Mesa Laboratories (MLAB) 10-Q 6 Aug 14 2015 Q1 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
	Jun. 30, 2014	Jul. 31, 2014
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'MESA LABORATORIES INC /CO	'
Document Type	'10-Q	'
Current Fiscal Year End Date	'--03-31	'
Entity Common Stock, Shares Outstanding	'	3,505,432
Amendment Flag	'false	'
Entity Central Index Key	'0000724004	'
Entity Current Reporting Status	'Yes	'
Entity Voluntary Filers	'No	'
Entity Filer Category	'Accelerated Filer	'
Entity Well-known Seasoned Issuer	'No	'
Document Period End Date	30-Jun-14	'
Document Fiscal Year Focus	'2015	'
Document Fiscal Period Focus	'Q1	'

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) (USD $)	Jun. 30, 2014	Mar. 31, 2014
In Thousands, unless otherwise specified
ASSETS	'	'
Cash and cash equivalents	$3,200	$5,575
Accounts receivable, net	10,761	9,278
Inventories, net	9,950	7,771
Prepaid expenses and other	2,302	2,064
Deferred income taxes	1,878	1,878
Total current assets	28,091	26,566
Property, plant and equipment, net	7,902	7,680
Intangibles, net	31,957	25,417
Goodwill	42,334	37,866
Total assets	110,284	97,529
LIABILITIES AND STOCKHOLDERS’ EQUITY	'	'
Accounts payable	2,058	2,019
Accrued salaries and payroll taxes	2,495	3,567
Unearned revenues	1,414	1,886
Other accrued expenses	2,693	2,743
Current portion of long-term debt	3,000	0
Income taxes payable	745	'
Total current liabilities	12,405	10,215
Deferred income taxes	4,861	4,861
Long-term debt	25,000	16,500
Contingent consideration	1,620	1,620
Total liabilities	43,886	33,196
Commitments and Contingencies (Note 7)	'	'
Stockholders’ equity:	'	'
Common stock, no par value; authorized 25,000,000 shares; issued and outstanding, 3,504,701 and 3,490,628 shares,respectively	16,482	15,796
Employee loans to purchase stock	'	-24
Retained earnings	49,916	48,561
Total stockholders’ equity	66,398	64,333
Total liabilities and stockholders’ equity	$110,284	$97,529

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $)	Jun. 30, 2014	Mar. 31, 2014
Common stock, par value (in Dollars per share)	$0	$0
Common stock, shares authorized	25,000,000	25,000,000
Common stock, shares issued	3,504,701	3,490,628
Common stock, shares outstanding	3,504,701	3,490,628

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Income (Unaudited) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Revenues	$16,400	$11,218
Cost of revenues	6,695	4,421
Gross profit	9,705	6,797
Operating expenses	'	'
Selling	2,063	1,083
General and administrative	3,836	2,086
Research and development	751	585
Total operating expenses	6,650	3,754
Operating income	3,055	3,043
Other expense, net	162	28
Earnings before income taxes	2,893	3,015
Income taxes	1,012	1,155
Net income	$1,881	$1,860
Net income per share:	'	'
Basic (in Dollars per share)	$0.54	$0.55
Diluted (in Dollars per share)	$0.51	$0.52
Weighted average common shares outstanding:	'	'
Basic (in Shares)	3,501	3,394
Diluted (in Shares)	3,656	3,553

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Net income	$1,881,000	$1,860,000
Depreciation and amortization	1,359,000	811,000
Stock-based compensation	279,000	149,000
Loss on disposition of assets	16,000	'
Change in assets and liabilities, net of effects of acquisitions	'	'
Accounts receivable, net	-906,000	2,099,000
Inventories, net	-831,000	-514,000
Prepaid expenses and other	-206,000	-321,000
Accounts payable	-35,000	611,000
Accrued liabilities and taxes payable	-659,000	-1,890,000
Unearned revenues	-472,000	'
Net cash provided by operating activities	426,000	2,805,000
Cash flows from investing activities:	'	'
Acquisitions	-13,817,000	'
Purchases of property, plant and equipment	-393,000	-415,000
Net cash used in investing activities	-14,210,000	-415,000
Cash flows from financing activities:	'	'
Proceeds from the issuance of debt	18,000,000	'
Payments on debt	-6,500,000	-2,500,000
Dividends	-526,000	-474,000
Purchase and retirement of common stock	'	-15,000
Proceeds from the exercise of stock options	435,000	182,000
Net cash provided by (used in) financing activities	11,409,000	-2,807,000
Net decrease in cash and cash equivalents	-2,375,000	-417,000
Cash and cash equivalents at beginning of period	5,575,000	4,006,000
Cash and cash equivalents at end of period	3,200,000	3,589,000
Cash paid for:	'	'
Income taxes	274,000	2,435,000
Interest	92,000	19,000
Supplemental non-cash activity:	'	'
Repayment of employee loans for stock options	$24,000	$92,000

