Document And Entity Information
Document And Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | May. 27, 2016 | Sep. 30, 2015 | |
Entity Registrant Name | MESA LABORATORIES INC /CO | ||
Entity Central Index Key | 724,004 | ||
Trading Symbol | mlab | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 3,638,723 | ||
Entity Public Float | $ 240,104 | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
ASSETS | ||
Cash and cash equivalents | $ 5,695 | $ 2,034 |
Accounts receivable, less allowances of $375 and $700, respectively | 15,313 | 12,145 |
Inventories, net | 14,017 | 12,420 |
Prepaid expenses and other | 943 | 1,334 |
Deferred income taxes | 1,218 | 1,689 |
Total current assets | 37,186 | 29,622 |
Property, plant and equipment, net | 16,628 | 9,598 |
Intangibles, net | 40,797 | 33,231 |
Goodwill | 66,137 | 44,869 |
Total assets | 160,748 | 117,320 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Accounts payable | 2,823 | 2,503 |
Accrued salaries and payroll taxes | 5,040 | 4,105 |
Unearned revenues | 3,026 | 1,314 |
Current portion of contingent consideration | 4,757 | 1,220 |
Other accrued expenses | 3,085 | 1,307 |
Income taxes payable | 2,240 | 1,208 |
Current portion of long-term debt | 3,000 | 3,000 |
Total current liabilities | 23,971 | 14,657 |
Deferred income taxes | 5,419 | 5,122 |
Long-term debt | 42,250 | 23,250 |
Contingent consideration | 4,430 | 812 |
Total liabilities | $ 76,070 | $ 43,841 |
Commitments and Contingencies (Note 12) | ||
Stockholders’ equity: | ||
Common stock, no par value; authorized 25,000,000 shares; issued and outstanding, 3,637,273 shares (March 31, 2016) and 3,561,540 shares (March 31, 2015) | $ 21,001 | $ 17,751 |
Retained earnings | 64,828 | 55,962 |
Accumulated other comprehensive loss | (1,151) | (234) |
Total stockholders’ equity | 84,678 | 73,479 |
Total liabilities and stockholders’ equity | $ 160,748 | $ 117,320 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Allowance for doubtful accounts receivable | $ 375 | $ 700 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
Common stock, shares issued (in shares) | 3,637,273 | 3,561,540 |
Common stock, shares outstanding (in shares) | 3,637,273 | 3,561,540 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Revenues | |||
Product | $ 66,085 | $ 58,910 | $ 44,539 |
Service | 18,574 | 12,420 | 8,185 |
Total revenues | 84,659 | 71,330 | 52,724 |
Cost of revenues | |||
Cost of products | 26,957 | 23,128 | 16,062 |
Cost of services | 6,289 | 4,810 | 4,974 |
Total cost of revenues | 33,246 | 27,938 | 21,036 |
Gross profit | 51,413 | 43,392 | 31,688 |
Operating expenses | |||
Selling | 7,500 | 7,176 | 6,119 |
General and administrative | 23,618 | 17,058 | 11,464 |
Research and development | 3,972 | 3,294 | 2,320 |
Total operating expenses | 35,090 | 27,528 | 19,903 |
Operating income | 16,323 | 15,864 | 11,785 |
Other (expense) income, net | (768) | (517) | 1,318 |
15,555 | 15,347 | 13,103 | |
Income taxes | 4,386 | 5,764 | 4,103 |
Net income | $ 11,169 | $ 9,583 | $ 9,000 |
Net income per share: | |||
Basic (in dollars per share) | $ 3.10 | $ 2.72 | $ 2.61 |
Diluted (in dollars per share) | $ 2.97 | $ 2.63 | $ 2.49 |
Weighted average common shares outstanding: | |||
Basic (in shares) | 3,605 | 3,521 | 3,445 |
Diluted (in shares) | 3,757 | 3,650 | 3,611 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Net income available for shareholders | $ 11,169 | $ 9,583 | $ 9,000 |
Other comprehensive loss, net of tax: | |||
Foreign currency translation | (917) | (234) | |
Total comprehensive income | $ 10,252 | $ 9,349 | $ 9,000 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Employee Loans [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Shares (in shares) at Mar. 31, 2013 | 3,388,548 | ||||
Balance at Mar. 31, 2013 | $ 11,352 | $ (149) | $ 41,550 | $ 52,753 | |
Common stock issued for conversion of stock options net of 13,021 shares returned as payment (in shares) | 104,864 | 117,885 | |||
Common stock issued for conversion of stock options net of 13,021 shares returned as payment | $ 1,845 | ||||
Purchase and retirement of common stock (in shares) | (2,784) | ||||
Purchase and retirement of common stock | $ (147) | 125 | $ (22) | ||
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 | |||
Shares (in shares) at Mar. 31, 2014 | 3,490,628 | ||||
Balance at Mar. 31, 2014 | $ 15,796 | (24) | 48,561 | 64,333 | |
Tax impact on exercise of stock options | $ (1,906) | $ (1,906) | |||
Foreign currency translation | |||||
Common stock issued for conversion of stock options net of 13,021 shares returned as payment (in shares) | 70,912 | 82,178 | |||
Common stock issued for conversion of stock options net of 13,021 shares returned as payment | $ 1,504 | ||||
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 | |||
Net income | 9,583 | $ 9,583 | |||
Shares (in shares) at Mar. 31, 2015 | 3,561,540 | 3,561,540 | |||
Balance at Mar. 31, 2015 | $ 17,751 | 55,962 | $ (234) | $ 73,479 | |
Tax impact on exercise of stock options | $ (514) | (514) | |||
Foreign currency translation | (234) | $ (234) | |||
Common stock issued for conversion of stock options net of 13,021 shares returned as payment (in shares) | 75,733 | 89,224 | |||
Common stock issued for conversion of stock options net of 13,021 shares returned as payment | $ 1,923 | ||||
Dividends paid | (2,303) | $ (2,303) | |||
Stock-based compensation | $ 1,327 | 1,327 | |||
Net income | 11,169 | $ 11,169 | |||
Shares (in shares) at Mar. 31, 2016 | 3,637,273 | 3,637,273 | |||
Balance at Mar. 31, 2016 | $ 21,001 | $ 64,828 | (1,151) | $ 84,678 | |
Foreign currency translation | $ (917) | $ (917) |
Consolidated Statements of Sto7
Consolidated Statements of Stockholders' Equity (Parentheticals) - shares | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Common Stock [Member] | |||
Common stock, shares issued (in shares) | 13,491 | 11,266 | 13,201 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Cash flows from operating activities: | |||
Net income | $ 11,169 | $ 9,583 | $ 9,000 |
Depreciation and amortization | $ 7,174 | 5,656 | 3,844 |
Loss (gain) on dispositions, net | 16 | (420) | |
Deferred income taxes | $ (807) | 450 | (43) |
Stock-based compensation | 1,327 | 993 | $ 840 |
Foreign currency adjustments | 53 | (176) | |
Change in assets and liabilities, net of effects of acquisitions and dispositions | |||
Accounts receivable, net | (1,958) | (2,291) | $ 697 |
Inventories, net | (1,202) | (3,164) | (1,300) |
Prepaid expenses and other | 391 | 772 | (1,479) |
Accounts payable | (150) | 410 | 754 |
Accrued liabilities and taxes payable | 2,865 | (861) | 1,192 |
Unearned revenues | 99 | $ (572) | 308 |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | (2,058) | (1,020) | |
Net cash provided by operating activities | 16,903 | $ 10,816 | 12,373 |
Cash flows from investing activities: | |||
Acquisitions | $ (24,111) | $ (20,543) | (22,758) |
Proceeds from disposition | 661 | ||
Purchases of property, plant and equipment | $ (7,729) | $ (2,828) | (1,041) |
Net cash used in investing activities | (31,840) | (23,371) | (23,138) |
Cash flow from financing activities: | |||
Proceeds from the issuance of debt | 25,000 | 23,000 | 21,000 |
Payments on debt | (6,000) | (13,250) | (8,500) |
Dividends | (2,303) | (2,182) | (1,989) |
Proceeds from the exercise of stock options | $ 1,923 | $ 1,504 | 1,845 |
Purchase and retirement of common stock | (22) | ||
Net cash provided by financing activities | $ 18,620 | $ 9,072 | $ 12,334 |
Effect of exchange rate changes on cash and cash equivalents | (22) | (58) | |
Net increase (decrease) in cash and cash equivalents | 3,661 | (3,541) | $ 1,569 |
Cash and cash equivalents at beginning of year | 2,034 | 5,575 | 4,006 |
Cash and cash equivalents at end of year | 5,695 | 2,034 | 5,575 |
Cash paid during the year for: | |||
Income taxes | 3,951 | 3,345 | 4,714 |
Interest | $ 848 | 499 | 133 |
Supplemental non-cash activity: | |||
Repayment of employee loans for stock options | 24 | 92 | |
Contingent consideration as part of an acquisition | $ 9,271 | $ 412 | $ 500 |
Note 1 - Description of Busines
Note 1 - Description of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
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 and services, 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 four divisions across eight 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 provides testing services, along with the manufacturing and marketing of biological indicators and distribution of 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. Our Cold Chain Division provides parameter (primarily temperature) monitoring of products in a cold chain, consulting services such as compliance monitoring, packaging development and validation or mapping of transport and storage containers, and thermal packaging products such as coolers, boxes, insulation materials and phase-change products to control temperature during transport. 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. Summary of Significant Accounting Policies Revenue Recognition We recognize revenue when the four revenue recognition criteria are met, as follows: Product sales: ustomer 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: 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 analytical or 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, 2016, 2015 and 2014, no individual customer represented more than 10 percent of our revenues or more than 10 percent of our accounts receivable balance. Approximately 63 percent and 37 percent of our sales for the year ended March 31, 2016 were to customers located in the United States and foreign countries, respectively. Inventories Inventories are stated at the lower of cost or market, using the weighted average method to determine cost. We evaluate labor and overhead costs annually, unless specific circumstances necessitate a mid-year evaluation. 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 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, Biological Indicators and Cold Chain. 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 record a reserve if we believe it is more-likely-than-not our position would not prevail with the applicable tax authorities. Any penalties and interest are included in other expense, net on the consolidated statements of income. Acquisition Related Contingent Consideration Liability The acquisition related contingent consideration liability consists of estimated amounts due under various acquisition agreements and is typically based upon either revenues growth or specified profitability growth metrics. At each reporting period, we evaluate the expected future payments and the associated discount rate to determine the fair value of the contingent consideration. These amounts represent our best estimate of the amounts which will ultimately be paid. The discount rate represents our cost of borrowing at the reporting date that the fair value calculation is being performed. Changes in the fair value of the acquisition related contingent consideration is included in other (expense) income, net on the accompanying consolidated statements of net 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 (other than acquisition related contingent consideration liabilities, see above) 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 March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-09, Compensation—Stock Compensation (Topic 718) as part of its simplification initiative, which affects all entities that issue share-based payment awards to their employees. The amendments in this update cover such areas as the recognition of excess tax benefits and deficiencies, the classification of those excess tax benefits on the statement of cash flows, an accounting policy election for forfeitures, the amount an employer can withhold to cover income taxes and still qualify for equity classification and the classification of those taxes paid on the statement of cash flows. The ASU was effective for our fiscal year ending March 31, 2018 using either the prospective, retrospective or modified retrospective transition method, depending on the area covered in this update. As permitted within the amendment, we elected to early adopt and prospectively apply the provisions of this amendment as of April 1, 2015. The adoption of this ASU decreased income tax expense by $860,000 for the year ended March 31, 2016. In December 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes ASU 2015-17” ). ASU 2015-17 simplifies the presentation of deferred income taxes by requiring that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The standard is effective for our fiscal year (and interim periods within that year) ending March 31, 2018. We do not expect this guidance to have a material impact on our results of operations or financial position. In September 2015, the FASB issued ASU No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments (Topic 805) In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) s revenue recognition. The core principle of the new standard is that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. 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, 2019. We are currently evaluating when to adopt the new standard, the impacts of adoption and the implementation approach to be used. |
