Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Dec. 31, 2014 | Jan. 27, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | MESA LABORATORIES INC /CO | |
Document Type | 10-Q | |
Current Fiscal Year End Date | -28 | |
Entity Common Stock, Shares Outstanding | 3,535,456 | |
Amendment Flag | FALSE | |
Entity Central Index Key | 724004 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Accelerated Filer | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | 31-Dec-14 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q3 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Cash and cash equivalents | $1,427 | $5,575 |
Accounts receivable, net | 11,849 | 9,278 |
Inventories, net | 12,596 | 7,771 |
Prepaid expenses and other | 1,558 | 2,064 |
Deferred income taxes | 1,878 | 1,878 |
Total current assets | 29,308 | 26,566 |
Property, plant and equipment, net | 9,241 | 7,680 |
Intangibles, net | 33,532 | 25,417 |
Goodwill | 44,097 | 37,866 |
Total assets | 116,178 | 97,529 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Accounts payable | 2,840 | 2,019 |
Accrued salaries and payroll taxes | 3,968 | 3,567 |
Unearned revenues | 1,421 | 1,886 |
Other accrued expenses | 1,450 | 2,743 |
Current portion of long-term debt | 3,000 | 0 |
Total current liabilities | 12,679 | 10,215 |
Deferred income taxes | 4,861 | 4,861 |
Long-term debt | 25,000 | 16,500 |
Contingent consideration | 1,920 | 1,620 |
Total liabilities | 44,460 | 33,196 |
Commitments and Contingencies (Note 7) | ||
Common stock, no par value; authorized 25,000,000 shares; issued and outstanding, 3,535,349 and 3,490,628 shares, respectively | 17,681 | 15,796 |
Employee loans to purchase stock | -24 | |
Retained earnings | 54,287 | 48,561 |
Accumulated other comprehensive loss | -250 | |
Total stockholders’ equity | 71,718 | 64,333 |
Total liabilities and stockholders’ equity | $116,178 | $97,529 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $) | Dec. 31, 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 | 3,535,349 | 3,490,628 |
Common stock, shares outstanding | 3,535,349 | 3,490,628 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Revenues | $17,830 | $13,116 | $52,770 | $37,010 |
Cost of revenues | 6,778 | 5,410 | 20,890 | 14,907 |
Gross profit | 11,052 | 7,706 | 31,880 | 22,103 |
Operating expenses | ||||
Selling | 1,772 | 1,595 | 5,177 | 4,097 |
General and administrative | 4,740 | 2,781 | 12,581 | 8,003 |
Research and development | 832 | 524 | 2,459 | 1,639 |
Total operating expenses | 7,344 | 4,900 | 20,217 | 13,739 |
Operating income | 3,708 | 2,806 | 11,663 | 8,364 |
Other income (expense), net | 5 | -79 | -314 | 316 |
Earnings before income taxes | 3,713 | 2,727 | 11,349 | 8,680 |
Income taxes | 1,310 | 981 | 4,005 | 3,142 |
Net income | $2,403 | $1,746 | $7,344 | $5,538 |
Net income per share: | ||||
Basic (in Dollars per share) | $0.68 | $0.51 | $2.09 | $1.62 |
Diluted (in Dollars per share) | $0.66 | $0.48 | $2.01 | $1.54 |
Weighted average common shares outstanding: | ||||
Basic (in Shares) | 3,532 | 3,434 | 3,513 | 3,414 |
Diluted (in Shares) | 3,654 | 3,637 | 3,649 | 3,591 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Net Income | $2,403 | $1,746 | $7,344 | $5,538 |
Other comprehensive loss, net of tax: | ||||
Foreign currency translation | -250 | -250 | ||
Total comprehensive income | $2,153 | $1,746 | $7,094 | $5,538 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Net income | $7,344,000 | $5,538,000 |
Depreciation and amortization | 4,162,000 | 2,682,000 |
Stock-based compensation | 776,000 | 629,000 |
Loss (gain) on disposition of assets | 16,000 | -420,000 |
Foreign currency adjustments | -169,000 | |
Change in assets and liabilities, net of effects of acquisitions | ||
Accounts receivable, net | -1,994,000 | 1,202,000 |
Inventories, net | -3,340,000 | -684,000 |
Prepaid expenses and other | 538,000 | -425,000 |
Accounts payable | 747,000 | 105,000 |
Accrued liabilities and taxes payable | -1,439,000 | 714,000 |
Unearned revenues | -465,000 | 133,000 |
Net cash provided by operating activities | 6,176,000 | 9,474,000 |
Cash flows from investing activities: | ||
Acquisitions | -19,050,000 | -22,758,000 |
Proceeds from dispositions | 661,000 | |
Purchases of property, plant and equipment | -2,212,000 | -808,000 |
Net cash used in investing activities | -21,262,000 | -22,905,000 |
Cash flows from financing activities: | ||
Proceeds from the issuance of debt | 23,000,000 | 18,000,000 |
Payments on debt | -11,500,000 | -6,000,000 |
Dividends | -1,618,000 | -1,467,000 |
Purchase and retirement of common stock | -15,000 | |
Proceeds from the exercise of stock options | 1,137,000 | 1,067,000 |
Net cash provided by financing activities | 11,019,000 | 11,585,000 |
Effect of exchange rate changes on cash and cash equivalents | -81,000 | |
Net decrease in cash and cash equivalents | -4,148,000 | -1,846,000 |
Cash and cash equivalents at beginning of period | 5,575,000 | 4,006,000 |
Cash and cash equivalents at end of period | 1,427,000 | 2,160,000 |
Cash paid for: | ||
Income taxes | 2,789,000 | 3,248,000 |
Interest | 354,000 | 52,000 |
Supplemental non-cash activity: | ||
Repayment of employee loans for stock options | 24,000 | 92,000 |
Contingent consideration as part of an acquisition | $300,000 | $500,000 |
Note_1_Description_of_Business
Note 1 - Description of Business and Summary of Significant Accounting Policies | 9 Months Ended |
Dec. 31, 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 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, 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, ethylene oxide 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_Dispositio
Note 2 - Acquisitions Dispositions | 9 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||||||||||
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | Note 2 – Acquisitions and Dispositions | ||||||||||||||||
Acquisitions | |||||||||||||||||
For the nine months ended December 31, 2014, our acquisitions of businesses (net of cash acquired) totaled $19,050,000, which consisted primarily of the following material acquisitions: | |||||||||||||||||
PCD | |||||||||||||||||
On October 15, 2014, we completed a business combination (the “PCD Acquisition”) with PCD-Process Challenge Devices, LLC (“PCD”) whereby we acquired substantially all the assets (other than cash and accounts receivable) and certain liabilities of PCD’s process challenge device business. The asset acquisition agreement (the “PCD Agreement”) includes provisions for both contingent consideration based upon the cumulative three year revenues of our process challenge device business subsequent to the acquisition and for a holdback payment (subject to a post-closing adjustment), payable at the one year anniversary of the closing date. | |||||||||||||||||