Note_1_Description_of_Business

Note 1 - Description of Business and Summary of Significant Accounting Policies	3 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]	'
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]	'
	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 seven 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, environmental air sampling and semiconductor 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 consolidated balance sheet as of March 31, 2014, has been derived from audited consolidated financial statements. The accompanying unaudited interim condensed consolidated financial statements have been prepared on the same basis as our annual audited consolidated 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 consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended March 31, 2014.
	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, 2014.
	Recently Issued Accounting Pronouncements
	In May 2014, the Financial Accounting Standards Board (“FASB”) and International Accounting Standards Board “(IASB”) issued a jointly converged standard on the recognition of revenue from contracts with customers. The issued guidance converges the criteria for reporting revenues, as well as requiring disclosures sufficient to describe the nature, amount, timing and uncertainty of revenues and cash flows arising from these contracts. Companies can transition to the standard either retrospectively or as a cumulative effective adjustment as of the date of adoption. The new standard is effective for our fiscal year (and interim periods within that year) ending March 31, 2018. We are evaluating the impact of this standard on our condensed consolidated financial statements and disclosures.

Note_2_Acquisitions

Note 2 - Acquisitions	3 Months Ended
	Jun. 30, 2014
Disclosure Text Block Supplement [Abstract]	'
Mergers, Acquisitions and Dispositions Disclosures [Text Block]	'
	Note 2 – Acquisitions
	For the three months ended June 30, 2014, our acquisitions of businesses (net of cash acquired) totaled $13,817,000, which consisted primarily of the following material acquisition:
	BGI
	On April 15, 2014, we completed a business combination (the “BGI Acquisition”) whereby we acquired substantially all of the assets (other than cash and accounts receivable) and certain liabilities of BGI, Incorporated and BGI Instruments, Inc. (collectively “BGI”), a business focused on the sale of equipment primarily used for particulate air sampling. The purchase price for the acquired assets was $10,268,000, subject to a post-closing adjustment.
	We expect to achieve savings and generate growth as we integrate the BGI 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 Instruments segment.
	The BGI 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 allocation of the consideration, subject to customary purchase price adjustments in accordance with the BGI Agreement (in thousands):
	Inventories, net	$	1,268
	Property, plant and equipment, net		47
	Intangibles, net		5,711
	Goodwill		3,295
	Accrued expenses		(53	)
	Total purchase price allocation	$	10,268
	The accompanying condensed consolidated statements of income include the results of the BGI Acquisition from the acquisition date of April 15, 2014. The pro forma effects of the acquisition on the results of operations as if the acquisition had been completed on April 1, 2014 and 2013, are as follows (in thousands, except per share data):
		Three Months Ended
		June 30,
		2014			2013
	Revenues	$	16,718		$	13,134
	Net income		1,959			2,395
	Net income per common share:
	Basic	$	0.56		$	0.71
	Diluted		0.54			0.67

Note_3_Inventories

Note 3 - Inventories	3 Months Ended
	Jun. 30, 2014
Inventory Disclosure [Abstract]	'
Inventory Disclosure [Text Block]	'
	Note 3 - Inventories
	Inventories consist of the following (in thousands):
		30-Jun-14			31-Mar-14
	Raw materials	$	7,839		$	5,758
	Work-in-process		590			272
	Finished goods		1,973			2,068
	Less: reserve		(452	)		(327	)
		$	9,950		$	7,771

Note_4_Longterm_Debt

Note 4 - Long-term Debt	3 Months Ended
	Jun. 30, 2014
Debt Disclosure [Abstract]	'
Debt Disclosure [Text Block]	'
	Note 4 - Long-Term Debt
	Long-term debt consists of the following (in thousands):
		30-Jun-14			31-Mar-14
	Line of credit (1.9% at June 30, 2014)	$	13,000		$	16,500
	Term loan (2.15% at June 30, 2014)		15,000			--
	Less: current portion		(3,000	)		--
	Long-term portion	$	25,000		$	16,500
	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 were used for general working capital and corporate needs, retiring existing debt, or to support acquisitions and capital expenditures.
	In April 2014, the Credit Facility was amended to include a $15,000,000 term loan (the “Term Loan”) and to extend the maturity date of the Credit Facility to June 30, 2017.
	Under the Line of Credit, indebtedness bears interest at either: (1) LIBOR, as defined, plus an applicable margin ranging from 1.25% to 2%; 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 (including amounts outstanding under the Term Loan) 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 Term Loan bears interest at LIBOR, as defined, plus 2% and requires 11 quarterly principal payments (the first due date was July 15, 2014) in the amount of $750,000 with the remaining balance of principal and accrued interest due on April 15, 2017. The proceeds from the Term Loan were used to support acquisition financing and to repay amounts outstanding under the Line of Credit.
	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 EBIDTA, as defined, of 2.5 to 1.0, and a minimum fixed charge coverage ratio of 1.35 to 1.0. We were in compliance with these covenants at June 30, 2014.
	Future contractual maturities of debt are as follows (in thousands):
	Year ending March 31,
	2015	$	2,250
	2016		3,000
	2017		3,000
	2018		19,750
		$	28,000
	In July 2014, we made a $750,000 required principal payment on the Term Loan and $1,500,000 of principal payments on the Line of Credit.

