the first quarter of our year ending March 31, 2016. | |
A company is required to collect and remit state sales tax from certain of its customers if that company is determined to have “nexus” in a particular state. The determination of nexus varies state by state and often requires knowledge of each jurisdiction’s tax case law. During the year ended March 31, 2013, we determined that there are states in which we most likely had established nexus during prior periods without properly collecting and remitting sales tax. We recorded an estimate of $100,000 associated with one specific state but we were unable to estimate our remaining exposure at that time. The ultimate amount due in remaining states will depend upon a number of factors, including the amount of sales that were made to customers who are either exempt or have already paid the tax, the number of years of exposure, and any penalties or interest that might be due. During the three months ended September 30, 2013 we completed our analysis associated with the remaining states and we recorded an estimate of $1,106,000, which is included in other accrued expenses on the accompanying condensed consolidated balance sheets and in general and administrative expense on the accompanying condensed consolidated statements of income for the nine months ended December 31, 2013. This estimate was based upon facts and circumstances known at such time and our ultimate liability may change as further analysis is completed and state sales tax returns are filed. |
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Segment Information | ' | |||||||||||||
Segment Information | ' | |||||||||||||
Note 8 - Segment Information | ||||||||||||||
Prior to the November 2013 acquisitions of TempSys and Amega, we had two reporting segments: Biological Indicators and Instruments. As a result of these acquisitions we added a third reporting segment, Continuous Monitoring. The following tables set forth our segment information (in thousands): | ||||||||||||||
Three Months Ended December 31, 2013 | ||||||||||||||
Biological | Instruments | Continuous | Total | |||||||||||
Indicators | Monitoring | |||||||||||||
Revenues | $ | 5,317 | $ | 6,438 | $ | 1,361 | $ | 13,116 | ||||||
Gross profit | $ | 2,976 | $ | 4,137 | $ | 593 | $ | 7,706 | ||||||
Selling expenses | 404 | 1,047 | 144 | 1,595 | ||||||||||
$ | 2,572 | $ | 3,090 | $ | 449 | 6,111 | ||||||||
Reconciling items (1) | (3,384 | ) | ||||||||||||
Earnings before income taxes | $ | 2,727 | ||||||||||||
Three Months Ended December 31, 2012 | ||||||||||||||
Biological | Instruments | Continuous | Total | |||||||||||
Indicators | Monitoring | |||||||||||||
Revenues | $ | 5,154 | $ | 6,207 | — | $ | 11,361 | |||||||
Gross profit | $ | 2,936 | $ | 4,011 | — | $ | 6,947 | |||||||
Selling expenses | 385 | 838 | — | 1,223 | ||||||||||
$ | 2,551 | $ | 3,173 | — | 5,724 | |||||||||
Reconciling items (1) | (3,298 | ) | ||||||||||||
Earnings before income taxes | $ | 2,426 | ||||||||||||
Nine Months Ended December 31, 2013 | ||||||||||||||
Biological | Instruments | Continuous | Total | |||||||||||
Indicators | Monitoring | |||||||||||||
Revenues | $ | 16,181 | $ | 19,468 | $ | 1,361 | $ | 37,010 | ||||||
Gross profit | $ | 9,019 | $ | 12,491 | $ | 593 | $ | 22,103 | ||||||
Selling expenses | 1,350 | 2,603 | 144 | 4,097 | ||||||||||
$ | 7,669 | $ | 9,888 | $ | 449 | 18,006 | ||||||||
Reconciling items (1) | (9,326 | ) | ||||||||||||
Earnings before income taxes | $ | 8,680 | ||||||||||||
Nine Months Ended December 31, 2012 | ||||||||||||||
Biological | Instruments | Continuous | Total | |||||||||||
Indicators | Monitoring | |||||||||||||
Revenues | $ | 15,590 | $ | 18,037 | — | $ | 33,627 | |||||||
Gross profit | $ | 8,890 | $ | 11,761 | — | $ | 20,651 | |||||||
Selling expenses | 1,165 | 2,132 | — | 3,297 | ||||||||||
$ | 7,725 | $ | 9,629 | — | 17,354 | |||||||||
Reconciling items (1) | (8,290 | ) | ||||||||||||
Earnings before income taxes | $ | 9,064 | ||||||||||||
(1) Reconciling items include general and administrative, research and development, and other expenses. | ||||||||||||||
December 31, 2013 | March 31, 2013 | |||||||||||||
Total assets | ||||||||||||||
Biological Indicators | $ | 25,710 | $ | 27,558 | ||||||||||
Instruments | 33,759 | 31,782 | ||||||||||||
Continuous Monitoring | 28,485 | — | ||||||||||||
Corporate and administrative | 4,601 | 6,579 | ||||||||||||
$ | 92,555 | $ | 65,919 | |||||||||||
All long-lived assets are located in the United States. | ||||||||||||||
