Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Mar. 31, 2015 | 31-May-15 | Sep. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | MESA LABORATORIES INC /CO | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | -28 | ||
Entity Common Stock, Shares Outstanding | 3,576,678 | ||
Entity Public Float | $149,275,000 | ||
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-Mar-15 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $2,034 | $5,575 |
Accounts receivable, net | 12,145 | 9,278 |
Inventories, net | 12,420 | 7,771 |
Prepaid expenses and other | 1,334 | 2,064 |
Deferred income taxes | 1,689 | 1,878 |
Total current assets | 29,622 | 26,566 |
Property, plant and equipment, net | 9,598 | 7,680 |
Intangibles, net | 33,231 | 25,417 |
Goodwill | 44,869 | 37,866 |
Total assets | 117,320 | 97,529 |
Current liabilities: | ||
Accounts payable | 2,503 | 2,019 |
Accrued salaries and payroll taxes | 4,105 | 3,567 |
Unearned revenues | 1,314 | 1,886 |
Current portion of contingent consideration | 1,220 | |
Other accrued expenses | 1,307 | 2,743 |
Income taxes payable | 1,208 | |
Current portion of long-term debt | 3,000 | 0 |
Total current liabilities | 14,657 | 10,215 |
Deferred income taxes | 5,122 | 4,861 |
Long-term debt | 23,250 | 16,500 |
Contingent consideration | 812 | 1,620 |
Total liabilities | 43,841 | 33,196 |
Commitments and Contingencies (Note 12) | ||
Stockholders’ equity: | ||
Common stock, no par value; authorized 25,000,000 shares; issued and outstanding, 3,561,540 shares (March 31, 2015) and 3,490,628 shares (March 31, 2014) | 17,751 | 15,796 |
Employee loans to purchase stock | -24 | |
Retained earnings | 55,962 | 48,561 |
Accumulated other comprehensive loss | -234 | |
Total stockholders’ equity | 73,479 | 64,333 |
Total liabilities and stockholders’ equity | $117,320 | $97,529 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Mar. 31, 2015 | 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 | 3,561,540 | 3,490,628 |
Common stock, shares outstanding | 3,561,540 | 3,490,628 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues | |||
Product | $58,910 | $44,539 | $40,590 |
Service | 12,420 | 8,185 | 5,845 |
Total revenues | 71,330 | 52,724 | 46,435 |
Cost of revenues | |||
Cost of products | 23,128 | 16,062 | 15,489 |
Cost of services | 4,810 | 4,974 | 2,084 |
Total cost of revenues | 27,938 | 21,036 | 17,573 |
Gross profit | 43,392 | 31,688 | 28,862 |
Operating expenses | |||
Selling | 7,176 | 6,119 | 4,630 |
General and administrative | 17,058 | 11,464 | 9,117 |
Research and development | 3,294 | 2,320 | 2,011 |
Total operating expenses | 27,528 | 19,903 | 15,758 |
Operating income | 15,864 | 11,785 | 13,104 |
Other (expense) income, net | -517 | 1,318 | -126 |
Earnings before income taxes | 15,347 | 13,103 | 12,978 |
Income taxes | 5,764 | 4,103 | 4,528 |
Net income | $9,583 | $9,000 | $8,450 |
Net income per share: | |||
Basic (in Dollars per share) | $2.72 | $2.61 | $2.52 |
Diluted (in Dollars per share) | $2.63 | $2.49 | $2.35 |
Weighted average common shares outstanding: | |||
Basic (in Shares) | 3,521 | 3,445 | 3,357 |
Diluted (in Shares) | 3,650 | 3,611 | 3,593 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Net Income | $9,583 | $9,000 | $8,450 |
Other comprehensive loss, net of tax: | |||
Foreign currency translation | -234 | ||
Total comprehensive income | $9,349 | $9,000 | $8,450 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders’ Equity (USD $) | Common Stock [Member] | Employee Loans [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
In Thousands, except Share data | |||||
Balance at Mar. 31, 2012 | $8,900 | ($396) | $35,411 | $43,915 | |
Shares (in Shares) at Mar. 31, 2012 | 3,321,965 | ||||
Common stock issued for conversion of stock options | 1,101 | -203 | 898 | ||
Common stock issued for conversion of stock options, shares (in Shares) | 77,753 | 93,325 | |||
Purchase and retirement of common stock | -56 | 450 | -496 | -102 | |
Purchase and retirement of common stock (in Shares) | -11,170 | ||||
Dividends paid | -1,815 | -1,815 | |||
Stock-based compensation | 1,112 | 1,112 | |||
Tax impact on exercise of stock options | 295 | 295 | |||
Net income | 8,450 | 8,450 | |||
Balance at Mar. 31, 2013 | 11,352 | -149 | 41,550 | 52,753 | |
Shares (in Shares) at Mar. 31, 2013 | 3,388,548 | ||||
Common stock issued for conversion of stock options | 1,845 | 1,845 | |||
Common stock issued for conversion of stock options, shares (in Shares) | 104,864 | 117,885 | |||
Purchase and retirement of common stock | -147 | 125 | -22 | ||
Purchase and retirement of common stock (in Shares) | -2,784 | ||||
Dividends paid | -1,989 | -1,989 | |||
Stock-based compensation | 840 | 840 | |||
Tax impact on exercise of stock options | 1,906 | 1,906 | |||
Net income | 9,000 | 9,000 | |||
Balance at Mar. 31, 2014 | 15,796 | -24 | 48,561 | 64,333 | |
Shares (in Shares) at Mar. 31, 2014 | 3,490,628 | 3,490,628 | |||
Common stock issued for conversion of stock options | 1,504 | 1,504 | |||
Common stock issued for conversion of stock options, shares (in Shares) | 70,912 | 82,178 | |||
Purchase and retirement of common stock | -28 | 24 | -4 | ||
Dividends paid | -2,182 | -2,182 | |||
Stock-based compensation | 993 | 993 | |||
Tax impact on exercise of stock options | -514 | -514 | |||
Foreign currency translation | -234 | -234 | |||
Net income | 9,583 | 9,583 | |||
Balance at Mar. 31, 2015 | $17,751 | $55,962 | ($234) | $73,479 | |
Shares (in Shares) at Mar. 31, 2015 | 3,561,540 | 3,561,540 |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders’ Equity (Parentheticals) (Common Stock [Member]) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Common Stock [Member] | |||
Common stock, shares issued | 11,266 | 13,021 | 15,572 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Net income | $9,583,000 | $9,000,000 | $8,450,000 |
Depreciation and amortization | 5,656,000 | 3,844,000 | 3,432,000 |
Loss (gain) on dispositions, net | 16,000 | -420,000 | |
Deferred income taxes | 450,000 | -43,000 | -291,000 |
Stock-based compensation | 993,000 | 840,000 | 1,112,000 |
Foreign currency adjustments | -176,000 | ||
Contingent consideration | -1,020,000 | ||
Change in assets and liabilities, net of effects of acquisitions and dispositions | |||
Accounts receivable, net | -2,291,000 | 697,000 | -1,510,000 |
Inventories, net | -3,164,000 | -1,300,000 | -228,000 |
Prepaid expenses and other | 772,000 | -1,479,000 | -189,000 |
Accounts payable | 410,000 | 754,000 | 437,000 |
Accrued liabilities and taxes payable | -861,000 | 1,192,000 | 189,000 |
Unearned revenues | -572,000 | 308,000 | |
Net cash provided by operating activities | 10,816,000 | 12,373,000 | 11,402,000 |
Cash flows from investing activities: | |||
Acquisitions | -20,543,000 | -22,758,000 | -16,660,000 |
Proceeds from disposition | 661,000 | ||
Purchases of property, plant and equipment | -2,828,000 | -1,041,000 | -908,000 |
Net cash used in investing activities | -23,371,000 | -23,138,000 | -17,568,000 |
Cash flow from financing activities: | |||
Proceeds from the issuance of debt | 23,000,000 | 21,000,000 | 11,000,000 |
Payments on debt | -13,250,000 | -8,500,000 | -7,000,000 |
Dividends | -2,182,000 | -1,989,000 | -1,815,000 |
Proceeds from the exercise of stock options | 1,504,000 | 1,845,000 | 898,000 |
Purchase and retirement of common stock | -22,000 | -102,000 | |
Net cash provided by financing activities | 9,072,000 | 12,334,000 | 2,981,000 |
Effect of exchange rate changes on cash and cash equivalents | -58,000 | ||
Net (decrease) increase in cash and cash equivalents | -3,541,000 | 1,569,000 | -3,185,000 |
Cash and cash equivalents at beginning of year | 5,575,000 | 4,006,000 | 7,191,000 |
Cash and cash equivalents at end of year | 2,034,000 | 5,575,000 | 4,006,000 |
Cash paid during the year for: | |||
Income taxes | 3,345,000 | 4,714,000 | 4,778,000 |
Interest | 499,000 | 133,000 | 116,000 |
Supplemental non-cash activity: | |||
Employee loans issued for exercise of stock options | 203,000 | ||
Repayment of employee loans for stock options | 24,000 | 92,000 | 450,000 |
Contingent consideration as part of an acquisition | $412,000 | $500,000 | $2,140,000 |
Note_1_Description_of_Business
Note 1 - Description of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2015 | |
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, 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 | |
Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The consolidated financial statements include the accounts of Mesa Laboratories, Inc. and its subsidiaries. Intercompany transactions and balances have been eliminated. The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in our consolidated financial statements and accompanying notes. Although these estimates are based on our knowledge of current events and actions we may undertake in the future, actual results may ultimately differ from these estimates and assumptions. Furthermore, when testing assets for impairment in future periods, if management uses different assumptions or if different conditions occur, impairment charges may result. | |
On October 1, 2012 our articles of incorporation were amended to increase the number of authorized shares of common stock from 8,000,000 to 25,000,000. | |
Summary of Significant Accounting Policies | |
Revenue Recognition | |
We recognize revenue when the four revenue recognition criteria are met, as follows: | |
Product sales: Revenue is recognized upon shipment of the product. Evidence of an arrangement is typically in the form of a customer purchase order. Custody is transferred upon shipment (FOB Shipping Point). Prices are fixed at the time of order and no price protections or variables are offered. Collectability is reasonably assured via our customer credit and review processes. | |
Services: Revenue is recognized upon completion of the work/services to be performed. Evidence of an arrangement is typically in the form of a contract and/or a customer purchase order. Custody is transferred upon completion and acceptance of the service or installation process. Prices are fixed at the time of order and no price protections or variables are offered. Collectability is reasonably assured via our customer credit and review processes. | |
Shipping and handling | |
Payments by customers to us for shipping and handling costs are included in revenues on the consolidated statements of income, while our expense is included in cost of revenues. Shipping and handling for inventory and materials purchased by us is included as a component of inventory on the consolidated balance sheets, and in cost of revenues when the product is sold. | |
Unearned Revenues | |
Certain of our products have associated annual service contracts whereby we provide repair, technical support and various other maintenance services. In the event that these contracts are paid up front by the customer, the associated amounts are deferred and recognized ratably over the term of the service period. | |
Accrued Warranty Expense | |
We provide limited product warranty on our products and, accordingly, accrue an estimate of the related warranty expense at the time of sale. | |
Cash Equivalents | |
We classify time deposits and other investments that are highly liquid and have maturities of three months or less at the date of purchase as cash equivalents. | |
Accounts Receivable | |
We record trade accounts receivable at net realizable value. This value includes an appropriate allowance for estimated uncollectible accounts to reflect any loss anticipated on the trade accounts receivable balances and is charged to the provision for doubtful accounts. We calculate this allowance based on our history of write-offs, the level of past-due accounts based on the contractual terms of the receivables, and our relationships with, and the economic status of, our customers. | |
Concentration of Credit Risk | |
Financial instruments that potentially subject us to concentrations of credit risk consist of accounts receivable. For the years ended March 31, 2015, 2014 and 2013, no individual customer represented more than 10% of our revenues and as of March 31, 2015, no individual customer represented more than 10% of our accounts receivable balance. Approximately 64% and 36% of our sales are to customers located in the United States and foreign countries, respectively. | |
Inventories | |
Inventories are stated at the lower of cost or market, based on standards using the first-in, first-out method (“FIFO”) to determine cost. We evaluate standard costs annually, unless circumstances necessitate a mid-year evaluation for specific items. Our work in process and finished goods inventory includes raw materials, labor and overhead, which are estimated based on trailing twelve months of expense and standard labor hours for each product. Our biological indicator inventory is tracked by lot number, thus it is generally based on actual hours. | |
We monitor inventory cost compared to selling price in order to determine if a lower of cost or market reserve is necessary. At year end we perform a complete physical inventory observation. Throughout the year, we estimate and maintain an inventory reserve, as needed, for such matters as obsolete inventory, shrink and scrap. | |
Property, Plant and Equipment | |
Property, plant and equipment are stated at cost. Repair and maintenance costs that do not improve service potential or extend the economic life are expensed as incurred. Depreciation is recorded using the straight-line method over the estimated useful lives of our assets, which are reviewed periodically and generally have the following ranges: buildings: 40 years or less; manufacturing equipment: seven years or less; and computer equipment: three years or less. Land is not depreciated and construction in progress is not depreciated until placed in service. | |
Goodwill and Intangible Assets | |
We classify intangible assets into three categories: (1) intangible assets with definite lives subject to amortization, (2) intangible assets with indefinite lives not subject to amortization and (3) goodwill. We determine the useful lives of our identifiable intangible assets after considering the specific facts and circumstances related to each intangible asset. Factors we consider when determining useful lives include the contractual term of any agreement related to the asset, the historical performance of the asset, our long-term strategy for using the asset, any laws or other local regulations which could impact the useful life of the asset and other economic factors, including competition and specific market conditions. Intangible assets that are deemed to have definite lives are amortized, primarily on a straight-line basis, over their useful lives, generally ranging from three to sixteen years (See Note 5). | |
When facts and circumstances indicate that the carrying value of definite-lived intangible assets may not be recoverable, management assesses the recoverability of the carrying value by preparing estimates of revenues and the resulting gross profit and cash flows. These estimated future cash flows are consistent with those we use in our internal planning. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount, we recognize an impairment loss. The impairment loss recognized is the amount by which the carrying amount of the asset (or asset group) exceeds the fair value. We use a variety of methodologies to determine the fair value of these assets, including discounted cash flow models, which are consistent with the assumptions we believe hypothetical marketplace participants would use. | |
We test intangible assets determined to have indefinite useful lives, including trademarks, franchise rights and goodwill, for impairment annually, or more frequently if events or circumstances indicate that assets might be impaired. We perform these annual impairment reviews as of the first day of our fourth fiscal quarter. We use a variety of methodologies in conducting impairment assessments of indefinite-lived intangible assets, including, but not limited to, discounted cash flow models, which are based on the assumptions we believe hypothetical marketplace participants would use. For indefinite-lived intangible assets, other than goodwill, if the carrying amount exceeds the fair value, an impairment charge is recognized in an amount equal to that excess. | |