Note 2 - Acquisitions and Dispo
Note 2 - Acquisitions and Dispositions | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | Note 2 . Acquisitions and Dispositions Acquisitions For the year ended March 31, 2016, our acquisitions of businesses (net of cash acquired) totaled $33,382,000, which consisted primarily of the following material acquisitions: Infitrak On July 6, 2015, we completed a business combination (the “Infitrak Acquisition”) whereby we acquired all of the common stock of 2396081 Ontario Inc. and its wholly owned operating subsidiary, Infitrak Inc. (collectively “Infitrak”), a company whose business provides consulting, packaging and measuring solutions for cold chain applications. The stock purchase agreement (the “Infitrak Agreement”) includes provisions for both contingent consideration based upon the two year growth in gross profit (as defined in the Earn-Out Agreement) of the packaging component of our cold chain 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 Infitrak Agreement, we are required to pay contingent consideration if the gross profit (as defined in the Earn-Out Agreement) for the packaging component of our cold chain business for the two years subsequent to the acquisition meets certain levels. The potential undiscounted consideration payable ranges from $0 to $15,000,000 CDN (approximately $0 to $11,500,000 as of March 31, 2016) and is based upon a sliding scale of growth in gross profit (as defined in the Earn-Out Agreement) for year one and year two of 30 to 70 percent and 15 to 75 percent, respectively. Based upon both historical and projected growth rates, we recorded $9,271,000 (valued at $9,037,000 as of March 31, 2016 based on the then current fair market value and exchange rate) of contingent consideration payable which represented our best estimate of the then current fair market value 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 the packaging component of our cold chain business and we will adjust the contingent liability on a go forward basis, based on then current information. The contingent consideration is payable in two annual installments beginning in the second quarter of our year ending March 31, 2017. We expected to achieve savings and generate growth as we integrated the Infitrak 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 Cold Chain segment. The Infitrak 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 preliminary allocation of the consideration, subject to customary purchase price adjustments in accordance with the Infitrak Agreement (in thousands): Cash consideration $ 8,747 Holdback payment liability 637 Contingent consideration liability 9,271 Aggregate consideration $ 18,655 Accounts receivable $ 925 Inventories 310 Property, plant and equipment 530 Intangibles 5,869 Goodwill 13,833 Accounts payable (470 ) Accrued liabilities (767 ) Deferred income taxes (1,575 ) Total purchase price allocation $ 18,655 The accompanying consolidated statements of income include the results of the Infitrak Acquisition from the acquisition date of July 6, 2015. The pro forma effects of the acquisition on the results of operations as if the acquisition had been completed on April 1, 2015 and 2014, are as follows (in thousands, except per share data): Year Ended March 31, 201 6 201 5 Revenues $ 86,499 $ 74,379 Net income 11,471 9,944 Net Income per common share: Basic $ 3.18 $ 2.82 Diluted 3.05 2.72 North Bay On August 6, 2015, we completed a business combination (the “North Bay Acquisition”) whereby we acquired substantially all of the assets (other than certain fixed assets) and certain liabilities of the dental sterilizer testing business of North Bay Bioscience, LLC (“North Bay”). The asset purchase agreement (the “North Bay Agreement”) includes a provision for a holdback payment (subject to a post-closing adjustment), payable at the one year anniversary of the closing date. We expected to achieve savings and generate growth as we integrated the North Bay 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 Biological Indicators segment. The North Bay 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 reflected our allocation of the consideration, subject to customary purchase price adjustments in accordance with the North Bay Agreement (in thousands): Cash consideration $ 10,322 Holdback payment liability 1,000 Aggregate consideration $ 11,322 Cash $ 20 Accounts receivable 285 Inventories 85 Property, plant and equipment 229 Intangibles 4,454 Goodwill 7,962 Accrued liabilities (100 ) Unearned revenues (1,613 ) Total purchase price allocation $ 11,322 The accompanying consolidated statements of income include the results of the North Bay Acquisition from the acquisition date of August 6, 2015. The pro forma effects of the acquisition on the results of operations as if the acquisition had been completed on April 1, 2015 and 2014, are as follows (in thousands, except per share data): Year Ended March 31, 201 6 201 5 Revenues $ 86,053 $ 75,649 Net income 11,463 10,182 Net Income per common share: Basic $ 3.18 $ 2.89 Diluted 3.05 2.79 For the year ended March 31, 2015, our acquisitions of businesses (net of cash acquired) totaled $20,955,000, 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 represented our best estimate of the amount that will ultimately be paid. We paid $150,000 of the contingent consideration during the year ended March 31, 2016 (based upon the current run rate projected over the entire three-year contingent consideration period). This amount is subject to modification at the end of the second and third years of the earn-out period based upon the actual revenues earned over the contingent consideration period. 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. We expected to achieve savings and generate growth as we integrated 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 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 reflected 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 $ 137 Property, plant and equipment 7 Intangibles 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 E nded 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 expected to achieve savings and generate growth as we integrated 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 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 reflected our allocation of the consideration, subject to customary purchase price adjustments in accordance with the BGI Agreement (in thousands): Inventories $ 1,268 Property, plant and equipment 47 Intangibles 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 E nded 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 $23,258,000, 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 were required to pay contingent consideration if the cumulative revenues for our Continuous Monitoring Division for the three years subsequent to the acquisition met certain levels. The potential consideration payable ranged from $0 to $10,000,000 and was 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 would ultimately be paid. Any changes to the contingent consideration ultimately paid would have resulted in additional income or expense in our consolidated statements of income. The contingent consideration was payable in the third quarter of our year ending March 31, 2017. In October 2015, we entered into a settlement agreement which relieved us of any future payment obligation under the Amega Earn-Out (see Note 12). We expected to achieve savings and generate growth as we integrated 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 reflected 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 $ 663 Inventories 410 Prepaid expenses and other 11 Property, plant and equipment 115 Intangibles 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 E nded March 31, 2014 2013 Revenues $ 56,451 $ 50,372 Net income 10,002 9,508 Net income per common share: Basic $ 2.90 $ 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 integrated 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 reflected 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 838 Inventories 447 Prepaid expenses and other 21 Property, plant and equipment 25 Deferred income taxes 585 Intangibles 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): Ye ar E nded 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 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, 2016 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 3. Inventories Inventories consist of the following (in thousands): March 31, 201 6 201 5 Raw materials $ 9,433 $ 10,366 Work-in-process 337 530 Finished goods 4,941 1,913 Less reserve (694 ) (389 ) $ 14,017 $ 12,420 |
Note 4 - Property, Plant and Eq
Note 4 - Property, Plant and Equipment | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
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, 201 6 201 5 Land $ 1,614 $ 1,614 Buildings 4,723 4,721 Manufacturing equipment 7,802 6,797 Computer equipment 2,649 1,845 Construction in progress 7,333 817 Other 685 526 24,806 16,320 Less accumulated depreciation (8,178 ) (6,722 ) $ 16,628 $ 9,598 Depreciation expense for the years ended March 31, 2016, 2015 and 2014 was $1,387,000, $981,000 and $865,000, respectively. |
Note 5 - Goodwill and Intangibl
Note 5 - Goodwill and Intangible Assets | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
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 Indicators Instruments Continuous Monitoring Cold Chain Total March 31, 2014 $ 9,279 $ 14,940 $ 13,647 $ -- $ 37,866 Effect of foreign currency translation -- -- -- -- -- Acquisitions 3,708 3,295 -- -- 7,003 March 31, 2015 12,987 18,235 13,647 -- 44,869 Effect of foreign currency translation (624 ) -- -- (476 ) (1,100 ) Acquisitions 8,535 -- -- 13,833 22,368 March 31, 2016 $ 20,898 $ 18,235 $ 13,647 $ 13,357 $ 66,137 Other intangible assets are as follows: (In thousands) March 31, 201 6 Carrying Amount Accumulated Amortization Net Useful Life (Years) Intellectual property $ 7,364 $ 3,093 $ 4,271 10 - 16 Trade names 3,474 1,271 2,203 3 - 10 Customer relationships 48,782 15,228 33,554 7 - 10 Non-compete agreements 1,846 1,077 769 3 - 10 $ 61,466 $ 20,669 $ 40,797 March 31, 201 5 Carrying Amount Accumulated Amortization Net Useful Life (Years) Intellectual property $ 7,210 $ 2,362 $ 4,848 10 - 16 Trade names 3,158 863 2,295 3 - 10 Customer relationships 36,408 10,752 25,656 7 - 10 Non-compete agreements 1,286 854 432 3 - 10 $ 48,062 $ 14,831 $ 33,231 The following is estimated amortization expense for the years ending March 31: (In thousands) 2017 $ 6,125 2018 5,951 2019 5,623 2020 5,312 2021 4,279 Amortization expense for the years ended March 31, 2016, 2015 and 2014 was $5,787,000, $4,675,000 and $2,979,000, respectively. |
Note 6 - Long-term Debt