Note_5_StockBased_Compensation

Note 5 - Stock-Based Compensation	3 Months Ended
	Jun. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	'
	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
		June 30,
		2014			2013
	Total cost of stock-based compensation charged against income before income taxes	$	279		$	149
	Amount of income tax benefit recognized in earnings		98			57
	Amount charged against net income	$	181		$	92
	Impact on net income per common share:
	Basic	$	0.05		$	0.03
	Diluted		0.05			0.03
	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 three months ended June 30, 2014:
		Number of			Weighted- Average Exercise Price per Share		Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value (000s)
		Shares
	Outstanding at March 31, 2014		398,172		$	38.75		4.4	$	20,505
	Stock options granted		141,900			89.59		7.8
	Stock options forfeited		(7,279	)		58.08
	Stock options expired		--			--
	Stock options exercised		(15,803	)		35.55
	Outstanding at June 30, 2014		516,990			52.39		5.2		17,046
	Exercisable at June 30, 2014		221,035			30.76		3.5		11,759
	The total intrinsic value of stock options exercised was $826,000 and $329,000 for the three months ended June 30, 2014 and 2013, respectively.
	A summary of the status of our unvested stock option shares as of June 30, 2014 is as follows:
		Number of			Weighted-Average
		Shares			Grant-Date
					Fair Value
	Unvested at March 31, 2014		257,347		$	11.86
	Stock options granted		141,900			24.81
	Stock options forfeited		(7,279	)		15.72
	Stock options vested		(96,013	)		10.04
	Unvested at June 30, 2014		295,955			18.52
	As of June 30, 2014, there was $4,194,000 of total unrecognized compensation expense related to unvested stock options. As of June 30, 2014, we have 76,267 shares available for future stock option grants.

Note_6_Net_Income_Per_Share

Note 6 - Net Income Per Share	3 Months Ended
	Jun. 30, 2014
Earnings Per Share [Abstract]	'
Earnings Per Share [Text Block]	'
	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
		June 30,
		2014		2013
	Net income available for stockholders	$	1,881	$	1,860
	Weighted average outstanding shares of common stock		3,501		3,394
	Dilutive effect of stock options		155		159
	Common stock and equivalents		3,656		3,553
	Net income per share:
	Basic	$	0.54	$	0.55
	Diluted		0.51		0.52
	For the three months ended June 30, 2014 and 2013, 156,000 and zero outstanding stock options, respectively, were excluded from the calculation of diluted net income per share because the exercise prices of the stock options were greater than or equal to the average price of the common shares and, therefore, their inclusion would have been anti-dilutive.

Note_7_Commitments_and_Conting

Note 7 - Commitments and Contingencies	3 Months Ended
	Jun. 30, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies Disclosure [Text Block]	'
	Note 7- Commitments and Contingencies
	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 upon both historical and projected growth rates, we recorded $500,000 of contingent consideration payable which represents our best estimate of the amount that will ultimately be paid. Any changes to the contingent consideration ultimately paid will result in additional income or expense in our condensed consolidated statements of income. We will continue to monitor the results of our Continuous Monitoring Division and we will adjust the contingent liability on a go forward basis, based on then current information. The contingent consideration is payable in the third quarter of our year ending March 31, 2017.
	Under the terms of the Bios Agreement, we are required to pay contingent consideration if the cumulative revenues related to the acquisition for the three years subsequent to the acquisition exceed $22,127,000. The potential future payment that we could be required to make ranges from $0 to $6,710,000. Based upon historical growth rates, we initially recorded $2,140,000 of contingent consideration payable which represented our best estimate of the amount that would ultimately be paid. Based upon actual results and current run rates, during the year ended March 31, 2014, we revised our estimate of the ultimate contingent liability that would be paid, which resulted in reducing the contingent consideration payable to $1,120,000. Any further changes to the contingent consideration ultimately paid would result in additional income or expense in our condensed consolidated statements of income. We will continue to monitor the results associated with the Bios Acquisition and we will adjust the contingent liability on a go forward basis, based on then current information. 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 year ended March 31, 2014, we completed our analysis associated with the remaining states and we recorded an estimate of $1,408,000, which was included in other accrued expenses on the consolidated balance sheets and in general and administrative expense on the consolidated statements of income for the year ended March 31, 2014. 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.