We have the option to perform a qualitative assessment of indefinite-lived intangible assets, other than goodwill, prior to completing the impairment test described above. We must assess whether it is more likely than not that the fair value of the intangible asset is less than its carrying amount. If we conclude that this is the case, we must perform the testing described above. Otherwise, there is no requirement to perform any further assessment. | |
We perform impairment tests of goodwill at our reporting unit level, which is one level below our operating segments. Our operating segments consist of our Instruments, Continuous Monitoring and Biological Indicators. These operating segments are consistent with the way management runs our business. Our Instruments operating segment is subdivided into smaller business units. These business units are also our reporting units. Goodwill is assigned to the reporting unit or units that benefit from the synergies arising from each business combination. | |
The goodwill impairment test consists of a two-step process, if necessary. The first step is to compare the fair value of a reporting unit to its carrying value, including goodwill. We typically use discounted cash flow models to determine the fair value of a reporting unit. The assumptions used in these models are consistent with those we believe hypothetical marketplace participants would use. If the fair value of the reporting unit is less than its carrying value, the second step of the impairment test must be performed in order to determine the amount of impairment loss, if any. The second step compares the implied fair value of the reporting unit's goodwill with the carrying amount of that goodwill. If the carrying amount of the reporting unit's goodwill exceeds its implied fair value, an impairment charge is recognized in an amount equal to that excess. The loss recognized cannot exceed the carrying amount of goodwill. | |
We have the option to perform a qualitative assessment of goodwill prior to completing the two-step process described above to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill and other intangible assets. If we conclude that this is the case, we must perform the two-step process. Otherwise, there is no requirement to perform any further assessment. | |
Research & Development Costs | |
Internal costs related to research and development efforts on existing or potential products are expensed as incurred. The costs of intangible assets that are purchased from others for use in research and development activities, and also have alternative future benefit, are capitalized and amortized over their expected useful life. | |
Under certain agreements, we may receive advance payments from customers to perform research and development on their behalf. These payments are recovered by the customer through lower product prices and as such, are initially recorded as unearned revenues in the accompanying consolidated balance sheets. As product is sold, this liability is reduced through revenues on the consolidated statements of income. | |
Stock-based Compensation | |
Equity classified stock-based compensation is measured at fair value, based on the closing stock price at grant date, using the Black-Scholes option-pricing model. We recognize expense on a straight-line basis over the service period, net of an estimated forfeiture rate, resulting in a compensation cost for only those shares expected to vest. We do not have any liability classified stock-based compensation. We allocate stock-based compensation expense to cost of revenues and general and administrative expense in the accompanying consolidated statements of income. | |
Income Taxes | |
We recognize deferred income tax assets and liabilities for the expected future tax consequences of temporary differences between the income tax and financial reporting carrying amount of our assets and liabilities. We monitor our deferred tax assets and evaluate the need for a valuation allowance based on the estimate of the amount of such deferred tax assets that we believe do not meet the more-likely-than-not recognition criteria. We also evaluate whether we have any uncertain tax positions and would record a reserve if we believe it is more-likely-than-not our position would not prevail with the applicable tax authorities. We have not recorded a valuation allowance or a reserve for uncertain tax positions. Any penalties and interest are included in other expense, net on the consolidated statements of income. | |
Fair Value of Measurements | |
Our financial instruments include cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities and long-term debt. The carrying value of these financial instruments is considered to be representative of their fair value due to the short maturity of these instruments. Our debt has a variable interest rate, so the carrying amount approximates fair value because interest rates on these instruments approximate the interest rate on debt with similar terms available to us. | |
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 consolidated financial statements and disclosures. |
Note_2_Acquisitions_and_Dispos
Note 2 - Acquisitions and Dispositions | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | Note 2. Acquisitions and Dispositions | ||||||||
Acquisitions | |||||||||
For the year ended March 31, 2015, our acquisitions of businesses (net of cash acquired) totaled $20,543,000, 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 segment. 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 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. 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 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 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): | |||||||||
Year Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Revenues | $ | 73,068 | $ | 56,541 | |||||
Net income | 9,673 | 9,512 | |||||||
Net income per common share: | |||||||||
Basic | $ | 2.75 | $ | 2.76 | |||||
Diluted | 2.65 | 2.63 | |||||||
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 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): | |||||||||
Year Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Revenues | $ | 71,648 | $ | 60,388 | |||||
Net income | 9,661 | 11,141 | |||||||
Net income per common share: | |||||||||
Basic | $ | 2.74 | $ | 3.23 | |||||
Diluted | 2.65 | 3.09 | |||||||
For the year ended March 31, 2014, our acquisitions of businesses (net of cash acquired) totaled $22,758,000, which consisted primarily of the following material acquisitions: | |||||||||
Amega Scientific | |||||||||
On November 6, 2013, we completed a business combination (the “Amega Acquisition”) whereby we acquired substantially all of the assets and certain liabilities of Amega Scientific Corporation’s (“Amega”) business which provides continuous monitoring systems to regulated industries. The asset acquisition agreement (the “Amega Agreement”) includes provisions for both contingent consideration based on the cumulative three year revenues of our Continuous Monitoring Division and for a holdback payment (subject to a post-closing adjustment), which was payable to the seller no later than November 6, 2014 less any losses incurred by the buyer, as defined. | |||||||||
Under the terms of the Amega Agreement, we are required to pay contingent consideration if the cumulative revenues for our Continuous Monitoring Division for the three years subsequent to the acquisition meet certain levels. The potential consideration payable ranges from $0 to $10,000,000 and is based upon a sliding scale of three-year cumulative revenues between $31,625,000 and $43,500,000. Based 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 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. | |||||||||
We expected to achieve savings and generate growth as we integrate the Amega operations and sales and marketing functions. These factors, among others, contributed to a purchase price in excess of the estimated fair value of the net identifiable assets acquired and, as a result, we recorded goodwill in connection with this transaction. The goodwill is deductible for tax purposes and it was assigned to our Continuous Monitoring segment. | |||||||||
The Amega Acquisition constituted the acquisition of a business and was recognized at fair value. 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 Amega Agreement (in thousands): | |||||||||
Cash consideration | $ | 11,268 | |||||||
Holdback payment liability | 1,000 | ||||||||
Contingent consideration liability | 500 | ||||||||
Aggregate consideration | $ | 12,768 | |||||||
The purchase price was allocated as follows: | |||||||||
Accounts receivable, net | $ | 663 | |||||||
Inventories, net | 410 | ||||||||
Prepaid expenses and other | 11 | ||||||||
Property, plant and equipment, net | 115 | ||||||||
Intangibles, net | 5,838 | ||||||||
Goodwill | 6,827 | ||||||||
Accrued salaries and payroll taxes | (53 | ) | |||||||
Unearned revenues | (1,043 | ) | |||||||
Total purchase price allocation | $ | 12,768 | |||||||
The accompanying consolidated statements of income include the results of the Amega Acquisition from the acquisition date of Nov 6, 2013. The pro forma effects of the acquisition on the results of operations as if the acquisition had been completed on April 1, 2013 and 2012, are as follows (in thousands, except per share data): | |||||||||
Year Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Revenues | $ | 56,451 | $ | 50,372 | |||||
Net income | 10,002 | 9,508 | |||||||
Net income per common share: | |||||||||
Basic | $ | 2.9 | $ | 2.83 | |||||
Diluted | 2.77 | 2.65 | |||||||
Tempsys | |||||||||
On November 6, 2013, we completed a business combination (the “TempSys Acquisition”) whereby we acquired all of the common stock of TempSys, Inc. (“TempSys”), a company in the business of providing continuous monitoring systems to regulated industries, for $9,826,000 (subject to a post-closing adjustment). | |||||||||
We expected to achieve savings and generate growth as we integrate the TempSys operations and sales and marketing functions. These factors, among others, contributed to a purchase price in excess of the estimated fair value of the net identifiable assets acquired and, as a result, we recorded goodwill in connection with this transaction. The goodwill is not deductible for tax purposes and it was assigned to our Continuous Monitoring segment. | |||||||||
The TempSys Acquisition constituted the acquisition of a business and was recognized at fair value. 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 TempSys Agreement (in thousands): | |||||||||
The purchase price was allocated as follows: | |||||||||
Cash | $ | 57 | |||||||
Accounts receivable, net | 838 | ||||||||
Inventories, net | 447 | ||||||||
Prepaid expenses and other | 21 | ||||||||
Property, plant and equipment, net | 25 | ||||||||
Deferred income taxes | 585 | ||||||||
Intangibles, net | 6,135 | ||||||||
Goodwill | 6,820 | ||||||||
Accounts payable | (255 | ) | |||||||
Accrued salaries and payroll taxes | (2,134 | ) | |||||||
Unearned revenues | (485 | ) | |||||||
Other accrued expenses | (135 | ) | |||||||
Deferred income taxes | (2,093 | ) | |||||||
Total purchase price allocation | $ | 9,826 | |||||||
The accompanying consolidated statements of income include the results of the Tempsys Acquisition from the acquisition date of Nov 6, 2013. The pro forma effects of the acquisition on the results of operations as if the acquisition had been completed on April 1, 2013 and 2012, are as follows (in thousands, except per share data): | |||||||||
Year Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Revenues | $ | 55,129 | $ | 49,705 | |||||
Net income | 9,132 | 8,100 | |||||||
Net income per common share: | |||||||||
Basic | $ | 2.65 | $ | 2.41 | |||||
Diluted | 2.53 | 2.25 | |||||||
For the year ended March 31, 2013, our acquisitions of businesses totaled $16,660,000, which consisted primarily of the following acquisition: | |||||||||
Bios | |||||||||
On May 15, 2012, we completed a business combination (the “Bios Acquisition”) whereby we acquired substantially all of the assets and certain liabilities of Bios International Corporation (“Bios”), a New Jersey corporation. The asset acquisition agreement (the “Bios Agreement”) included a provision for contingent consideration based on revenues growth over a three year earn-out period. | |||||||||
Under the terms of the Bios Agreement, we were 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 have been required to make ranged 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. This gain of $1,020,000 associated with the decrease in the contingent consideration payable is included in other income (expense), net on the accompanying consolidated statements of income for the year ended March 31, 2014. We finalized the contingent consideration and paid $1,120,000 in May 2015. | |||||||||
We expected to achieve significant savings and income growth as we integrated the Bios operations and sales and marketing functions. These factors, among others, contributed to a purchase price in excess of the estimated fair value of net identifiable assets acquired and, as a result, we recorded goodwill in connection with this transaction. The goodwill is deductible for tax purposes and it was assigned to our Instruments segment. | |||||||||
The Bios Acquisition constituted the acquisition of a business and was recognized at fair value. We determined the estimated fair values using discounted cash flow analyses and estimates made by management. The following reflects our allocation of the consideration, subject to customary purchase price adjustments in accordance with the Bios Agreement (in thousands): | |||||||||
Cash consideration | $ | 16,660 | |||||||
Contingent purchase price liability | 2,140 | ||||||||
Aggregate consideration | $ | 18,800 | |||||||
The purchase price was allocated as follows: | |||||||||
Accounts receivable, net | $ | 478 | |||||||
Inventories, net | 910 | ||||||||
Other current assets | 28 | ||||||||
Property, plant and equipment | 63 | ||||||||
Intangible assets | 8,200 | ||||||||
Goodwill | 9,190 | ||||||||
Current liabilities | (69 | ) | |||||||
Total purchase price allocation | $ | 18,800 | |||||||
The accompanying consolidated statements of income include the results of the Bios Acquisition from the acquisition date of May 15, 2012. The pro forma effects of the acquisition on the results of operations as if the acquisition had been completed on April 1, 2012 and 2011, are as follows (in thousands, except per share data): | |||||||||
Year Ended March 31, | |||||||||
2013 | 2012 | ||||||||
Revenues | $ | 47,216 | $ | 46,498 | |||||
Net income | 8,471 | 8,102 | |||||||
Net income per common share: | |||||||||
Basic | $ | 2.52 | $ | 2.47 | |||||
Diluted | 2.36 | 2.34 | |||||||
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 | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventory Disclosure [Text Block] | Note 3. Inventories | ||||||||
Inventories consist of the following (in thousands): | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Raw materials | $ | 10,366 | $ | 5,758 | |||||
Work-in-process | 530 | 272 | |||||||
Finished goods | 1,913 | 2,068 | |||||||
Less reserve | (389 | ) | (327 | ) | |||||
$ | 12,420 | $ | 7,771 | ||||||
Note_4_Property_Plant_and_Equi
Note 4 - Property, Plant and Equipment | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment Disclosure [Text Block] | Note 4. Property, Plant and Equipment | ||||||||
Property, plant and equipment consist of the following (in thousands): | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Land | $ | 1,614 | $ | 873 | |||||
Buildings | 4,721 | 4,685 | |||||||