Under the terms of the PCD Agreement, we are required to pay contingent consideration if the cumulative revenues for our process challenge device business for the three years subsequent to the acquisition meet certain levels. The potential consideration payable ranges from $0 to $1,500,000 and is based upon a sliding scale of three-year cumulative revenues between $9,900,000 and $12,600,000. Based upon both historical and projected growth rates, we recorded $300,000 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 process challenge device business and we will adjust the contingent liability on a go forward basis, based on then current information. The contingent consideration is payable in three annual installments beginning in the third quarter of our year ending March 31, 2016. | |||||||||||||||||
We expect to achieve savings and generate growth as we integrate the PCD 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 Biological Indicators segment. | |||||||||||||||||
The PCD 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 PCD Agreement (in thousands): | |||||||||||||||||
Cash consideration | $ | 5,000 | |||||||||||||||
Holdback payment liability | 250 | ||||||||||||||||
Contingent consideration liability | 300 | ||||||||||||||||
Aggregate consideration | $ | 5,550 | |||||||||||||||
Inventories, net | $ | 137 | |||||||||||||||
Property, plant and equipment, net | 7 | ||||||||||||||||
Intangibles, net | 3,678 | ||||||||||||||||
Goodwill | 1,743 | ||||||||||||||||
Accrued expenses | (15 | ) | |||||||||||||||
Total purchase price allocation | $ | 5,550 | |||||||||||||||
The accompanying condensed consolidated statements of income include the results of the PCD Acquisition from the acquisition date of October 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 | Nine Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenues | $ | 18,056 | $ | 13,915 | $ | 54,494 | $ | 39,424 | |||||||||
Net income | 2,415 | 1,853 | 7,433 | 5,862 | |||||||||||||
Net Income per common share: | |||||||||||||||||
Basic | $ | 0.68 | $ | 0.54 | $ | 2.12 | $ | 1.72 | |||||||||
Diluted | 0.66 | 0.51 | 2.04 | 1.63 | |||||||||||||
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. | |||||||||||||||||
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. We determined the 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 | Nine Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenues | $ | 17,830 | $ | 15,032 | $ | 53,088 | $ | 42,758 | |||||||||
Net income | 2,403 | 2,281 | 7,422 | 7,144 | |||||||||||||
Net Income per common share: | |||||||||||||||||
Basic | $ | 0.68 | $ | 0.66 | $ | 2.11 | $ | 2.09 | |||||||||
Diluted | 0.66 | 0.63 | 2.03 | 1.99 | |||||||||||||
Dispositions | |||||||||||||||||
On August 12, 2013, we entered into an agreement whereby we sold our NuSonics product line for $661,000. The carrying value of this product line was $193,000 which resulted in a pre-tax gain of $468,000. |
Note_3_Inventories
Note 3 - Inventories | 9 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventory Disclosure [Text Block] | Note 3 - Inventories | ||||||||
Inventories consist of the following (in thousands): | |||||||||
31-Dec-14 | 31-Mar-14 | ||||||||
Raw materials | $ | 10,301 | $ | 5,758 | |||||
Work-in-process | 1,013 | 272 | |||||||
Finished goods | 1,944 | 2,068 | |||||||
Less: reserve | (662 | ) | (327 | ) | |||||
$ | 12,596 | $ | 7,771 | ||||||
Note_4_LongTerm_Debt
Note 4 - Long-Term Debt | 9 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt Disclosure [Text Block] | Note 4 - Long-Term Debt | ||||||||
Long-term debt consists of the following (in thousands): | |||||||||
31-Dec-14 | 31-Mar-14 | ||||||||
Line of credit (1.67% at December 31, 2014) | $ | 14,500 | $ | 16,500 | |||||
Term loan (2.17% at December 31, 2014) | 13,500 | -- | |||||||
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, and supporting acquisitions. | |||||||||
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 December 31, 2014. | |||||||||
Future contractual maturities of debt are as follows (in thousands): | |||||||||
Year ending March 31, | |||||||||
2015 | $ | 750 | |||||||
2016 | 3,000 | ||||||||
2017 | 3,000 | ||||||||
2018 | 21,250 | ||||||||
$ | 28,000 | ||||||||
In October 2014, we borrowed $5,000,000 under the terms of the Line of Credit in order to fund the PCD Acquisition (see Note 2). During the three months ended December 31, 2014 we made a $750,000 required principal payment on the Term Loan and principal payments of $2,000,000 on the Line of Credit. | |||||||||
In January 2015 we made a $750,000 required principal payment on the Term Loan. |
Note_5_StockBased_Compensation
Note 5 - Stock-Based Compensation | 9 Months Ended | ||||||||||||||||
Dec. 31, 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 | Nine Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Total cost of stock-based compensation charged against income before income taxes | $ | 260 | $ | 272 | $ | 776 | $ | 629 | |||||||||
Amount of income tax benefit recognized in earnings | 92 | 98 | 274 | 228 | |||||||||||||
Amount charged against net income | $ | 168 | $ | 174 | 502 | 401 | |||||||||||
Impact on net income per common share: | |||||||||||||||||
Basic | $ | 0.05 | $ | 0.05 | $ | 0.14 | $ | 0.12 | |||||||||
Diluted | 0.05 | 0.05 | $ | 0.14 | 0.11 | ||||||||||||
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, 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 | 147,720 | 88.62 | 7.3 | ||||||||||||||
Stock options forfeited | (26,066 | ) | 64.24 | 5.5 | |||||||||||||
Stock options expired | -- | -- | |||||||||||||||
Stock options exercised | (48,865 | ) | 29.68 | ||||||||||||||
Outstanding at December 31, 2014 | 470,961 | 53.84 | 4.8 | 12,662 | |||||||||||||
Exercisable at December 31, 2014 | 196,523 | 32.38 | 3.2 | 8,828 | |||||||||||||
The total intrinsic value of stock options exercised was $2,003,000 and $2,889,000 for the nine months ended December 31, 2014 and 2013, respectively. | |||||||||||||||||
A summary of the status of our unvested stock option shares as of December 31, 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 | 147,720 | 24.16 | |||||||||||||||
Stock options forfeited | (26,066 | ) | 17.19 | ||||||||||||||
Stock options vested | (104,563 | ) | 10.36 | ||||||||||||||