Note_8_Segment_Information

Note 8 - Segment Information	3 Months Ended
	Jun. 30, 2014
Segment Reporting [Abstract]	'
Segment Reporting Disclosure [Text Block]	'
	Note 8 - Segment Information
	We have three reporting segments: Biological Indicators, Instruments and Continuous Monitoring. The following tables set forth our segment information (in thousands):
		Three Months Ended June 30, 2014
		Biological Indicators		Instruments		Continuous Monitoring		Total
	Revenues	$	6,417	$	7,685	$	2,298	$	16,400
	Gross profit	$	3,784	$	4,927	$	994	$	9,705
	Selling expenses		404		992		667		2,063
		$	3,380	$	3,935	$	327		7,642
	Reconciling items (1)								(4,749	)
	Earnings before income taxes							$	2,893
		Three Months Ended June 30, 2013
		Biological Indicators		Instruments		Continuous Monitoring		Total
	Revenues	$	4,854	$	6,364		--	$	11,218
	Gross profit	$	2,561	$	4,236		--	$	6,797
	Selling expenses		390		693		--		1,083
		$	2,171	$	3,543		--		5,714
	Reconciling items (1)								(2,699	)
	Earnings before income taxes							$	3,015
	(1) Reconciling items include general and administrative, research and development, and other expenses.
		30-Jun-14		31-Mar-14
	Total assets
	Biological Indicators	$	26,458	$	22,771
	Instruments		47,643		36,797
	Continuous Monitoring		28,803		28,578
	Corporate and administrative		7,380		9,383
		$	110,284	$	97,529
	All long-lived assets are located in the United States except for $3,107,000 which are associated with our subsidiary which is located in Chassieu, France.
	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
		June 30,
		2014		2013
	Net revenues from unaffiliated customers:
	United States	$	8,491	$	6,030
	Foreign		7,909		5,188
		$	16,400	$	11,218
	No foreign country exceeds 10% of total revenues.

Note_9_Subsequent_Events

Note 9 - Subsequent Events	3 Months Ended
	Jun. 30, 2014
Subsequent Events [Abstract]	'
Subsequent Events [Text Block]	'
	Note 9 - Subsequent Event
	In July 2014, our Board of Directors declared a quarterly cash dividend of $0.15 per share of common stock, payable on September 15, 2014, to shareholders of record at the close of business on August 29, 2014.

Accounting_Policies_by_Policy_

Accounting Policies, by Policy (Policies)	3 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]	'
Basis of Accounting, Policy [Policy Text Block]	'
	Basis of Presentation
	The accompanying condensed consolidated balance sheet as of March 31, 2014, has been derived from audited consolidated financial statements. The accompanying unaudited interim condensed consolidated financial statements have been prepared on the same basis as our annual audited consolidated 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 consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended March 31, 2014.
	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, 2014.
New Accounting Pronouncements, Policy [Policy Text Block]	'
	Recently Issued Accounting Pronouncements
	In May 2014, the Financial Accounting Standards Board (“FASB”) and International Accounting Standards Board “(IASB”) issued a jointly converged standard on the recognition of revenue from contracts with customers. The issued guidance converges the criteria for reporting revenues, as well as requiring disclosures sufficient to describe the nature, amount, timing and uncertainty of revenues and cash flows arising from these contracts. Companies can transition to the standard either retrospectively or as a cumulative effective adjustment as of the date of adoption. The new standard is effective for our fiscal year (and interim periods within that year) ending March 31, 2018. We are evaluating the impact of this standard on our condensed consolidated financial statements and disclosures.

Note_2_Acquisitions_Tables

Note 2 - Acquisitions (Tables) (BGI [Member])	3 Months Ended
	Jun. 30, 2014
BGI [Member]	'
Note 2 - Acquisitions (Tables) [Line Items]	'
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	'
	Inventories, net	$	1,268
	Property, plant and equipment, net		47
	Intangibles, net		5,711
	Goodwill		3,295
	Accrued expenses		(53	)
	Total purchase price allocation	$	10,268
Business Acquisition, Pro Forma Information [Table Text Block]	'
		Three Months Ended
		June 30,
		2014			2013
	Revenues	$	16,718		$	13,134
	Net income		1,959			2,395
	Net income per common share:
	Basic	$	0.56		$	0.71
	Diluted		0.54			0.67

Note_3_Inventories_Tables

Note 3 - Inventories (Tables)	3 Months Ended
	Jun. 30, 2014
Inventory Disclosure [Abstract]	'
Schedule of Inventory, Current [Table Text Block]	'
		30-Jun-14			31-Mar-14
	Raw materials	$	7,839		$	5,758
	Work-in-process		590			272
	Finished goods		1,973			2,068
	Less: reserve		(452	)		(327	)
		$	9,950		$	7,771