Manufacturing equipment | 6,797 | 6,054 | |||||||
Computer equipment | 1,845 | 1,487 | |||||||
Other | 1,343 | 393 | |||||||
16,320 | 13,492 | ||||||||
Less accumulated depreciation | (6,722 | ) | (5,812 | ) | |||||
$ | 9,598 | $ | 7,680 | ||||||
Depreciation expense for the years ended March 31, 2015, 2014 and 2013 was $981,000, $865,000 and $831,000, respectively. |
Note_5_Goodwill_and_Intangible
Note 5 - Goodwill and Intangible Assets | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | Note 5. Goodwill and Intangible Assets | ||||||||||||||||
The change in the carrying amount of goodwill was as follows (in thousands): | |||||||||||||||||
Biological | Instruments | Continuous Monitoring | Total | ||||||||||||||
Indicators | |||||||||||||||||
1-Apr-13 | $ | 9,279 | $ | 14,361 | $ | -- | $ | 23,640 | |||||||||
Acquisitions | -- | 579 | 13,647 | 14,226 | |||||||||||||
31-Mar-14 | 9,279 | 14,940 | 13,647 | 37,866 | |||||||||||||
Acquisitions | 3,708 | 3,295 | -- | 7,003 | |||||||||||||
31-Mar-15 | $ | 12,987 | $ | 18,235 | $ | 13,647 | $ | 44,869 | |||||||||
Other intangible assets are as follows: | |||||||||||||||||
(In thousands) | 31-Mar-15 | ||||||||||||||||
Carrying | Accumulated Amortization | Net | Useful Life | ||||||||||||||
Amount | (Years) | ||||||||||||||||
Intellectual property | $ | 7,210 | $ | 2,362 | $ | 4,848 | 16-Oct | ||||||||||
Trade names | 3,158 | 863 | 2,295 | 10-Mar | |||||||||||||
Customer relationships | 36,408 | 10,752 | 25,656 | 10-Jul | |||||||||||||
Non-compete agreements | 1,286 | 854 | 432 | 10-Mar | |||||||||||||
$ | 48,062 | $ | 14,831 | $ | 33,231 | ||||||||||||
31-Mar-14 | |||||||||||||||||
Carrying | Accumulated Amortization | Net | Useful Life | ||||||||||||||
Amount | (Years) | ||||||||||||||||
Intellectual property | $ | 7,027 | $ | 1,641 | $ | 5,386 | 16-Oct | ||||||||||
Trade names | 2,648 | 519 | 2,129 | 10-Mar | |||||||||||||
Customer relationships | 24,612 | 7,326 | 17,286 | 10-Jul | |||||||||||||
Non-compete agreements | 1,286 | 670 | 616 | 10-Mar | |||||||||||||
$ | 35,573 | $ | 10,156 | $ | 25,417 | ||||||||||||
The following is estimated amortization expense for the years ending March 31: | |||||||||||||||||
(In thousands) | |||||||||||||||||
2016 | $ | 4,913 | |||||||||||||||
2017 | 4,773 | ||||||||||||||||
2018 | 4,599 | ||||||||||||||||
2019 | 4,271 | ||||||||||||||||
2020 | 3,957 | ||||||||||||||||
Amortization expense for the years ended March 31, 2015, 2014 and 2013 was $4,675,000, $2,979,000 and $2,601,000, respectively. |
Note_6_LongTerm_Debt
Note 6 - Long-Term Debt | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt Disclosure [Text Block] | Note 6. Long-term Debt | ||||||||
Long-term debt consists of the following (in thousands): | |||||||||
March 31, | March 31, | ||||||||
2015 | 2014 | ||||||||
Line of credit (1.68% at March 31, 2015) | $ | 13,500 | $ | 16,500 | |||||
Term loan (2.18% at March 31, 2015) | 12,750 | -- | |||||||
Less: current portion | (3,000 | ) | -- | ||||||
Long-term portion | $ | 23,250 | $ | 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 may be 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. As a result of the extended maturity date, the $16,500,000 outstanding as of March 31, 2014 was classified as long term on the accompanying consolidated balance sheets. | |||||||||
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 March 31, 2015. | |||||||||
Subsequent to year end, we made a $750,000 required principal payment on the Term Loan and principal payments of $500,000 on the Line of Credit. | |||||||||
Future contractual maturities of debt as of March 31, 2015 are as follows (in thousands): | |||||||||
Year ending March 31, | |||||||||
2016 | $ | 3,000 | |||||||
2017 | 3,000 | ||||||||
2018 | 20,250 | ||||||||
$ | 26,250 | ||||||||
Note_7_Stockholders_Equity
Note 7 - Stockholders' Equity | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | Note 7. Stockholders' Equity | ||||||||||||
Under applicable law, Colorado corporations are not permitted to retain treasury stock. The price paid for repurchased shares is allocated between common stock and retained earnings, based on management’s estimate of the original sales price of the underlying shares. | |||||||||||||
In November, 2005, our Board of Directors approved a program to repurchase up to 300,000 shares of our outstanding common stock. Under the program, shares of common stock may be purchased from time to time in the open market at prevailing prices or in negotiated transactions off the market. Shares of common stock purchased will be cancelled and repurchases of shares of common stock will be funded through existing cash reserves. As of March 31, 2015, we have purchased 162,486 shares under this plan. | |||||||||||||
Dividends per share paid by quarter were as follows: | |||||||||||||
Year Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
First quarter | $ | 0.15 | $ | 0.14 | $ | 0.13 | |||||||
Second quarter | 0.15 | 0.14 | 0.13 | ||||||||||
Third quarter | 0.16 | 0.15 | 0.14 | ||||||||||
Fourth quarter | 0.16 | 0.15 | 0.14 | ||||||||||
Note_8_Employee_Benefit_Plans
Note 8 - Employee Benefit Plans | 12 Months Ended |
Mar. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Note 8. Employee Benefit Plans |
We adopted our 401(k) plan effective January 1, 2000. Participation is voluntary and employees are eligible the first day of the following month that an employee attains an age of 21 and one hour of service time. We match 50% of the employee’s contribution up to 6% of the employee’s salary and those contributions are vested immediately. Prior to the year ended March 31, 2014, our Bozeman, Montana facility (“Bozeman’) operated on a separate 401(k) plan. That plan was adopted effective August 15, 1996. Participation was voluntary and employees were eligible to participate at age 21 and after one year of employment. Bozeman matched 100% of the employee’s contribution up to 4% of the employee’s salary and those contributions vested immediately. Bozeman also offered a Roth Savings Plan which was incorporated into their 401(k) Plan with identical requirements and contributions. The Bozeman 401(k) plan was merged into our plan during the year ended March 31, 2014. We contributed $330,000, $214,000 and $214,000, respectively, to all plans for the years ended March 31, 2015, 2014 and 2013. |
Note_9_StockBased_Compensation
Note 9 - Stock-Based Compensation | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 9. Stock-Based Compensation | ||||||||||||||||
We adopted stock option plans for the benefit of our employees and outside directors. Under terms of the plans, stock options are granted at an amount not less than 100% of the quoted market price of the underlying shares at the date of grant. Stock options are exercisable for terms of five to ten years and vest ratably over terms of four to seven years. All of our stock option plans have been approved by our shareholders. | |||||||||||||||||
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 of March 31, 2015, we have 2,320 shares outstanding under the 2014 Plan. | |||||||||||||||||
Under the December 8, 2006 plan (the “2006 Plan”), a total of 400,000 shares of common stock were reserved for issuance and were subject to terms as set by the Compensation Committee of the Board of Directors at the time of grant. On September 23, 2010, our shareholders approved an amendment to the 2006 Plan whereby the number of shares authorized for issuance was increased to 800,000. 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 March 31, 2015, we have 422,603 stock options outstanding under the 2006 Plan. On February 27, 2013, we filed a Registration Statement on Form S-8 whereby we registered the additional 400,000 shares of common stock underlying stock options issuable under the 2006 Plan. | |||||||||||||||||
Under the October 21, 1999 plan (the “1999 Plan”), a total of 300,000 shares of common stock were reserved for issuance and were subject to terms as set by the Compensation Committee of the Board of Directors at the time of grant. On October 18, 2004, our shareholders approved an amendment to the 1999 Plan to reserve an additional 200,000 shares of common stock for issuance under the plan. The 1999 Plan has expired and no new grants can be made under this plan. As of March 31, 2015, we have 12,325 stock options outstanding under the 1999 Plan. | |||||||||||||||||
Amounts recognized in the consolidated financial statements related to stock-based compensation are as follows (in thousands, except per share data): | |||||||||||||||||
Year Ended March 31, | |||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||
Total cost of stock based compensation charged against income before income tax | $ | 993 | $ | 840 | $ | 1,112 | |||||||||||
Amount of income tax benefit recognized in earnings | 373 | 263 | 388 | ||||||||||||||
Amount charged against net income | $ | 620 | $ | 577 | $ | 724 | |||||||||||
Impact on net income per common share: | |||||||||||||||||
Basic | $ | 0.18 | $ | 0.17 | $ | 0.22 | |||||||||||
Diluted | 0.17 | 0.16 | 0.2 | ||||||||||||||
The fair value of each option award is estimated on the date of grant using the Black-Scholes option valuation model that uses assumptions noted in the following table. We use historical data to estimate volatility, expected option life and forfeiture rate. The risk-free rate is based on the United States Treasury yield curve in effect at the time of grant. 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. | |||||||||||||||||
Year Ended March 31, | |||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||
Volatility | 24.40% | - | 27.10% | 26% | - | 28.70% | 27.5 | - | 31.10% | ||||||||
Risk-free interest rate | 1.90% | - | 2.30% | 0.80% | - | 2.10% | 0.6 | - | 1.00% | ||||||||
Expected option life (years) | 6 | - | 8 | 5 | - | 10 | 5 | - | 10 | ||||||||
Dividend yield | 0.90% | 1.10% | 1.40% | ||||||||||||||
A summary of the option activity as of and for the years ended March 31, 2015, 2014 and 2013 is as follows: | |||||||||||||||||
Number of | Weighted- | Weighted- | Aggregate | ||||||||||||||
Shares | average | average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | (000s) | |||||||||||||||
Term | |||||||||||||||||
Outstanding at March 31, 2012 | 433,785 | $ | 22.77 | 3.9 | $ | 11,516 | |||||||||||
Granted | 116,080 | 49.97 | 5.9 | -- | |||||||||||||
Forfeited | (40,375 | ) | 32.87 | -- | -- | ||||||||||||
Expired | (40 | ) | 18.98 | -- | -- | ||||||||||||
Exercised | (93,325 | ) | 20.56 | -- | -- | ||||||||||||
Outstanding at March 31, 2013 | 416,125 | 29.87 | 3.7 | 9,529 | |||||||||||||
Granted | 128,124 | 55.33 | 6.4 | -- | |||||||||||||
Forfeited | (27,782 | ) | 52.5 | -- | -- | ||||||||||||
Expired | (410 | ) | 52.5 | -- | -- | ||||||||||||
Exercised | (117,885 | ) | 22.17 | -- | -- | ||||||||||||
Outstanding at March 31, 2014 | 398,172 | 38.75 | 4.4 | 20,505 | |||||||||||||
Granted | 147,720 | 88.62 | 7 | -- | |||||||||||||
Forfeited | (26,466 | ) | 64.62 | -- | -- | ||||||||||||
Expired | -- | -- | -- | -- | |||||||||||||
Exercised | (82,178 | ) | 28.87 | -- | -- | ||||||||||||
Outstanding at March 31, 2015 | 437,248 | 55.81 | 4.9 | 9,445 | |||||||||||||
Exercisable at March 31, | |||||||||||||||||
2015 | 163,210 | 33.35 | 3.6 | 6,341 | |||||||||||||
2014 | 140,825 | 26.7 | 3.5 | 8,949 | |||||||||||||
2013 | 158,320 | 21 | 3 | 5,031 | |||||||||||||
A summary of the status of our unvested option shares as of and for the years ended March 31, 2015, 2014 and 2013 is as follows: | |||||||||||||||||
Unvested Shares | Weighted-average | ||||||||||||||||
Grant-date Fair Value | |||||||||||||||||
Unvested at March 31, 2012 | 284,875 | $ | 7.28 | ||||||||||||||
Options granted | 116,065 | 12.43 | |||||||||||||||
Options forfeited | (38,720 | ) | 8.86 | ||||||||||||||
Options vested | (104,415 | ) | 6.69 | ||||||||||||||
Unvested at March 31, 2013 | 257,805 | 9.55 | |||||||||||||||
Options granted | 128,124 | 15.9 | |||||||||||||||
Options forfeited | (27,782 | ) | 14.75 | ||||||||||||||
Options vested | (100,800 | ) | 8.53 | ||||||||||||||
Unvested at March 31, 2014 | 257,347 | 11.86 | |||||||||||||||
Options granted | 147,720 | 24.49 | |||||||||||||||
Options forfeited | (26,466 | ) | 17.29 | ||||||||||||||
Options vested | (104,563 | ) | 10.36 | ||||||||||||||
Unvested at March 31, 2015 | 274,038 | 18.42 | |||||||||||||||
The total intrinsic value of options exercised was $3,546,000, $6,287,000 and $2,742,000 during the years ended March 31, 2015, 2014 and 2013, respectively. As of March 31, 2015, there was $5,645,903 of total unrecognized compensation expense related to unvested options. As of March 31, 2015, we have 1,097,680 shares available for future option grants. | |||||||||||||||||
Effective November 30, 2012, as part of our Chief Financial Officer transition, 14,400 unvested options were modified to a) extend the expiration date to 10 years following the original grant date, b) allow them to be exercised through their expiration date, and c) accelerate the vesting such that all options will vest by November 30, 2014. This was a modification of the terms of an equity award and, accordingly, we treated this as an exchange of the original award for a new award. We recorded incremental compensation expense of approximately $240,000 for the year ended March 31, 2013, which is included in general and administrative expense on the accompanying consolidated statements of income. |
Note_10_Income_Taxes
Note 10 - Income Taxes | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Tax Disclosure [Text Block] | Note 10. Income Taxes | ||||||||||||
Under current accounting standards, we must recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. We measure the tax benefits recognized in our consolidated financial statements from such a position based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. The application of income tax law is inherently complex. Laws and regulations in this area are voluminous and are often ambiguous. As such, we are required to make many subjective assumptions and judgments regarding our income tax exposures. Interpretations of and guidance surrounding income tax law and regulations change over time and may result in changes to our subjective assumptions and judgments which can materially affect amounts recognized in our consolidated balance sheets and statements of income. Our assessment of tax positions as of March 31, 2015 and 2014, determined that there were no material uncertain tax positions. Our federal tax returns for all years after 2011, state tax returns after 2010 and foreign tax returns after 2011 are subject to future examination by tax authorities for all our tax jurisdictions. We recognize interest and penalties related to income tax matters in other expense and general and administration expense, respectively. During the year ended March 31, 2013, we amended several state income tax returns, resulting in tax refunds of $258,000. These tax refunds are included as an offset to income tax expense in the accompanying consolidated statement of income for the year ended March 31, 2013. | |||||||||||||
Earnings before income taxes are as follows (in thousands): | |||||||||||||
Year Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Domestic | $ | 14,896 | $ | 13,103 | $ | 12,978 | |||||||
Foreign | 451 | -- | -- | ||||||||||
$ | 15,347 | $ | 13,103 | $ | 12,978 | ||||||||
The components of our provision for income taxes are as follows (in thousands): | |||||||||||||
Year Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Current tax provision | |||||||||||||
Federal | $ | 4,186 | $ | 4,031 | $ | 4,440 | |||||||
State | 1,135 | 106 | 280 | ||||||||||
Foreign | 212 | -- | -- | ||||||||||
5,533 | 4,137 | 4,720 | |||||||||||
Deferred tax provision: | |||||||||||||
Federal | 252 | (19 | ) | (180 | ) | ||||||||
State | 51 | (15 | ) | (12 | ) | ||||||||
Foreign | (72 | ) | -- | -- | |||||||||
231 | (34 | ) | (192 | ) | |||||||||
$ | 5,764 | $ | 4,103 | $ | 4,528 | ||||||||