Revenues from external customers are attributed to individual countries based upon locations to which the product is shipped or exported, as follows (in thousands): | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
December 31, | December 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Net revenues from unaffiliated customers: | ||||||||||||||
United States | $ | 7,054 | $ | 7,013 | $ | 20,877 | $ | 20,504 | ||||||
Foreign | 6,062 | 4,348 | 16,133 | 13,123 | ||||||||||
$ | 13,116 | $ | 11,361 | $ | 37,010 | $ | 33,627 | |||||||
No foreign country exceeds 10% of total revenues. |
Subsequent_Event
Subsequent Event | 9 Months Ended |
Dec. 31, 2013 | |
Subsequent Event | ' |
Subsequent Event | ' |
Note 9 - Subsequent Event | |
In January 2014, our Board of Directors declared a quarterly cash dividend of $0.15 per share of common stock, payable on March 17, 2014, to stockholders of record at the close of business on February 28, 2014. |
Description_of_Business_and_Su1
Description of Business and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Dec. 31, 2013 | |
Description of Business and Summary of Significant Accounting Policies | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying condensed balance sheet as of March 31, 2013, has been derived from audited financial statements. The accompanying unaudited interim condensed consolidated financial statements have been prepared on the same basis as our annual audited financial statements and in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. In the opinion of management, such unaudited information includes all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation of this interim information. Operating results and cash flows for interim periods are not necessarily indicative of results that can be expected for the entire year. The information included in this report should be read in conjunction with our audited financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended March 31, 2013. | |
The summary of our significant accounting policies is incorporated by reference to our Annual Report on Form 10-K for the year ended March 31, 2013. |
Acquisitions_and_Dispositions_
Acquisitions and Dispositions (Tables) | 9 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Acquisition | ' | |||||||||||||
Schedule of adjusted pro forma effect of the acquisitions on the results of operations | ' | |||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
December 31, | December 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Revenues | $ | 14,777 | $ | 14,074 | $ | 43,559 | $ | 42,476 | ||||||
Net income | 2,112 | 2,116 | 6,849 | 6,982 | ||||||||||
Net Income per common share: | ||||||||||||||
Basic | $ | 0.62 | $ | 0.63 | $ | 2.01 | $ | 2.08 | ||||||
Diluted | 0.58 | 0.6 | 1.91 | 1.98 | ||||||||||
Amega Scientific | ' | |||||||||||||
Acquisition | ' | |||||||||||||
Schedule of purchase price allocation | ' | |||||||||||||
The following reflects our preliminary allocation of the consideration, subject to customary purchase price adjustments in accordance with the Amega Agreement (in thousands): | ||||||||||||||
Cash consideration | $ | 11,268 | ||||||||||||
Holdback payment liability | 1,000 | |||||||||||||
Contingent consideration liability | 500 | |||||||||||||
Aggregate consideration | $ | 12,768 | ||||||||||||
The purchase price was allocated as follows: | ||||||||||||||
Accounts receivable, net | $ | 734 | ||||||||||||
Inventories, net | 410 | |||||||||||||
Prepaid expenses and other | 11 | |||||||||||||
Property, plant and equipment, net | 115 | |||||||||||||
Intangibles, net | 5,838 | |||||||||||||
Goodwill | 6,756 | |||||||||||||
Accrued salaries and payroll taxes | (53 | ) | ||||||||||||
Unearned revenues | (1,043 | ) | ||||||||||||
Total purchase price allocation | $ | 12,768 | ||||||||||||
Tempsys | ' | |||||||||||||
Acquisition | ' | |||||||||||||
Schedule of purchase price allocation | ' | |||||||||||||
The following reflects our preliminary allocation of the consideration, subject to customary purchase price adjustments in accordance with the TempSys Agreement (in thousands): | ||||||||||||||
The purchase price was allocated as follows: | ||||||||||||||
Cash | $ | 57 | ||||||||||||
Accounts receivable, net | 838 | |||||||||||||
Inventories, net | 447 | |||||||||||||
Prepaid expenses and other | 21 | |||||||||||||
Property, plant and equipment, net | 25 | |||||||||||||
Deferred income taxes | 585 | |||||||||||||
Intangibles, net | 6,135 | |||||||||||||
Goodwill | 6,954 | |||||||||||||
Accounts payable | (255 | ) | ||||||||||||
Accrued salaries and payroll taxes | (2,134 | ) | ||||||||||||