Note_4_Longterm_Debt_Tables

Note 4 - Long-term Debt (Tables)	3 Months Ended
	Jun. 30, 2014
Debt Disclosure [Abstract]	'
Schedule of Debt [Table Text Block]	'
		30-Jun-14			31-Mar-14
	Line of credit (1.9% at June 30, 2014)	$	13,000		$	16,500
	Term loan (2.15% at June 30, 2014)		15,000			--
	Less: current portion		(3,000	)		--
	Long-term portion	$	25,000		$	16,500
Schedule of Maturities of Long-term Debt [Table Text Block]	'
	Year ending March 31,
	2015	$	2,250
	2016		3,000
	2017		3,000
	2018		19,750
		$	28,000

Note_5_StockBased_Compensation1

Note 5 - Stock-Based Compensation (Tables)	3 Months Ended
	Jun. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]	'
		Three Months Ended
		June 30,
		2014			2013
	Total cost of stock-based compensation charged against income before income taxes	$	279		$	149
	Amount of income tax benefit recognized in earnings		98			57
	Amount charged against net income	$	181		$	92
	Impact on net income per common share:
	Basic	$	0.05		$	0.03
	Diluted		0.05			0.03
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	'
		Number of			Weighted- Average Exercise Price per Share		Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value (000s)
		Shares
	Outstanding at March 31, 2014		398,172		$	38.75		4.4	$	20,505
	Stock options granted		141,900			89.59		7.8
	Stock options forfeited		(7,279	)		58.08
	Stock options expired		--			--
	Stock options exercised		(15,803	)		35.55
	Outstanding at June 30, 2014		516,990			52.39		5.2		17,046
	Exercisable at June 30, 2014		221,035			30.76		3.5		11,759
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block]	'
		Number of			Weighted-Average
		Shares			Grant-Date
					Fair Value
	Unvested at March 31, 2014		257,347		$	11.86
	Stock options granted		141,900			24.81
	Stock options forfeited		(7,279	)		15.72
	Stock options vested		(96,013	)		10.04
	Unvested at June 30, 2014		295,955			18.52

Note_6_Net_Income_Per_Share_Ta

Note 6 - Net Income Per Share (Tables)	3 Months Ended
	Jun. 30, 2014
Earnings Per Share [Abstract]	'
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	'
		Three Months Ended
		June 30,
		2014		2013
	Net income available for stockholders	$	1,881	$	1,860
	Weighted average outstanding shares of common stock		3,501		3,394
	Dilutive effect of stock options		155		159
	Common stock and equivalents		3,656		3,553
	Net income per share:
	Basic	$	0.54	$	0.55
	Diluted		0.51		0.52

Note_8_Segment_Information_Tab

Note 8 - Segment Information (Tables)	3 Months Ended
	Jun. 30, 2014
Segment Reporting [Abstract]	'
Schedule of Segment Reporting Information, by Segment [Table Text Block]	'
		Three Months Ended June 30, 2014
		Biological Indicators		Instruments		Continuous Monitoring		Total
	Revenues	$	6,417	$	7,685	$	2,298	$	16,400
	Gross profit	$	3,784	$	4,927	$	994	$	9,705
	Selling expenses		404		992		667		2,063
		$	3,380	$	3,935	$	327		7,642
	Reconciling items (1)								(4,749	)
	Earnings before income taxes							$	2,893
		Three Months Ended June 30, 2013
		Biological Indicators		Instruments		Continuous Monitoring		Total
	Revenues	$	4,854	$	6,364		--	$	11,218
	Gross profit	$	2,561	$	4,236		--	$	6,797
	Selling expenses		390		693		--		1,083
		$	2,171	$	3,543		--		5,714
	Reconciling items (1)								(2,699	)
	Earnings before income taxes							$	3,015
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	'
		30-Jun-14		31-Mar-14
	Total assets
	Biological Indicators	$	26,458	$	22,771
	Instruments		47,643		36,797
	Continuous Monitoring		28,803		28,578
	Corporate and administrative		7,380		9,383
		$	110,284	$	97,529
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]	'
		Three Months Ended
		June 30,
		2014		2013
	Net revenues from unaffiliated customers:
	United States	$	8,491	$	6,030
	Foreign		7,909		5,188
		$	16,400	$	11,218

Note_1_Description_of_Business1

Note 1 - Description of Business and Summary of Significant Accounting Policies (Details)	3 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]	'
Number of Reportable Segments	3
Number of Physical Locations in which Entity is Organized	7

Note_2_Acquisitions_Details

Note 2 - Acquisitions (Details) (USD $)	3 Months Ended
	Jun. 30, 2014	Apr. 15, 2014
		BGI [Member]
Note 2 - Acquisitions (Details) [Line Items]	'	'
Payments to Acquire Businesses, Net of Cash Acquired	$13,817,000	'
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	'	$10,268,000