The components of net deferred tax assets and liabilities are as follows (in thousands): | |||||||||||||
March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Current deferred tax assets: | |||||||||||||
Accrued employee-related expenses | $ | 252 | $ | 298 | |||||||||
Allowances and reserves | 346 | 701 | |||||||||||
Stock option deductible differences | 388 | 301 | |||||||||||
Inventory | 252 | 281 | |||||||||||
Foreign tax credit mirror | 285 | -- | |||||||||||
Currency translation adjustment | 144 | -- | |||||||||||
Net operating loss | 22 | 297 | |||||||||||
1,689 | 1,878 | ||||||||||||
Long-term deferred tax liability: | |||||||||||||
Property, plant and equipment | (1,478 | ) | (1,434 | ) | |||||||||
Goodwill and intangible assets | (3,644 | ) | (3,453 | ) | |||||||||
Net operating loss | -- | 26 | |||||||||||
(5,122 | ) | (4,861 | ) | ||||||||||
Net deferred tax liability | $ | (3,433 | ) | $ | (2,983 | ) | |||||||
A reconciliation of our income tax provision and the amounts computed by applying statutory rates to income before income taxes is as follows: | |||||||||||||
Year Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Federal income taxes at statutory rates | $ | 5,374 | $ | 4,586 | $ | 4,543 | |||||||
State income taxes, net of federal benefit | 860 | 78 | 158 | ||||||||||
Tax benefit of stock option exercises | 209 | 5 | 197 | ||||||||||
Section 199 manufacturing deduction | (317 | ) | (250 | ) | (357 | ) | |||||||
Research and development credit | (248 | ) | (159 | ) | (41 | ) | |||||||
Other | (114 | ) | (157 | ) | 28 | ||||||||
$ | 5,764 | $ | 4,103 | $ | 4,528 | ||||||||
Note_11_Net_Income_Per_Share
Note 11 - Net Income Per Share | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings Per Share [Text Block] | Note 11. 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 share data): | |||||||||||||
Year Ended March 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Net income available for stockholders | $ | 9,583 | $ | 9,000 | $ | 8,450 | |||||||
Weighted average outstanding shares of common stock | 3,521 | 3,445 | 3,357 | ||||||||||
Dilutive effect of stock options | 129 | 166 | 236 | ||||||||||
Common stock and equivalents | 3,650 | 3,611 | 3,593 | ||||||||||
Net Income per share: | |||||||||||||
Basic | $ | 2.72 | $ | 2.61 | $ | 2.52 | |||||||
Diluted | 2.63 | 2.49 | 2.35 | ||||||||||
For the year ended March 31, 2015, 152,000 outstanding stock options were excluded from the calculation of diluted earnings 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 the years ended March 31, 2014 and 2013, no shares attributable to outstanding stock options were excluded from the calculation of diluted earnings per share because the exercise prices of the stock options were greater than or equal to the average price of the common shares. |
Note_12_Commitments_and_Contin
Note 12 - Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 12. 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 represented 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 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 and its owner Anthony Amato (“Amato”) filed a complaint (Anthony Amato and Amega Scientific Corporation v. Mesa Laboratories, Inc., Civil Action No. 1:14-cv-03228) in the United States District Court for the district of Colorado asserting, 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. The plaintiffs seek an immediate maximum payout of $10,000,000 under the Amega Earn Out, the immediate acceleration of the 10,000 stock options granted Amato upon his initial employment along with other consequential damages in excess of $500,000, lost future earnings and punitive damages. In addition, Amato has alleged that we improperly withheld $704,065.86 from the holdback consideration under the Amega Agreement. In January 2015 we filed a motion to dismiss the complaint with prejudice. At this time, we are unable to predict the ultimate outcome of this matter, nor can we estimate a range of possible loss, if any. We do 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 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 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 year ended March 31, 2015 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 year ended March 31, 2015. 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_13_Comprehensive_Income
Note 13 - Comprehensive Income | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Disclosure Text Block [Abstract] | |||||||||
Comprehensive Income (Loss) Note [Text Block] | Note 13. Comprehensive Income | ||||||||
The following table summarizes the changes in each component of accumulated other comprehensive income (“AOCI”), net of tax (in thousands): | |||||||||
Foreign Currency Translation | AOCI | ||||||||
Balance at March 31, 2012 | $ | -- | $ | -- | |||||
Unrealized (losses) gains arising during the period | -- | -- | |||||||
Balance at March 31, 2013 | -- | -- | |||||||
Unrealized (losses) gains arising during the period | -- | -- | |||||||
Balance at March 31, 2014 | -- | -- | |||||||
Unrealized (losses) gains arising during the period | (234 | ) | (234 | ) | |||||
Balance at March 31, 2015 | $ | (234 | ) | $ | (234 | ) | |||
Note_14_Segment_Information
Note 14 - Segment Information | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Segment Reporting Disclosure [Text Block] | Note 14. Segment Data | ||||||||||||||||
We have three reporting segments: Biological Indicators, Instruments and Continuous Monitoring. The following tables set forth our segment information (in thousands): | |||||||||||||||||
Year Ended March 31, 2015 | |||||||||||||||||
Biological | Instruments | Continuous Monitoring | Total | ||||||||||||||
Indicators | |||||||||||||||||
Revenues | $ | 27,390 | $ | 33,054 | $ | 10,886 | $ | 71,330 | |||||||||
Gross profit | $ | 17,142 | $ | 20,763 | $ | 5,487 | $ | 43,392 | |||||||||
Selling expenses | 1,551 | 3,441 | 2,184 | 7,176 | |||||||||||||
$ | 15,591 | $ | 17,322 | $ | 3,303 | 36,216 | |||||||||||
Reconciling items (1) | (20,869 | ) | |||||||||||||||
Earnings before income taxes | $ | 15,347 | |||||||||||||||
Year Ended March 31, 2014 | |||||||||||||||||
Biological | Instruments | Continuous Monitoring | Total | ||||||||||||||
Indicators | |||||||||||||||||
Revenues | $ | 22,992 | $ | 26,389 | $ | 3,343 | $ | 52,724 | |||||||||
Gross profit | $ | 13,187 | $ | 16,904 | $ | 1,597 | $ | 31,688 | |||||||||
Selling expenses | 1,350 | 3,954 | 815 | 6,119 | |||||||||||||
$ | 11,837 | $ | 12,950 | $ | 782 | 25,569 | |||||||||||
Reconciling items (1) | (12,466 | ) | |||||||||||||||
Earnings before income taxes | $ | 13,103 | |||||||||||||||
Year Ended March 31, 2013 | |||||||||||||||||
Biological | Instruments | Continuous Monitoring | Total | ||||||||||||||
Indicators | |||||||||||||||||
Revenues | $ | 21,464 | $ | 24,971 | $ | -- | $ | 46,435 | |||||||||
Gross profit | $ | 12,365 | $ | 16,497 | $ | -- | $ | 28,862 | |||||||||
Selling expenses | 1,552 | 3,078 | -- | 4,630 | |||||||||||||
$ | 10,813 | $ | 13,419 | $ | -- | 24,232 | |||||||||||
Reconciling items (1) | (11,254 | ) | |||||||||||||||
Earnings before income taxes | $ | 12,978 | |||||||||||||||
(1) Reconciling items include general and administrative, research and development, and other expenses. | |||||||||||||||||
Revenues from external customers are attributed to individual countries based upon locations to which the product is shipped or exported, as follows (in thousands): | |||||||||||||||||
Year Ended March 31, | |||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||
Revenues from unaffiliated customers | |||||||||||||||||
United States | $ | 45,798 | $ | 29,551 | $ | 28,590 | |||||||||||
Foreign | 25,532 | 23,173 | 17,845 | ||||||||||||||
$ | 71,330 | $ | 52,724 | $ | 46,435 | ||||||||||||
March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Total assets | |||||||||||||||||
Biological Indicators | $ | 36,304 | $ | 22,771 | |||||||||||||
Instruments | 44,401 | 36,797 | |||||||||||||||
Continuous Monitoring | 31,558 | 28,578 | |||||||||||||||
Corporate and administrative | 5,057 | 9,383 | |||||||||||||||
$ | 117,320 | $ | 97,529 | ||||||||||||||
All long-lived assets are located in the United States. |
Note_15_Quarterly_Results_Unau
Note 15 - Quarterly Results (Unaudited) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Financial Information [Text Block] | Note 15. Quarterly Results (unaudited) | ||||||||||||||||
Quarterly financial information for the years ended March 31, 2015, 2014 and 2013 is summarized as follows (net income per share per quarter will not add up to reported annual earnings per share due to differences in average outstanding shares as reported on a quarterly basis) (in thousands, except per share data): | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
2015 | Quarter | Quarter | Quarter | Quarter | |||||||||||||
Revenues | $ | 16,400 | $ | 18,540 | $ | 17,830 | $ | 18,560 | |||||||||
Gross profit | 9,705 | 11,123 | 11,052 | 11,512 | |||||||||||||
Net income | 1,881 | 3,060 | 2,403 | 2,239 | |||||||||||||
Net Income per share – basic | $ | 0.54 | $ | 0.87 | $ | 0.68 | $ | 0.63 | |||||||||
Net Income per share – diluted | 0.51 | 0.84 | 0.66 | 0.61 | |||||||||||||
First | Second | Third | Fourth | ||||||||||||||
2014 | Quarter | Quarter | Quarter | Quarter | |||||||||||||
Revenues | $ | 11,218 | $ | 12,676 | $ | 13,116 | $ | 15,714 | |||||||||
Gross profit | 6,797 | 7,600 | 7,706 | 9,585 | |||||||||||||
Net income | 1,860 | 1,932 | 1,746 | 3,462 | |||||||||||||
Net Income per share – basic | $ | 0.55 | $ | 0.57 | $ | 0.51 | $ | 1 | |||||||||
Net Income per share – diluted | 0.52 | 0.54 | 0.48 | 0.95 | |||||||||||||
First | Second | Third | Fourth | ||||||||||||||
2013 | Quarter | Quarter | Quarter | Quarter | |||||||||||||
Revenues | $ | 10,560 | $ | 11,706 | $ | 11,361 | $ | 12,808 | |||||||||
Gross profit | 6,456 | 7,248 | 6,947 | 8,211 | |||||||||||||
Net income | 2,100 | 2,248 | 1,543 | 2,559 | |||||||||||||
Net Income per share – basic | $ | 0.63 | $ | 0.67 | $ | 0.46 | $ | 0.76 | |||||||||
Net Income per share – diluted | 0.59 | 0.64 | 0.44 | 0.71 | |||||||||||||
Note_16_Subsequent_Events
Note 16 - Subsequent Events | 12 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 16. Subsequent Events |
In April 2015, our Board of Directors declared a quarterly cash dividend of $0.16 per share of common stock, payable on June 15, 2015, to shareholders of record at the close of business on May 29, 2015. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation |
Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The consolidated financial statements include the accounts of Mesa Laboratories, Inc. and its subsidiaries. Intercompany transactions and balances have been eliminated. The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in our consolidated financial statements and accompanying notes. Although these estimates are based on our knowledge of current events and actions we may undertake in the future, actual results may ultimately differ from these estimates and assumptions. Furthermore, when testing assets for impairment in future periods, if management uses different assumptions or if different conditions occur, impairment charges may result. | |
On October 1, 2012 our articles of incorporation were amended to increase the number of authorized shares of common stock from 8,000,000 to 25,000,000. | |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition |
We recognize revenue when the four revenue recognition criteria are met, as follows: | |
Product sales: Revenue is recognized upon shipment of the product. Evidence of an arrangement is typically in the form of a customer purchase order. Custody is transferred upon shipment (FOB Shipping Point). Prices are fixed at the time of order and no price protections or variables are offered. Collectability is reasonably assured via our customer credit and review processes. | |
Services: Revenue is recognized upon completion of the work/services to be performed. Evidence of an arrangement is typically in the form of a contract and/or a customer purchase order. Custody is transferred upon completion and acceptance of the service or installation process. Prices are fixed at the time of order and no price protections or variables are offered. Collectability is reasonably assured via our customer credit and review processes | |
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and handling |
Payments by customers to us for shipping and handling costs are included in revenues on the consolidated statements of income, while our expense is included in cost of revenues. Shipping and handling for inventory and materials purchased by us is included as a component of inventory on the consolidated balance sheets, and in cost of revenues when the product is sold. | |
Revenue Recognition, Deferred Revenue [Policy Text Block] | Unearned Revenues |
Certain of our products have associated annual service contracts whereby we provide repair, technical support and various other maintenance services. In the event that these contracts are paid up front by the customer, the associated amounts are deferred and recognized ratably over the term of the service period | |
Standard Product Warranty, Policy [Policy Text Block] | Accrued Warranty Expense |
We provide limited product warranty on our products and, accordingly, accrue an estimate of the related warranty expense at the time of sale | |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents |
We classify time deposits and other investments that are highly liquid and have maturities of three months or less at the date of purchase as cash equivalents. | |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Accounts Receivable |
We record trade accounts receivable at net realizable value. This value includes an appropriate allowance for estimated uncollectible accounts to reflect any loss anticipated on the trade accounts receivable balances and is charged to the provision for doubtful accounts. We calculate this allowance based on our history of write-offs, the level of past-due accounts based on the contractual terms of the receivables, and our relationships with, and the economic status of, our customers. | |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk |
Financial instruments that potentially subject us to concentrations of credit risk consist of accounts receivable. For the years ended March 31, 2015, 2014 and 2013, no individual customer represented more than 10% of our revenues and as of March 31, 2015, no individual customer represented more than 10% of our accounts receivable balance. Approximately 64% and 36% of our sales are to customers located in the United States and foreign countries, respectively. | |
Inventory, Policy [Policy Text Block] | Inventories |
Inventories are stated at the lower of cost or market, based on standards using the first-in, first-out method (“FIFO”) to determine cost. We evaluate standard costs annually, unless circumstances necessitate a mid-year evaluation for specific items. Our work in process and finished goods inventory includes raw materials, labor and overhead, which are estimated based on trailing twelve months of expense and standard labor hours for each product. Our biological indicator inventory is tracked by lot number, thus it is generally based on actual hours. | |
We monitor inventory cost compared to selling price in order to determine if a lower of cost or market reserve is necessary. At year end we perform a complete physical inventory observation. Throughout the year, we estimate and maintain an inventory reserve, as needed, for such matters as obsolete inventory, shrink and scrap. | |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment |
Property, plant and equipment are stated at cost. Repair and maintenance costs that do not improve service potential or extend the economic life are expensed as incurred. Depreciation is recorded using the straight-line method over the estimated useful lives of our assets, which are reviewed periodically and generally have the following ranges: buildings: 40 years or less; manufacturing equipment: seven years or less; and computer equipment: three years or less. Land is not depreciated and construction in progress is not depreciated until placed in service. | |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Intangible Assets |