Note 6 - Long-term Debt | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 6. Long-term Debt Long-term debt consists of the following (in thousands): March 31, 201 6 March 31, 2015 Line of credit (2.43% at March 31, 2016) $ 27,500 $ 13,500 Term loan (2.43% at March 31, 2016) 17,750 12,750 Less: current portion (3,000 ) (3,000 ) Long-term portion $ 42,250 $ 23,250 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. Funds from the Credit Facility were used for general working capital and corporate needs, retiring existing debt, or to support acquisitions and capital expenditures. In April 2014, the Credit Facility was amended to include a $15,000,000 term loan (the “Initial Term Loan”) and to extend the maturity date of the Credit Facility to June 30, 2017. On July 1, 2015, we further amended our Credit Facility to extend the maturity date to June 30, 2020, increase the Line of Credit to $50,000,000 and establish a new $20,000,000 term loan (the “Term Loan”). The majority of the proceeds from the Term Loan were used to pay down the remaining $12,000,000 balance of the Initial Term Loan. The remaining $8,000,000 was combined with a $1,000,000 draw under the Line of Credit to fund the Infitrak Acquisition (see Note 2). Under the Line of Credit, indebtedness bears interest at either: (1) LIBOR, as defined, plus an applicable margin ranging from 1.5% to 2.25%; or (2) the bank’s commercial bank floating rate (“CBFR”), which is the bank’s prime rate adjusted down by 0.5%. We elect the interest rate with each borrowing under the line of credit. In addition, there is an unused line fee of 0.25%. Letter of credit fees are based on the applicable LIBOR rate. The Term Loan bears interest at LIBOR, as defined, plus an applicable margin ranging from 1.5% to 2.25% and requires 20 quarterly principal payments (the first due date was July 15, 2015) in the amount of $750,000 with the remaining balance of principal and accrued interest due on June 30, 2020. 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 3.25 to 1.0 through March 31, 2016 and 3.0 to 1.0 thereafter, and a minimum fixed charge coverage ratio of 1.35 to 1.0. We were in compliance with the required covenants at March 31, 2016. Future contractual maturities of debt as of March 31, 2016 are as follows (in thousands): Year ending March 31, 2017 $ 3,000 2018 3,000 2019 3,000 2020 3,000 2021 33,250 $ 45,250 Subsequent to year end, we made a $750,000 required principal payment on the Term Loan. |
Note 7 - Stockholders' Equity
Note 7 - Stockholders' Equity | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
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, 2016, we have purchased 162,486 shares under this plan. Dividends per share paid by quarter were as follows: Year E nded March 31, 2016 201 5 201 4 First quarter $ 0.16 $ 0.15 $ 0.14 Second quarter 0.16 0.15 0.14 Third quarter 0.16 0.16 0.15 Fourth quarter 0.16 0.16 0.15 |
Note 8 - Employee Benefit Plans
Note 8 - Employee Benefit Plans | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
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 $387,000, $330,000 and $214,000, respectively, to all plans for the years ended March 31, 2016, 2015 and 2014. |
Note 9 - Stock-based Compensati
Note 9 - Stock-based Compensation | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 9. Stock-Based C ompensation 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, 2016, we have 186,370 stock options 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, 2016, we have 329,350 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, 2016, we have zero 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 E nded March 31, 2016 201 5 201 4 Total cost of stock based compensation charged against income before income tax $ 1,327 $ 993 $ 840 Amount of income tax benefit recognized in earnings 374 373 263 Amount charged against net income $ 953 $ 620 $ 577 Impact on net income per common share: Basic $ 0.26 $ 0.18 $ 0.17 Diluted 0.25 0.17 0.16 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 E nded March 31, 2016 201 5 201 4 Volatility 27.1% - 30.2% 24.4% - 27.1% 26% - 28.7% Risk-free interest rate 1.09% 1.9% - 2.3% .8% - 2.1% Expected option life (years) 8 6 - 8 5 - 10 Dividend yield .7% .9% 1.1% A summary of the option activity as of and for the years ended March 31, 2016, 2015 and 2014 is as follows: Number of Weighted- Weighted- Aggregate (000s) Outstanding at March 31, 2013 416,125 29.87 3.7 9,529 Granted 128,124 55.33 6.4 -- Forfeited (27,782 ) 52.50 -- -- Expired (410 ) 52.50 -- -- Exercised (117,885 ) 22.17 -- -- Outstanding at March 31, 2014 398,172 38.75 4.4 20,505 Granted 147,720 88.62 7.0 -- Forfeited (26,466 ) 64.62 -- -- Expired -- -- -- -- Exercised (82,178 ) 28.87 -- -- Outstanding at March 31, 2015 437,248 55.81 4.9 9,445 Granted 184,030 72.89 6.7 -- Forfeited (16,334 ) 75.16 6.5 -- Expired -- -- -- -- Exercised (89,224 ) 38.28 -- -- Outstanding at March 31, 2016 515,720 64.32 5.2 16,561 Exercisable at March 31, 2016 157,457 42.49 3.6 8,481 2015 163,210 33.35 3.6 6,341 2014 140,825 26.70 3.5 8,949 A summary of the status of our unvested option shares as of and for the years ended March 31, 2016, 2015 and 2014 is as follows: Unvested Shares Weighted- a verage Unvested at March 31, 2013 257,805 9.55 Options granted 128,124 15.90 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 Options granted 184,030 18.78 Options forfeited (16,334 ) 19.07 Options vested (83,471 ) 14.65 Unvested at March 31, 2016 358,263 19.46 The total intrinsic value of options exercised was $5,260,000, $3,546,000 and $6,287,000 for the years ended March 31, 2016, 2015 and 2014, respectively. As of March 31, 2016, there was $4,595,000 of total unrecognized compensation expense related to unvested options. As of March 31, 2016, we have 913,630 shares available for future option grants. |
Note 10 - Income Taxes
Note 10 - Income Taxes | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 10. Income Taxes Earnings before income taxes are as follows (in thousands): Year Ended March 31, 2016 2015 2014 Domestic $ 14,427 $ 14,896 $ 13,103 Foreign 1,128 451 -- $ 15,555 $ 15,347 $ 13,103 The components of our provision for income taxes are as follows (in thousands): Year Ended March 31, 2016 2015 2014 Current tax provision Federal $ 3,666 $ 4,186 $ 4,031 State 627 1,135 106 Foreign 658 212 -- 4,951 5,533 4,137 Deferred tax provision: Federal (189 ) 252 (19 ) State (138 ) 51 (15 ) Foreign (238 ) (72 ) -- (565 ) 231 (34 ) $ 4,386 $ 5,764 $ 4,103 The components of net deferred tax assets and liabilities are as follows (in thousands): March 31, 201 6 201 5 Current deferred tax assets: Accrued employee-related expenses $ 257 $ 252 Allowances and reserves 217 346 Stock option deductible differences 606 388 Inventory 533 252 Foreign tax credit mirror -- 285 Currency translation adjustment 12 144 Net operating loss 110 22 Other 3 -- 1,738 1,689 Long-term deferred tax liability: Property, plant and equipment (1,599 ) (1,478 ) Goodwill and intangible assets (4,335 ) (3,644 ) Other (5 ) -- (5,939 ) (5,122 ) Net deferred tax liability $ (4,201 ) $ (3,433 ) A reconciliation of our income tax provision and the amounts computed by applying statutory rates to income before income taxes is as follows (in thousands): Year Ended March 31, 2016 2015 2014 Federal income taxes at statutory rates $ 5,445 $ 5,374 $ 4,586 State income taxes, net of federal benefit 293 860 78 Tax benefit of stock option exercises (751 ) 209 5 Section 199 manufacturing deduction (440 ) (317 ) (250 ) Research and development credit (345 ) (248 ) (159 ) Other 184 (114 ) (157 ) $ 4,386 $ 5,764 $ 4,103 We or one of our subsidiaries files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. Our federal tax returns for all years after 2012, state tax returns after 2011, and foreign tax returns after 2012 are subject to future examination by tax authorities for all our tax jurisdictions. Although the outcome of tax audits, if any is always uncertain, we believe that we have adequately accrued for all amounts of tax, including interest and penalties and any adjustments that may result. As of March 31, 2016, the gross amount of unrecognized tax benefits was $221,000. There would have been no impact on our effective tax rate for the year ended March 31, 2016 had these benefits been recognized. We recognize interest and penalties related to unrecognized tax benefits in other expense and general and administrative expense, respectively. Accrued interest and penalties related to unrecognized tax benefits were $3,000, $0 and $0 as of March 31, 2016, 2015 and 2014, respectively. A reconciliation of the changes in the gross balance of unrecognized tax benefit amounts is as follows (in thousands): Year Ended March 31, 2016 2015 2014 Beginning balance $ -- $ -- $ -- Increases related to current period tax positions 221 -- -- Ending balance $ 221 $ -- $ -- We expect that the amount of unrecognized tax benefits will change in the next 12 months; however, we do not expect the change to have a significant impact on our consolidated statements of income or consolidated balance sheets. At this time, we expect resolution of the uncertain tax position within 12 months. As of March 31, 2016, undistributed earnings of our Canadian subsidiary amounted to $794,000. Those earnings are considered to be indefinitely reinvested and, accordingly, no U.S. federal and state income taxes have been provided thereon. Upon distribution of those earnings in the form of dividends or otherwise, we would be subject to both U.S. income taxes (subject to an adjustment for foreign tax credits) and withholding taxes payable to the various foreign countries. Determination of the amount of unrecognized deferred U.S. income tax liability is not practicable because of the complexities associated with its hypothetical calculation; however, unrecognized foreign tax credits would be available to reduce a portion of the U.S. tax liability. As of March 31, 2016, we had $0 and $2,309,000 of net operating losses for federal and state income tax purposes, respectively. The state net operating losses will expire between 2020 and 2030. |
Note 11 - Net Income Per Share
Note 11 - Net Income Per Share | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
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, 201 6 201 5 201 4 Net income available for shareholders $ 11,169 $ 9,583 $ 9,000 Weighted average outstanding shares of common stock 3,605 3,521 3,445 Dilutive effect of stock options 152 129 166 Common stock and equivalents 3,757 3,650 3,611 Net Income per share: Basic $ 3.10 $ 2.72 $ 2.61 Diluted 2.97 2.63 2.49 For the years ended March 31, 2016, 2015 and 2014, 137,000, 152,000 and zero outstanding stock options, respectively 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. |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 12. Commitments and Contingencies Under the terms of the Infitrak Agreement, we are required to pay contingent consideration if the gross profit (as defined in the Earn-Out Agreement) for the packaging component of our cold chain business for the two years subsequent to the acquisition meets certain levels. The potential undiscounted consideration payable ranges from $0 to $15,000,000 CDN (approximately $0 to $11,500,000 as of March 31, 2016) and is based upon a sliding scale of growth in gross profit (as defined in the Earn-Out Agreement) for year one and year two of 30 to 70 percent and 15 to 75 percent, respectively. Based upon both historical and projected growth rates, we recorded $9,271,000 (valued at $9,037,000 as of March 31, 2016 based on the then current fair market value and exchange rate) of contingent consideration payable which represented our best estimate of the then current fair market value 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 the packaging component of our cold chain business and we will adjust the contingent liability on a go forward basis, based on then current information. The contingent consideration is payable in two annual installments beginning in the second quarter of our year ending March 31, 2017. 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 represented our best estimate of the amount that will ultimately be paid. We paid $150,000 of the contingent consideration during the year ended March 31, 2016 (based upon the current run rate projected over the entire three-year contingent consideration period). This amount is subject to modification at the end of the second and third years of the earn-out period based upon the actual revenues earned over the contingent consideration period. 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. Under the terms of the Amega Agreement, we were 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 met certain levels. The potential consideration payable ranged from $0 to $10,000,000 and was 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 would ultimately be paid. Any changes to the contingent consideration ultimately paid would have resulted in additional income or expense in our consolidated statements of income. The contingent consideration would have been 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 October 2015, we entered into a settlement agreement (the “Amato Settlement”) whereby we paid Amato $3,165,000. In exchange, Amato agreed to dismiss the complaint, release Mesa of any and all claims by Amega and Amato, and relieve us of any future payment obligation under the Amega Earn-Out. Insurance covered $415,000 of the settlement payment and we had $1,041,000 accrued on our consolidated balance sheet remaining from the original hold back and contingent consideration payable. The remaining $1,709,000 was recorded as general and administrative expense in the accompanying consolidated statements of income for the year ended 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 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. 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 was completed and state sales tax returns were 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. During the year ended March 31, 2016, we successfully completed and filed additional state sales tax returns which concluded our obligation for historical sales taxes in those remaining states. 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 |