Note_2_Acquisitions_Details_Pu

Note 2 - Acquisitions (Details) - Purchase Price Allocation - BGI (USD $)	Jun. 30, 2014	Mar. 31, 2014	Apr. 15, 2014
			BGI [Member]
Note 2 - Acquisitions (Details) - Purchase Price Allocation - BGI [Line Items]	'	'	'
Inventories, net	'	'	$1,268,000
Property, plant and equipment, net	'	'	47,000
Intangibles, net	'	'	5,711,000
Goodwill	42,334,000	37,866,000	3,295,000
Accrued expenses	'	'	-53,000
Total purchase price allocation	'	'	$10,268,000

Note_2_Acquisitions_Details_Ad

Note 2 - Acquisitions (Details) - Adjusted Pro Forma Effect of the Acquisitions on the Results of Operations (BGI [Member], USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
BGI [Member]	'	'
Note 2 - Acquisitions (Details) - Adjusted Pro Forma Effect of the Acquisitions on the Results of Operations [Line Items]	'	'
Revenues	$16,718	$13,134
Net income	$1,959	$2,395
Basic	$0.56	$0.71
Diluted	$0.54	$0.67

Note_3_Inventories_Details_Sum

Note 3 - Inventories (Details) - Summary of Inventories (USD $)	Jun. 30, 2014	Mar. 31, 2014
In Thousands, unless otherwise specified
Summary of Inventories [Abstract]	'	'
Raw materials	$7,839	$5,758
Work-in-process	590	272
Finished goods	1,973	2,068
Less: reserve	-452	-327
	$9,950	$7,771

Note_4_Longterm_Debt_Details

Note 4 - Long-term Debt (Details) (USD $)

Jun. 30, 2014

Jul. 31, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Feb. 29, 2012

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Apr. 30, 2014

Subsequent Event [Member]

Line of Credit [Member]

Line of Credit [Member]

Line of Credit [Member]

Line of Credit [Member]

Line of Credit [Member]

Line of Credit [Member]

Line of Credit [Member]

Line of Credit [Member]

Line of Credit [Member]

Revolving Credit Facility [Member]

Letter of Credit [Member]

Term Loan [Member]

Term Loan [Member]

Term Loan [Member]

London Interbank Offered Rate (LIBOR) [Member]

London Interbank Offered Rate (LIBOR) [Member]

Debt Instrument Variable Rate Base CBFR Using One Month LIBOR [Member]

Debt Instrument Variable Rate Base CBFR Using One Month LIBOR [Member]

Debt Instrument Variable Rate Base CBFR Using One Month LIBOR [Member]

Minimum [Member]

Maximum [Member]

London Interbank Offered Rate (LIBOR) [Member]

Minimum [Member]

Maximum [Member]

Minimum [Member]

Maximum [Member]

Note 4 - Long-term Debt (Details) [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Term

'

'

'

'

'

'

'

'3 years

'

'

'

'

'

'

'

'

Line of Credit Facility, Maximum Borrowing Capacity (in Dollars)

'

'

'

'

'

'

'

'

'

'

'

$20,000,000

$1,000,000

'

'

'

Long-term Debt, Gross (in Dollars)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

15,000,000

Debt Instrument, Basis Spread on Variable Rate

'

'

1.25%

2.00%

'

0.50%

1.25%

'

'

'

'

'

'

2.00%

'

'

Debt Instrument Basis Spread on Variable Rate Used to Calculate Commercial Bank Floating Rate

'

'

'

'

2.50%

'

'

'

'

'

'

'

'

'

'

'

Line of Credit Facility, Unused Capacity, Commitment Fee Percentage

'

'

'

'

'

'

'

'

'

0.15%

0.30%

'

'

'

'

'

Line of Credit Facility Unused Capacity Fee Ratio of Funded Debt to EBITDA Low End of Range

'

'

'

'

'

'

'

'

'

'

1

'

'

'

'

'

Line of Credit Facility, Unused Capacity Fee Ratio of Funded Debt to EBITDA High End of Range

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

Line of Credit Facility, Periodic Payment, Number of Quarterly Payments

11

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Line of Credit Facility, Periodic Payment, Principal (in Dollars)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

750,000

'

Debt Instrument Covenant Ratio of Funded Debt to Consolidated EBIDTA

'

'

'

'

'

'

'

'

2.5

'

'

'

'

'

'

'

Debt Instrument Covenant Fixed Charge Coverage Ratio

'

'

'

'

'

'

'

'

'

1.35

'

'

'

'

'

'

Repayments of Long-term Debt (in Dollars)

'

750,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Repayments of Lines of Credit (in Dollars)

'

$1,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Note_4_Longterm_Debt_Details_L