We classify intangible assets into three categories: (1) intangible assets with definite lives subject to amortization, (2) intangible assets with indefinite lives not subject to amortization and (3) goodwill. We determine the useful lives of our identifiable intangible assets after considering the specific facts and circumstances related to each intangible asset. Factors we consider when determining useful lives include the contractual term of any agreement related to the asset, the historical performance of the asset, our long-term strategy for using the asset, any laws or other local regulations which could impact the useful life of the asset and other economic factors, including competition and specific market conditions. Intangible assets that are deemed to have definite lives are amortized, primarily on a straight-line basis, over their useful lives, generally ranging from three to sixteen years (See Note 5). | |
When facts and circumstances indicate that the carrying value of definite-lived intangible assets may not be recoverable, management assesses the recoverability of the carrying value by preparing estimates of revenues and the resulting gross profit and cash flows. These estimated future cash flows are consistent with those we use in our internal planning. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount, we recognize an impairment loss. The impairment loss recognized is the amount by which the carrying amount of the asset (or asset group) exceeds the fair value. We use a variety of methodologies to determine the fair value of these assets, including discounted cash flow models, which are consistent with the assumptions we believe hypothetical marketplace participants would use. | |
We test intangible assets determined to have indefinite useful lives, including trademarks, franchise rights and goodwill, for impairment annually, or more frequently if events or circumstances indicate that assets might be impaired. We perform these annual impairment reviews as of the first day of our fourth fiscal quarter. We use a variety of methodologies in conducting impairment assessments of indefinite-lived intangible assets, including, but not limited to, discounted cash flow models, which are based on the assumptions we believe hypothetical marketplace participants would use. For indefinite-lived intangible assets, other than goodwill, if the carrying amount exceeds the fair value, an impairment charge is recognized in an amount equal to that excess. | |
We have the option to perform a qualitative assessment of indefinite-lived intangible assets, other than goodwill, prior to completing the impairment test described above. We must assess whether it is more likely than not that the fair value of the intangible asset is less than its carrying amount. If we conclude that this is the case, we must perform the testing described above. Otherwise, there is no requirement to perform any further assessment. | |
We perform impairment tests of goodwill at our reporting unit level, which is one level below our operating segments. Our operating segments consist of our Instruments, Continuous Monitoring and Biological Indicators. These operating segments are consistent with the way management runs our business. Our Instruments operating segment is subdivided into smaller business units. These business units are also our reporting units. Goodwill is assigned to the reporting unit or units that benefit from the synergies arising from each business combination. | |
The goodwill impairment test consists of a two-step process, if necessary. The first step is to compare the fair value of a reporting unit to its carrying value, including goodwill. We typically use discounted cash flow models to determine the fair value of a reporting unit. The assumptions used in these models are consistent with those we believe hypothetical marketplace participants would use. If the fair value of the reporting unit is less than its carrying value, the second step of the impairment test must be performed in order to determine the amount of impairment loss, if any. The second step compares the implied fair value of the reporting unit's goodwill with the carrying amount of that goodwill. If the carrying amount of the reporting unit's goodwill exceeds its implied fair value, an impairment charge is recognized in an amount equal to that excess. The loss recognized cannot exceed the carrying amount of goodwill. | |
We have the option to perform a qualitative assessment of goodwill prior to completing the two-step process described above to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill and other intangible assets. If we conclude that this is the case, we must perform the two-step process. Otherwise, there is no requirement to perform any further assessment. | |
Research and Development Expense, Policy [Policy Text Block] | Research & Development Costs |
Internal costs related to research and development efforts on existing or potential products are expensed as incurred. The costs of intangible assets that are purchased from others for use in research and development activities, and also have alternative future benefit, are capitalized and amortized over their expected useful life. | |
Under certain agreements, we may receive advance payments from customers to perform research and development on their behalf. These payments are recovered by the customer through lower product prices and as such, are initially recorded as unearned revenues in the accompanying consolidated balance sheets. As product is sold, this liability is reduced through revenues on the consolidated statements of income | |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-based Compensation |
Equity classified stock-based compensation is measured at fair value, based on the closing stock price at grant date, using the Black-Scholes option-pricing model. We recognize expense on a straight-line basis over the service period, net of an estimated forfeiture rate, resulting in a compensation cost for only those shares expected to vest. We do not have any liability classified stock-based compensation. We allocate stock-based compensation expense to cost of revenues and general and administrative expense in the accompanying consolidated statements of income. | |
Income Tax, Policy [Policy Text Block] | Income Taxes |
We recognize deferred income tax assets and liabilities for the expected future tax consequences of temporary differences between the income tax and financial reporting carrying amount of our assets and liabilities. We monitor our deferred tax assets and evaluate the need for a valuation allowance based on the estimate of the amount of such deferred tax assets that we believe do not meet the more-likely-than-not recognition criteria. We also evaluate whether we have any uncertain tax positions and would record a reserve if we believe it is more-likely-than-not our position would not prevail with the applicable tax authorities. We have not recorded a valuation allowance or a reserve for uncertain tax positions. Any penalties and interest are included in other expense, net on the consolidated statements of income. | |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value of Measurements |
Our financial instruments include cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities and long-term debt. The carrying value of these financial instruments is considered to be representative of their fair value due to the short maturity of these instruments. Our debt has a variable interest rate, so the carrying amount approximates fair value because interest rates on these instruments approximate the interest rate on debt with similar terms available to us. | |
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 consolidated financial statements and disclosures. |
Note_2_Acquisitions_and_Dispos1
Note 2 - Acquisitions and Dispositions (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||
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 | |||||||
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 | |||||||
Cash consideration | $ | 11,268 | |||||||
Holdback payment liability | 1,000 | ||||||||
Contingent consideration liability | 500 | ||||||||
Aggregate consideration | $ | 12,768 | |||||||
Accounts receivable, net | $ | 663 | |||||||
Inventories, net | 410 | ||||||||
Prepaid expenses and other | 11 | ||||||||
Property, plant and equipment, net | 115 | ||||||||
Intangibles, net | 5,838 | ||||||||
Goodwill | 6,827 | ||||||||
Accrued salaries and payroll taxes | (53 | ) | |||||||
Unearned revenues | (1,043 | ) | |||||||
Total purchase price allocation | $ | 12,768 | |||||||
Cash | $ | 57 | |||||||
Accounts receivable, net | 838 | ||||||||
Inventories, net | 447 | ||||||||
Prepaid expenses and other | 21 | ||||||||
Property, plant and equipment, net | 25 | ||||||||
Deferred income taxes | 585 | ||||||||
Intangibles, net | 6,135 | ||||||||
Goodwill | 6,820 | ||||||||
Accounts payable | (255 | ) | |||||||
Accrued salaries and payroll taxes | (2,134 | ) | |||||||
Unearned revenues | (485 | ) | |||||||
Other accrued expenses | (135 | ) | |||||||
Deferred income taxes | (2,093 | ) | |||||||
Total purchase price allocation | $ | 9,826 | |||||||
Cash consideration | $ | 16,660 | |||||||
Contingent purchase price liability | 2,140 | ||||||||
Aggregate consideration | $ | 18,800 | |||||||
Accounts receivable, net | $ | 478 | |||||||
Inventories, net | 910 | ||||||||
Other current assets | 28 | ||||||||
Property, plant and equipment | 63 | ||||||||
Intangible assets | 8,200 | ||||||||
Goodwill | 9,190 | ||||||||
Current liabilities | (69 | ) | |||||||
Total purchase price allocation | $ | 18,800 | |||||||
Business Acquisition, Pro Forma Information [Table Text Block] | Year Ended March 31, | ||||||||
2015 | 2014 | ||||||||
Revenues | $ | 73,068 | $ | 56,541 | |||||
Net income | 9,673 | 9,512 | |||||||
Net income per common share: | |||||||||
Basic | $ | 2.75 | $ | 2.76 | |||||
Diluted | 2.65 | 2.63 | |||||||
Year Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Revenues | $ | 71,648 | $ | 60,388 | |||||
Net income | 9,661 | 11,141 | |||||||
Net income per common share: | |||||||||
Basic | $ | 2.74 | $ | 3.23 | |||||
Diluted | 2.65 | 3.09 | |||||||
Year Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Revenues | $ | 56,451 | $ | 50,372 | |||||
Net income | 10,002 | 9,508 | |||||||
Net income per common share: | |||||||||
Basic | $ | 2.9 | $ | 2.83 | |||||
Diluted | 2.77 | 2.65 | |||||||
Year Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Revenues | $ | 55,129 | $ | 49,705 | |||||
Net income | 9,132 | 8,100 | |||||||
Net income per common share: | |||||||||
Basic | $ | 2.65 | $ | 2.41 | |||||
Diluted | 2.53 | 2.25 | |||||||
Year Ended March 31, | |||||||||
2013 | 2012 | ||||||||
Revenues | $ | 47,216 | $ | 46,498 | |||||
Net income | 8,471 | 8,102 | |||||||
Net income per common share: | |||||||||
Basic | $ | 2.52 | $ | 2.47 | |||||
Diluted | 2.36 | 2.34 |
Note_3_Inventories_Tables
Note 3 - Inventories (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Schedule of Inventory, Current [Table Text Block] | March 31, | ||||||||
2015 | 2014 | ||||||||
Raw materials | $ | 10,366 | $ | 5,758 | |||||
Work-in-process | 530 | 272 | |||||||
Finished goods | 1,913 | 2,068 | |||||||
Less reserve | (389 | ) | (327 | ) | |||||
$ | 12,420 | $ | 7,771 |
Note_4_Property_Plant_and_Equi1
Note 4 - Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment [Table Text Block] | March 31, | ||||||||
2015 | 2014 | ||||||||
Land | $ | 1,614 | $ | 873 | |||||
Buildings | 4,721 | 4,685 | |||||||
Manufacturing equipment | 6,797 | 6,054 | |||||||
Computer equipment | 1,845 | 1,487 | |||||||
Other | 1,343 | 393 | |||||||
16,320 | 13,492 | ||||||||
Less accumulated depreciation | (6,722 | ) | (5,812 | ) | |||||
$ | 9,598 | $ | 7,680 |
Note_5_Goodwill_and_Intangible1
Note 5 - Goodwill and Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||
Schedule of Goodwill [Table Text Block] | Biological | Instruments | Continuous Monitoring | Total | |||||||||||||
Indicators | |||||||||||||||||
1-Apr-13 | $ | 9,279 | $ | 14,361 | $ | -- | $ | 23,640 | |||||||||
Acquisitions | -- | 579 | 13,647 | 14,226 | |||||||||||||
31-Mar-14 | 9,279 | 14,940 | 13,647 | 37,866 | |||||||||||||
Acquisitions | 3,708 | 3,295 | -- | 7,003 | |||||||||||||
31-Mar-15 | $ | 12,987 | $ | 18,235 | $ | 13,647 | $ | 44,869 | |||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | (In thousands) | 31-Mar-15 | |||||||||||||||
Carrying | Accumulated Amortization | Net | Useful Life | ||||||||||||||
Amount | (Years) | ||||||||||||||||
Intellectual property | $ | 7,210 | $ | 2,362 | $ | 4,848 | 16-Oct | ||||||||||
Trade names | 3,158 | 863 | 2,295 | 10-Mar | |||||||||||||
Customer relationships | 36,408 | 10,752 | 25,656 | 10-Jul | |||||||||||||
Non-compete agreements | 1,286 | 854 | 432 | 10-Mar | |||||||||||||
$ | 48,062 | $ | 14,831 | $ | 33,231 | ||||||||||||
31-Mar-14 | |||||||||||||||||
Carrying | Accumulated Amortization | Net | Useful Life | ||||||||||||||
Amount | (Years) | ||||||||||||||||
Intellectual property | $ | 7,027 | $ | 1,641 | $ | 5,386 | 16-Oct | ||||||||||
Trade names | 2,648 | 519 | 2,129 | 10-Mar | |||||||||||||
Customer relationships | 24,612 | 7,326 | 17,286 | 10-Jul | |||||||||||||
Non-compete agreements | 1,286 | 670 | 616 | 10-Mar | |||||||||||||
$ | 35,573 | $ | 10,156 | $ | 25,417 | ||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (In thousands) | ||||||||||||||||
2016 | $ | 4,913 | |||||||||||||||
2017 | 4,773 | ||||||||||||||||
2018 | 4,599 | ||||||||||||||||
2019 | 4,271 | ||||||||||||||||
2020 | 3,957 |
Note_6_LongTerm_Debt_Tables
Note 6 - Long-Term Debt (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Schedule of Debt [Table Text Block] | March 31, | March 31, | |||||||
2015 | 2014 | ||||||||
Line of credit (1.68% at March 31, 2015) | $ | 13,500 | $ | 16,500 | |||||
Term loan (2.18% at March 31, 2015) | 12,750 | -- | |||||||
Less: current portion | (3,000 | ) | -- | ||||||
Long-term portion | $ | 23,250 | $ | 16,500 | |||||
Schedule of Maturities of Long-term Debt [Table Text Block] | Year ending March 31, | ||||||||
2016 | $ | 3,000 | |||||||
2017 | 3,000 | ||||||||
2018 | 20,250 | ||||||||
$ | 26,250 |
Note_7_Stockholders_Equity_Tab
Note 7 - Stockholders' Equity (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||
Dividends Declared [Table Text Block] | Year Ended March 31, | ||||||||||||
2015 | 2014 | 2013 | |||||||||||
First quarter | $ | 0.15 | $ | 0.14 | $ | 0.13 | |||||||
Second quarter | 0.15 | 0.14 | 0.13 | ||||||||||
Third quarter | 0.16 | 0.15 | 0.14 | ||||||||||
Fourth quarter | 0.16 | 0.15 | 0.14 |
Note_9_StockBased_Compensation1
Note 9 - Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Year Ended March 31, | ||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||
Total cost of stock based compensation charged against income before income tax | $ | 993 | $ | 840 | $ | 1,112 | |||||||||||
Amount of income tax benefit recognized in earnings | 373 | 263 | 388 | ||||||||||||||
Amount charged against net income | $ | 620 | $ | 577 | $ | 724 | |||||||||||
Impact on net income per common share: | |||||||||||||||||
Basic | $ | 0.18 | $ | 0.17 | $ | 0.22 | |||||||||||
Diluted | 0.17 | 0.16 | 0.2 | ||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year Ended March 31, | ||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||
Volatility | 24.40% | - | 27.10% | 26% | - | 28.70% | 27.5 | - | 31.10% | ||||||||
Risk-free interest rate | 1.90% | - | 2.30% | 0.80% | - | 2.10% | 0.6 | - | 1.00% | ||||||||
Expected option life (years) | 6 | - | 8 | 5 | - | 10 | 5 | - | 10 | ||||||||
Dividend yield | 0.90% | 1.10% | 1.40% | ||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Number of | Weighted- | Weighted- | Aggregate | |||||||||||||