Unearned revenues | (485 | ) | ||||||||||||
Other accrued expenses | (135 | ) | ||||||||||||
Deferred income taxes | (2,227 | ) | ||||||||||||
Total purchase price allocation | $ | 9,826 | ||||||||||||
ST Acquisitions | ' | |||||||||||||
Acquisition | ' | |||||||||||||
Schedule of purchase price allocation | ' | |||||||||||||
The following reflects our allocation of the consideration in accordance with the Suretorque Agreement (in thousands): | ||||||||||||||
Cash consideration | $ | 1,721 | ||||||||||||
Holdback payment liability | 100 | |||||||||||||
Aggregate consideration | $ | 1,821 | ||||||||||||
The purchase price was allocated as follows: | ||||||||||||||
Inventories, net | $ | 230 | ||||||||||||
Property, plant and equipment, net | 7 | |||||||||||||
Intangibles, net | 1,005 | |||||||||||||
Goodwill | 579 | |||||||||||||
Total purchase price allocation | $ | 1,821 | ||||||||||||
Bios | ' | |||||||||||||
Acquisition | ' | |||||||||||||
Schedule of purchase price allocation | ' | |||||||||||||
The following reflects our allocation of the consideration in accordance with the Bios Agreement (in thousands): | ||||||||||||||
Cash consideration | $ | 16,660 | ||||||||||||
Contingent purchase price liability | 2,140 | |||||||||||||
Aggregate consideration | $ | 18,800 | ||||||||||||
The purchase price was allocated as follows: | ||||||||||||||
Accounts receivable, net | $ | 478 | ||||||||||||
Inventories, net | 910 | |||||||||||||
Other current assets | 28 | |||||||||||||
Property, plant and equipment, net | 63 | |||||||||||||
Intangibles, net | 8,200 | |||||||||||||
Goodwill | 9,190 | |||||||||||||
Other accrued expenses | (69 | ) | ||||||||||||
Total purchase price allocation | $ | 18,800 |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventories | ' | |||||||
Schedule of inventories | ' | |||||||
Inventories consist of the following (in thousands): | ||||||||
December 31, 2013 | March 31, 2013 | |||||||
Raw materials | $ | 5,692 | $ | 4,052 | ||||
Work-in-process | 419 | 271 | ||||||
Finished goods | 1,873 | 1,514 | ||||||
Less: reserve | (829 | ) | (261 | ) | ||||
$ | 7,155 | $ | 5,576 |
Longterm_Debt_Tables
Long-term Debt (Tables) | 9 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Long-term Debt | ' | |||||||
Schedule of debt | ' | |||||||
Long-term debt consists of the following (in thousands): | ||||||||
December 31, 2013 | March 31, 2013 | |||||||
Line of credit (1.4% at Dec 31, 2013) | $ | 16,000 | $ | 4,000 | ||||
Less: current portion | — | — | ||||||
Long-term portion | $ | 16,000 | $ | 4,000 |
Stockbased_Compensation_Tables
Stock-based Compensation (Tables) | 9 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Stock-based Compensation | ' | |||||||||||||
Schedule of amounts recognized in the condensed consolidated financial statements related to stock-based compensation | ' | |||||||||||||
Amounts recognized in the condensed consolidated financial statements related to stock-based compensation are as follows (in thousands, except per share data): | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
December 31, | December 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Total cost of stock-based compensation charged against income before income taxes | $ | 272 | $ | 459 | $ | 629 | $ | 897 | ||||||
Amount of income tax benefit recognized in earnings | 98 | 163 | 228 | 314 | ||||||||||
Amount charged against net income | $ | 174 | $ | 296 | 401 | 583 | ||||||||
Impact on net income per common share: | ||||||||||||||
Basic | $ | 0.05 | $ | 0.09 | $ | 0.12 | $ | 0.17 | ||||||
Diluted | 0.05 | 0.08 | 0.11 | 0.17 | ||||||||||
Summary of stock option activity | ' | |||||||||||||
Number of | Weighted- | Weighted- | Aggregate | |||||||||||
Shares | Average Exercise | Average | Intrinsic Value | |||||||||||
Price per Share | Remaining | (000s) | ||||||||||||
Contractual | ||||||||||||||
Term | ||||||||||||||
Outstanding at March 31, 2013 | 416,125 | $ | 29.87 | 3.7 | $ | 9,529 | ||||||||
Stock options granted | 128,124 | 55.33 | 6.3 | |||||||||||
Stock options forfeited | (17,680 | ) | 44.21 | |||||||||||
Stock options expired | — | — | ||||||||||||
Stock options exercised | (66,140 | ) | 21.85 | |||||||||||
Outstanding at December 31, 2013 | 460,429 | 37.57 | 4.4 | 18,884 | ||||||||||
Exercisable at December 31, 2013 | 192,570 | 25.59 | 3.1 | 10,204 | ||||||||||
Summary of the status of unvested option shares | ' | |||||||||||||
Number of | Weighted- | |||||||||||||
Shares | Average | |||||||||||||
Grant-Date | ||||||||||||||
Fair Value | ||||||||||||||