Note 13 - Comprehensive Income
Note 13 - Comprehensive Income | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
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, 2013 $ -- $ -- Unrealized losses arising during the year -- -- Balance at March 31, 2014 -- -- Unrealized losses arising during the year (234 ) (234 ) Balance at March 31, 2015 (234 ) (234 ) Unrealized losses arising during the year (917 ) (917 ) Balance at March 31, 2016 $ (1,151 ) $ (1,151 ) |
Note 14 - Segment Data
Note 14 - Segment Data | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 1 4 . Segment Data We have four operating segments: Biological Indicators, Instruments, Continuous Monitoring and Cold Chain. The following tables set forth our segment information (in thousands): Year Ended March 31, 201 6 Biological Indicators Instruments Continuous Monitoring Cold Chain Total Revenues $ 33,649 $ 35,692 $ 10,792 $ 4,526 $ 84,659 Gross profit $ 22,205 $ 23,223 $ 4,154 $ 1,831 $ 51,413 Selling expenses 1,734 3,848 1,642 276 7,500 $ 20,471 $ 19,375 $ 2,512 $ 1,555 43,913 Reconciling items (1) (28,358 ) Earnings before income taxes $ 15,555 Year Ended March 31, 201 5 Biological Indicators Instruments Continuous Monitoring Cold Chain Total 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 Indicators Instruments Continuous Monitoring Cold Chain Total 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 (1) 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, 201 6 201 5 201 4 Revenues from unaffiliated customers United States $ 53,094 $ 45,798 $ 29,551 Foreign 31,565 25,532 23,173 $ 84,659 $ 71,330 $ 52,724 No foreign country exceeds ten percent of total revenues. March 31, 2016 2015 Total assets Biological Indicators $ 56,724 $ 36,304 Instruments 49,077 44,401 Continuous Monitoring 26,881 31,558 Cold Chain 20,210 -- Corporate and administrative 7,856 5,057 $ 160,748 $ 117,320 All long-lived assets are located in the United States except for $7,331,000 and $19,047,000 which are associated with our French and Canadian subsidiaries, respectively. |
Note 15 - Fair Value Measuremen
Note 15 - Fair Value Measurements | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Fair Value, Measurement Inputs, Disclosure [Text Block] | Note 15. Fair Value Measurements We follow authoritative guidance (GAAP) which requires that assets and liabilities carried at fair value be classified and disclosed in one of the established categories. A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three categories are defined as follows: • Level 1: Quoted prices in active markets for identical assets. • Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. • Level 3: Significant inputs to the valuation model are unobservable inputs. Assets and liabilities measured on a recurring basis: Our financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities (including certain contingent consideration amounts that are short-term in nature) are carried at cost, which is considered to be representative of their fair value due to the short term maturity of these instruments. The recorded value of the Line of Credit and Term Loan (See Note 6), approximates fair value due to their variable rate structure. The following table presents items required to be measured at fair value on a recurring basis by the level in which they are classified within the valuation hierarchy as follows: Year Ended March 31, 2016 Level 1 Level 2 Level 3 Total Assets: $ -- $ -- $ -- $ -- Liabilities: Contingent Consideration $ -- $ -- $ 9,037 $ 9,037 Under the Infitrak Agreement (See Note 2), we will make two annual payments to the former owners based on future growth in gross profit (as defined in the Earn-Out Agreement). This contingent consideration payable is a standalone liability that is measured at fair value on a recurring basis for which there is no available quoted market price, principal market or market participants. As such, the inputs for this instrument are unobservable and therefore classified as Level 3 inputs. This contingent consideration liability is valued using a discounted cash flow model based on internal forecasts and our current cost of borrowing. The contingent consideration arising from this agreement is our only Level 3 asset or liability. The following table presents a roll forward of the contingent consideration payable for the years ended March 31, 2016 and 2015 (in thousands): March 31, 2016 2015 Opening balance $ -- $ -- Amount related to Infitrak Acquisition 9,271 -- Measurement period adjustment(s) -- -- Payments/accruals -- -- Transfers in/out of Level 3 -- -- Fair value adjustment – expense 85 -- Foreign exchange rate impact – included in other comprehensive loss (319 ) -- Ending Balance $ 9,037 $ -- |
Note 16 - Quarterly Results (un
Note 16 - Quarterly Results (unaudited) | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | Note 1 6 . Quarterly Results (unaudited) Quarterly financial information for the years ended March 31, 2016, 2015 and 2014 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 2016 Quarter Quarter Quarter Quarter Revenues $ 18,158 $ 21,776 $ 19,913 $ 24,812 Gross profit 11,141 13,067 12,209 14,996 Net income 2,755 1,826 2,597 3,991 Net Income per share – basic $ 0.77 $ 0.51 $ 0.72 $ 1.10 Net Income per share – diluted 0.74 0.48 0.69 1.06 First Second Third Fourth 201 5 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 201 4 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 $ 1.00 Net Income per share – diluted 0.52 0.54 0.48 0.95 |
Note 17 - Subsequent Event
Note 17 - Subsequent Event | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 17 . Subsequent Events In April 2016, our Board of Directors declared a quarterly cash dividend of $0.16 per share of common stock, payable on June 15, 2016, to shareholders of record at the close of business on May 31, 2016. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2016 | |
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. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition We recognize revenue when the four revenue recognition criteria are met, as follows: Product sales: ustomer 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: 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 analytical or 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, 2016, 2015 and 2014, no individual customer represented more than 10 percent of our revenues or more than 10 percent of our accounts receivable balance. Approximately 63 percent and 37 percent of our sales for the year ended March 31, 2016 were 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, using the weighted average method to determine cost. We evaluate labor and overhead costs annually, unless specific circumstances necessitate a mid-year evaluation. 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 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, Biological Indicators and Cold Chain. 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 record a reserve if we believe it is more-likely-than-not our position would not prevail with the applicable tax authorities. Any penalties and interest are included in other expense, net on the consolidated statements of income. |
Business Combinations Policy [Policy Text Block] | Acquisition Related Contingent Consideration Liability The acquisition related contingent consideration liability consists of estimated amounts due under various acquisition agreements and is typically based upon either revenues growth or specified profitability growth metrics. At each reporting period, we evaluate the expected future payments and the associated discount rate to determine the fair value of the contingent consideration. These amounts represent our best estimate of the amounts which will ultimately be paid. The discount rate represents our cost of borrowing at the reporting date that the fair value calculation is being performed. Changes in the fair value of the acquisition related contingent consideration is included in other (expense) income, net on the accompanying consolidated statements of net 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 (other than acquisition related contingent consideration liabilities, see above) 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 March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-09, Compensation—Stock Compensation (Topic 718) as part of its simplification initiative, which affects all entities that issue share-based payment awards to their employees. The amendments in this update cover such areas as the recognition of excess tax benefits and deficiencies, the classification of those excess tax benefits on the statement of cash flows, an accounting policy election for forfeitures, the amount an employer can withhold to cover income taxes and still qualify for equity classification and the classification of those taxes paid on the statement of cash flows. The ASU was effective for our fiscal year ending March 31, 2018 using either the prospective, retrospective or modified retrospective transition method, depending on the area covered in this update. As permitted within the amendment, we elected to early adopt and prospectively apply the provisions of this amendment as of April 1, 2015. The adoption of this ASU decreased income tax expense by $860,000 for the year ended March 31, 2016. In December 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes ASU 2015-17” ). ASU 2015-17 simplifies the presentation of deferred income taxes by requiring that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The standard is effective for our fiscal year (and interim periods within that year) ending March 31, 2018. We do not expect this guidance to have a material impact on our results of operations or financial position. In September 2015, the FASB issued ASU No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments (Topic 805) In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) s revenue recognition. The core principle of the new standard is that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. 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, 2019. We are currently evaluating when to adopt the new standard, the impacts of adoption and the implementation approach to be used. |
Note 2 - Acquisitions and Dis27
Note 2 - Acquisitions and Dispositions (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Cash consideration $ 8,747 Holdback payment liability 637 Contingent consideration liability 9,271 Aggregate consideration $ 18,655 Accounts receivable $ 925 Inventories 310 Property, plant and equipment 530 Intangibles 5,869 Goodwill 13,833 Accounts payable (470 ) Accrued liabilities (767 ) Deferred income taxes (1,575 ) Total purchase price allocation $ 18,655 Cash consideration $ 10,322 Holdback payment liability 1,000 Aggregate consideration $ 11,322 Cash $ 20 Accounts receivable 285 Inventories 85 Property, plant and equipment 229 Intangibles 4,454 Goodwill 7,962 Accrued liabilities (100 ) Unearned revenues (1,613 ) Total purchase price allocation $ 11,322 Cash consideration $ 5,000 Holdback payment liability 250 Contingent consideration liability 300 Aggregate consideration $ 5,550 Inventories $ 137 Property, plant and equipment 7 Intangibles 3,678 Goodwill 1,743 Accrued expenses (15 ) Total purchase price allocation $ 5,550 Inventories $ 1,268 Property, plant and equipment 47 Intangibles 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 The purchase price was allocated as follows: Accounts receivable $ 663 Inventories 410 Prepaid expenses and other 11 Property, plant and equipment 115 Intangibles 5,838 Goodwill 6,827 Accrued salaries and payroll taxes (53 ) Unearned revenues (1,043 ) Total purchase price allocation $ 12,768 The purchase price was allocated as follows: Cash $ 57 Accounts receivable 838 Inventories 447 Prepaid expenses and other 21 Property, plant and equipment 25 Deferred income taxes 585 Intangibles 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 |