Note 4 - Long-term Debt (Details) - Long-term Debt (USD $)	Jun. 30, 2014	Mar. 31, 2014
In Thousands, unless otherwise specified
Note 4 - Long-term Debt (Details) - Long-term Debt [Line Items]	'	'
Long-term debt	$28,000	'
Less: current portion	-3,000	0
Long-term portion	25,000	16,500
Line of Credit [Member]	'	'
Note 4 - Long-term Debt (Details) - Long-term Debt [Line Items]	'	'
Long-term debt	13,000	16,500
Term Loan [Member]	'	'
Note 4 - Long-term Debt (Details) - Long-term Debt [Line Items]	'	'
Long-term debt	$15,000	'

Note_4_Longterm_Debt_Details_L1

Note 4 - Long-term Debt (Details) - Long-term Debt (Parentheticals)	Jun. 30, 2014
Line of Credit [Member]	'
Note 4 - Long-term Debt (Details) - Long-term Debt (Parentheticals) [Line Items]	'
Line of credit, interest rate at end of period	1.90%
Term Loan [Member]	'
Note 4 - Long-term Debt (Details) - Long-term Debt (Parentheticals) [Line Items]	'
Term loan, interest rate at end of period	2.15%

Note_4_Longterm_Debt_Details_F

Note 4 - Long-term Debt (Details) - Future Contractual Maturities of Debt (USD $)	Jun. 30, 2014
In Thousands, unless otherwise specified
Future Contractual Maturities of Debt [Abstract]	'
2015	$2,250
2016	3,000
2017	3,000
2018	19,750
	$28,000

Note_5_StockBased_Compensation2

Note 5 - Stock-Based Compensation (Details) (USD $)	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value	$826,000	$329,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$4,194,000	'
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares)	76,267	'

Note_5_StockBased_Compensation3

Note 5 - Stock-Based Compensation (Details) - Allocation of Share-Based Compensation (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Allocation of Share-Based Compensation [Abstract]	'	'
Total cost of stock-based compensation charged against income before income taxes	$279	$149
Amount of income tax benefit recognized in earnings	98	57
Amount charged against net income	$181	$92
Impact on net income per common share:	'	'
Basic (in Dollars per share)	$0.05	$0.03
Diluted (in Dollars per share)	$0.05	$0.03

Note_5_StockBased_Compensation4

Note 5 - Stock-Based Compensation (Details) - Summary of Option Activity (USD $)	3 Months Ended	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Jun. 30, 2014	Mar. 31, 2014
Summary of Option Activity [Abstract]	'	'
Outstanding Number of Shares	516,990	398,172
Outstanding Weighted-Avg. Exercise Price	$52.39	$38.75
Outstanding Weighted-Avg. Remaining Contractual Term	'5 years 73 days	'4 years 146 days
Outstanding Aggregate Intrinsic Value	$17,046	$20,505
Exercisable at June 30, 2014	221,035	'
Exercisable at June 30, 2014	$30.76	'
Exercisable at June 30, 2014	'3 years 6 months	'
Exercisable at June 30, 2014	$11,759	'
Stock options granted	141,900	'
Stock options granted	$89.59	'
Stock options granted	'7 years 292 days	'
Stock options forfeited	-7,279	'
Stock options forfeited	$58.08	'
Stock options exercised	-15,803	'
Stock options exercised	$35.55	'

Note_5_StockBased_Compensation5

Note 5 - Stock-Based Compensation (Details) - Summary of Unvested Options (USD $)	3 Months Ended
	Jun. 30, 2014	Mar. 31, 2013
Summary of Unvested Options [Abstract]	'	'
Unvested Options	295,955	257,347
Unvested Shares Weighted-Avg. Grant-date Fair Value	$18.52	$11.86
Stock options granted	141,900	'
Stock options granted	$24.81	'
Stock options forfeited	-7,279	'
Stock options forfeited	$15.72	'
Stock options vested	-96,013	'
Stock options vested	$10.04	'

Note_6_Net_Income_Per_Share_De

Note 6 - Net Income Per Share (Details)	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Earnings Per Share [Abstract]	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	156,000	0

Note_6_Net_Income_Per_Share_De1

Note 6 - Net Income Per Share (Details) - Computation of Net Income per Share - Basic & Diluted (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Computation of Net Income per Share - Basic & Diluted [Abstract]	'	'
Net income available for stockholders (in Dollars)	$1,881	$1,860
Weighted average outstanding shares of common stock	3,501	3,394
Dilutive effect of stock options	155	159
Common stock and equivalents	3,656	3,553
Net income per share:	'	'
Basic (in Dollars per share)	$0.54	$0.55
Diluted (in Dollars per share)	$0.51	$0.52