Shares | average | average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | (000s) | |||||||||||||||
Term | |||||||||||||||||
Outstanding at March 31, 2012 | 433,785 | $ | 22.77 | 3.9 | $ | 11,516 | |||||||||||
Granted | 116,080 | 49.97 | 5.9 | -- | |||||||||||||
Forfeited | (40,375 | ) | 32.87 | -- | -- | ||||||||||||
Expired | (40 | ) | 18.98 | -- | -- | ||||||||||||
Exercised | (93,325 | ) | 20.56 | -- | -- | ||||||||||||
Outstanding at March 31, 2013 | 416,125 | 29.87 | 3.7 | 9,529 | |||||||||||||
Granted | 128,124 | 55.33 | 6.4 | -- | |||||||||||||
Forfeited | (27,782 | ) | 52.5 | -- | -- | ||||||||||||
Expired | (410 | ) | 52.5 | -- | -- | ||||||||||||
Exercised | (117,885 | ) | 22.17 | -- | -- | ||||||||||||
Outstanding at March 31, 2014 | 398,172 | 38.75 | 4.4 | 20,505 | |||||||||||||
Granted | 147,720 | 88.62 | 7 | -- | |||||||||||||
Forfeited | (26,466 | ) | 64.62 | -- | -- | ||||||||||||
Expired | -- | -- | -- | -- | |||||||||||||
Exercised | (82,178 | ) | 28.87 | -- | -- | ||||||||||||
Outstanding at March 31, 2015 | 437,248 | 55.81 | 4.9 | 9,445 | |||||||||||||
Exercisable at March 31, | |||||||||||||||||
2015 | 163,210 | 33.35 | 3.6 | 6,341 | |||||||||||||
2014 | 140,825 | 26.7 | 3.5 | 8,949 | |||||||||||||
2013 | 158,320 | 21 | 3 | 5,031 | |||||||||||||
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Unvested Shares | Weighted-average | |||||||||||||||
Grant-date Fair Value | |||||||||||||||||
Unvested at March 31, 2012 | 284,875 | $ | 7.28 | ||||||||||||||
Options granted | 116,065 | 12.43 | |||||||||||||||
Options forfeited | (38,720 | ) | 8.86 | ||||||||||||||
Options vested | (104,415 | ) | 6.69 | ||||||||||||||
Unvested at March 31, 2013 | 257,805 | 9.55 | |||||||||||||||
Options granted | 128,124 | 15.9 | |||||||||||||||
Options forfeited | (27,782 | ) | 14.75 | ||||||||||||||
Options vested | (100,800 | ) | 8.53 | ||||||||||||||
Unvested at March 31, 2014 | 257,347 | 11.86 | |||||||||||||||
Options granted | 147,720 | 24.49 | |||||||||||||||
Options forfeited | (26,466 | ) | 17.29 | ||||||||||||||
Options vested | (104,563 | ) | 10.36 | ||||||||||||||
Unvested at March 31, 2015 | 274,038 | 18.42 |
Note_10_Income_Taxes_Tables
Note 10 - Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Year Ended March 31, | ||||||||||||
2015 | 2014 | 2013 | |||||||||||
Domestic | $ | 14,896 | $ | 13,103 | $ | 12,978 | |||||||
Foreign | 451 | -- | -- | ||||||||||
$ | 15,347 | $ | 13,103 | $ | 12,978 | ||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended March 31, | ||||||||||||
2015 | 2014 | 2013 | |||||||||||
Current tax provision | |||||||||||||
Federal | $ | 4,186 | $ | 4,031 | $ | 4,440 | |||||||
State | 1,135 | 106 | 280 | ||||||||||
Foreign | 212 | -- | -- | ||||||||||
5,533 | 4,137 | 4,720 | |||||||||||
Deferred tax provision: | |||||||||||||
Federal | 252 | (19 | ) | (180 | ) | ||||||||
State | 51 | (15 | ) | (12 | ) | ||||||||
Foreign | (72 | ) | -- | -- | |||||||||
231 | (34 | ) | (192 | ) | |||||||||
$ | 5,764 | $ | 4,103 | $ | 4,528 | ||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | March 31, | ||||||||||||
2015 | 2014 | ||||||||||||
Current deferred tax assets: | |||||||||||||
Accrued employee-related expenses | $ | 252 | $ | 298 | |||||||||
Allowances and reserves | 346 | 701 | |||||||||||
Stock option deductible differences | 388 | 301 | |||||||||||
Inventory | 252 | 281 | |||||||||||
Foreign tax credit mirror | 285 | -- | |||||||||||
Currency translation adjustment | 144 | -- | |||||||||||
Net operating loss | 22 | 297 | |||||||||||
1,689 | 1,878 | ||||||||||||
Long-term deferred tax liability: | |||||||||||||
Property, plant and equipment | (1,478 | ) | (1,434 | ) | |||||||||
Goodwill and intangible assets | (3,644 | ) | (3,453 | ) | |||||||||
Net operating loss | -- | 26 | |||||||||||
(5,122 | ) | (4,861 | ) | ||||||||||
Net deferred tax liability | $ | (3,433 | ) | $ | (2,983 | ) | |||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended March 31, | ||||||||||||
2015 | 2014 | 2013 | |||||||||||
Federal income taxes at statutory rates | $ | 5,374 | $ | 4,586 | $ | 4,543 | |||||||
State income taxes, net of federal benefit | 860 | 78 | 158 | ||||||||||
Tax benefit of stock option exercises | 209 | 5 | 197 | ||||||||||
Section 199 manufacturing deduction | (317 | ) | (250 | ) | (357 | ) | |||||||
Research and development credit | (248 | ) | (159 | ) | (41 | ) | |||||||
Other | (114 | ) | (157 | ) | 28 | ||||||||
$ | 5,764 | $ | 4,103 | $ | 4,528 |
Note_11_Net_Income_Per_Share_T
Note 11 - Net Income Per Share (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended March 31, | ||||||||||||
2015 | 2014 | 2013 | |||||||||||
Net income available for stockholders | $ | 9,583 | $ | 9,000 | $ | 8,450 | |||||||
Weighted average outstanding shares of common stock | 3,521 | 3,445 | 3,357 | ||||||||||
Dilutive effect of stock options | 129 | 166 | 236 | ||||||||||
Common stock and equivalents | 3,650 | 3,611 | 3,593 | ||||||||||
Net Income per share: | |||||||||||||
Basic | $ | 2.72 | $ | 2.61 | $ | 2.52 | |||||||
Diluted | 2.63 | 2.49 | 2.35 |
Note_13_Comprehensive_Income_T
Note 13 - Comprehensive Income (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Disclosure Text Block [Abstract] | |||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Foreign Currency Translation | AOCI | |||||||
Balance at March 31, 2012 | $ | -- | $ | -- | |||||
Unrealized (losses) gains arising during the period | -- | -- | |||||||
Balance at March 31, 2013 | -- | -- | |||||||
Unrealized (losses) gains arising during the period | -- | -- | |||||||
Balance at March 31, 2014 | -- | -- | |||||||
Unrealized (losses) gains arising during the period | (234 | ) | (234 | ) | |||||
Balance at March 31, 2015 | $ | (234 | ) | $ | (234 | ) |
Note_14_Segment_Information_Ta
Note 14 - Segment Information (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year Ended March 31, 2015 | ||||||||||||||||
Biological | Instruments | Continuous Monitoring | Total | ||||||||||||||
Indicators | |||||||||||||||||
Revenues | $ | 27,390 | $ | 33,054 | $ | 10,886 | $ | 71,330 | |||||||||
Gross profit | $ | 17,142 | $ | 20,763 | $ | 5,487 | $ | 43,392 | |||||||||
Selling expenses | 1,551 | 3,441 | 2,184 | 7,176 | |||||||||||||
$ | 15,591 | $ | 17,322 | $ | 3,303 | 36,216 | |||||||||||
Reconciling items (1) | (20,869 | ) | |||||||||||||||
Earnings before income taxes | $ | 15,347 | |||||||||||||||
Year Ended March 31, 2014 | |||||||||||||||||
Biological | Instruments | Continuous Monitoring | Total | ||||||||||||||
Indicators | |||||||||||||||||
Revenues | $ | 22,992 | $ | 26,389 | $ | 3,343 | $ | 52,724 | |||||||||
Gross profit | $ | 13,187 | $ | 16,904 | $ | 1,597 | $ | 31,688 | |||||||||
Selling expenses | 1,350 | 3,954 | 815 | 6,119 | |||||||||||||
$ | 11,837 | $ | 12,950 | $ | 782 | 25,569 | |||||||||||
Reconciling items (1) | (12,466 | ) | |||||||||||||||
Earnings before income taxes | $ | 13,103 | |||||||||||||||
Year Ended March 31, 2013 | |||||||||||||||||
Biological | Instruments | Continuous Monitoring | Total | ||||||||||||||
Indicators | |||||||||||||||||
Revenues | $ | 21,464 | $ | 24,971 | $ | -- | $ | 46,435 | |||||||||
Gross profit | $ | 12,365 | $ | 16,497 | $ | -- | $ | 28,862 | |||||||||
Selling expenses | 1,552 | 3,078 | -- | 4,630 | |||||||||||||
$ | 10,813 | $ | 13,419 | $ | -- | 24,232 | |||||||||||
Reconciling items (1) | (11,254 | ) | |||||||||||||||
Earnings before income taxes | $ | 12,978 | |||||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Year Ended March 31, | ||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||
Revenues from unaffiliated customers | |||||||||||||||||
United States | $ | 45,798 | $ | 29,551 | $ | 28,590 | |||||||||||
Foreign | 25,532 | 23,173 | 17,845 | ||||||||||||||
$ | 71,330 | $ | 52,724 | $ | 46,435 | ||||||||||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | March 31, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
Total assets | |||||||||||||||||
Biological Indicators | $ | 36,304 | $ | 22,771 | |||||||||||||
Instruments | 44,401 | 36,797 | |||||||||||||||
Continuous Monitoring | 31,558 | 28,578 | |||||||||||||||
Corporate and administrative | 5,057 | 9,383 | |||||||||||||||
$ | 117,320 | $ | 97,529 |
Note_15_Quarterly_Results_Unau1
Note 15 - Quarterly Results (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | First | Second | Third | Fourth | |||||||||||||
2015 | Quarter | Quarter | Quarter | Quarter | |||||||||||||
Revenues | $ | 16,400 | $ | 18,540 | $ | 17,830 | $ | 18,560 | |||||||||
Gross profit | 9,705 | 11,123 | 11,052 | 11,512 | |||||||||||||
Net income | 1,881 | 3,060 | 2,403 | 2,239 | |||||||||||||
Net Income per share – basic | $ | 0.54 | $ | 0.87 | $ | 0.68 | $ | 0.63 | |||||||||
Net Income per share – diluted | 0.51 | 0.84 | 0.66 | 0.61 | |||||||||||||
First | Second | Third | Fourth | ||||||||||||||
2014 | Quarter | Quarter | Quarter | Quarter | |||||||||||||
Revenues | $ | 11,218 | $ | 12,676 | $ | 13,116 | $ | 15,714 | |||||||||
Gross profit | 6,797 | 7,600 | 7,706 | 9,585 | |||||||||||||
Net income | 1,860 | 1,932 | 1,746 | 3,462 | |||||||||||||
Net Income per share – basic | $ | 0.55 | $ | 0.57 | $ | 0.51 | $ | 1 | |||||||||
Net Income per share – diluted | 0.52 | 0.54 | 0.48 | 0.95 | |||||||||||||
First | Second | Third | Fourth | ||||||||||||||
2013 | Quarter | Quarter | Quarter | Quarter | |||||||||||||
Revenues | $ | 10,560 | $ | 11,706 | $ | 11,361 | $ | 12,808 | |||||||||
Gross profit | 6,456 | 7,248 | 6,947 | 8,211 | |||||||||||||
Net income | 2,100 | 2,248 | 1,543 | 2,559 | |||||||||||||
Net Income per share – basic | $ | 0.63 | $ | 0.67 | $ | 0.46 | $ | 0.76 | |||||||||
Net Income per share – diluted | 0.59 | 0.64 | 0.44 | 0.71 |
Note_1_Description_of_Business1
Note 1 - Description of Business and Summary of Significant Accounting Policies (Details) | 12 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Oct. 01, 2012 | Sep. 30, 2012 | |
Note 1 - Description of Business and Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Number of Reportable Segments | 3 | |||
Number of Physical Locations in which Entity is Organized | 6 | |||
Common Stock, Shares Authorized (in Shares) | 25,000,000 | 25,000,000 | 25,000,000 | 8,000,000 |
Building [Member] | Maximum [Member] | ||||
Note 1 - Description of Business and Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 40 years | |||
Machinery and Equipment [Member] | Maximum [Member] | ||||
Note 1 - Description of Business and Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 7 years | |||
Computer Equipment [Member] | Maximum [Member] | ||||
Note 1 - Description of Business and Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 3 years | |||
Geographic Concentration Risk [Member] | UNITED STATES | Sales Revenue, Net [Member] | ||||
Note 1 - Description of Business and Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Concentration Risk, Percentage | 64.00% | |||
Geographic Concentration Risk [Member] | Foreign Countries [Member] | Sales Revenue, Net [Member] | ||||
Note 1 - Description of Business and Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Concentration Risk, Percentage | 36.00% | |||
Maximum [Member] | ||||
Note 1 - Description of Business and Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 16 years | |||
Minimum [Member] | ||||
Note 1 - Description of Business and Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 3 years |
Note_2_Acquisitions_and_Dispos2
Note 2 - Acquisitions and Dispositions (Details) (USD $) | 12 Months Ended | 1 Months Ended | 0 Months Ended | ||||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | 31-May-15 | Aug. 12, 2013 | Oct. 15, 2014 | Nov. 06, 2013 | 15-May-12 | Apr. 15, 2014 | |
Note 2 - Acquisitions and Dispositions (Details) [Line Items] | |||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $20,543,000 | $22,758,000 | $16,660,000 | ||||||
Business Combination, Contingent Consideration, Liability | 812,000 | 1,620,000 | |||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | -1,020,000 | ||||||||
Proceeds from Divestiture of Businesses | 661,000 | ||||||||
Subsequent Event [Member] | Bios [Member] | |||||||||
Note 2 - Acquisitions and Dispositions (Details) [Line Items] | |||||||||
Payments for Previous Acquisition | 1,120,000 | ||||||||
Scenario, Previously Reported [Member] | Bios [Member] | |||||||||
Note 2 - Acquisitions and Dispositions (Details) [Line Items] | |||||||||
Business Combination, Contingent Consideration, Liability | 2,140,000 | ||||||||
Nusonics Product Line Business [Member] | |||||||||
Note 2 - Acquisitions and 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 | ||||||||
Minimum [Member] | PCD Acquisition [Member] | |||||||||
Note 2 - Acquisitions and Dispositions (Details) [Line Items] | |||||||||
Business Acquisition Revenue Required in Three Years Subsequent to Acquisition for Payment of Contingent Consideration | 9,900,000 | ||||||||
Minimum [Member] | Amega Scientific Corporation [Member] | |||||||||
Note 2 - Acquisitions and Dispositions (Details) [Line Items] | |||||||||
Business Acquisition Revenue Required in Three Years Subsequent to Acquisition for Payment of Contingent Consideration | 31,625,000 | ||||||||
Maximum [Member] | PCD Acquisition [Member] | |||||||||
Note 2 - Acquisitions and Dispositions (Details) [Line Items] | |||||||||
Business Acquisition Revenue Required in Three Years Subsequent to Acquisition for Payment of Contingent Consideration | 12,600,000 | ||||||||
Maximum [Member] | Amega Scientific Corporation [Member] | |||||||||
Note 2 - Acquisitions and Dispositions (Details) [Line Items] | |||||||||
Business Acquisition Revenue Required in Three Years Subsequent to Acquisition for Payment of Contingent Consideration | 43,500,000 | ||||||||
PCD Acquisition [Member] | |||||||||
Note 2 - Acquisitions and Dispositions (Details) [Line Items] | |||||||||
Business Acquisition Agreement Holdback Payment Period from Effective Date Less Any Losses Incurred by Buyer Payable to Seller | 3 years | ||||||||
Business Acquisition Earn Out Period for Determination of Contingent Consideration | 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 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 5,550,000 | ||||||||
BGI [Member] | |||||||||
Note 2 - Acquisitions and Dispositions (Details) [Line Items] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 10,268,000 | ||||||||
Amega Scientific Corporation [Member] | |||||||||
Note 2 - Acquisitions and Dispositions (Details) [Line Items] | |||||||||
Business Acquisition Agreement Holdback Payment Period from Effective Date Less Any Losses Incurred by Buyer Payable to Seller | 3 years | ||||||||
Business Acquisition Earn Out Period for Determination of Contingent Consideration | 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 | 10,000,000 | |||||||
Business Combination, Contingent Consideration, Liability | 500,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 12,768,000 | ||||||||
TempSys [Member] | |||||||||
Note 2 - Acquisitions and Dispositions (Details) [Line Items] | |||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 16,660,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 9,826,000 | ||||||||
Bios [Member] | |||||||||
Note 2 - Acquisitions and Dispositions (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 Acquisition Revenue Required in Three Years Subsequent to Acquisition for Payment of Contingent Consideration | 22,127,000 | ||||||||
Business Combination, Contingent Consideration, Liability | 1,120,000 | 2,140,000 | |||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 18,800,000 | ||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $1,020,000 |
Note_2_Acquisitions_and_Dispos3
Note 2 - Acquisitions and Dispositions (Details) - Purchase Price Allocation (USD $) | 0 Months Ended | ||||||
Oct. 15, 2014 | Nov. 06, 2013 | 15-May-12 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Apr. 15, 2014 | |
Note 2 - Acquisitions and Dispositions (Details) - Purchase Price Allocation [Line Items] | |||||||
Contingent consideration liability | $812,000 | $1,620,000 | |||||
Goodwill | 44,869,000 | 37,866,000 | 23,640,000 | ||||