Business Acquisition, Pro Forma Information [Table Text Block] | Year Ended March 31, 201 6 201 5 Revenues $ 86,499 $ 74,379 Net income 11,471 9,944 Net Income per common share: Basic $ 3.18 $ 2.82 Diluted 3.05 2.72 Year Ended March 31, 201 6 201 5 Revenues $ 86,053 $ 75,649 Net income 11,463 10,182 Net Income per common share: Basic $ 3.18 $ 2.89 Diluted 3.05 2.79 Year E nded 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 E nded 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 E nded March 31, 2014 2013 Revenues $ 56,451 $ 50,372 Net income 10,002 9,508 Net income per common share: Basic $ 2.90 $ 2.83 Diluted 2.77 2.65 Ye ar E nded 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 |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, 201 6 201 5 Raw materials $ 9,433 $ 10,366 Work-in-process 337 530 Finished goods 4,941 1,913 Less reserve (694 ) (389 ) $ 14,017 $ 12,420 |
Note 4 - Property, Plant and 29
Note 4 - Property, Plant and Equipment (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, 201 6 201 5 Land $ 1,614 $ 1,614 Buildings 4,723 4,721 Manufacturing equipment 7,802 6,797 Computer equipment 2,649 1,845 Construction in progress 7,333 817 Other 685 526 24,806 16,320 Less accumulated depreciation (8,178 ) (6,722 ) $ 16,628 $ 9,598 |
Note 5 - Goodwill and Intangi30
Note 5 - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Biological Indicators Instruments Continuous Monitoring Cold Chain Total March 31, 2014 $ 9,279 $ 14,940 $ 13,647 $ -- $ 37,866 Effect of foreign currency translation -- -- -- -- -- Acquisitions 3,708 3,295 -- -- 7,003 March 31, 2015 12,987 18,235 13,647 -- 44,869 Effect of foreign currency translation (624 ) -- -- (476 ) (1,100 ) Acquisitions 8,535 -- -- 13,833 22,368 March 31, 2016 $ 20,898 $ 18,235 $ 13,647 $ 13,357 $ 66,137 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | (In thousands) March 31, 201 6 Carrying Amount Accumulated Amortization Net Useful Life (Years) Intellectual property $ 7,364 $ 3,093 $ 4,271 10 - 16 Trade names 3,474 1,271 2,203 3 - 10 Customer relationships 48,782 15,228 33,554 7 - 10 Non-compete agreements 1,846 1,077 769 3 - 10 $ 61,466 $ 20,669 $ 40,797 March 31, 201 5 Carrying Amount Accumulated Amortization Net Useful Life (Years) Intellectual property $ 7,210 $ 2,362 $ 4,848 10 - 16 Trade names 3,158 863 2,295 3 - 10 Customer relationships 36,408 10,752 25,656 7 - 10 Non-compete agreements 1,286 854 432 3 - 10 $ 48,062 $ 14,831 $ 33,231 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (In thousands) 2017 $ 6,125 2018 5,951 2019 5,623 2020 5,312 2021 4,279 |
Note 6 - Long-term Debt (Tables
Note 6 - Long-term Debt (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | March 31, 201 6 March 31, 2015 Line of credit (2.43% at March 31, 2016) $ 27,500 $ 13,500 Term loan (2.43% at March 31, 2016) 17,750 12,750 Less: current portion (3,000 ) (3,000 ) Long-term portion $ 42,250 $ 23,250 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Year ending March 31, 2017 $ 3,000 2018 3,000 2019 3,000 2020 3,000 2021 33,250 $ 45,250 |
Note 7 - Stockholders' Equity (
Note 7 - Stockholders' Equity (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Dividends Declared [Table Text Block] | Year E nded March 31, 2016 201 5 201 4 First quarter $ 0.16 $ 0.15 $ 0.14 Second quarter 0.16 0.15 0.14 Third quarter 0.16 0.16 0.15 Fourth quarter 0.16 0.16 0.15 |
Note 9 - Stock-based Compensa33
Note 9 - Stock-based Compensation (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Year E nded March 31, 2016 201 5 201 4 Total cost of stock based compensation charged against income before income tax $ 1,327 $ 993 $ 840 Amount of income tax benefit recognized in earnings 374 373 263 Amount charged against net income $ 953 $ 620 $ 577 Impact on net income per common share: Basic $ 0.26 $ 0.18 $ 0.17 Diluted 0.25 0.17 0.16 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year E nded March 31, 2016 201 5 201 4 Volatility 27.1% - 30.2% 24.4% - 27.1% 26% - 28.7% Risk-free interest rate 1.09% 1.9% - 2.3% .8% - 2.1% Expected option life (years) 8 6 - 8 5 - 10 Dividend yield .7% .9% 1.1% |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Number of Weighted- Weighted- Aggregate (000s) Outstanding at March 31, 2013 416,125 29.87 3.7 9,529 Granted 128,124 55.33 6.4 -- Forfeited (27,782 ) 52.50 -- -- Expired (410 ) 52.50 -- -- Exercised (117,885 ) 22.17 -- -- Outstanding at March 31, 2014 398,172 38.75 4.4 20,505 Granted 147,720 88.62 7.0 -- Forfeited (26,466 ) 64.62 -- -- Expired -- -- -- -- Exercised (82,178 ) 28.87 -- -- Outstanding at March 31, 2015 437,248 55.81 4.9 9,445 Granted 184,030 72.89 6.7 -- Forfeited (16,334 ) 75.16 6.5 -- Expired -- -- -- -- Exercised (89,224 ) 38.28 -- -- Outstanding at March 31, 2016 515,720 64.32 5.2 16,561 Exercisable at March 31, 2016 157,457 42.49 3.6 8,481 2015 163,210 33.35 3.6 6,341 2014 140,825 26.70 3.5 8,949 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Unvested Shares Weighted- a verage Unvested at March 31, 2013 257,805 9.55 Options granted 128,124 15.90 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 Options granted 184,030 18.78 Options forfeited (16,334 ) 19.07 Options vested (83,471 ) 14.65 Unvested at March 31, 2016 358,263 19.46 |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Year Ended March 31, 2016 2015 2014 Domestic $ 14,427 $ 14,896 $ 13,103 Foreign 1,128 451 -- $ 15,555 $ 15,347 $ 13,103 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended March 31, 2016 2015 2014 Current tax provision Federal $ 3,666 $ 4,186 $ 4,031 State 627 1,135 106 Foreign 658 212 -- 4,951 5,533 4,137 Deferred tax provision: Federal (189 ) 252 (19 ) State (138 ) 51 (15 ) Foreign (238 ) (72 ) -- (565 ) 231 (34 ) $ 4,386 $ 5,764 $ 4,103 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | March 31, 201 6 201 5 Current deferred tax assets: Accrued employee-related expenses $ 257 $ 252 Allowances and reserves 217 346 Stock option deductible differences 606 388 Inventory 533 252 Foreign tax credit mirror -- 285 Currency translation adjustment 12 144 Net operating loss 110 22 Other 3 -- 1,738 1,689 Long-term deferred tax liability: Property, plant and equipment (1,599 ) (1,478 ) Goodwill and intangible assets (4,335 ) (3,644 ) Other (5 ) -- (5,939 ) (5,122 ) Net deferred tax liability $ (4,201 ) $ (3,433 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended March 31, 2016 2015 2014 Federal income taxes at statutory rates $ 5,445 $ 5,374 $ 4,586 State income taxes, net of federal benefit 293 860 78 Tax benefit of stock option exercises (751 ) 209 5 Section 199 manufacturing deduction (440 ) (317 ) (250 ) Research and development credit (345 ) (248 ) (159 ) Other 184 (114 ) (157 ) $ 4,386 $ 5,764 $ 4,103 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Year Ended March 31, 2016 2015 2014 Beginning balance $ -- $ -- $ -- Increases related to current period tax positions 221 -- -- Ending balance $ 221 $ -- $ -- |
Note 11 - Net Income Per Share
Note 11 - Net Income Per Share (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended March 31, 201 6 201 5 201 4 Net income available for shareholders $ 11,169 $ 9,583 $ 9,000 Weighted average outstanding shares of common stock 3,605 3,521 3,445 Dilutive effect of stock options 152 129 166 Common stock and equivalents 3,757 3,650 3,611 Net Income per share: Basic $ 3.10 $ 2.72 $ 2.61 Diluted 2.97 2.63 2.49 |
Note 13 - Comprehensive Income
Note 13 - Comprehensive Income (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Foreign Currency Translation AOCI Balance at March 31, 2013 $ -- $ -- Unrealized losses arising during the year -- -- Balance at March 31, 2014 -- -- Unrealized losses arising during the year (234 ) (234 ) Balance at March 31, 2015 (234 ) (234 ) Unrealized losses arising during the year (917 ) (917 ) Balance at March 31, 2016 $ (1,151 ) $ (1,151 ) |
Note 14 - Segment Data (Tables)
Note 14 - Segment Data (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year Ended March 31, 201 6 Biological Indicators Instruments Continuous Monitoring Cold Chain Total Revenues $ 33,649 $ 35,692 $ 10,792 $ 4,526 $ 84,659 Gross profit $ 22,205 $ 23,223 $ 4,154 $ 1,831 $ 51,413 Selling expenses 1,734 3,848 1,642 276 7,500 $ 20,471 $ 19,375 $ 2,512 $ 1,555 43,913 Reconciling items (1) (28,358 ) Earnings before income taxes $ 15,555 Year Ended March 31, 201 5 Biological Indicators Instruments Continuous Monitoring Cold Chain Total 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 Indicators Instruments Continuous Monitoring Cold Chain Total 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 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Year Ended March 31, 201 6 201 5 201 4 Revenues from unaffiliated customers United States $ 53,094 $ 45,798 $ 29,551 Foreign 31,565 25,532 23,173 $ 84,659 $ 71,330 $ 52,724 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | March 31, 2016 2015 Total assets Biological Indicators $ 56,724 $ 36,304 Instruments 49,077 44,401 Continuous Monitoring 26,881 31,558 Cold Chain 20,210 -- Corporate and administrative 7,856 5,057 $ 160,748 $ 117,320 |
Note 15 - Fair Value Measurem38
Note 15 - Fair Value Measurements (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Year Ended March 31, 2016 Level 1 Level 2 Level 3 Total Assets: $ -- $ -- $ -- $ -- Liabilities: Contingent Consideration $ -- $ -- $ 9,037 $ 9,037 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | March 31, 2016 2015 Opening balance $ -- $ -- Amount related to Infitrak Acquisition 9,271 -- Measurement period adjustment(s) -- -- Payments/accruals -- -- Transfers in/out of Level 3 -- -- Fair value adjustment – expense 85 -- Foreign exchange rate impact – included in other comprehensive loss (319 ) -- Ending Balance $ 9,037 $ -- |
Note 16 - Quarterly Results (39
Note 16 - Quarterly Results (unaudited) (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | First Second Third Fourth 2016 Quarter Quarter Quarter Quarter Revenues $ 18,158 $ 21,776 $ 19,913 $ 24,812 Gross profit 11,141 13,067 12,209 14,996 Net income 2,755 1,826 2,597 3,991 Net Income per share – basic $ 0.77 $ 0.51 $ 0.72 $ 1.10 Net Income per share – diluted 0.74 0.48 0.69 1.06 First Second Third Fourth 201 5 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 201 4 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 $ 1.00 Net Income per share – diluted 0.52 0.54 0.48 0.95 |
Note 1 - Description of Busin40
Note 1 - Description of Business and Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended |
Mar. 31, 2016USD ($) | |
Geographic Concentration Risk [Member] | Sales Revenue, Net [Member] | UNITED STATES | |
Concentration Risk, Percentage | 63.00% |
Geographic Concentration Risk [Member] | Sales Revenue, Net [Member] | Foreign Countries [Member] | |
Concentration Risk, Percentage | 37.00% |
Building [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life | 40 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life | 7 years |
Computer Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life | 3 years |
Maximum [Member] | |
Finite-Lived Intangible Asset, Useful Life | 16 years |
Minimum [Member] | |
Finite-Lived Intangible Asset, Useful Life | 3 years |
Reclassification of Income Tax Expense [Member] | March 31, 2016 [Member] | |
Current Period Reclassification Adjustment | $ (860,000) |
Number of Operating Segments | 4 |
Number of Physical Locations in Which Entity is Organized | 8 |
Finite-Lived Intangible Asset, Useful Life |
Note 2 - Acquisitions and Dis41
Note 2 - Acquisitions and Dispositions (Details Textual) | Oct. 15, 2014USD ($) | Nov. 06, 2013USD ($) | Nov. 06, 2013USD ($) | Aug. 12, 2013USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Mar. 31, 2014USD ($) | Sep. 30, 2016 | Mar. 31, 2016CAD | Mar. 31, 2016USD ($) | Jul. 06, 2015CAD | Jul. 06, 2015USD ($) | Apr. 15, 2015USD ($) | Apr. 15, 2014USD ($) |
Infitrak Acquisition [Member] | Minimum [Member] | Contingent Consideration Year 1 [Member] | ||||||||||||||
Business Combination, Contingent Consideration, Sliding Scale of Growth | 30.00% | 30.00% | ||||||||||||
Infitrak Acquisition [Member] | Minimum [Member] | Contingent Consideration Year 2 [Member] | ||||||||||||||
Business Combination, Contingent Consideration, Sliding Scale of Growth | 15.00% | 15.00% | ||||||||||||