Unvested at March 31, 2013 | 257,805 | $ | 9.55 | |||||||||||
Stock options granted | 128,124 | 15.9 | ||||||||||||
Stock options forfeited | (17,270 | ) | 10.32 | |||||||||||
Stock options vested | (100,800 | ) | 8.54 | |||||||||||
Unvested at December 31, 2013 | 267,859 | 13.01 | ||||||||||||
Net_Income_Per_Share_Tables
Net Income Per Share (Tables) | 9 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Net Income Per Share | ' | |||||||||||||
Schedule of reconciliation of the denominators used in the computation of net income per share -basic and diluted | ' | |||||||||||||
The following table presents a reconciliation of the denominators used in the computation of net income per share - basic and diluted (in thousands, except per share data): | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
December 31, | December 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Net income available for stockholders | $ | 1,746 | $ | 1,543 | $ | 5,538 | $ | 5,891 | ||||||
Weighted average outstanding shares of common stock | 3,434 | 3,360 | 3,414 | 3,349 | ||||||||||
Dilutive effect of stock options | 203 | 182 | 177 | 178 | ||||||||||
Common stock and equivalents | 3,637 | 3,542 | 3,591 | 3,527 | ||||||||||
Net income per share: | ||||||||||||||
Basic | $ | 0.51 | $ | 0.46 | $ | 1.62 | 1.76 | |||||||
Diluted | 0.48 | 0.44 | 1.54 | 1.67 | ||||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Segment Information | ' | |||||||||||||
Schedule of business segment information | ' | |||||||||||||
The following tables set forth our segment information (in thousands): | ||||||||||||||
Three Months Ended December 31, 2013 | ||||||||||||||
Biological | Instruments | Continuous | Total | |||||||||||
Indicators | Monitoring | |||||||||||||
Revenues | $ | 5,317 | $ | 6,438 | $ | 1,361 | $ | 13,116 | ||||||
Gross profit | $ | 2,976 | $ | 4,137 | $ | 593 | $ | 7,706 | ||||||
Selling expenses | 404 | 1,047 | 144 | 1,595 | ||||||||||
$ | 2,572 | $ | 3,090 | $ | 449 | 6,111 | ||||||||
Reconciling items (1) | (3,384 | ) | ||||||||||||
Earnings before income taxes | $ | 2,727 | ||||||||||||
Three Months Ended December 31, 2012 | ||||||||||||||
Biological | Instruments | Continuous | Total | |||||||||||
Indicators | Monitoring | |||||||||||||
Revenues | $ | 5,154 | $ | 6,207 | — | $ | 11,361 | |||||||
Gross profit | $ | 2,936 | $ | 4,011 | — | $ | 6,947 | |||||||
Selling expenses | 385 | 838 | — | 1,223 | ||||||||||
$ | 2,551 | $ | 3,173 | — | 5,724 | |||||||||
Reconciling items (1) | (3,298 | ) | ||||||||||||
Earnings before income taxes | $ | 2,426 | ||||||||||||
Nine Months Ended December 31, 2013 | ||||||||||||||
Biological | Instruments | Continuous | Total | |||||||||||
Indicators | Monitoring | |||||||||||||
Revenues | $ | 16,181 | $ | 19,468 | $ | 1,361 | $ | 37,010 | ||||||
Gross profit | $ | 9,019 | $ | 12,491 | $ | 593 | $ | 22,103 | ||||||
Selling expenses | 1,350 | 2,603 | 144 | 4,097 | ||||||||||
$ | 7,669 | $ | 9,888 | $ | 449 | 18,006 | ||||||||
Reconciling items (1) | (9,326 | ) | ||||||||||||
Earnings before income taxes | $ | 8,680 | ||||||||||||
Nine Months Ended December 31, 2012 | ||||||||||||||
Biological | Instruments | Continuous | Total | |||||||||||
Indicators | Monitoring | |||||||||||||
Revenues | $ | 15,590 | $ | 18,037 | — | $ | 33,627 | |||||||
Gross profit | $ | 8,890 | $ | 11,761 | — | $ | 20,651 | |||||||
Selling expenses | 1,165 | 2,132 | — | 3,297 | ||||||||||
$ | 7,725 | $ | 9,629 | — | 17,354 | |||||||||
Reconciling items (1) | (8,290 | ) | ||||||||||||
Earnings before income taxes | $ | 9,064 | ||||||||||||
(1) Reconciling items include general and administrative, research and development, and other expenses. | ||||||||||||||
Schedule of reconciliation of total assets by reportable segment to total consolidated assets | ' | |||||||||||||
December 31, 2013 | March 31, 2013 | |||||||||||||
Total assets | ||||||||||||||
Biological Indicators | $ | 25,710 | $ | 27,558 | ||||||||||
Instruments | 33,759 | 31,782 | ||||||||||||
Continuous Monitoring | 28,485 | — | ||||||||||||
Corporate and administrative | 4,601 | 6,579 | ||||||||||||
$ | 92,555 | $ | 65,919 | |||||||||||
Schedule of revenues from external customers based upon locations to which product is shipped or exported | ' | |||||||||||||
Revenues from external customers are attributed to individual countries based upon locations to which the product is shipped or exported, as follows (in thousands): | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
December 31, | December 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Net revenues from unaffiliated customers: | ||||||||||||||