PCD Acquisition [Member] | |||||||
Note 2 - Acquisitions and Dispositions (Details) - Purchase Price Allocation [Line Items] | |||||||
Cash consideration | 5,000,000 | ||||||
Holdback payment liability | 250,000 | ||||||
Contingent consideration liability | 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 | ||||||
BGI [Member] | |||||||
Note 2 - Acquisitions and Dispositions (Details) - Purchase Price Allocation [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 | ||||||
Amega Scientific Corporation [Member] | |||||||
Note 2 - Acquisitions and Dispositions (Details) - Purchase Price Allocation [Line Items] | |||||||
Cash consideration | 11,268,000 | ||||||
Holdback payment liability | 1,000,000 | ||||||
Contingent consideration liability | 500,000 | ||||||
Aggregate consideration | 12,768,000 | ||||||
Accounts receivable, net | 663,000 | ||||||
Inventories, net | 410,000 | ||||||
Prepaid expenses and other | 11,000 | ||||||
Property, plant and equipment, net | 115,000 | ||||||
Intangibles, net | 5,838,000 | ||||||
Goodwill | 6,827,000 | ||||||
Accrued salaries and payroll taxes | -53,000 | ||||||
Unearned revenues | -1,043,000 | ||||||
Total purchase price allocation | 12,768,000 | ||||||
TempSys [Member] | |||||||
Note 2 - Acquisitions and Dispositions (Details) - Purchase Price Allocation [Line Items] | |||||||
Accounts receivable, net | 838,000 | ||||||
Inventories, net | 447,000 | ||||||
Prepaid expenses and other | 21,000 | ||||||
Property, plant and equipment, net | 25,000 | ||||||
Deferred income taxes | 585,000 | ||||||
Intangibles, net | 6,135,000 | ||||||
Goodwill | 6,820,000 | ||||||
Accounts payable | -255,000 | ||||||
Accrued salaries and payroll taxes | -2,134,000 | ||||||
Unearned revenues | -485,000 | ||||||
Accrued expenses | -135,000 | ||||||
Deferred income taxes | -2,093,000 | ||||||
Total purchase price allocation | 9,826,000 | ||||||
Cash | 57,000 | ||||||
Bios [Member] | |||||||
Note 2 - Acquisitions and Dispositions (Details) - Purchase Price Allocation [Line Items] | |||||||
Cash consideration | 16,660,000 | ||||||
Contingent consideration liability | 2,140,000 | 1,120,000 | |||||
Aggregate consideration | 18,800,000 | ||||||
Accounts receivable, net | 478,000 | ||||||
Inventories, net | 910,000 | ||||||
Other current assets | 28,000 | ||||||
Property, plant and equipment, net | 63,000 | ||||||
Intangibles, net | 8,200,000 | ||||||
Goodwill | 9,190,000 | ||||||
Current liabilities | -69,000 | ||||||
Total purchase price allocation | $18,800,000 |
Note_2_Acquisitions_and_Dispos4
Note 2 - Acquisitions and Dispositions (Details) - Adjusted Pro Forma Effect of Acquisitions on the Results of Operations (USD $) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
PCD Acquisition [Member] | ||||
Note 2 - Acquisitions and Dispositions (Details) - Adjusted Pro Forma Effect of Acquisitions on the Results of Operations [Line Items] | ||||
Revenues | $73,068 | $56,541 | ||
Net income | 9,673 | 9,512 | ||
Basic | $2.75 | $2.76 | ||
Diluted | $2.65 | $2.63 | ||
BGI [Member] | ||||
Note 2 - Acquisitions and Dispositions (Details) - Adjusted Pro Forma Effect of Acquisitions on the Results of Operations [Line Items] | ||||
Revenues | 71,648 | 60,388 | ||
Net income | 9,661 | 11,141 | ||
Basic | $2.74 | $3.23 | ||
Diluted | $2.65 | $3.09 | ||
Amega Scientific Corporation [Member] | ||||
Note 2 - Acquisitions and Dispositions (Details) - Adjusted Pro Forma Effect of Acquisitions on the Results of Operations [Line Items] | ||||
Revenues | 56,451 | 50,372 | ||
Net income | 10,002 | 9,508 | ||
Basic | $2.90 | $2.83 | ||
Diluted | $2.77 | $2.65 | ||
TempSys [Member] | ||||
Note 2 - Acquisitions and Dispositions (Details) - Adjusted Pro Forma Effect of Acquisitions on the Results of Operations [Line Items] | ||||
Revenues | 55,129 | 49,705 | ||
Net income | 9,132 | 8,100 | ||
Basic | $2.65 | $2.41 | ||
Diluted | $2.53 | $2.25 | ||
Bios [Member] | ||||
Note 2 - Acquisitions and Dispositions (Details) - Adjusted Pro Forma Effect of Acquisitions on the Results of Operations [Line Items] | ||||
Revenues | 47,216 | 46,498 | ||
Net income | $8,471 | $8,102 | ||
Basic | $2.52 | $2.47 | ||
Diluted | $2.36 | $2.34 |
Note_3_Inventories_Details_Sum
Note 3 - Inventories (Details) - Summary of Inventories (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Summary of Inventories [Abstract] | ||
Raw materials | $10,366 | $5,758 |
Work-in-process | 530 | 272 |
Finished goods | 1,913 | 2,068 |
Less reserve | -389 | -327 |
$12,420 | $7,771 |
Note_4_Property_Plant_and_Equi2
Note 4 - Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation | $981,000 | $865,000 | $831,000 |
Note_4_Property_Plant_and_Equi3
Note 4 - Property, Plant and Equipment (Details) - Summary of Property, Plant and Equipment (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Note 4 - Property, Plant and Equipment, Gross | $16,320 | $13,492 |
Less accumulated depreciation | -6,722 | -5,812 |
9,598 | 7,680 | |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Note 4 - Property, Plant and Equipment, Gross | 1,614 | 873 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Note 4 - Property, Plant and Equipment, Gross | 4,721 | 4,685 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Note 4 - Property, Plant and Equipment, Gross | 6,797 | 6,054 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Note 4 - Property, Plant and Equipment, Gross | 1,845 | 1,487 |
Property, Plant and Equipment, Other Types [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Note 4 - Property, Plant and Equipment, Gross | $1,343 | $393 |
Note_5_Goodwill_and_Intangible2
Note 5 - Goodwill and Intangible Assets (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of Intangible Assets | $4,675,000 | $2,979,000 | $2,601,000 |
Note_5_Goodwill_and_Intangible3
Note 5 - Goodwill and Intangible Assets (Details) - Change in the Carrying Amount of Goodwill (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Goodwill [Line Items] | ||
Goodwill | $37,866 | $23,640 |
Acquisitions | 7,003 | 14,226 |
Goodwill | 44,869 | 37,866 |
Biological Indicators [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 9,279 | 9,279 |
Acquisitions | 3,708 | |
Goodwill | 12,987 | 9,279 |
Instruments [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 14,940 | 14,361 |
Acquisitions | 3,295 | 579 |
Goodwill | 18,235 | 14,940 |
Continuous Monitoring [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 13,647 | |
Acquisitions | 13,647 | |
Goodwill | $13,647 | $13,647 |
Note_5_Goodwill_and_Intangible4
Note 5 - Goodwill and Intangible Assets (Details) - Other Intangible Assets (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Carrying Amount | 48,062 | 35,573 |
Accumulated Amortization | 14,831 | 10,156 |
Net | 33,231 | 25,417 |
Minimum [Member] | Intellectual Property [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 10 years | 10 years |
Minimum [Member] | Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 3 years | 3 years |
Minimum [Member] | Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 7 years | 7 years |
Minimum [Member] | Noncompete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 3 years | 3 years |
Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 3 years | |
Maximum [Member] | Intellectual Property [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 16 years | 16 years |
Maximum [Member] | Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 10 years | 10 years |
Maximum [Member] | Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 10 years | 10 years |
Maximum [Member] | Noncompete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 10 years | 10 years |
Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 16 years | |
Intellectual Property [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Carrying Amount | 7,210 | 7,027 |
Accumulated Amortization | 2,362 | 1,641 |
Net | 4,848 | 5,386 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Carrying Amount | 3,158 | 2,648 |
Accumulated Amortization | 863 | 519 |
Net | 2,295 | 2,129 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Carrying Amount | 36,408 | 24,612 |
Accumulated Amortization | 10,752 | 7,326 |
Net | 25,656 | 17,286 |
Noncompete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Carrying Amount | 1,286 | 1,286 |
Accumulated Amortization | 854 | 670 |
Net | 432 | 616 |
Note_5_Goodwill_and_Intangible5
Note 5 - Goodwill and Intangible Assets (Details) - Estimated Amortization Expense (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Estimated Amortization Expense [Abstract] | |
2016 | $4,913 |
2017 | 4,773 |
2018 | 4,599 |
2019 | 4,271 |
2020 | $3,957 |
Note_6_LongTerm_Debt_Details
Note 6 - Long-Term Debt (Details) (USD $) | 12 Months Ended | 1 Months Ended | |
Mar. 31, 2015 | Feb. 29, 2012 | Apr. 30, 2014 | |
Note 6 - Long-Term Debt (Details) [Line Items] | |||
Long-term Line of Credit (in Dollars) | 16,500,000 | ||
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Line of Credit [Member] | |||
Note 6 - Long-Term Debt (Details) [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||
Minimum [Member] | Debt Instrument Variable Rate Base CBFR Using One Month LIBOR [Member] | Line of Credit [Member] | |||
Note 6 - Long-Term Debt (Details) [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | -1.25% | ||
Minimum [Member] | Line of Credit [Member] | |||
Note 6 - 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 | ||
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Line of Credit [Member] | |||
Note 6 - Long-Term Debt (Details) [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||
Maximum [Member] | Debt Instrument Variable Rate Base CBFR Using One Month LIBOR [Member] | Line of Credit [Member] | |||
Note 6 - Long-Term Debt (Details) [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | -0.50% | ||
Maximum [Member] | Line of Credit [Member] | |||
Note 6 - 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 | ||
London Interbank Offered Rate (LIBOR) [Member] | Term Loan [Member] | |||
Note 6 - Long-Term Debt (Details) [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||
Debt Instrument Variable Rate Base CBFR Using One Month LIBOR [Member] | Line of Credit [Member] | |||
Note 6 - Long-Term Debt (Details) [Line Items] | |||
Debt Instrument Basis Spread on Variable Rate Used to Calculate Commercial Bank Floating Rate | 2.50% | ||
Line of Credit [Member] | |||
Note 6 - 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 6 - 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) | 500,000 | ||
Letter of Credit [Member] | |||
Note 6 - Long-Term Debt (Details) [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity (in Dollars) | 1,000,000 | ||
Term Loan [Member] | |||
Note 6 - Long-Term Debt (Details) [Line Items] | |||
Long-term Debt, Gross (in Dollars) | 15,000,000 | ||
Line of Credit Facility, Periodic Payment, Number of Quarterly Payments | 11 | ||
Line of Credit Facility, Periodic Payment, Principal (in Dollars) | 750,000 | ||
Repayments of Long-term Debt (in Dollars) | 750,000 |
Note_6_LongTerm_Debt_Details_L
Note 6 - Long-Term Debt (Details) - Long-term Debt (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Note 6 - Long-Term Debt (Details) - Long-term Debt [Line Items] | ||
Long-term debt | $26,250 | |
Less: current portion | -3,000 | 0 |
Long-term portion | 23,250 | 16,500 |
Line of Credit [Member] | ||
Note 6 - Long-Term Debt (Details) - Long-term Debt [Line Items] | ||
Long-term debt | 13,500 | 16,500 |
Term Loan [Member] | ||
Note 6 - Long-Term Debt (Details) - Long-term Debt [Line Items] | ||
Long-term debt | $12,750 |
Note_6_LongTerm_Debt_Details_L1
Note 6 - Long-Term Debt (Details) - Long-term Debt (Parentheticals) | Mar. 31, 2015 |
Line of Credit [Member] | |
Note 6 - Long-Term Debt (Details) - Long-term Debt (Parentheticals) [Line Items] | |
Line of credit, interest rate at end of period | 1.68% |
Term Loan [Member] | |
Note 6 - Long-Term Debt (Details) - Long-term Debt (Parentheticals) [Line Items] | |
Term loan, interest rate at end of period | 2.18% |
Note_6_LongTerm_Debt_Details_F
Note 6 - Long-Term Debt (Details) - Future Contractual Maturities of Debt (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Future Contractual Maturities of Debt [Abstract] | |
2016 | $3,000 |
2017 | 3,000 |
2018 | 20,250 |
$26,250 |
Note_7_Stockholders_Equity_Det
Note 7 - Stockholders' Equity (Details) | 112 Months Ended | |
Mar. 31, 2015 | Nov. 30, 2005 | |
Stockholders' Equity Note [Abstract] | ||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 300,000 | |
Stock Repurchased During Period, Shares | 162,486 |
Note_7_Stockholders_Equity_Det1
Note 7 - Stockholders' Equity (Details) - Dividends per Share (USD $) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
First Quarter [Member] | |||
Note 7 - Stockholders' Equity (Details) - Dividends per Share [Line Items] | |||
Dividends Paid | $0.15 | $0.14 | $0.13 |
Second Quarter [Member] | |||
Note 7 - Stockholders' Equity (Details) - Dividends per Share [Line Items] | |||
Dividends Paid | $0.15 | $0.14 | $0.13 |
Third Quarter [Member] | |||
Note 7 - Stockholders' Equity (Details) - Dividends per Share [Line Items] | |||
Dividends Paid | $0.16 | $0.15 | $0.14 |
Fourth Quarter [Member] | |||
Note 7 - Stockholders' Equity (Details) - Dividends per Share [Line Items] | |||
Dividends Paid | $0.16 | $0.15 | $0.14 |
Note_8_Employee_Benefit_Plans_
Note 8 - Employee Benefit Plans (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Note 8 - Employee Benefit Plans (Details) [Line Items] | |||
Defined Contribution Plan Age of Employees Covered | 21 | ||
Defined Contribution Plan Service Time of Employees Covered | 1 hour | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% | ||
Defined Contribution Plan, Cost Recognized (in Dollars) | $330,000 | $214,000 | $214,000 |
Bozeman [Member] | |||
Note 8 - Employee Benefit Plans (Details) [Line Items] | |||
Defined Contribution Plan Age of Employees Covered | 21 | ||
Defined Contribution Plan Service Time of Employees Covered | 1 year | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 4.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 100.00% |
Note_9_StockBased_Compensation2
Note 9 - Stock-Based Compensation (Details) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||||||
Nov. 30, 2012 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Feb. 27, 2013 | Oct. 18, 2004 | Mar. 31, 2012 | Sep. 23, 2010 | Dec. 08, 2006 | Oct. 21, 1999 | |
Note 9 - Stock-Based Compensation (Details) [Line Items] | ||||||||||
Share Based Compensation Arrangements By Share Based Payment Award Exercise Price of Option Granted as Percentage of Bid Price of Underlying Shares | 100.00% | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 437,248 | 398,172 | 416,125 | 433,785 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value (in Dollars) | $3,546,000 | $6,287,000 | $2,742,000 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | 5,645,903 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,097,680 | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award Number of Nonvested Options Modified | 14,400 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 10 years | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Incremental Compensation Cost (in Dollars) | $240,000 | |||||||||
Employee Stock Option [Member] | Minimum [Member] | ||||||||||
Note 9 - Stock-Based Compensation (Details) [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 5 years | |||||||||
Employee Stock Option [Member] | Maximum [Member] | ||||||||||
Note 9 - Stock-Based Compensation (Details) [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||||||
The 2014 Plan [Member] | ||||||||||
Note 9 - Stock-Based Compensation (Details) [Line Items] | ||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 1,100,000 | |||||||||
Shares, Outstanding | 2,320 | |||||||||
The 2006 Plan [Member] | ||||||||||
Note 9 - Stock-Based Compensation (Details) [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 800,000 | 400,000 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 422,603 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 400,000 | |||||||||