Infitrak Acquisition [Member] | Maximum [Member] | Contingent Consideration Year 1 [Member] | ||||||||||||||
Business Combination, Contingent Consideration, Sliding Scale of Growth | 70.00% | 70.00% | ||||||||||||
Infitrak Acquisition [Member] | Maximum [Member] | Contingent Consideration Year 2 [Member] | ||||||||||||||
Business Combination, Contingent Consideration, Sliding Scale of Growth | 75.00% | 75.00% | ||||||||||||
Infitrak Acquisition [Member] | Scenario, Forecast [Member] | ||||||||||||||
Business Combination, Contingent Consideration, Payment Installments | 2 | |||||||||||||
Infitrak Acquisition [Member] | ||||||||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low | $ 0 | CAD 0 | ||||||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 11,500,000 | CAD 15,000,000 | ||||||||||||
Business Combination, Contingent Consideration, Liability | CAD 9,271,000 | 9,037,000 | ||||||||||||
Business Acquisition, Earn Out Period for Determination of Contingent Consideration | 2 years | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 18,655,000 | |||||||||||||
PCD Acquisition [Member] | Minimum [Member] | ||||||||||||||
Business Acquisition, Revenue Required in Three Years Subsequent to Acquisition for Payment of Contingent Consideration | $ 9,900,000 | |||||||||||||
PCD Acquisition [Member] | Maximum [Member] | ||||||||||||||
Business Acquisition, Revenue Required in Three Years Subsequent to Acquisition for Payment of Contingent Consideration | 12,600,000 | |||||||||||||
PCD Acquisition [Member] | ||||||||||||||
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 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, Payment of Contingent Consideration | $ 150,000 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 5,550,000 | |||||||||||||
BGI [Member] | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 10,268,000 | $ 10,268,000 | ||||||||||||
Amega Scientific Corporation [Member] | Minimum [Member] | ||||||||||||||
Business Acquisition, Revenue Required in Three Years Subsequent to Acquisition for Payment of Contingent Consideration | $ 31,625,000 | $ 31,625,000 | ||||||||||||
Amega Scientific Corporation [Member] | Maximum [Member] | ||||||||||||||
Business Acquisition, Revenue Required in Three Years Subsequent to Acquisition for Payment of Contingent Consideration | 43,500,000 | 43,500,000 | ||||||||||||
Amega Scientific Corporation [Member] | ||||||||||||||
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 | $ 500,000 | ||||||||||||
Business Acquisition, Agreement Holdback, Payment Period from Effective Date Less Any Losses Incurred by Buyer Payable To Seller | 3 years | 3 years | ||||||||||||
Business Acquisition, Earn Out Period for Determination of Contingent Consideration | 3 years | 3 years | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 12,768,000 | $ 12,768,000 | ||||||||||||
TempSys Inc [Member] | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 9,826,000 | $ 9,826,000 | ||||||||||||
Nusonics Product Line Business [Member] | ||||||||||||||
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 | |||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 33,382,000 | $ 20,955,000 | $ 23,258,000 | |||||||||||
Business Combination, Contingent Consideration, Liability | $ 812,000 | $ 4,430,000 | ||||||||||||
Proceeds from Divestiture of Businesses | $ 661,000 |
Note 2 - Purchase Price Allocat
Note 2 - Purchase Price Allocation (Details) - USD ($) | Aug. 06, 2015 | Jul. 06, 2015 | Oct. 15, 2014 | Nov. 06, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Apr. 15, 2015 | Apr. 15, 2014 |
Infitrak Acquisition [Member] | |||||||||
Cash consideration | $ 8,747,000 | ||||||||
Holdback payment liability | 637,000 | ||||||||
Contingent consideration liability | 9,271,000 | ||||||||
Aggregate consideration | 18,655,000 | ||||||||
Accounts receivable | 925,000 | ||||||||
Inventories | 310,000 | ||||||||
Property, plant and equipment | 530,000 | ||||||||
Intangibles | 5,869,000 | ||||||||
Goodwill | 13,833,000 | ||||||||
Accounts payable | (470,000) | ||||||||
Accrued liabilities | (767,000) | ||||||||
Deferred income taxes | (1,575,000) | ||||||||
Total purchase price allocation | 18,655,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 18,655,000 | ||||||||
North Bay Acquisition [Member] | |||||||||
Cash consideration | $ 10,322,000 | ||||||||
Holdback payment liability | 1,000,000 | ||||||||
Aggregate consideration | 11,322,000 | ||||||||
Accounts receivable | 285,000 | ||||||||
Inventories | 85,000 | ||||||||
Property, plant and equipment | 229,000 | ||||||||
Intangibles | 4,454,000 | ||||||||
Goodwill | 7,962,000 | ||||||||
Accrued liabilities | (100,000) | ||||||||
Total purchase price allocation | 11,322,000 | ||||||||
Cash | 20,000 | ||||||||
Unearned revenues | (1,613,000) | ||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 11,322,000 | ||||||||
PCD Acquisition [Member] | |||||||||
Cash consideration | $ 5,000,000 | ||||||||
Holdback payment liability | 250,000 | ||||||||
Contingent consideration liability | 300,000 | ||||||||
Aggregate consideration | 5,550,000 | ||||||||
Inventories | 137,000 | ||||||||
Property, plant and equipment | 7,000 | ||||||||
Goodwill | 1,743,000 | ||||||||
Total purchase price allocation | 5,550,000 | ||||||||
Intangibles | 3,678,000 | ||||||||
Accrued expenses | (15,000) | ||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 5,550,000 | ||||||||
BGI [Member] | |||||||||
Inventories | $ 1,268,000 | ||||||||
Property, plant and equipment | 47,000 | ||||||||
Goodwill | 3,295,000 | ||||||||
Total purchase price allocation | 10,268,000 | $ 10,268,000 | |||||||
Intangibles | 5,711,000 | ||||||||
Accrued expenses | (53,000) | ||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 10,268,000 | $ 10,268,000 | |||||||
Amega Scientific Corporation [Member] | |||||||||
Cash consideration | $ 11,268,000 | ||||||||
Holdback payment liability | 1,000,000 | ||||||||
Contingent consideration liability | 500,000 | ||||||||
Aggregate consideration | 12,768,000 | ||||||||
Accounts receivable | 663,000 | ||||||||
Inventories | 410,000 | ||||||||
Property, plant and equipment | 115,000 | ||||||||
Goodwill | 6,827,000 | ||||||||
Total purchase price allocation | 12,768,000 | ||||||||
Unearned revenues | (1,043,000) | ||||||||
Intangibles | 5,838,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 12,768,000 | ||||||||
Prepaid expenses and other | 11,000 | ||||||||
Accrued salaries and payroll taxes | (53,000) | ||||||||
TempSys Inc [Member] | |||||||||
Accounts receivable | 838,000 | ||||||||
Inventories | 447,000 | ||||||||
Property, plant and equipment | 25,000 | ||||||||
Goodwill | 6,820,000 | ||||||||
Accounts payable | (255,000) | ||||||||
Deferred income taxes | (2,093,000) | ||||||||
Total purchase price allocation | 9,826,000 | ||||||||
Cash | 57,000 | ||||||||
Unearned revenues | (485,000) | ||||||||
Intangibles | 6,135,000 | ||||||||
Accrued expenses | (135,000) | ||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 9,826,000 | ||||||||
Prepaid expenses and other | 21,000 | ||||||||
Accrued salaries and payroll taxes | (2,134,000) | ||||||||
Deferred income taxes | $ 585,000 | ||||||||
Cash consideration | $ 24,111,000 | $ 20,543,000 | $ 22,758,000 | ||||||
Goodwill | $ 66,137,000 | $ 44,869,000 | $ 37,866,000 |
Note 2 - Pro Forma Effects (Det
Note 2 - Pro Forma Effects (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Infitrak Acquisition [Member] | ||||
Revenues | $ 86,499 | $ 74,379 | ||
Net income | $ 11,471 | $ 9,944 | ||
Basic (in dollars per share) | $ 3.18 | $ 2.82 | ||
Diluted (in dollars per share) | $ 3.05 | $ 2.72 | ||
North Bay Acquisition [Member] | ||||
Revenues | $ 86,053 | $ 75,649 | ||
Net income | $ 11,463 | $ 10,182 | ||
Basic (in dollars per share) | $ 3.18 | $ 2.89 | ||
Diluted (in dollars per share) | $ 3.05 | $ 2.79 | ||
PCD Acquisition [Member] | ||||
Revenues | $ 73,068 | $ 56,541 | ||
Net income | $ 9,673 | $ 9,512 | ||
Basic (in dollars per share) | $ 2.75 | $ 2.76 | ||
Diluted (in dollars per share) | $ 2.65 | $ 2.63 | ||
BGI [Member] | ||||
Revenues | $ 71,648 | $ 60,388 | ||
Net income | $ 9,661 | $ 11,141 | ||
Basic (in dollars per share) | $ 2.74 | $ 3.23 | ||
Diluted (in dollars per share) | $ 2.65 | $ 3.09 | ||
Amega Scientific Corporation [Member] | ||||
Revenues | $ 56,451 | $ 50,372 | ||
Net income | $ 10,002 | $ 9,508 | ||
Basic (in dollars per share) | $ 2.90 | $ 2.83 | ||
Diluted (in dollars per share) | $ 2.77 | $ 2.65 | ||
TempSys Inc [Member] | ||||
Revenues | $ 55,129 | $ 49,705 | ||
Net income | $ 9,132 | $ 8,100 | ||
Basic (in dollars per share) | $ 2.65 | $ 2.41 | ||
Diluted (in dollars per share) | $ 2.53 | $ 2.25 |
Note 3 - Summary of Inventories
Note 3 - Summary of Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Raw materials | $ 9,433 | $ 10,366 |
Work-in-process | 337 | 530 |
Finished goods | 4,941 | 1,913 |
Less reserve | (694) | (389) |
Total | $ 14,017 | $ 12,420 |
Note 4 - Property, Plant and 45
Note 4 - Property, Plant and Equipment (Details Textual) - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Depreciation | $ 1,387,000 | $ 981,000 | $ 865,000 |
Note 4 - Summary of Property, P
Note 4 - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Land [Member] | ||
Property, plant and equipment, gross | $ 1,614 | $ 1,614 |
Building [Member] | ||
Property, plant and equipment, gross | 4,723 | 4,721 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | 7,802 | 6,797 |
Computer Equipment [Member] | ||
Property, plant and equipment, gross | 2,649 | 1,845 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | 7,333 | 817 |
Property, Plant and Equipment, Other Types [Member] | ||
Property, plant and equipment, gross | 685 | 526 |
Property, plant and equipment, gross | 24,806 | 16,320 |
Less accumulated depreciation | (8,178) | (6,722) |
$ 16,628 | $ 9,598 |
Note 5 - Goodwill and Intangi47
Note 5 - Goodwill and Intangible Assets (Details Textual) - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Amortization of Intangible Assets | $ 5,787,000 | $ 4,675,000 | $ 2,979,000 |
Note 5 - Change in the Carrying
Note 5 - Change in the Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Biological Indicators [Member] | ||
Goodwill | $ 12,987 | $ 9,279 |
Acquisitions | 8,535 | 3,708 |
Goodwill | 20,898 | 12,987 |
Effect of foreign currency translation | (624) | |
Instruments [Member] | ||
Goodwill | $ 18,235 | 14,940 |
Acquisitions | 3,295 | |
Goodwill | $ 18,235 | 18,235 |
Effect of foreign currency translation | ||
Continuous Monitoring [Member] | ||
Goodwill | $ 13,647 | $ 13,647 |
Acquisitions | ||
Goodwill | $ 13,647 | $ 13,647 |
Effect of foreign currency translation | ||
Cold Chain [member] | ||
Goodwill | ||
Acquisitions | $ 13,833 | |
Goodwill | 13,357 | |
Effect of foreign currency translation | (476) | |
Goodwill | 44,869 | $ 37,866 |
Acquisitions | 22,368 | 7,003 |
Goodwill | 66,137 | $ 44,869 |
Effect of foreign currency translation | $ (1,100) |
Note 5 - Other Intangible Asset
Note 5 - Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Intellectual Property [Member] | Minimum [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 10 years | 10 years |
Intellectual Property [Member] | Maximum [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 16 years | 16 years |
Intellectual Property [Member] | ||
Carrying Amount | $ 7,364 | $ 7,210 |
Accumulated Amortization | 3,093 | 2,362 |
Net | $ 4,271 | $ 4,848 |
Trade Names [Member] | Minimum [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 3 years | 3 years |
Trade Names [Member] | Maximum [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 10 years | 10 years |
Trade Names [Member] | ||
Carrying Amount | $ 3,474 | $ 3,158 |
Accumulated Amortization | 1,271 | 863 |
Net | $ 2,203 | $ 2,295 |
Customer Relationships [Member] | Minimum [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 7 years | 7 years |
Customer Relationships [Member] | Maximum [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 10 years | 10 years |
Customer Relationships [Member] | ||
Carrying Amount | $ 48,782 | $ 36,408 |
Accumulated Amortization | 15,228 | 10,752 |
Net | $ 33,554 | $ 25,656 |
Noncompete Agreements [Member] | Minimum [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 3 years | 3 years |
Noncompete Agreements [Member] | Maximum [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 10 years | 10 years |
Noncompete Agreements [Member] | ||
Carrying Amount | $ 1,846 | $ 1,286 |
Accumulated Amortization | 1,077 | 854 |
Net | $ 769 | 432 |
Minimum [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 3 years | |