Unvested at December 31, 2014 | 274,438 | 18.43 | |||||||||||||||
As of December 31, 2014, there was $3,540,000 of total unrecognized compensation expense related to unvested stock options. | |||||||||||||||||
On August 8, 2014 we adopted The Mesa Laboratories, Inc. 2014 Equity Plan (the “2014 Plan”), which was subsequently approved by our shareholders on October 2, 2014 at our 2014 Annual Meeting of Shareholders. The purpose of the 2014 Plan is to promote the success and enhance the value of the Company by linking the personal interests of our employees, officers and directors to those of our shareholders by providing such persons with an incentive for outstanding performance. A total of 1,100,000 shares of common stock were reserved for issuance under the 2014 Plan and are subject to terms as set by the Compensation Committee of the Board of Directors at the time of grant. As a result of the approval of the 2014 Plan by our shareholders, no further awards will be made under the 2006 Plan and it will remain in effect only as long as awards previously made thereunder remain outstanding. As of December 31, 2014, we have 1,097,680 shares available for future stock option grants. |
Note_6_Net_Income_Per_Share
Note 6 - Net Income Per Share | 9 Months Ended | ||||||||||||||||
Dec. 31, 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 December 31, | Nine Months Ended December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net income available for shareholders | $ | 2,403 | $ | 1,746 | $ | 7,344 | $ | 5,538 | |||||||||
Weighted average outstanding shares of common stock | 3,532 | 3,434 | 3,513 | 3,414 | |||||||||||||
Dilutive effect of stock options | 122 | 203 | 136 | 177 | |||||||||||||
Common stock and equivalents | 3,654 | 3,637 | 3,649 | 3,591 | |||||||||||||
Net income per share: | |||||||||||||||||
Basic | $ | 0.68 | $ | 0.51 | $ | 2.09 | $ | 1.62 | |||||||||
Diluted | 0.66 | 0.48 | 2.01 | 1.54 | |||||||||||||
For both the three and nine months ended December 31, 2014, 155,000 and 173,000 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. | |||||||||||||||||
For both 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 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 | 9 Months Ended |
Dec. 31, 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 (the “Amega Earn Out”) 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. | |
In November 2014, Amega Scientific Corporation (“Amega”) and its owner Anthony Amato (“Amato”) filed a complaint in the United States District Court for the district of Colorado alleging, among other items, that our termination of Amato as an employee impacted his ability to maximize the potential consideration payable under the Amega Earn Out and to exercise stock options that failed to vest. In addition, Amato has alleged that we improperly withheld certain amounts from the holdback consideration under the Amega Agreement. These amounts (which were recorded as liabilities in our original purchase accounting) remain recorded as other accrued expenses on the accompanying condensed consolidated balance sheets and will remain so until a final ruling by the court is made. In January 2015 we filed a motion to dismiss the complaint with prejudice. Given that the complaint is in the early stages of the process, we are unable to make a reasonable estimate of the potential loss or range of losses, if any, that might arise from this matter. We believe that we acted in a matter consistent with employment law and the provisions of the Amega Agreement and we intend to defend our position vigorously. | |
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. | |
Under the terms of the PCD Agreement, we are required to pay contingent consideration if the cumulative revenues for our process challenge device business for the three years subsequent to the acquisition meet certain levels. The potential consideration payable ranges from $0 to $1,500,000 and is based upon a sliding scale of three-year cumulative revenues between $9,900,000 and $12,600,000. Based upon both historical and projected growth rates, we recorded $300,000 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 process challenge device business and we will adjust the contingent liability on a go forward basis, based on then current information. The contingent consideration is payable in three annual installments beginning in the third 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. That estimate was based upon facts and circumstances known at such time and our ultimate liability was subject to change as further analysis is completed and state sales tax returns are filed. | |
During the nine months ended December 31, 2014 we successfully completed and filed several state sales tax returns which concluded our obligation for historical sales taxes in those states. In addition we continued to work through the process in the remaining states. As a result of this work, we determined that our exposure had increased above and beyond our original accrual and as a result, we recorded an additional accrual of $460,000 during the three months ended December 31, 2014. We are hopeful that we are far enough in the process that we have accrued for the ultimate amount of liability that will be paid but our work was based upon facts and circumstances known at such time and our ultimately liability is subject to change as further analysis is completed and state sales tax returns are filed. |
Note_8_Comprehensive_Income
Note 8 - Comprehensive Income | 9 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||||||||||||||
Comprehensive Income (Loss) Note [Text Block] | Note 8 – Comprehensive Income | ||||||||||||||||||||||||
Amounts recognized in the condensed consolidated financial statements related to comprehensive income are as follows (in thousands): | |||||||||||||||||||||||||
Three Months Ended December 31, 2014 | Three Months Ended December 31, 2013 | ||||||||||||||||||||||||
Pretax | Tax | Net | Pretax | Tax | Net | ||||||||||||||||||||
Net income available for shareholders | $ | 2,403 | $ | 1,746 | |||||||||||||||||||||
Other comprehensive loss: | |||||||||||||||||||||||||
Foreign currency translation | $ | (250 | ) | -- | (250 | ) | $ | -- | -- | -- | |||||||||||||||
Other comprehensive loss | $ | (250 | ) | -- | (250 | ) | $ | -- | -- | -- | |||||||||||||||
Total comprehensive income | $ | 2,153 | $ | 1,746 | |||||||||||||||||||||
Nine Months Ended December 31, 2014 | Nine Months Ended December 31, 2013 | ||||||||||||||||||||||||