United States | $ | 7,054 | $ | 7,013 | $ | 20,877 | $ | 20,504 | ||||||
Foreign | 6,062 | 4,348 | 16,133 | 13,123 | ||||||||||
$ | 13,116 | $ | 11,361 | $ | 37,010 | $ | 33,627 |
Description_of_Business_and_Su2
Description of Business and Summary of Significant Accounting Policies (Details) | 7 Months Ended | 9 Months Ended |
Oct. 31, 2013 | Dec. 31, 2013 | |
item | item | |
Description of Business and Basis of Presentation | ' | ' |
Number of divisions | 2 | 3 |
Number of physical locations in which the entity is organized | ' | 6 |
Acquisitions_and_Dispositions_1
Acquisitions and Dispositions (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | ||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Nov. 06, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 06, 2013 | Dec. 31, 2013 | Nov. 06, 2013 | Dec. 31, 2013 | Nov. 06, 2013 | 15-May-12 | 31-May-12 | Jul. 01, 2013 | |
Amega Scientific | Amega Scientific | Amega Scientific | Amega Scientific | Amega Scientific | Amega Scientific | Tempsys | Tempsys | Bios | Bios | ST Acquisitions | ||||||
Minimum | Minimum | Maximum | Maximum | |||||||||||||
Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Holdback payment period from effective date, less any losses incurred by buyer, payable to seller | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year |
Earn-out period for determination of contingent consideration | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' |
Minimum revenue required in three years subsequent to the acquisition for payment of contingent consideration | ' | ' | ' | ' | ' | $31,625,000 | ' | ' | ' | ' | ' | ' | ' | $22,127,000 | ' | ' |
Potential undiscounted future payments, low end of range | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Potential undiscounted future payments, high end of range | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | 6,710,000 | ' | ' |
Cumulative revenue required in three years subsequent to the acquisition for payment of contingent consideration | ' | ' | ' | ' | ' | ' | ' | 31,625,000 | 31,625,000 | 43,500,000 | 43,500,000 | ' | ' | ' | ' | ' |
Estimated amount of payment resulting from contingent consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,240,000 | ' | ' |
Cash consideration | ' | ' | ' | ' | ' | 11,268,000 | ' | ' | ' | ' | ' | ' | ' | 16,660,000 | ' | 1,721,000 |
Holdback payment liability | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 |
Contingent consideration liability | 2,676,000 | 2,140,000 | 2,676,000 | 2,140,000 | 2,140,000 | 500,000 | 500,000 | ' | ' | ' | ' | ' | ' | 2,140,000 | ' | ' |
Aggregate consideration | ' | ' | ' | ' | ' | 12,768,000 | ' | ' | ' | ' | ' | ' | ' | 18,800,000 | ' | 1,821,000 |
The purchase price was allocated as follows: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 57,000 | ' | ' | ' |
Accounts receivable, net | ' | ' | ' | ' | ' | 734,000 | ' | ' | ' | ' | ' | ' | 838,000 | 478,000 | ' | ' |
Inventories, net | ' | ' | ' | ' | ' | 410,000 | ' | ' | ' | ' | ' | ' | 447,000 | 910,000 | ' | 230,000 |
Prepaid expenses and other | ' | ' | ' | ' | ' | 11,000 | ' | ' | ' | ' | ' | ' | 21,000 | ' | ' | ' |
Other current assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,000 | ' | ' |
Property, plant and equipment, net | ' | ' | ' | ' | ' | 115,000 | ' | ' | ' | ' | ' | ' | 25,000 | 63,000 | ' | 7,000 |
Deferred income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 585,000 | ' | ' | ' |
Intangibles, net | ' | ' | ' | ' | ' | 5,838,000 | ' | ' | ' | ' | ' | ' | 6,135,000 | 8,200,000 | ' | 1,005,000 |
Goodwill | 37,929,000 | ' | 37,929,000 | ' | 23,640,000 | 6,756,000 | ' | ' | ' | ' | ' | ' | 6,954,000 | 9,190,000 | ' | 579,000 |
Accounts payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -255,000 | ' | ' | ' |
Accrued salaries and payroll taxes | ' | ' | ' | ' | ' | -53,000 | ' | ' | ' | ' | ' | ' | -2,134,000 | ' | ' | ' |
Unearned revenues | ' | ' | ' | ' | ' | -1,043,000 | ' | ' | ' | ' | ' | ' | -485,000 | ' | ' | ' |
Other accrued expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -135,000 | -69,000 | ' | ' |
Deferred income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,227,000 | ' | ' | ' |
Total purchase price allocation | ' | ' | ' | ' | ' | 12,768,000 | ' | ' | ' | ' | ' | ' | 9,826,000 | 18,800,000 | ' | 1,821,000 |
Amount of one-time bonus accrual for employees' past services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,048,000 | ' | ' | ' | ' |
Amount of one-time disposal of inventories related to an un-marketed product | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 335,000 | ' | ' | ' | ' |