Maximum [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 16 years | |
Carrying Amount | $ 61,466 | 48,062 |
Accumulated Amortization | 20,669 | 14,831 |
Net | $ 40,797 | $ 33,231 |
Finite-Lived Intangible Asset, Useful Life |
Note 5 - Estimated Amortization
Note 5 - Estimated Amortization Expense (Details) $ in Thousands | Mar. 31, 2016USD ($) |
2,017 | $ 6,125 |
2,018 | 5,951 |
2,019 | 5,623 |
2,020 | 5,312 |
2,021 | $ 4,279 |
Note 6 - Long-term Debt (Detail
Note 6 - Long-term Debt (Details Textual) | Jul. 02, 2015USD ($) | Feb. 29, 2012USD ($) | Jun. 30, 2016USD ($) | Apr. 30, 2014USD ($) |
Line of Credit [Member] | Infitrak Acquisition [Member] | ||||
Proceeds from Lines of Credit | $ 1,000,000 | |||
Line of Credit [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||
Line of Credit [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||
Line of Credit [Member] | Debt Instrument, Variable Rate Base CBFR Using One Month LIBOR [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate Used to Calculate Commercial Bank Floating Rate | 0.50% | |||
Line of Credit [Member] | Through March 31, 2016 [Member] | ||||
Debt Instrument Covenant, Ratio of Funded Debt to Consolidated EBITDA | 3.25 | |||
Line of Credit [Member] | After March 31, 2016 [Member] | ||||
Debt Instrument Covenant, Ratio of Funded Debt to Consolidated EBITDA | 3 | |||
Line of Credit [Member] | ||||
Debt Instrument, Term | 3 years | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000,000 | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | |||
Debt Instrument Covenant, Fixed Charge Coverage Ratio | 1.35 | |||
Revolving Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000,000 | |||
Letter of Credit [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000 | |||
Initial Term Loan [Member] | ||||
Long-term Debt, Gross | $ 15,000,000 | |||
Term Loan [Member] | Infitrak Acquisition [Member] | ||||
Proceeds from Issuance of Long-term Debt | $ 8,000,000 | |||
Term Loan [Member] | Maximum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||
Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||
Term Loan [Member] | Subsequent Event [Member] | ||||
Repayments of Long-term Debt | $ 750,000 | |||
Term Loan [Member] | ||||
Long-term Debt, Gross | $ 20,000,000 | |||
Repayments of Long-term Debt | $ 12,000,000 | |||
Line of Credit Facility, Periodic Payment, Number of Quarterly Payments | 20 | |||
Line of Credit Facility, Periodic Payment, Principal | $ 750,000 |
Note 6 - Long-term Debt (Deta52
Note 6 - Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Line of Credit [Member] | ||
Long-term debt | $ 27,500 | $ 13,500 |
Term Loan [Member] | ||
Long-term debt | 17,750 | 12,750 |
Long-term debt | 45,250 | |
Less: current portion | (3,000) | (3,000) |
Long-term portion | $ 42,250 | $ 23,250 |
Note 6 - Long-term Debt (Deta53
Note 6 - Long-term Debt (Details) (Parentheticals) | Mar. 31, 2016 |
Line of Credit [Member] | |
Line of credit, interest rate at end of period | 2.43% |
Term Loan [Member] | |
Term loan, interest rate at end of period | 2.43% |
Note 6 - Future Contractual Mat
Note 6 - Future Contractual Maturities of Debt (Details) $ in Thousands | Mar. 31, 2016USD ($) |
2,017 | $ 3,000 |
2,018 | 3,000 |
2,019 | 3,000 |
2,020 | 3,000 |
2,021 | 33,250 |
Total | $ 45,250 |
Note 7 - Stockholders' Equity55
Note 7 - Stockholders' Equity (Details Textual) - shares | 12 Months Ended | |
Mar. 31, 2016 | Nov. 30, 2005 | |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 300,000 | |
Stock Repurchased During Period, Shares | 162,486 |
Note 7 - Dividends Per Share (D
Note 7 - Dividends Per Share (Details) - $ / shares | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
First Quarter [Member] | |||
Dividends paid (in dollars per share) | $ 0.16 | $ 0.15 | $ 0.14 |
Second Quarter [Member] | |||
Dividends paid (in dollars per share) | 0.16 | 0.15 | 0.14 |
Third Quarter [Member] | |||
Dividends paid (in dollars per share) | 0.16 | 0.16 | 0.15 |
Fourth Quarter [Member] | |||
Dividends paid (in dollars per share) | $ 0.16 | $ 0.16 | $ 0.15 |
Note 8 - Employee Benefit Pla57
Note 8 - Employee Benefit Plans (Details Textual) | 12 Months Ended | ||
Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Mar. 31, 2014USD ($) | |
Bozeman [Member] | |||
Defined Contribution Plan Age of Employees Covered | 21 | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 4.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 100.00% | ||
Defined Contribution Plan Service Time of Employees Covered | 1 year | ||
Defined Contribution Plan Age of Employees Covered | 21 | ||
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 | $ 387,000 | $ 330,000 | $ 214,000 |
Note 9 - Stock-based Compensa58
Note 9 - Stock-based Compensation (Details Textual) - USD ($) | Feb. 27, 2013 | Oct. 18, 2004 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 23, 2010 | Dec. 08, 2006 | Oct. 21, 1999 |
Minimum [Member] | Employee Stock Option [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 5 years | ||||||||
Minimum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||||||
Maximum [Member] | Employee Stock Option [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||||||
Maximum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 7 years | ||||||||
The 2014 Plan [Member] | |||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 1,100,000 | ||||||||
Shares, Outstanding | 186,370 | ||||||||
The 2006 Plan [Member] | |||||||||
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 | 329,350 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 400,000 | ||||||||
The 1999 Plan [Member] | |||||||||
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 | 0 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 200,000 | ||||||||
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 | 515,720 | 437,248 | 398,172 | 416,125 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 5,260,000 | $ 3,546,000 | $ 6,287,000 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 4,595,000 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 913,630 |
Note 9 - Allocation of Share-Ba
Note 9 - Allocation of Share-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Total cost of stock based compensation charged against income before income tax | $ 1,327 | $ 993 | $ 840 |
Amount of income tax benefit recognized in earnings | 374 | 373 | 263 |
Amount charged against net income | $ 953 | $ 620 | $ 577 |
Basic (in dollars per share) | $ 0.26 | $ 0.18 | $ 0.17 |
Diluted (in dollars per share) | $ 0.25 | $ 0.17 | $ 0.16 |
Note 9 - Stock Option Valuation
Note 9 - Stock Option Valuation Assumptions (Details) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Minimum [Member] | |||
Volatility | 27.10% | 24.40% | 26.00% |
Risk-free interest rate | 1.90% | 0.80% | |
Expected option life (years) | 6 years | 5 years | |
Maximum [Member] | |||
Volatility | 30.20% | 27.10% | 28.70% |
Risk-free interest rate | 2.30% | 2.10% | |
Expected option life (years) | 8 years | 10 years | |
Risk-free interest rate | 1.09% | ||
Expected option life (years) | 8 years | ||
Dividend yield | 0.70% | 0.90% | 1.10% |
Note 9 - Summary of Option Acti
Note 9 - Summary of Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Outstanding (in shares) | 437,248 | 398,172 | 416,125 | |
Weighted-Average Exercise Price per Share (in dollars per share) | $ 55.81 | $ 38.75 | $ 29.87 | |
Weighted-Average Remaining Contractual Term | 5 years 73 days | 4 years 328 days | 4 years 146 days | 3 years 255 days |
Aggregate Intrinsic Value | $ 9,445 | $ 20,505 | $ 9,529 | |
Granted (in shares) | 184,030 | 147,720 | 128,124 | |
Granted (in dollars per share) | $ 72.89 | $ 88.62 | $ 55.33 | |
Granted | 6 years 255 days | 7 years | 6 years 146 days | |
Forfeited (in shares) | (16,334) | (26,466) | (27,782) | |
Forfeited (in dollars per share) | $ 75.16 | $ 64.62 | $ 52.50 | |
Expired (in shares) | (410) | |||
Expired (in dollars per share) | $ 52.50 | |||
Exercised (in shares) | (89,224) | (82,178) | (117,885) | |
Exercised (in dollars per share) | $ 38.28 | $ 28.87 | $ 22.17 | |
Outstanding (in shares) | 515,720 | 437,248 | 398,172 | 416,125 |
Weighted-Average Exercise Price per Share (in dollars per share) | $ 64.32 | $ 55.81 | $ 38.75 | $ 29.87 |
Aggregate Intrinsic Value | $ 16,561 | $ 9,445 | $ 20,505 | $ 9,529 |
Forfeited | 6 years 182 days | |||
2016 (in shares) | 157,457 | 163,210 | 140,825 | |
2016 (in dollars per share) | $ 42.49 | $ 33.35 | $ 26.70 | |
2,016 | 3 years 219 days | 3 years 219 days | 3 years 182 days | |
2,016 | $ 8,481 | $ 6,341 | $ 8,949 |
Note 9 - Summary of Unvested Op
Note 9 - Summary of Unvested Options (Details) - $ / shares | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Unvested (in shares) | 274,038 | 257,347 | 257,805 |
Unvested (in dollars per share) | $ 18.42 | $ 11.86 | $ 9.55 |
Granted (in shares) | 184,030 | 147,720 | 128,124 |
Options granted (in dollars per share) | $ 18.78 | $ 24.49 | $ 15.90 |
Options forfeited (in shares) | (16,334) | (26,466) | (27,782) |
Options forfeited (in dollars per share) | $ 19.07 | $ 17.29 | $ 14.75 |
Options vested (in shares) | (83,471) | (104,563) | (100,800) |
Options vested (in dollars per share) | $ 14.65 | $ 10.36 | $ 8.53 |
Unvested (in shares) | 358,263 | 274,038 | 257,347 |
Unvested (in dollars per share) | $ 19.46 | $ 18.42 | $ 11.86 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Foreign Tax Authority [Member] | Canada Revenue Agency [Member] | ||||
Undistributed Earnings of Foreign Subsidiaries | $ 794,000 | |||
Domestic Tax Authority [Member] | ||||
Operating Loss Carryforwards | 0 | |||
State and Local Jurisdiction [Member] | ||||
Operating Loss Carryforwards | 2,309,000 | |||
Unrecognized Tax Benefits | 221,000 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 3,000 | $ 0 | $ 0 |
Note 10 - Earnings before Incom
Note 10 - Earnings before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Domestic | $ 14,427 | $ 14,896 | $ 13,103 |
Foreign | 1,128 | 451 | |
$ 15,555 | $ 15,347 | $ 13,103 |
Note 10 - Provisions for Income
Note 10 - Provisions for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Current tax provision | |||
Federal | $ 3,666 | $ 4,186 | $ 4,031 |
State | 627 | 1,135 | $ 106 |
Foreign | 658 | 212 | |
4,951 | 5,533 | $ 4,137 | |
Deferred tax provision: | |||
Federal | (189) | 252 | (19) |
State | (138) | 51 | $ (15) |
Foreign | (238) | (72) | |
(565) | 231 | $ (34) | |
$ 4,386 | $ 5,764 | $ 4,103 |
Note 10 - Components of Net Def
Note 10 - Components of Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Current deferred tax assets: | ||
Accrued employee-related expenses | $ 257 | $ 252 |
Allowances and reserves | 217 | 346 |
Stock option deductible differences | 606 | 388 |
Inventory | $ 533 | 252 |
Foreign tax credit mirror | 285 | |
Currency translation adjustment | $ 12 | 144 |
Net operating loss | 110 | $ 22 |
Other | 3 | |
1,738 | $ 1,689 | |
Property, plant and equipment | (1,599) | (1,478) |
Goodwill and intangible assets | (4,335) | $ (3,644) |
Other | (5) | |
(5,419) | $ (5,122) | |
Net deferred tax liability | $ (4,201) | $ (3,433) |
Note 10 - Income Tax Reconcilia
Note 10 - Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Federal income taxes at statutory rates | $ 5,445 | $ 5,374 | $ 4,586 |
State income taxes, net of federal benefit | 293 | 860 | 78 |
Tax benefit of stock option exercises | (751) | 209 | 5 |
Section 199 manufacturing deduction | (440) | (317) | (250) |
Research and development credit | (345) | (248) | (159) |
Other | 184 | (114) | (157) |
$ 4,386 | $ 5,764 | $ 4,103 |
Note 10 - Change in Gross Balan
Note 10 - Change in Gross Balance of Unrecognized Tax Benefit (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Beginning balance | |||
Increases related to current period tax positions | $ 221,000 | ||
Ending balance | $ 221,000 |
Note 11 - Net Income Per Shar69
Note 11 - Net Income Per Share (Details Textual) - shares | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 137,000 | 152,000 | 0 |
Note 11 - Computation of Net In
Note 11 - Computation of Net Income Per Share - Basic & Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | 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, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Net income available for shareholders | $ 3,991 | $ 2,597 | $ 1,826 | $ 2,755 | $ 2,239 | $ 2,403 | $ 3,060 | $ 1,881 | $ 3,462 | $ 1,746 | $ 1,932 | $ 1,860 | $ 11,169 | $ 9,583 | $ 9,000 |
Weighted average outstanding shares of common stock (in shares) | 3,605 | 3,521 | 3,445 | ||||||||||||