The 1999 Plan [Member] | ||||||||||
Note 9 - Stock-Based Compensation (Details) [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 300,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 12,325 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 200,000 | |||||||||
Minimum [Member] | ||||||||||
Note 9 - Stock-Based Compensation (Details) [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years | 5 years | 5 years | |||||||
Maximum [Member] | ||||||||||
Note 9 - Stock-Based Compensation (Details) [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 7 years | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 8 years | 10 years | 10 years |
Note_9_StockBased_Compensation3
Note 9 - Stock-Based Compensation (Details) - Allocation of Share-Based Compensation (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Allocation of Share-Based Compensation [Abstract] | |||
Total cost of stock based compensation charged against income before income tax | $993 | $840 | $1,112 |
Amount of income tax benefit recognized in earnings | 373 | 263 | 388 |
Amount charged against net income | $620 | $577 | $724 |
Impact on net income per common share: | |||
Basic (in Dollars per share) | $0.18 | $0.17 | $0.22 |
Diluted (in Dollars per share) | $0.17 | $0.16 | $0.20 |
Note_9_StockBased_Compensation4
Note 9 - Stock-Based Compensation (Details) - Stock Option Valuation Assumptions | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2012 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Note 9 - Stock-Based Compensation (Details) - Stock Option Valuation Assumptions [Line Items] | ||||
Expected option life (years) | 10 years | |||
Dividend yield | 0.90% | 1.10% | 1.40% | |
Minimum [Member] | ||||
Note 9 - Stock-Based Compensation (Details) - Stock Option Valuation Assumptions [Line Items] | ||||
Volatility | 24.40% | 26.00% | 27.50% | |
Risk-free interest rate | 1.90% | 0.80% | 0.60% | |
Expected option life (years) | 6 years | 5 years | 5 years | |
Maximum [Member] | ||||
Note 9 - Stock-Based Compensation (Details) - Stock Option Valuation Assumptions [Line Items] | ||||
Volatility | 27.10% | 28.70% | 31.10% | |
Risk-free interest rate | 2.30% | 2.10% | 1.00% | |
Expected option life (years) | 8 years | 10 years | 10 years |
Note_9_StockBased_Compensation5
Note 9 - Stock-Based Compensation (Details) - Summary of Option Activity (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Summary of Option Activity [Abstract] | ||||
Number of Shares | 437,248 | 398,172 | 416,125 | 433,785 |
Weighted Average Exercise Price | $55.81 | $38.75 | $29.87 | $22.77 |
Weighted Average Remaining Contractual Term | 4 years 328 days | 4 years 146 days | 3 years 255 days | 3 years 328 days |
Aggregate Intrinsice Value | $9,445 | $20,505 | $9,529 | $11,516 |
Exercisable at March 31, | ||||
Number of Shares Exercisable | 163,210 | 140,825 | 158,320 | |
Weighted Average Exercise Price, Exercisable | $33.35 | $26.70 | $21 | |
Weighted Average Remaining Contractual Term, Exercisable | 3 years 219 days | 3 years 6 months | 3 years | |
Aggregate Intrinsice Value, Exercisable | $6,341 | $8,949 | $5,031 | |
Number of Shares Granted | 147,720 | 128,124 | 116,080 | |
Weighted Average Exercise Price, Granted | $88.62 | $55.33 | $49.97 | |
Weighted Average Remaining Contractual Term, Granted | 7 years | 6 years 146 days | 5 years 328 days | |
Number of Shares Forfeited | -26,466 | -27,782 | -40,375 | |
Weighted Average Exercise Price, Forfeited | $64.62 | $52.50 | $32.87 | |
Number of Shares Expired | -410 | -40 | ||
Weighted Average Exercise Price, Expired | $52.50 | $18.98 | ||
Number of Shares Exercised | -82,178 | -117,885 | -93,325 | |
Weighted Average Exercise Price, Exercised | $28.87 | $22.17 | $20.56 |
Note_9_StockBased_Compensation6
Note 9 - Stock-Based Compensation (Details) - Summary of Unvested Options (USD $) | 12 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2014 | Mar. 31, 2012 | |
Summary of Unvested Options [Abstract] | |||||
Unvested Shares | 274,038 | 257,805 | 257,347 | 284,875 | |
Weighted Average Grant Date Fair Value | $18.42 | $9.55 | $11.86 | $7.28 | |
Unvested Shares, Granted | 147,720 | 128,124 | 116,080 | ||
Weighted Average Grant Date Fair Value, Granted | $24.49 | $15.90 | $12.43 | ||
Unvested Shares, Forfeited | -26,466 | -27,782 | -38,720 | ||
Weighted Average Grant Date Fair Value, Forfeited | $17.29 | $14.75 | $8.86 | ||
Unvested Shares, Vested | -104,563 | -100,800 | -104,415 | ||
Weighted Average Grant Date Fair Value, Vested | $10.36 | $8.53 | $6.69 |
Note_10_Income_Taxes_Details
Note 10 - Income Taxes (Details) (USD $) | Mar. 31, 2013 |
Income Tax Disclosure [Abstract] | |
Income Taxes Receivable | $258,000 |
Note_10_Income_Taxes_Details_E
Note 10 - Income Taxes (Details) - Earnings before Income Taxes (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings before Income Taxes [Abstract] | |||
Domestic | $14,896 | $13,103 | $12,978 |
Foreign | 451 | ||
$15,347 | $13,103 | $12,978 |
Note_10_Income_Taxes_Details_P
Note 10 - Income Taxes (Details) - Provisions for Income Taxes (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Current tax provision | |||
Federal | $4,186 | $4,031 | $4,440 |
State | 1,135 | 106 | 280 |
Foreign | 212 | ||
5,533 | 4,137 | 4,720 | |
Deferred tax provision: | |||
Federal | 252 | -19 | -180 |
State | 51 | -15 | -12 |
Foreign | -72 | ||
231 | -34 | -192 | |
$5,764 | $4,103 | $4,528 |
Note_10_Income_Taxes_Details_C
Note 10 - Income Taxes (Details) - Components of Net Deferred Tax Assets and Liabilities (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current deferred tax assets: | ||
Accrued employee-related expenses | $252 | $298 |
Allowances and reserves | 346 | 701 |
Stock option deductible differences | 388 | 301 |
Inventory | 252 | 281 |
Foreign tax credit mirror | 285 | |
Currency translation adjustment | 144 | |
Property, plant and equipment | -1,478 | -1,434 |
Goodwill and intangible assets | -3,644 | -3,453 |
-5,122 | -4,861 | |
1,689 | 1,878 | |
Net deferred tax liability | -3,433 | -2,983 |
Other Current Assets [Member] | ||
Current deferred tax assets: | ||
Net operating loss | 22 | 297 |
Other Noncurrent Liabilities [Member] | ||
Current deferred tax assets: | ||
Net operating loss | $26 |
Note_10_Income_Taxes_Details_I
Note 10 - Income Taxes (Details) - Income Tax Reconciliation (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Income Tax Reconciliation [Abstract] | |||
Federal income taxes at statutory rates | $5,374 | $4,586 | $4,543 |
State income taxes, net of federal benefit | 860 | 78 | 158 |
Tax benefit of stock option exercises | 209 | 5 | 197 |
Section 199 manufacturing deduction | -317 | -250 | -357 |
Research and development credit | -248 | -159 | -41 |
Other | -114 | -157 | 28 |
$5,764 | $4,103 | $4,528 |
Note_11_Net_Income_Per_Share_D
Note 11 - Net Income Per Share (Details) | 6 Months Ended |
Mar. 31, 2015 | |
Earnings Per Share [Abstract] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 152,000 |
Note_11_Net_Income_Per_Share_D1
Note 11 - Net Income Per Share (Details) - Computation of Net Income per Share - Basic & Diluted (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Computation of Net Income per Share - Basic & Diluted [Abstract] | |||||||||||||||
Net income available for stockholders (in Dollars) | $2,239 | $2,403 | $3,060 | $1,881 | $3,462 | $1,746 | $1,932 | $1,860 | $2,559 | $1,543 | $2,248 | $2,100 | $9,583 | $9,000 | $8,450 |
Weighted average outstanding shares of common stock | 3,521 | 3,445 | 3,357 | ||||||||||||
Dilutive effect of stock options | 129 | 166 | 236 | ||||||||||||
Common stock and equivalents | 3,650 | 3,611 | 3,593 | ||||||||||||
Net Income per share: | |||||||||||||||
Basic (in Dollars per share) | $0.63 | $0.68 | $0.87 | $0.54 | $1 | $0.51 | $0.57 | $0.55 | $0.76 | $0.46 | $0.67 | $0.63 | $2.72 | $2.61 | $2.52 |
Diluted (in Dollars per share) | $2.63 | $2.49 | $2.35 |
Note_12_Commitments_and_Contin1
Note 12 - Commitments and Contingencies (Details) (USD $) | 1 Months Ended | 0 Months Ended | |||||
Nov. 30, 2014 | Nov. 06, 2013 | Oct. 15, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | 15-May-12 | |
Note 12 - Commitments and Contingencies (Details) [Line Items] | |||||||
Business Combination, Contingent Consideration, Liability | $812,000 | $1,620,000 | |||||
Number of States Due Sales Tax | 1 | ||||||
Lost Future Earnings and Punitive Damages [Member] | Minimum [Member] | Anthony Amato and Amega Scientific Corporation [Member] | |||||||
Note 12 - Commitments and Contingencies (Details) [Line Items] | |||||||
Loss Contingency, Damages Sought, Value | 500,000 | ||||||
Improperly Withholding Amount [Member] | Anthony Amato and Amega Scientific Corporation [Member] | |||||||
Note 12 - Commitments and Contingencies (Details) [Line Items] | |||||||
Loss Contingency, Damages Sought, Value | 704,065.86 | ||||||
General and Administrative Expense [Member] | Other Accrued Expenses [Member] | |||||||
Note 12 - Commitments and Contingencies (Details) [Line Items] | |||||||
Sales and Excise Tax Payable | 460,000 | 1,408,000 | 100,000 | ||||
Minimum [Member] | Amega Scientific Corporation [Member] | |||||||
Note 12 - Commitments and Contingencies (Details) [Line Items] | |||||||
Business Acquisition Revenue Required in Three Years Subsequent to Acquisition for Payment of Contingent Consideration | 31,625,000 | ||||||
Minimum [Member] | PCD [Member] | |||||||
Note 12 - Commitments and Contingencies (Details) [Line Items] | |||||||
Business Acquisition Revenue Required in Three Years Subsequent to Acquisition for Payment of Contingent Consideration | 9,900,000 | ||||||
Maximum [Member] | Amega Scientific Corporation [Member] | |||||||
Note 12 - Commitments and Contingencies (Details) [Line Items] | |||||||
Business Acquisition Revenue Required in Three Years Subsequent to Acquisition for Payment of Contingent Consideration | 43,500,000 | ||||||
Maximum [Member] | PCD [Member] | |||||||
Note 12 - Commitments and Contingencies (Details) [Line Items] | |||||||
Business Acquisition Revenue Required in Three Years Subsequent to Acquisition for Payment of Contingent Consideration | 12,600,000 | ||||||
Amega Scientific Corporation [Member] | |||||||
Note 12 - 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 | 0 | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 10,000,000 | 10,000,000 | |||||
Business Acquisition Agreement Holdback Payment Period from Effective Date Less Any Losses Incurred by Buyer Payable to Seller | 3 years | ||||||
Business Combination, Contingent Consideration, Liability | 500,000 | ||||||
PCD [Member] | |||||||
Note 12 - 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 | ||||||
Anthony Amato and Amega Scientific Corporation [Member] | |||||||
Note 12 - Commitments and Contingencies (Details) [Line Items] | |||||||
Loss Contingency, Damages Sought, Value | $10,000,000 | ||||||
Loss Contingency,Expected Immeditate Accelaration of Stock Option Granted (in Shares) | 10,000 |
Note_13_Comprehensive_Income_D
Note 13 - Comprehensive Income (Details) - Changes in Accumulated Other Comprehensive Income. (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Balance | ($234) |
Unrealized (losses) gains arising during the period | -234 |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Balance | -234 |
Unrealized (losses) gains arising during the period | ($234) |
Note_14_Segment_Information_De
Note 14 - Segment Information (Details) | 12 Months Ended |
Mar. 31, 2015 | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 3 |
Note_14_Segment_Information_De1
Note 14 - Segment Information (Details) - Operating Segment Information (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Revenues | $18,560 | $17,830 | $18,540 | $16,400 | $15,714 | $13,116 | $12,676 | $11,218 | $12,808 | $11,361 | $11,706 | $10,560 | $71,330 | $52,724 | $46,435 | |||
Gross profit | 11,512 | 11,052 | 11,123 | 9,705 | 9,585 | 7,706 | 7,600 | 6,797 | 8,211 | 6,947 | 7,248 | 6,456 | 43,392 | 31,688 | 28,862 | |||
Selling expenses | 7,176 | 6,119 | 4,630 | |||||||||||||||
Gross profit after deducting selling expense and impairment of intangible asset | 36,216 | 25,569 | 24,232 | |||||||||||||||
Reconciling items | -20,869 | [1] | -12,466 | [1] | -11,254 | [1] | ||||||||||||
Earnings before income taxes | 15,347 | 13,103 | 12,978 | |||||||||||||||
Biological Indicators [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Revenues | 27,390 | 22,992 | 21,464 | |||||||||||||||
Gross profit | 17,142 | 13,187 | 12,365 | |||||||||||||||
Selling expenses | 1,551 | 1,350 | 1,552 | |||||||||||||||
Gross profit after deducting selling expense and impairment of intangible asset | 15,591 | 11,837 | 10,813 | |||||||||||||||
Instruments [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Revenues | 33,054 | 26,389 | 24,971 | |||||||||||||||
Gross profit | 20,763 | 16,904 | 16,497 | |||||||||||||||
Selling expenses | 3,441 | 3,954 | 3,078 | |||||||||||||||
Gross profit after deducting selling expense and impairment of intangible asset | 17,322 | 12,950 | 13,419 | |||||||||||||||
Continuous Monitoring [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Revenues | 10,886 | 3,343 | ||||||||||||||||
Gross profit | 5,487 | 1,597 | ||||||||||||||||
Selling expenses | 2,184 | 815 | ||||||||||||||||
Gross profit after deducting selling expense and impairment of intangible asset | $3,303 | $782 | ||||||||||||||||
[1] | Reconciling items include general and administrative, research and development, and other expenses. |
Note_14_Segment_Information_De2
Note 14 - Segment Information (Details) - Revenues from External Customers (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues from unaffiliated customers | |||||||||||||||
Revenues from unaffiliated customers | $18,560 | $17,830 | $18,540 | $16,400 | $15,714 | $13,116 | $12,676 | $11,218 | $12,808 | $11,361 | $11,706 | $10,560 | $71,330 | $52,724 | $46,435 |
UNITED STATES | |||||||||||||||
Revenues from unaffiliated customers | |||||||||||||||
Revenues from unaffiliated customers | 45,798 | 29,551 | 28,590 | ||||||||||||
Foreign [Member] | |||||||||||||||
Revenues from unaffiliated customers | |||||||||||||||
Revenues from unaffiliated customers | $25,532 | $23,173 | $17,845 |
Note_14_Segment_Information_De3
Note 14 - Segment Information (Details) - Operating Segment Asset Reconciliation (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Total assets | ||
Total assets | $117,320 | $97,529 |
Biological Indicators [Member] | ||
Total assets | ||
Total assets | 36,304 | 22,771 |
Instruments [Member] | ||
Total assets | ||
Total assets | 44,401 | 36,797 |
Continuous Monitoring [Member] | ||
Total assets | ||
Total assets | 31,558 | 28,578 |
Corporate Segment [Member] | ||
Total assets | ||
Total assets | $5,057 | $9,383 |
Note_15_Quarterly_Results_Unau2
Note 15 - Quarterly Results (Unaudited) (Details) - Quarterly Financial Information (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Quarterly Financial Information [Abstract] | |||||||||||||||
Revenues | $18,560 | $17,830 | $18,540 | $16,400 | $15,714 | $13,116 | $12,676 | $11,218 | $12,808 | $11,361 | $11,706 | $10,560 | $71,330 | $52,724 | $46,435 |
Gross profit | 11,512 | 11,052 | 11,123 | 9,705 | 9,585 | 7,706 | 7,600 | 6,797 | 8,211 | 6,947 | 7,248 | 6,456 | 43,392 | 31,688 | 28,862 |
Net income | $2,239 | $2,403 | $3,060 | $1,881 | $3,462 | $1,746 | $1,932 | $1,860 | $2,559 | $1,543 | $2,248 | $2,100 | $9,583 | $9,000 | $8,450 |
Net Income per share – basic (in Dollars per share) | $0.63 | $0.68 | $0.87 | $0.54 | $1 | $0.51 | $0.57 | $0.55 | $0.76 | $0.46 | $0.67 | $0.63 | $2.72 | $2.61 | $2.52 |
Net Income per share – diluted (in Dollars per share) | $0.61 | $0.66 | $0.84 | $0.51 | $0.95 | $0.48 | $0.54 | $0.52 | $0.71 | $0.44 | $0.64 | $0.59 |
Note_16_Subsequent_Events_Deta
Note 16 - Subsequent Events (Details) (Subsequent Event [Member], USD $) | 1 Months Ended |
Apr. 30, 2015 | |
Subsequent Event [Member] | |
Note 16 - Subsequent Events (Details) [Line Items] | |
Common Stock, Dividends, Per Share, Declared | $0.16 |