Schedule of pro forma effects of the acquisition on the results of operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | 14,777,000 | 14,074,000 | 43,559,000 | 42,476,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $2,112,000 | $2,116,000 | $6,849,000 | $6,982,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in dollars per share) | $0.62 | $0.63 | $2.01 | $2.08 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted (in dollars per share) | $0.58 | $0.60 | $1.91 | $1.98 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_and_Dispositions_2
Acquisitions and Dispositions (Details 2) (USD $) | 9 Months Ended | 0 Months Ended |
Dec. 31, 2013 | Aug. 12, 2013 | |
Nusonics Disposal | ||
Dispositions | ' | ' |
Proceeds from dispositions | $661,000 | $661,000 |
Carrying value | ' | 193,000 |
Pre-tax gain on dispositions | $420,000 | $468,000 |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventories | ' | ' |
Raw materials | $5,692 | $4,052 |
Work-in-process | 419 | 271 |
Finished goods | 1,873 | 1,514 |
Less: reserve | -829 | -261 |
Total | $7,155 | $5,576 |
Longterm_Debt_Details
Long-term Debt (Details) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 | Feb. 29, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 29, 2012 | Jan. 31, 2014 | Nov. 30, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Feb. 29, 2012 |
Credit facility | Credit facility | Credit facility | Credit facility | Credit facility | Credit facility | Credit facility | Credit facility | Credit facility | Credit facility | Credit facility | Credit facility | Credit facility | Letters of credit | Revolving line of credit | Revolving line of credit | Revolving line of credit | Revolving line of credit | Revolving line of credit | |||
tier | Minimum | Maximum | LIBOR | LIBOR | LIBOR | CBFR using bank prime rate | CBFR using bank prime rate | CBFR using bank prime rate | CBFR using one month LIBOR | CBFR using one month LIBOR | CBFR using one month LIBOR | ||||||||||
Q | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | |||||||||||||||
Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $16,000,000 | $4,000,000 | ' |
Long-term portion | 16,000,000 | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective rate of interest (as a percent) | 1.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, term | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | 20,000,000 |
Description of variable rate basis | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | 'Prime rate | ' | ' | 'One month LIBOR | ' | ' | ' | ' | ' | ' | ' | ' |
Spread on variable rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | 1.25% | 2.00% | ' | -0.50% | -1.25% | 2.50% | -0.50% | -1.25% | ' | ' | ' | ' | ' | ' |
Unused capacity fee (as a percent) | ' | ' | ' | ' | 0.15% | 0.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of trailing quarters of EBITDA used to calculate ratio of funded debt to EBITDA | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
High end of ratio of funded debt to the entity's trailing four quarters of EBIDTA for unused capacity fees | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Low end of ratio of funded debt to the entity's trailing four quarters of EBIDTA for unused capacity fees | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of defined tiers of ratio of funded debt to EBITDA | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ratio of funded debt to EBIDTA required to be maintained | ' | ' | ' | 2.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed charge coverage ratio, required to be maintained | ' | ' | ' | ' | 1.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings for facilitating acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,000,000 | ' | ' | ' |
Principal repayments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | 2,000,000 | ' | ' |
Outstanding borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $16,000,000 | ' | ' |
Stockbased_Compensation_Detail
Stock-based Compensation (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | |
Stock options | Stock options | Stock options | Stock options | Stock options | |||||
Amounts recognized in the condensed financial statements related to stock-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total cost of stock-based compensation charged against income before income tax | $272,000 | $459,000 | $629,000 | $897,000 | ' | ' | ' | ' | ' |
Amount of income tax benefit recognized in earnings | 98,000 | 163,000 | 228,000 | 314,000 | ' | ' | ' | ' | ' |