Dilutive effect of stock options (in shares) | 152 | 129 | 166 | ||||||||||||
Common stock and equivalents (in shares) | 3,757 | 3,650 | 3,611 | ||||||||||||
Basic (in dollars per share) | $ 1.10 | $ 0.72 | $ 0.51 | $ 0.77 | $ 0.63 | $ 0.68 | $ 0.87 | $ 0.54 | $ 1 | $ 0.51 | $ 0.57 | $ 0.55 | $ 3.10 | $ 2.72 | $ 2.61 |
Diluted (in dollars per share) | $ 2.97 | $ 2.63 | $ 2.49 |
Note 12 - Commitments and Con71
Note 12 - Commitments and Contingencies (Details Textual) | Oct. 15, 2014USD ($) | Nov. 06, 2013USD ($) | Nov. 06, 2013USD ($) | Oct. 31, 2015USD ($) | May. 31, 2015USD ($) | Nov. 30, 2014USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Mar. 31, 2014USD ($) | Sep. 30, 2016 | Mar. 31, 2016CAD | Mar. 31, 2016USD ($) | Jul. 06, 2015CAD | Mar. 31, 2013USD ($) | May. 15, 2012USD ($) |
Infitrak Acquisition [Member] | Contingent Consideration Year 1 [Member] | Minimum [Member] | |||||||||||||||
Business Combination, Contingent Consideration, Sliding Scale of Growth | 30.00% | ||||||||||||||
Infitrak Acquisition [Member] | Contingent Consideration Year 1 [Member] | Maximum [Member] | |||||||||||||||
Business Combination, Contingent Consideration, Sliding Scale of Growth | 70.00% | ||||||||||||||
Infitrak Acquisition [Member] | Contingent Consideration Year 2 [Member] | Minimum [Member] | |||||||||||||||
Business Combination, Contingent Consideration, Sliding Scale of Growth | 15.00% | ||||||||||||||
Infitrak Acquisition [Member] | Contingent Consideration Year 2 [Member] | Maximum [Member] | |||||||||||||||
Business Combination, Contingent Consideration, Sliding Scale of Growth | 75.00% | ||||||||||||||
Infitrak Acquisition [Member] | Scenario, Forecast [Member] | |||||||||||||||
Business Combination, Contingent Consideration, Payment Installments | 2 | ||||||||||||||
Infitrak Acquisition [Member] | |||||||||||||||
Business Acquisition, Earn Out Period for Determination of Contingent Consideration | 2 years | ||||||||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low | $ 0 | CAD 0 | |||||||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 11,500,000 | CAD 15,000,000 | |||||||||||||
Business Combination, Contingent Consideration, Liability | CAD 9,271,000 | 9,037,000 | |||||||||||||
PCD [Member] | Minimum [Member] | |||||||||||||||
Business Acquisition, Revenue Required in Three Years Subsequent to Acquisition for Payment of Contingent Consideration | $ 9,900,000 | ||||||||||||||
PCD [Member] | Maximum [Member] | |||||||||||||||
Business Acquisition, Revenue Required in Three Years Subsequent to Acquisition for Payment of Contingent Consideration | $ 12,600,000 | ||||||||||||||
PCD [Member] | |||||||||||||||
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 | ||||||||||||||
Business Combination, Payment of Contingent Consideration | $ 150,000 | ||||||||||||||
Amega Scientific Corporation [Member] | Minimum [Member] | |||||||||||||||
Business Acquisition, Revenue Required in Three Years Subsequent to Acquisition for Payment of Contingent Consideration | $ 31,625,000 | $ 31,625,000 | |||||||||||||
Amega Scientific Corporation [Member] | Maximum [Member] | |||||||||||||||
Business Acquisition, Revenue Required in Three Years Subsequent to Acquisition for Payment of Contingent Consideration | $ 43,500,000 | $ 43,500,000 | |||||||||||||
Amega Scientific Corporation [Member] | |||||||||||||||
Business Acquisition, Earn Out Period for Determination of Contingent Consideration | 3 years | 3 years | |||||||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low | $ 0 | $ 0 | |||||||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 10,000,000 | 10,000,000 | |||||||||||||
Business Combination, Contingent Consideration, Liability | $ 500,000 | $ 500,000 | |||||||||||||
Business Acquisition, Agreement Holdback, Payment Period from Effective Date Less Any Losses Incurred by Buyer Payable To Seller | 3 years | 3 years | |||||||||||||
Bios [Member] | |||||||||||||||
Business Acquisition, Earn Out Period for Determination of Contingent Consideration | 3 years | ||||||||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low | $ 0 | ||||||||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 6,710,000 | ||||||||||||||
Business Combination, Contingent Consideration, Liability | $ 1,120,000 | 2,140,000 | |||||||||||||
Business Acquisition, Revenue Required in Three Years Subsequent to Acquisition for Payment of Contingent Consideration | $ 22,127,000 | ||||||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 1,020,000 | ||||||||||||||
Payments for Previous Acquisition | $ 1,120,000 | ||||||||||||||
Minimum [Member] | Anthony Amato and Amega Scientific Corporation [Member] | Lost Future Earnings and Punitive Damages [Member] | |||||||||||||||
Loss Contingency, Damages Sought, Value | $ 500,000 | ||||||||||||||
Anthony Amato and Amega Scientific Corporation [Member] | Improperly with holding Amount [Member] | |||||||||||||||
Loss Contingency, Damages Sought, Value | 704,065.86 | ||||||||||||||
Anthony Amato and Amega Scientific Corporation [Member] | General and Administrative Expense [Member] | |||||||||||||||
Gain (Loss) Related to Litigation Settlement | 1,709,000 | ||||||||||||||
Anthony Amato and Amega Scientific Corporation [Member] | |||||||||||||||
Loss Contingency, Damages Sought, Value | 10,000,000 | ||||||||||||||
Loss Contingency Expected Immeditate Accelaration of Stock Option Granted | $ 10,000 | ||||||||||||||
Payments for Legal Settlements | $ 3,165,000 | ||||||||||||||
Litigation Settlement, Insurance Covered | 415,000 | ||||||||||||||
Loss Contingency Accrual | $ 1,041,000 | ||||||||||||||
General and Administrative Expense [Member] | Other Accrued Expenses [Member] | |||||||||||||||
Sales and Excise Tax Payable | $ 460,000 | 1,408,000 | $ 100,000 | ||||||||||||
Business Combination, Contingent Consideration, Liability | $ 812,000 | $ 4,430,000 | |||||||||||||
Number of States Due Sales Tax | 1 | ||||||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ (2,058,000) | $ (1,020,000) |
Note 13 - Changes in Accumulate
Note 13 - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||
Balance | $ (234) | ||
Unrealized losses arising during the year | (917) | $ (234) | |
Balance | (1,151) | $ (234) | |
Balance | (234) | ||
Unrealized losses arising during the year | (917) | $ (234) | |
Balance | $ (1,151) | $ (234) |
Note 14 - Segment Data (Details
Note 14 - Segment Data (Details Textual) | 12 Months Ended |
Mar. 31, 2016USD ($) | |
FRANCE | |
Long-Lived Assets | $ 7,331,000 |
CANADA | |
Long-Lived Assets | $ 19,047,000 |
Number of Operating Segments | 4 |
Note 14 - Operating Segment Inf
Note 14 - Operating Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | 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, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |||
Biological Indicators [Member] | |||||||||||||||||
Revenues | $ 33,649 | $ 27,390 | $ 22,992 | ||||||||||||||
Gross profit | 22,205 | 17,142 | 13,187 | ||||||||||||||
Selling expenses | 1,734 | 1,551 | 1,350 | ||||||||||||||
Gross profit after deducting selling expense and impairment of intangible asset | $ 20,471 | $ 15,591 | $ 11,837 | ||||||||||||||
Reconciling items (1) | [1] | [1] | |||||||||||||||
Earnings before income taxes | |||||||||||||||||
Instruments [Member] | |||||||||||||||||
Revenues | $ 35,692 | $ 33,054 | $ 26,389 | ||||||||||||||
Gross profit | 23,223 | 20,763 | 16,904 | ||||||||||||||
Selling expenses | 3,848 | 3,441 | 3,954 | ||||||||||||||
Gross profit after deducting selling expense and impairment of intangible asset | $ 19,375 | $ 17,322 | $ 12,950 | ||||||||||||||
Reconciling items (1) | [1] | [1] | |||||||||||||||
Earnings before income taxes | |||||||||||||||||
Continuous Monitoring [Member] | |||||||||||||||||
Revenues | $ 10,792 | $ 10,886 | $ 3,343 | ||||||||||||||
Gross profit | 4,154 | 5,487 | 1,597 | ||||||||||||||
Selling expenses | 1,642 | 2,184 | 815 | ||||||||||||||
Gross profit after deducting selling expense and impairment of intangible asset | $ 2,512 | $ 3,303 | $ 782 | ||||||||||||||
Reconciling items (1) | [1] | [1] | |||||||||||||||
Earnings before income taxes | |||||||||||||||||
Cold Chain [member] | |||||||||||||||||
Revenues | $ 4,526 | ||||||||||||||||
Gross profit | 1,831 | ||||||||||||||||
Selling expenses | 276 | ||||||||||||||||
Gross profit after deducting selling expense and impairment of intangible asset | $ 1,555 | ||||||||||||||||
Reconciling items (1) | [1] | [1] | |||||||||||||||
Earnings before income taxes | |||||||||||||||||
Revenues | $ 24,812 | $ 19,913 | $ 21,776 | $ 18,158 | $ 18,560 | $ 17,830 | $ 18,540 | $ 16,400 | $ 15,714 | $ 13,116 | $ 12,676 | $ 11,218 | $ 84,659 | $ 71,330 | $ 52,724 | ||
Gross profit | $ 14,996 | $ 12,209 | $ 13,067 | $ 11,141 | $ 11,512 | $ 11,052 | $ 11,123 | $ 9,705 | $ 9,585 | $ 7,706 | $ 7,600 | $ 6,797 | 51,413 | 43,392 | 31,688 | ||
Selling expenses | 7,500 | 7,176 | 6,119 | ||||||||||||||
Gross profit after deducting selling expense and impairment of intangible asset | 43,913 | 36,216 | 25,569 | ||||||||||||||
Reconciling items (1) | (28,358) | [1] | (20,869) | [1] | (12,466) | ||||||||||||
Earnings before income taxes | $ 15,555 | $ 15,347 | $ 13,103 | ||||||||||||||
[1] | Reconciling items include general and administrative, research and development, and other expenses. |
Note 14 - Revenues from Externa
Note 14 - Revenues from External Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | 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, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
UNITED STATES | |||||||||||||||
Revenues | $ 53,094 | $ 45,798 | $ 29,551 | ||||||||||||
Foreign [Member] | |||||||||||||||
Revenues | 31,565 | 25,532 | 23,173 | ||||||||||||
Revenues | $ 24,812 | $ 19,913 | $ 21,776 | $ 18,158 | $ 18,560 | $ 17,830 | $ 18,540 | $ 16,400 | $ 15,714 | $ 13,116 | $ 12,676 | $ 11,218 | $ 84,659 | $ 71,330 | $ 52,724 |
Note 14 - Operating Segment Ass
Note 14 - Operating Segment Asset Reconciliation (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Biological Indicators [Member] | ||
Assets | $ 56,724 | $ 36,304 |
Instruments [Member] | ||
Assets | 49,077 | 44,401 |
Continuous Monitoring [Member] | ||
Assets | 26,881 | $ 31,558 |
Cold Chain [member] | ||
Assets | 20,210 | |
Corporate Segment [Member] | ||
Assets | 7,856 | $ 5,057 |
Assets | $ 160,748 | $ 117,320 |
Note 15 - Fair Value Measurem77
Note 15 - Fair Value Measurements (Details Textual) | Sep. 30, 2016 |
Infitrak Acquisition [Member] | Scenario, Forecast [Member] | |
Business Combination, Contingent Consideration, Payment Installments | 2 |
Note 15 - Fair Value on a Recur
Note 15 - Fair Value on a Recurring Basis (Details) $ in Thousands | Mar. 31, 2016USD ($) |
Fair Value, Inputs, Level 3 [Member] | Contingent Consideration [Member] | |
Contingent Consideration | $ 9,037 |
Contingent Consideration | $ 9,037 |
Note 15 - Contingent Considerat
Note 15 - Contingent Consideration from Business Acquisition (Details) - Fair Value, Inputs, Level 3 [Member] - Contingent Consideration [Member] $ in Thousands | 12 Months Ended |
Mar. 31, 2016USD ($) | |
Infitrak Acquisition [Member] | |
Amount related to Infitrak Acquisition | $ 9,271 |
Opening balance | |
Fair value adjustment – expense | $ 85 |
Foreign exchange rate impact – included in other comprehensive loss | (319) |
Ending Balance | $ 9,037 |
Note 16 - Quarterly Financial I
Note 16 - Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | 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, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Revenues | $ 24,812 | $ 19,913 | $ 21,776 | $ 18,158 | $ 18,560 | $ 17,830 | $ 18,540 | $ 16,400 | $ 15,714 | $ 13,116 | $ 12,676 | $ 11,218 | $ 84,659 | $ 71,330 | $ 52,724 |
Gross profit | 14,996 | 12,209 | 13,067 | 11,141 | 11,512 | 11,052 | 11,123 | 9,705 | 9,585 | 7,706 | 7,600 | 6,797 | 51,413 | 43,392 | 31,688 |
Net income available for shareholders | $ 3,991 | $ 2,597 | $ 1,826 | $ 2,755 | $ 2,239 | $ 2,403 | $ 3,060 | $ 1,881 | $ 3,462 | $ 1,746 | $ 1,932 | $ 1,860 | $ 11,169 | $ 9,583 | $ 9,000 |
Basic (in dollars per share) | $ 1.10 | $ 0.72 | $ 0.51 | $ 0.77 | $ 0.63 | $ 0.68 | $ 0.87 | $ 0.54 | $ 1 | $ 0.51 | $ 0.57 | $ 0.55 | $ 3.10 | $ 2.72 | $ 2.61 |
Net Income per share – diluted (in dollars per share) | $ 1.06 | $ 0.69 | $ 0.48 | $ 0.74 | $ 0.61 | $ 0.66 | $ 0.84 | $ 0.51 | $ 0.95 | $ 0.48 | $ 0.54 | $ 0.52 |
Note 17 - Subsequent Event (Det
Note 17 - Subsequent Event (Details Textual) | 1 Months Ended |
Apr. 30, 2016$ / shares | |
Subsequent Event [Member] | |
Common Stock, Dividends, Per Share, Declared | $ 0.16 |