Pretax | Tax | Net | Pretax | Tax | Net | ||||||||||||||||||||
Net income available for shareholders | $ | 7,344 | $ | 5,538 | |||||||||||||||||||||
Other comprehensive loss: | |||||||||||||||||||||||||
Foreign currency translation | $ | (250 | ) | -- | (250 | ) | $ | -- | -- | -- | |||||||||||||||
Other comprehensive loss | $ | (250 | ) | -- | (250 | ) | $ | -- | -- | -- | |||||||||||||||
Total comprehensive income | $ | 7,094 | $ | 5,538 | |||||||||||||||||||||
Accumulated other comprehensive loss balances, net of tax effects, consist of the following (in thousands): | |||||||||||||||||||||||||
31-Dec-14 | 31-Mar-14 | ||||||||||||||||||||||||
Foreign currency translation | $ | (250 | ) | $ | -- | ||||||||||||||||||||
Accumulated other comprehensive loss | $ | (250 | ) | $ | -- | ||||||||||||||||||||
Note_9_Segment_Information
Note 9 - Segment Information | 9 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Segment Reporting Disclosure [Text Block] | Note 9 - 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 December 31, 2014 | |||||||||||||||||
Biological | Instruments | Continuous | Total | ||||||||||||||
Indicators | Monitoring | ||||||||||||||||
Revenues | $ | 6,964 | $ | 8,216 | $ | 2,650 | $ | 17,830 | |||||||||
Gross profit | $ | 4,194 | $ | 5,412 | $ | 1,446 | $ | 11,052 | |||||||||
Selling expenses | 365 | 919 | 488 | 1,772 | |||||||||||||
$ | 3,829 | $ | 4,493 | $ | 958 | 9,280 | |||||||||||
Reconciling items (1) | (5,567 | ) | |||||||||||||||
Earnings before income taxes | $ | 3,713 | |||||||||||||||
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 | |||||||||||||||
Nine Months Ended December 31, 2014 | |||||||||||||||||
Biological | Instruments | Continuous | Total | ||||||||||||||
Indicators | Monitoring | ||||||||||||||||
Revenues | $ | 19,822 | $ | 24,966 | $ | 7,982 | $ | 52,770 | |||||||||
Gross profit | $ | 12,029 | $ | 15,794 | $ | 4,057 | $ | 31,880 | |||||||||
Selling expenses | 766 | 3,093 | 1,318 | 5,177 | |||||||||||||
$ | 11,263 | $ | 12,701 | $ | 2,739 | 26,703 | |||||||||||
Reconciling items (1) | (15,354 | ) | |||||||||||||||
Earnings before income taxes | $ | 11,349 | |||||||||||||||
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 | |||||||||||||||
(1) Reconciling items include general and administrative, research and development, and other expenses. | |||||||||||||||||
31-Dec-14 | 31-Mar-14 | ||||||||||||||||
Total assets | |||||||||||||||||
Biological Indicators | $ | 25,921 | $ | 22,771 | |||||||||||||
Instruments | 54,308 | 36,797 | |||||||||||||||
Continuous Monitoring | 31,086 | 28,578 | |||||||||||||||
Corporate and administrative | 4,863 | 9,383 | |||||||||||||||
$ | 116,178 | $ | 97,529 | ||||||||||||||
All long-lived assets are located in the United States except for $3,269,000 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 December 31, | Nine Months Ended December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net revenues from unaffiliated customers: | |||||||||||||||||
United States | $ | 11,423 | $ | 7,054 | $ | 29,612 | $ | 20,877 | |||||||||
Foreign | 6,407 | 6,062 | 23,158 | 16,133 | |||||||||||||
$ | 17,830 | $ | 13,116 | $ | 52,770 | $ | 37,010 | ||||||||||
No foreign country exceeds 10% of total revenues. |
Note_10_Subsequent_Events
Note 10 - Subsequent Events | 9 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 10 - Subsequent Event |
In January 2015, our Board of Directors declared a quarterly cash dividend of $0.16 per share of common stock, payable on March 16, 2015, to shareholders of record at the close of business on February 27, 2015. | |
Net cash provided by operating activities for the nine months ended December 31, 2014 decreased primarily due to increases in accounts receivable and inventories resulting from the BGI, Amilabo, Amega, TempSys and PCD acquisitions and the payment of accrued liabilities and taxes payable, partially offset by decreases in payments of accounts payable and increases in net income and depreciation and amortization. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 9 Months Ended |
Dec. 31, 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_Dispositio1
Note 2 - Acquisitions Dispositions (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
PDC [Member] | |||||||||||||||||
Note 2 - Acquisitions Dispositions (Tables) [Line Items] | |||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Cash consideration | $ | 5,000 | ||||||||||||||
Holdback payment liability | 250 | ||||||||||||||||
Contingent consideration liability | 300 | ||||||||||||||||
Aggregate consideration | $ | 5,550 | |||||||||||||||
Inventories, net | $ | 137 | |||||||||||||||
Property, plant and equipment, net | 7 | ||||||||||||||||
Intangibles, net | 3,678 | ||||||||||||||||
Goodwill | 1,743 | ||||||||||||||||
Accrued expenses | (15 | ) | |||||||||||||||
Total purchase price allocation | $ | 5,550 | |||||||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | Three Months Ended | Nine Months Ended | |||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenues | $ | 18,056 | $ | 13,915 | $ | 54,494 | $ | 39,424 | |||||||||
Net income | 2,415 | 1,853 | 7,433 | 5,862 | |||||||||||||
Net Income per common share: | |||||||||||||||||
Basic | $ | 0.68 | $ | 0.54 | $ | 2.12 | $ | 1.72 | |||||||||
Diluted | 0.66 | 0.51 | 2.04 | 1.63 | |||||||||||||
BGI [Member] | |||||||||||||||||
Note 2 - Acquisitions Dispositions (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 | Nine Months Ended | |||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenues | $ | 17,830 | $ | 15,032 | $ | 53,088 | $ | 42,758 | |||||||||
Net income | 2,403 | 2,281 | 7,422 | 7,144 | |||||||||||||
Net Income per common share: | |||||||||||||||||
Basic | $ | 0.68 | $ | 0.66 | $ | 2.11 | $ | 2.09 | |||||||||
Diluted | 0.66 | 0.63 | 2.03 | 1.99 |
Note_3_Inventories_Tables
Note 3 - Inventories (Tables) | 9 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Schedule of Inventory, Current [Table Text Block] | 31-Dec-14 | 31-Mar-14 | |||||||
Raw materials | $ | 10,301 | $ | 5,758 | |||||
Work-in-process | 1,013 | 272 | |||||||
Finished goods | 1,944 | 2,068 | |||||||
Less: reserve | (662 | ) | (327 | ) | |||||
$ | 12,596 | $ | 7,771 |
Note_4_LongTerm_Debt_Tables
Note 4 - Long-Term Debt (Tables) | 9 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Schedule of Debt [Table Text Block] | 31-Dec-14 | 31-Mar-14 | |||||||
Line of credit (1.67% at December 31, 2014) | $ | 14,500 | $ | 16,500 | |||||
Term loan (2.17% at December 31, 2014) | 13,500 | -- | |||||||