Amount charged against net income | 174,000 | 296,000 | 401,000 | 583,000 | ' | ' | ' | ' | ' |
Impact on net Income Per Common Share : | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in dollars per share) | $0.05 | $0.09 | $0.12 | $0.17 | ' | ' | ' | ' | ' |
Diluted (in dollars per share) | $0.05 | $0.08 | $0.11 | $0.17 | ' | ' | ' | ' | ' |
Number of Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the beginning of the period (in shares) | ' | ' | ' | ' | ' | ' | 416,125 | ' | ' |
Stock options granted (in shares) | ' | ' | ' | ' | ' | ' | 128,124 | ' | ' |
Stock options forfeited (in shares) | ' | ' | ' | ' | ' | ' | -17,680 | ' | ' |
Stock options exercised (in shares) | ' | ' | ' | ' | ' | ' | -66,140 | ' | ' |
Outstanding at the end of the period (in shares) | ' | ' | ' | ' | ' | ' | 460,429 | ' | 416,125 |
Exercisable at the end of the period (in shares) | ' | ' | ' | ' | ' | ' | 192,570 | ' | ' |
Weighted-average Exercise Price per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the beginning of the period (in dollars per share) | ' | ' | ' | ' | ' | ' | $29.87 | ' | ' |
Stock options granted (in dollars per share) | ' | ' | ' | ' | ' | ' | $55.33 | ' | ' |
Stock options forfeited (in dollars per share) | ' | ' | ' | ' | ' | ' | $44.21 | ' | ' |
Stock options exercised (in dollars per share) | ' | ' | ' | ' | ' | ' | $21.85 | ' | ' |
Outstanding at the end of the period (in dollars per share) | ' | ' | ' | ' | ' | ' | $37.57 | ' | $29.87 |
Exercisable at the end of the period (in dollars per share) | ' | ' | ' | ' | ' | ' | $25.59 | ' | ' |
Weighted- average Remaining Contractual Term | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding | ' | ' | ' | ' | ' | ' | '4 years 4 months 24 days | ' | '3 years 8 months 12 days |
Stock options granted | ' | ' | ' | ' | ' | ' | '6 years 3 months 18 days | ' | ' |
Exercisable at the end of the period | ' | ' | ' | ' | ' | ' | '3 years 1 month 6 days | ' | ' |
Aggregate Intrinsic Value | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the end of the period | ' | ' | ' | ' | ' | ' | 18,884,000 | ' | 9,529,000 |
Exercisable at the end of the period | ' | ' | ' | ' | ' | ' | 10,204,000 | ' | ' |
Intrinsic value of stock options exercised | ' | ' | ' | ' | ' | ' | 2,889,000 | 1,800,000 | ' |
Unvested Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unvested at the beginning of the period (in shares) | ' | ' | ' | ' | ' | ' | 257,805 | ' | ' |
Stock options granted (in shares) | ' | ' | ' | ' | ' | ' | 128,124 | ' | ' |
Stock options forfeited (in shares) | ' | ' | ' | ' | ' | ' | -17,270 | ' | ' |
Stock options vested (in shares) | ' | ' | ' | ' | ' | ' | -100,800 | ' | ' |
Unvested at the end of the period (in shares) | ' | ' | ' | ' | ' | ' | 267,859 | ' | 257,805 |
Weighted-average Grant-Date Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unvested at the beginning of the period (in dollars per share) | ' | ' | ' | ' | ' | ' | $9.55 | ' | ' |
Stock options granted (in dollars per share) | ' | ' | ' | ' | ' | ' | $15.90 | ' | ' |
Stock options forfeited (in dollars per share) | ' | ' | ' | ' | ' | ' | $10.32 | ' | ' |
Stock options vested (in dollars per share) | ' | ' | ' | ' | ' | ' | $8.54 | ' | ' |
Unvested at the end of the period (in dollars per share) | ' | ' | ' | ' | ' | ' | $13.01 | ' | $9.55 |
Other stock option disclosures | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost | ' | ' | ' | ' | ' | ' | 2,407,000 | ' | ' |
Number of shares available for future stock option grants | ' | ' | ' | ' | ' | ' | 200,376 | ' | ' |
Number of unvested options modified (in shares) | ' | ' | ' | ' | 14,400 | ' | ' | ' | ' |
Expiration term | ' | ' | ' | ' | '10 years | ' | ' | ' | ' |
Incremental compensation expense | ' | ' | ' | ' | ' | $240,000 | ' | $240,000 | ' |
Net_Income_Per_Share_Details
Net Income Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Net Income Per Share | ' | ' | ' | ' |
Net income available for stockholders | $1,746 | $1,543 | $5,538 | $5,891 |
Weighted average outstanding shares of common stock | 3,434,000 | 3,360,000 | 3,414,000 | 3,349,000 |
Dilutive effect of stock options (in shares) | 203,000 | 182,000 | 177,000 | 178,000 |
Common stock and equivalents (in shares) | 3,637,000 | 3,542,000 | 3,591,000 | 3,527,000 |
Net Income per share: | ' | ' | ' | ' |
Basic (in dollars per share) | $0.51 | $0.46 | $1.62 | $1.76 |
Diluted (in dollars per share) | $0.48 | $0.44 | $1.54 | $1.67 |