Note_7_Commitments_and_Conting1

Note 7 - Commitments and Contingencies (Details) (USD $)	Jun. 30, 2014	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013	Nov. 06, 2013	15-May-12	Nov. 06, 2013	Nov. 06, 2013	15-May-12	Mar. 31, 2014
				General and Administrative Expense [Member]	General and Administrative Expense [Member]	Amega Scientific Corporation [Member]	Amega Scientific Corporation [Member]	Amega Scientific Corporation [Member]	Amega Scientific Corporation [Member]	Bios [Member]	Bios [Member]
				Other Accrued Expenses [Member]	Other Accrued Expenses [Member]			Minimum [Member]	Maximum [Member]
Note 7 - Commitments and Contingencies (Details) [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Business Acquisition Earn Out Period for Determination of Contingent Consideration	'	'	'	'	'	'3 years	'	'	'	'3 years	'
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low	'	'	'	'	'	'	$0	'	'	$0	'
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High	'	'	'	'	'	'	10,000,000	'	'	6,710,000	'
Business Acquisition Agreement Holdback Payment Period from Effective Date Less Any Losses Incurred by Buyer Payable to Seller	'	'	'	'	'	'3 years	'	'	'	'	'
Business Acquisition Revenue Required in Three Years Subsequent to Acquisition for Payment of Contingent Consideration	'	'	'	'	'	'	'	31,625,000	43,500,000	'	'
Business Combination, Contingent Consideration, Liability	1,620,000	1,620,000	'	'	'	500,000	'	'	'	2,140,000	1,120,000
Business Acquisition Minimum Revenue Required in Three Years Subsequent to Acquisition for Payment of Contingent Consideration	'	'	'	'	'	'	'	'	'	22,127,000	'
Sales and Excise Tax Payable	'	'	'	$1,408,000	$100,000	'	'	'	'	'	'
Number of States Due Sales Tax	'	'	1	'	'	'	'	'	'	'	'

Note_8_Segment_Information_Det

Note 8 - Segment Information (Details) (USD $)	3 Months Ended
	Jun. 30, 2014
Note 8 - Segment Information (Details) [Line Items]	'
Number of Reportable Segments	3
FRANCE	'
Note 8 - Segment Information (Details) [Line Items]	'
Long-Lived Assets	3,107,000

Note_8_Segment_Information_Det1

Note 8 - Segment Information (Details) - Operating Segment Information (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014		Jun. 30, 2013
Segment Reporting Information [Line Items]	'		'
Revenues	$16,400		$11,218
Gross profit	9,705		6,797
Selling expenses	2,063		1,083
Gross profit after deducting selling expense and impairment of intangible assets	7,642		5,714
Reconciling items	-4,749	[1]	-2,699	[1]
Earnings before income taxes	2,893		3,015
Biological Indicators [Member]	'		'
Segment Reporting Information [Line Items]	'		'
Revenues	6,417		4,854
Gross profit	3,784		2,561
Selling expenses	404		390
Gross profit after deducting selling expense and impairment of intangible assets	3,380		2,171
Instruments [Member]	'		'
Segment Reporting Information [Line Items]	'		'
Revenues	7,685		6,364
Gross profit	4,927		4,236
Selling expenses	992		693
Gross profit after deducting selling expense and impairment of intangible assets	3,935		3,543
Continuous Monitoring [Member]	'		'
Segment Reporting Information [Line Items]	'		'
Revenues	2,298		'
Gross profit	994		'
Selling expenses	667		'
Gross profit after deducting selling expense and impairment of intangible assets	$327		'
[1]	Reconciling items include general and administrative, research and development, and other expenses.

Note_8_Segment_Information_Det2

Note 8 - Segment Information (Details) - Operating Segment Asset Reconciliation (USD $)	Jun. 30, 2014	Mar. 31, 2014	Mar. 31, 2013
In Thousands, unless otherwise specified
Total assets	'	'	'
Total assets	$110,284	$97,529	$97,529
Biological Indicators [Member]	'	'	'
Total assets	'	'	'
Total assets	26,458	'	22,771
Instruments [Member]	'	'	'
Total assets	'	'	'
Total assets	47,643	'	36,797
Continuous Monitoring [Member]	'	'	'
Total assets	'	'	'
Total assets	28,803	'	28,578
Corporate Segment [Member]	'	'	'
Total assets	'	'	'
Total assets	$7,380	'	$9,383

Note_8_Segment_Information_Det3

Note 8 - Segment Information (Details) - Revenues from External Customers (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Net revenues from unaffiliated customers:	'	'
Revenues from unaffiliated customers	$16,400	$11,218
UNITED STATES	'	'
Net revenues from unaffiliated customers:	'	'
Revenues from unaffiliated customers	8,491	6,030
Foreign [Member]	'	'
Net revenues from unaffiliated customers:	'	'
Revenues from unaffiliated customers	$7,909	$5,188

Note_9_Subsequent_Events_Detai

Note 9 - Subsequent Events (Details) (Subsequent Event [Member], USD $)	1 Months Ended
	Jul. 31, 2014
Subsequent Event [Member]	'
Note 9 - Subsequent Events (Details) [Line Items]	'
Common Stock, Dividends, Per Share, Declared	$0.15