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 | $ | 750 | |||||||
2016 | 3,000 | ||||||||
2017 | 3,000 | ||||||||
2018 | 21,250 | ||||||||
$ | 28,000 |
Note_5_StockBased_Compensation1
Note 5 - Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 31, 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 | Nine Months Ended | |||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Total cost of stock-based compensation charged against income before income taxes | $ | 260 | $ | 272 | $ | 776 | $ | 629 | |||||||||
Amount of income tax benefit recognized in earnings | 92 | 98 | 274 | 228 | |||||||||||||
Amount charged against net income | $ | 168 | $ | 174 | 502 | 401 | |||||||||||
Impact on net income per common share: | |||||||||||||||||
Basic | $ | 0.05 | $ | 0.05 | $ | 0.14 | $ | 0.12 | |||||||||
Diluted | 0.05 | 0.05 | $ | 0.14 | 0.11 | ||||||||||||
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 | 147,720 | 88.62 | 7.3 | ||||||||||||||
Stock options forfeited | (26,066 | ) | 64.24 | 5.5 | |||||||||||||
Stock options expired | -- | -- | |||||||||||||||
Stock options exercised | (48,865 | ) | 29.68 | ||||||||||||||
Outstanding at December 31, 2014 | 470,961 | 53.84 | 4.8 | 12,662 | |||||||||||||
Exercisable at December 31, 2014 | 196,523 | 32.38 | 3.2 | 8,828 | |||||||||||||
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 | 147,720 | 24.16 | |||||||||||||||
Stock options forfeited | (26,066 | ) | 17.19 | ||||||||||||||
Stock options vested | (104,563 | ) | 10.36 | ||||||||||||||
Unvested at December 31, 2014 | 274,438 | 18.43 |
Note_6_Net_Income_Per_Share_Ta
Note 6 - Net Income Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net income available for shareholders | $ | 2,403 | $ | 1,746 | $ | 7,344 | $ | 5,538 | |||||||||
Weighted average outstanding shares of common stock | 3,532 | 3,434 | 3,513 | 3,414 | |||||||||||||
Dilutive effect of stock options | 122 | 203 | 136 | 177 | |||||||||||||
Common stock and equivalents | 3,654 | 3,637 | 3,649 | 3,591 | |||||||||||||
Net income per share: | |||||||||||||||||
Basic | $ | 0.68 | $ | 0.51 | $ | 2.09 | $ | 1.62 | |||||||||
Diluted | 0.66 | 0.48 | 2.01 | 1.54 |
Note_8_Comprehensive_Income_Ta
Note 8 - Comprehensive Income (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||||||||||||||
Comprehensive Income (Loss) [Table Text Block] | Three Months Ended December 31, 2014 | Three Months Ended December 31, 2013 | |||||||||||||||||||||||
Pretax | Tax | Net | Pretax | Tax | Net | ||||||||||||||||||||
Net income available for shareholders | $ | 2,403 | $ | 1,746 | |||||||||||||||||||||
Other comprehensive loss: | |||||||||||||||||||||||||
Foreign currency translation | $ | (250 | ) | -- | (250 | ) | $ | -- | -- | -- | |||||||||||||||
Other comprehensive loss | $ | (250 | ) | -- | (250 | ) | $ | -- | -- | -- | |||||||||||||||
Total comprehensive income | $ | 2,153 | $ | 1,746 | |||||||||||||||||||||
Nine Months Ended December 31, 2014 | Nine Months Ended December 31, 2013 | ||||||||||||||||||||||||
Pretax | Tax | Net | Pretax | Tax | Net | ||||||||||||||||||||
Net income available for shareholders | $ | 7,344 | $ | 5,538 | |||||||||||||||||||||
Other comprehensive loss: | |||||||||||||||||||||||||
Foreign currency translation | $ | (250 | ) | -- | (250 | ) | $ | -- | -- | -- | |||||||||||||||
Other comprehensive loss | $ | (250 | ) | -- | (250 | ) | $ | -- | -- | -- | |||||||||||||||
Total comprehensive income | $ | 7,094 | $ | 5,538 | |||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | 31-Dec-14 | 31-Mar-14 | |||||||||||||||||||||||
Foreign currency translation | $ | (250 | ) | $ | -- | ||||||||||||||||||||
Accumulated other comprehensive loss | $ | (250 | ) | $ | -- |
Note_9_Segment_Information_Tab
Note 9 - Segment Information (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended December 31, 2014 | ||||||||||||||||
Biological | Instruments | Continuous | Total | ||||||||||||||
Indicators | Monitoring | ||||||||||||||||
Revenues | $ | 6,964 | $ | 8,216 | $ | 2,650 | $ | 17,830 | |||||||||
Gross profit | $ | 4,194 | $ | 5,412 | $ | 1,446 | $ | 11,052 | |||||||||
Selling expenses | 365 | 919 | 488 | 1,772 | |||||||||||||
$ | 3,829 | $ | 4,493 | $ | 958 | 9,280 | |||||||||||
Reconciling items (1) | (5,567 | ) | |||||||||||||||
Earnings before income taxes | $ | 3,713 | |||||||||||||||
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 | |||||||||||||||
Nine Months Ended December 31, 2014 | |||||||||||||||||
Biological | Instruments | Continuous | Total | ||||||||||||||
Indicators | Monitoring | ||||||||||||||||
Revenues | $ | 19,822 | $ | 24,966 | $ | 7,982 | $ | 52,770 | |||||||||
Gross profit | $ | 12,029 | $ | 15,794 | $ | 4,057 | $ | 31,880 | |||||||||
Selling expenses | 766 | 3,093 | 1,318 | 5,177 | |||||||||||||
$ | 11,263 | $ | 12,701 | $ | 2,739 | 26,703 | |||||||||||
Reconciling items (1) | (15,354 | ) | |||||||||||||||
Earnings before income taxes | $ | 11,349 | |||||||||||||||
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 | |||||||||||||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | 31-Dec-14 | 31-Mar-14 | |||||||||||||||
Total assets | |||||||||||||||||
Biological Indicators | $ | 25,921 | $ | 22,771 | |||||||||||||
Instruments | 54,308 | 36,797 | |||||||||||||||
Continuous Monitoring | 31,086 | 28,578 | |||||||||||||||
Corporate and administrative | 4,863 | 9,383 | |||||||||||||||
$ | 116,178 | $ | 97,529 | ||||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net revenues from unaffiliated customers: | |||||||||||||||||
United States | $ | 11,423 | $ | 7,054 | $ | 29,612 | $ | 20,877 | |||||||||
Foreign | 6,407 | 6,062 | 23,158 | 16,133 | |||||||||||||
$ | 17,830 | $ | 13,116 | $ | 52,770 | $ | 37,010 |
Note_1_Description_of_Business1
Note 1 - Description of Business and Summary of Significant Accounting Policies (Details) | 9 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Number of Reportable Segments | 3 |
Number of Physical Locations in which Entity is Organized | 6 |
Note_2_Acquisitions_Dispositio2
Note 2 - Acquisitions Dispositions (Details) (USD $) | 9 Months Ended | 0 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Oct. 15, 2014 | Aug. 12, 2013 | Mar. 31, 2014 | Apr. 15, 2014 | |
Note 2 - Acquisitions Dispositions (Details) [Line Items] | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | $19,050,000 | $22,758,000 | ||||
Business Combination, Contingent Consideration, Liability | 1,920,000 | 1,620,000 | ||||
Proceeds from Divestiture of Businesses | 661,000 | |||||
PCD Acquisition [Member] | Minimum [Member] | ||||||