Anti-dilutive stock options excluded from the calculation of diluted net income per share (in shares) | 27,000 | 0 | 60,000 | 0 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | 31-May-12 | Dec. 31, 2013 | 15-May-12 | Nov. 06, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 06, 2013 | Dec. 31, 2013 | Nov. 06, 2013 |
item | Bios | Bios | Bios | Amega Scientific | Amega Scientific | Amega Scientific | Amega Scientific | Amega Scientific | Amega Scientific | ||||
Maximum | Maximum | Minimum | Minimum | ||||||||||
Contingencies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earn-out period for determination of contingent consideration | ' | ' | ' | ' | '3 years | ' | ' | '3 years | ' | ' | ' | ' | ' |
Minimum revenue required in three years subsequent to the acquisition for payment of contingent consideration | ' | ' | ' | ' | ' | ' | $22,127,000 | $31,625,000 | ' | ' | ' | ' | ' |
Potential undiscounted future payments, low end of range | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' |
Potential undiscounted future payments, high end of range | ' | ' | ' | ' | ' | ' | 6,710,000 | 10,000,000 | ' | ' | ' | ' | ' |
Cumulative revenue required in three years subsequent to the acquisition for payment of contingent consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43,500,000 | 43,500,000 | 31,625,000 | 31,625,000 |
Contingent consideration payable | 2,676,000 | ' | 2,140,000 | 2,140,000 | ' | ' | 2,140,000 | 500,000 | 500,000 | ' | ' | ' | ' |
Change in contingent consideration liability | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' |
Estimate for state sales taxes recorded | ' | $1,106,000 | $100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of states with estimated sales tax due | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 7 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 |
item | item | |||||
Segment Information | ' | ' | ' | ' | ' | ' |
Number of reportable segments | ' | ' | 2 | 3 | ' | ' |
Segment data | ' | ' | ' | ' | ' | ' |
Revenues | $13,116 | $11,361 | ' | $37,010 | $33,627 | ' |
Gross profit | 7,706 | 6,947 | ' | 22,103 | 20,651 | ' |
Selling expenses | 1,595 | 1,223 | ' | 4,097 | 3,297 | ' |
Gross profit after deducting selling expense | 6,111 | 5,724 | ' | 18,006 | 17,354 | ' |
Earnings before income taxes | 2,727 | 2,426 | ' | 8,680 | 9,064 | ' |
Total assets | 92,555 | ' | ' | 92,555 | ' | 65,919 |
Operating segment | Biological Indicators | ' | ' | ' | ' | ' | ' |
Segment data | ' | ' | ' | ' | ' | ' |
Revenues | 5,317 | 5,154 | ' | 16,181 | 15,590 | ' |
Gross profit | 2,976 | 2,936 | ' | 9,019 | 8,890 | ' |
Selling expenses | 404 | 385 | ' | 1,350 | 1,165 | ' |
Gross profit after deducting selling expense | 2,572 | 2,551 | ' | 7,669 | 7,725 | ' |
Total assets | 25,710 | ' | ' | 25,710 | ' | 27,558 |
Operating segment | Instruments | ' | ' | ' | ' | ' | ' |
Segment data | ' | ' | ' | ' | ' | ' |
Revenues | 6,438 | 6,207 | ' | 19,468 | 18,037 | ' |
Gross profit | 4,137 | 4,011 | ' | 12,491 | 11,761 | ' |
Selling expenses | 1,047 | 838 | ' | 2,603 | 2,132 | ' |
Gross profit after deducting selling expense | 3,090 | 3,173 | ' | 9,888 | 9,629 | ' |
Total assets | 33,759 | ' | ' | 33,759 | ' | 31,782 |
Operating segment | Continuous Monitoring | ' | ' | ' | ' | ' | ' |
Segment data | ' | ' | ' | ' | ' | ' |
Revenues | 1,361 | ' | ' | 1,361 | ' | ' |
Gross profit | 593 | ' | ' | 593 | ' | ' |
Selling expenses | 144 | ' | ' | 144 | ' | ' |
Gross profit after deducting selling expense | 449 | ' | ' | 449 | ' | ' |
Total assets | 28,485 | ' | ' | 28,485 | ' | ' |
Reconciling items | ' | ' | ' | ' | ' | ' |
Segment data | ' | ' | ' | ' | ' | ' |
Reconciling items | -3,384 | -3,298 | ' | -9,326 | -8,290 | ' |
Corporate and administrative | ' | ' | ' | ' | ' | ' |
Segment data | ' | ' | ' | ' | ' | ' |
Total assets | $4,601 | ' | ' | $4,601 | ' | $6,579 |
Segment_Information_Details_2
Segment Information (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Net revenues from unaffiliated customers: | ' | ' | ' | ' |
Revenue | $13,116 | $11,361 | $37,010 | $33,627 |
Foreign country threshold for percentage of total revenue, maximum | ' | ' | 10.00% | 10.00% |
United States | ' | ' | ' | ' |
Net revenues from unaffiliated customers: | ' | ' | ' | ' |
Revenue | 7,054 | 7,013 | 20,877 | 20,504 |
Foreign countries | ' | ' | ' | ' |
Net revenues from unaffiliated customers: | ' | ' | ' | ' |
Revenue | $6,062 | $4,348 | $16,133 | $13,123 |
Subsequent_Event_Details
Subsequent Event (Details) (Subsequent events, USD $) | 1 Months Ended |
Jan. 31, 2014 | |
Subsequent events | ' |
Subsequent events | ' |
Quarterly cash dividend (in dollars per share) | $0.15 |