Note 2 - Acquisitions Dispositions (Details) [Line Items] | ||||||
Business Acquisition Revenue Required in Three Years Subsequent to Acquisition for Payment of Contingent Consideration | 9,900,000 | |||||
PCD Acquisition [Member] | Maximum [Member] | ||||||
Note 2 - Acquisitions Dispositions (Details) [Line Items] | ||||||
Business Acquisition Revenue Required in Three Years Subsequent to Acquisition for Payment of Contingent Consideration | 12,600,000 | |||||
PCD Acquisition [Member] | ||||||
Note 2 - Acquisitions Dispositions (Details) [Line Items] | ||||||
Business Acquisition Earn Out Period for Determination of Contingent Consideration | 3 years | |||||
Business Acquisition Agreement Holdback Payment Period from Effective Date Less Any Losses Incurred by Buyer Payable to Seller | 1 year | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low | 0 | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 1,500,000 | |||||
Business Combination, Contingent Consideration, Liability | 300,000 | 300,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 5,550,000 | |||||
BGI [Member] | ||||||
Note 2 - Acquisitions Dispositions (Details) [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 10,268,000 | |||||
Nusonics Product Line Business [Member] | ||||||
Note 2 - Acquisitions Dispositions (Details) [Line Items] | ||||||
Proceeds from Divestiture of Businesses | 661,000 | |||||
Disposal Group Not Discontinued Operation Carrying Value | 193,000 | |||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | $468,000 |
Note_2_Acquisitions_Dispositio3
Note 2 - Acquisitions Dispositions (Details) - Purchase Price Allocation - PCD (USD $) | 9 Months Ended | ||
Dec. 31, 2014 | Mar. 31, 2014 | Oct. 15, 2014 | |
Note 2 - Acquisitions Dispositions (Details) - Purchase Price Allocation - PCD [Line Items] | |||
Contingent consideration liability | $1,920,000 | $1,620,000 | |
Goodwill | 44,097,000 | 37,866,000 | |
PCD Acquisition [Member] | |||
Note 2 - Acquisitions Dispositions (Details) - Purchase Price Allocation - PCD [Line Items] | |||
Cash consideration | 5,000,000 | ||
Holdback payment liability | 250,000 | ||
Contingent consideration liability | 300,000 | 300,000 | |
Aggregate consideration | 5,550,000 | ||
Inventories, net | 137,000 | ||
Property, plant and equipment, net | 7,000 | ||
Intangibles, net | 3,678,000 | ||
Goodwill | 1,743,000 | ||
Accrued expenses | -15,000 | ||
Total purchase price allocation | $5,550,000 |
Note_2_Acquisitions_Dispositio4
Note 2 - Acquisitions Dispositions (Details) - Adjusted Pro Forma Effect of Acquisitions on the Results of Operations - PCD (PCD Acquisition [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
PCD Acquisition [Member] | ||||
Note 2 - Acquisitions Dispositions (Details) - Adjusted Pro Forma Effect of Acquisitions on the Results of Operations - PCD [Line Items] | ||||
Revenues | $18,056 | $13,915 | $54,494 | $39,424 |
Net income | $2,415 | $1,853 | $7,433 | $5,862 |
Net Income per common share: | ||||
Basic | $0.68 | $0.54 | $2.12 | $1.72 |
Diluted | $0.66 | $0.51 | $2.04 | $1.63 |
Note_2_Acquisitions_Dispositio5
Note 2 - Acquisitions Dispositions (Details) - Purchase Price Allocation - BGI (USD $) | Dec. 31, 2014 | Mar. 31, 2014 | Apr. 15, 2014 |
Note 2 - Acquisitions Dispositions (Details) - Purchase Price Allocation - BGI [Line Items] | |||
Goodwill | $44,097,000 | $37,866,000 | |
BGI [Member] | |||
Note 2 - Acquisitions Dispositions (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 | 3,295,000 | ||
Accrued expenses | -53,000 | ||
Total purchase price allocation | $10,268,000 |
Note_2_Acquisitions_Dispositio6
Note 2 - Acquisitions Dispositions (Details) - Adjusted Pro Forma Effect of Acquisitions on the Results of Operations - BGI (BGI [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
BGI [Member] | ||||
Note 2 - Acquisitions Dispositions (Details) - Adjusted Pro Forma Effect of Acquisitions on the Results of Operations - BGI [Line Items] | ||||
Revenues | $17,830 | $15,032 | $53,088 | $42,758 |
Net income | $2,403 | $2,281 | $7,422 | $7,144 |
Net Income per common share: | ||||
Basic | $0.68 | $0.66 | $2.11 | $2.09 |
Diluted | $0.66 | $0.63 | $2.03 | $1.99 |
Note_3_Inventories_Details_Sum
Note 3 - Inventories (Details) - Summary of Inventories (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Summary of Inventories [Abstract] | ||
Raw materials | $10,301 | $5,758 |
Work-in-process | 1,013 | 272 |
Finished goods | 1,944 | 2,068 |
Less: reserve | -662 | -327 |
$12,596 | $7,771 |
Note_4_LongTerm_Debt_Details
Note 4 - Long-Term Debt (Details) (USD $) | 1 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | ||
Oct. 30, 2014 | Jan. 31, 2015 | Dec. 31, 2014 | Feb. 29, 2012 | Dec. 31, 2014 | Apr. 30, 2014 | |
Note 4 - Long-Term Debt (Details) [Line Items] | ||||||
Line of Credit Facility, Periodic Payment, Number of Quarterly Payments | 11 | 11 | ||||
Proceeds from Lines of Credit (in Dollars) | $5,000,000 | |||||
Subsequent Event [Member] | Term Loan [Member] | ||||||
Note 4 - Long-Term Debt (Details) [Line Items] | ||||||
Repayments of Long-term Debt (in Dollars) | 750,000 | |||||
Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||
Note 4 - Long-Term Debt (Details) [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||||
Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||
Note 4 - Long-Term Debt (Details) [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||||
Line of Credit [Member] | Debt Instrument Variable Rate Base CBFR Using One Month LIBOR [Member] | Minimum [Member] | ||||||
Note 4 - Long-Term Debt (Details) [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | -1.25% | |||||
Line of Credit [Member] | Debt Instrument Variable Rate Base CBFR Using One Month LIBOR [Member] | Maximum [Member] | ||||||
Note 4 - Long-Term Debt (Details) [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | -0.50% | |||||
Line of Credit [Member] | Debt Instrument Variable Rate Base CBFR Using One Month LIBOR [Member] | ||||||
Note 4 - Long-Term Debt (Details) [Line Items] | ||||||
Debt Instrument Basis Spread on Variable Rate Used to Calculate Commercial Bank Floating Rate | 2.50% | 2.50% | ||||
Line of Credit [Member] | Minimum [Member] | ||||||
Note 4 - Long-Term Debt (Details) [Line Items] | ||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.15% | |||||
Line of Credit Facility, Unused Capacity Fee Ratio of Funded Debt to EBITDA High End of Range | 2 | |||||
Debt Instrument Covenant Fixed Charge Coverage Ratio | 1.35 | |||||
Line of Credit [Member] | Maximum [Member] | ||||||
Note 4 - Long-Term Debt (Details) [Line Items] | ||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.30% | |||||
Line of Credit Facility Unused Capacity Fee Ratio of Funded Debt to EBITDA Low End of Range | 1 | |||||
Line of Credit [Member] | ||||||
Note 4 - Long-Term Debt (Details) [Line Items] | ||||||
Debt Instrument, Term | 3 years | |||||
Debt Instrument Covenant Ratio of Funded Debt to Consolidated EBIDTA | 2.5 | |||||
Revolving Credit Facility [Member] | ||||||
Note 4 - Long-Term Debt (Details) [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity (in Dollars) | 20,000,000 | |||||
Repayments of Lines of Credit (in Dollars) | 2,000,000 | |||||
Letter of Credit [Member] | ||||||
Note 4 - Long-Term Debt (Details) [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity (in Dollars) | 1,000,000 | |||||
Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Note 4 - Long-Term Debt (Details) [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||||
Term Loan [Member] | ||||||
Note 4 - Long-Term Debt (Details) [Line Items] | ||||||
Long-term Debt, Gross (in Dollars) | 15,000,000 | |||||
Line of Credit Facility, Periodic Payment, Principal (in Dollars) | 750,000 | |||||
Repayments of Long-term Debt (in Dollars) | $750,000 |
Note_4_LongTerm_Debt_Details_L
Note 4 - Long-Term Debt (Details) - Long-term Debt (USD $) | Dec. 31, 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 | 14,500 | 16,500 |
Term Loan [Member] | ||
Note 4 - Long-Term Debt (Details) - Long-term Debt [Line Items] | ||
Long-term debt | $13,500 |
Note_4_LongTerm_Debt_Details_L1
Note 4 - Long-Term Debt (Details) - Long-term Debt (Parentheticals) | Dec. 31, 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 | 1.67% |
Term Loan [Member] | |
Note 4 - Long-Term Debt (Details) - Long-term Debt (Parentheticals) [Line Items] | |
Term loan, interest rate at end of period | 2.17% |
Note_4_LongTerm_Debt_Details_F
Note 4 - Long-Term Debt (Details) - Future Contractual Maturities of Debt (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Future Contractual Maturities of Debt [Abstract] | |
2015 | $750 |
2016 | 3,000 |
2017 | 3,000 |
2018 | 21,250 |
$28,000 |
Note_5_StockBased_Compensation2
Note 5 - Stock-Based Compensation (Details) (USD $) | 9 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Note 5 - Stock-Based Compensation (Details) [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $2,003,000 | $2,889,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $3,540,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 1,097,680 | |
The 2014 Plan [Member] | ||
Note 5 - Stock-Based Compensation (Details) [Line Items] | ||
Common Stock, Capital Shares Reserved for Future Issuance (in Shares) | 1,100,000 |
Note_5_StockBased_Compensation3
Note 5 - Stock-Based Compensation (Details) - Allocation of Share-Based Compensation (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Allocation of Share-Based Compensation [Abstract] | ||||
Total cost of stock-based compensation charged against income before income taxes | $260 | $272 | $776 | $629 |
Amount of income tax benefit recognized in earnings | 92 | 98 | 274 | 228 |
Amount charged against net income | $168 | $174 | $502 | $401 |
Impact on net income per common share: | ||||
Basic (in Dollars per share) | $0.05 | $0.05 | $0.14 | $0.12 |
Diluted (in Dollars per share) | $0.05 | $0.05 | $0.14 | $0.11 |
Note_5_StockBased_Compensation4
Note 5 - Stock-Based Compensation (Details) - Summary of Option Activity (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Mar. 31, 2014 |
Summary of Option Activity [Abstract] | ||
Outstanding Number of Shares | 470,961 | 398,172 |
Outstanding Weighted-Avg. Exercise Price | $53.84 | $38.75 |
Outstanding Weighted-Avg. Remaining Contractual Term | 4 years 292 days | 4 years 146 days |
Outstanding Aggregate Intrinsic Value | $12,662 | $20,505 |
Exercisable at December 31, 2014 | 196,523 | |
Exercisable at December 31, 2014 | $32.38 | |
Exercisable at December 31, 2014 | 3 years 73 days | |
Exercisable at December 31, 2014 | $8,828 | |
Stock options granted | 147,720 | |
Stock options granted | $88.62 | |
Stock options granted | 7 years 109 days | |
Stock options forfeited | -26,066 | |
Stock options forfeited | $64.24 | |
Stock options forfeited | 5 years 6 months | |
Stock options exercised | -48,865 | |
Stock options exercised | $29.68 |
Note_5_StockBased_Compensation5
Note 5 - Stock-Based Compensation (Details) - Summary of Unvested Options (USD $) | 9 Months Ended |
Dec. 31, 2014 | |
Summary of Unvested Options [Abstract] | |
Unvested at March 31, 2014 | 257,347 |
Unvested at March 31, 2014 | $11.86 |
Stock options granted | 147,720 |
Stock options granted | $24.16 |
Stock options forfeited | -26,066 |
Stock options forfeited | $17.19 |
Stock options vested | -104,563 |
Stock options vested | $10.36 |
Unvested at December 31, 2014 | 274,438 |
Unvested at December 31, 2014 | $18.43 |
Note_6_Net_Income_Per_Share_De
Note 6 - Net Income Per Share (Details) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 155,000 | 27,000 | 173,000 | 60,000 |
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 | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Computation of Net Income per Share - Basic & Diluted [Abstract] | ||||
Net income available for shareholders (in Dollars) | $2,403 | $1,746 | $7,344 | $5,538 |
Weighted average outstanding shares of common stock | 3,532 | 3,434 | 3,513 | 3,414 |
Dilutive effect of stock options | 122 | 203 | 136 | 177 |
Common stock and equivalents | 3,654 | 3,637 | 3,649 | 3,591 |
Net income per share: | ||||
Basic (in Dollars per share) | $0.68 | $0.51 | $2.09 | $1.62 |
Diluted (in Dollars per share) | $0.66 | $0.48 | $2.01 | $1.54 |
Note_7_Commitments_and_Conting1
Note 7 - Commitments and Contingencies (Details) (USD $) | 0 Months Ended | |||||
Nov. 06, 2013 | 15-May-12 | Oct. 15, 2014 | Dec. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | |
Note 7 - Commitments and Contingencies (Details) [Line Items] | ||||||
Business Combination, Contingent Consideration, Liability | $1,920,000 | $1,620,000 | ||||
Number of States Due Sales Tax | 1 | |||||
General and Administrative Expense [Member] | Other Accrued Expenses [Member] | ||||||
Note 7 - Commitments and Contingencies (Details) [Line Items] | ||||||
Sales and Excise Tax Payable | 460,000 | 1,408,000 | 100,000 | |||
Amega Scientific Corporation [Member] | Minimum [Member] | ||||||
Note 7 - Commitments and Contingencies (Details) [Line Items] | ||||||
Business Acquisition Revenue Required in Three Years Subsequent to Acquisition for Payment of Contingent Consideration | 31,625,000 | |||||
Amega Scientific Corporation [Member] | Maximum [Member] | ||||||
Note 7 - Commitments and Contingencies (Details) [Line Items] | ||||||
Business Acquisition Revenue Required in Three Years Subsequent to Acquisition for Payment of Contingent Consideration | 43,500,000 | |||||
Amega Scientific Corporation [Member] | ||||||
Note 7 - Commitments and Contingencies (Details) [Line Items] | ||||||
Business Acquisition Earn Out Period for Determination of Contingent Consideration | 3 years | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low | 0 | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 10,000,000 | |||||
Business Combination, Contingent Consideration, Liability | 500,000 | |||||
Bios [Member] | ||||||
Note 7 - Commitments and Contingencies (Details) [Line Items] | ||||||
Business Acquisition Earn Out Period for Determination of Contingent Consideration | 3 years | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low | 0 | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 6,710,000 | |||||
Business Combination, Contingent Consideration, Liability | 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 | |||||
PCD [Member] | Minimum [Member] | ||||||
Note 7 - Commitments and Contingencies (Details) [Line Items] | ||||||
Business Acquisition Revenue Required in Three Years Subsequent to Acquisition for Payment of Contingent Consideration | 9,900,000 | |||||
PCD [Member] | Maximum [Member] | ||||||
Note 7 - Commitments and Contingencies (Details) [Line Items] | ||||||
Business Acquisition Revenue Required in Three Years Subsequent to Acquisition for Payment of Contingent Consideration | 12,600,000 | |||||
PCD [Member] | ||||||
Note 7 - Commitments and Contingencies (Details) [Line Items] | ||||||
Business Acquisition Earn Out Period for Determination of Contingent Consideration | 3 years | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low | 0 | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 1,500,000 | |||||
Business Combination, Contingent Consideration, Liability | $300,000 |
Note_8_Comprehensive_Income_De
Note 8 - Comprehensive Income (Details) - Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Comprehensive Income [Abstract] | ||||
Net income available for shareholders | $2,403 | $1,746 | $7,344 | $5,538 |
Other comprehensive loss: | ||||
Foreign currency translation | -250 | -250 | ||
Foreign currency translation | -250 | -250 | ||
Other comprehensive loss | -250 | -250 | ||
Other comprehensive loss | -250 | -250 | ||
Total comprehensive income | $2,153 | $1,746 | $7,094 | $5,538 |
Note_8_Comprehensive_Income_De1
Note 8 - Comprehensive Income (Details) - Accumulated Other Comprehensive Loss (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Accumulated other comprehensive loss | ($250) |
Accumulated Translation Adjustment [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Accumulated other comprehensive loss | ($250) |
Note_9_Segment_Information_Det
Note 9 - Segment Information (Details) (USD $) | 9 Months Ended |
Dec. 31, 2014 | |
Note 9 - Segment Information (Details) [Line Items] | |
Number of Reportable Segments | 3 |
FRANCE | |
Note 9 - Segment Information (Details) [Line Items] | |
Long-Lived Assets | 3,269,000 |
Note_9_Segment_Information_Det1
Note 9 - Segment Information (Details) - Operating Segment Information (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Segment Reporting Information [Line Items] | ||||||||
Revenues | $17,830 | $13,116 | $52,770 | $37,010 | ||||
Gross profit | 11,052 | 7,706 | 31,880 | 22,103 | ||||
Selling expenses | 1,772 | 1,595 | 5,177 | 4,097 | ||||
Gross profit after deducting selling expense and impairment of intangible asset | 9,280 | 6,111 | 26,703 | 18,006 | ||||
Reconciling items | -5,567 | [1] | -3,384 | [1] | -15,354 | [1] | -9,326 | [1] |
Earnings before income taxes | 3,713 | 2,727 | 11,349 | 8,680 | ||||
Biological Indicators [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenues | 6,964 | 5,317 | 19,822 | 16,181 | ||||
Gross profit | 4,194 | 2,976 | 12,029 | 9,019 | ||||
Selling expenses | 365 | 404 | 766 | 1,350 | ||||
Gross profit after deducting selling expense and impairment of intangible asset | 3,829 | 2,572 | 11,263 | 7,669 | ||||
Instruments [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenues | 8,216 | 6,438 | 24,966 | 19,468 | ||||
Gross profit | 5,412 | 4,137 | 15,794 | 12,491 | ||||
Selling expenses | 919 | 1,047 | 3,093 | 2,603 | ||||
Gross profit after deducting selling expense and impairment of intangible asset | 4,493 | 3,090 | 12,701 | 9,888 | ||||
Continuous Monitoring [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenues | 2,650 | 1,361 | 7,982 | 1,361 | ||||
Gross profit | 1,446 | 593 | 4,057 | 593 | ||||
Selling expenses | 488 | 144 | 1,318 | 144 | ||||
Gross profit after deducting selling expense and impairment of intangible asset | $958 | $449 | $2,739 | $449 | ||||
[1] | Reconciling items include general and administrative, research and development, and other expenses. |
Note_9_Segment_Information_Det2
Note 9 - Segment Information (Details) - Operating Segment Asset Reconciliation (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Total assets | ||
Total assets | $116,178 | $97,529 |
Biological Indicators [Member] | ||
Total assets | ||
Total assets | 25,921 | 22,771 |
Instruments [Member] | ||
Total assets | ||
Total assets | 54,308 | 36,797 |
Continuous Monitoring [Member] | ||
Total assets | ||
Total assets | 31,086 | 28,578 |
Corporate Segment [Member] | ||
Total assets | ||
Total assets | $4,863 | $9,383 |
Note_9_Segment_Information_Det3
Note 9 - Segment Information (Details) - Revenues from External Customers (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Net revenues from unaffiliated customers: | ||||
Revenues from unaffiliated customers | $17,830 | $13,116 | $52,770 | $37,010 |
UNITED STATES | ||||
Net revenues from unaffiliated customers: | ||||
Revenues from unaffiliated customers | 11,423 | 7,054 | 29,612 | 20,877 |
Foreign [Member] | ||||
Net revenues from unaffiliated customers: | ||||
Revenues from unaffiliated customers | $6,407 | $6,062 | $23,158 | $16,133 |
Note_10_Subsequent_Events_Deta
Note 10 - Subsequent Events (Details) (Subsequent Event [Member], USD $) | 1 Months Ended |
Jan. 31, 2015 | |
Subsequent Event [Member] | |
Note 10 - Subsequent Events (Details) [Line Items] | |
Common Stock, Dividends, Per Share, Declared | $0.16 |