Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Dec. 31, 2016 | Jan. 27, 2017 | |
Document Information [Line Items] | ||
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) | 3,700,704 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2016 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Dec. 31, 2016 | Mar. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 5,405 | $ 5,695 |
Accounts receivable, less allowances of $234 and $375, respectively | 12,944 | 15,313 |
Inventories, net | 14,578 | 14,017 |
Prepaid expenses and other | 2,037 | 943 |
Deferred income taxes | 1,218 | |
Total current assets | 34,964 | 37,186 |
Property, plant and equipment, net | 24,273 | 16,628 |
Intangibles, net | 39,300 | 40,797 |
Goodwill | 71,916 | 66,137 |
Total assets | 170,453 | 160,748 |
Current liabilities: | ||
Accounts payable | 2,919 | 2,823 |
Accrued salaries and payroll taxes | 3,884 | 5,040 |
Unearned revenues | 3,733 | 3,026 |
Current portion of contingent consideration | 5,729 | 4,757 |
Other accrued expenses | 2,753 | 3,085 |
Income taxes payable | 2,240 | |
Current portion of long-term debt | 3,000 | 3,000 |
Total current liabilities | 22,018 | 23,971 |
Deferred income taxes | 4,602 | 5,419 |
Long-term debt | 50,000 | 42,250 |
Contingent consideration | 108 | 4,430 |
Total liabilities | 76,728 | 76,070 |
Commitments and Contingencies (Note 7) | ||
Stockholders’ equity: | ||
Common stock, no par value; authorized 25,000,000 shares; issued and outstanding, 3,698,444 and 3,637,273 shares, respectively | 25,037 | 21,001 |
Retained earnings | 70,608 | 64,828 |
Accumulated other comprehensive loss | (1,920) | (1,151) |
Total stockholders’ equity | 93,725 | 84,678 |
Total liabilities and stockholders’ equity | $ 170,453 | $ 160,748 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Dec. 31, 2016 | Mar. 31, 2016 |
Allowance for doubtful accounts receivable | $ 234 | $ 375 |
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) | 3,698,444 | 3,637,273 |
Common stock, shares outstanding (in shares) | 3,698,444 | 3,637,273 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues | $ 23,843,000 | $ 19,913,000 | $ 69,366,000 | $ 59,847,000 |
Cost of revenues | 10,306,000 | 7,704,000 | 30,091,000 | 23,430,000 |
Gross profit | 13,537,000 | 12,209,000 | 39,275,000 | 36,417,000 |
Operating expenses | ||||
Selling | 2,409,000 | 1,517,000 | 7,527,000 | 5,604,000 |
General and administrative | 5,881,000 | 5,885,000 | 17,834,000 | 17,404,000 |
Research and development | 861,000 | 975,000 | 2,941,000 | 2,929,000 |
Total operating expenses | 9,151,000 | 8,377,000 | 28,302,000 | 25,937,000 |
Operating income | 4,386,000 | 3,832,000 | 10,973,000 | 10,480,000 |
Other expense, net | 506,000 | 381,000 | 1,712,000 | 710,000 |
Earnings before income taxes | 3,880,000 | 3,451,000 | 9,261,000 | 9,770,000 |
Income taxes | 628,000 | 854,000 | 1,721,000 | 2,592,000 |
Net income | $ 3,252,000 | $ 2,597,000 | $ 7,540,000 | $ 7,178,000 |
Net income per share: | ||||
Basic (in dollars per share) | $ 0.88 | $ 0.72 | $ 2.06 | $ 2 |
Diluted (in dollars per share) | $ 0.84 | $ 0.69 | $ 1.97 | $ 1.91 |
Weighted average common shares outstanding: | ||||
Weighted average outstanding shares of common stock (in shares) | 3,688 | 3,614 | 3,668 | 3,596 |
Diluted (in shares) | 3,868 | 3,786 | 3,835 | 3,758 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net income | $ 3,252,000 | $ 2,597,000 | $ 7,540,000 | $ 7,178,000 |
Other comprehensive loss, net of tax: | ||||
Foreign currency translation | (634,000) | (1,847,000) | (769,000) | (1,216,000) |
Total comprehensive income | $ 2,618,000 | $ 750,000 | $ 6,771,000 | $ 5,962,000 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 7,540,000 | $ 7,178,000 |
Depreciation and amortization | 6,609,000 | 5,207,000 |
Stock-based compensation | 1,221,000 | 1,001,000 |
Deferred income taxes | 418,000 | 128,000 |
Foreign currency adjustments | (17,000) | 85,000 |
Change in assets and liabilities, net of effects of acquisitions | ||
Accounts receivable, net | 2,369,000 | 72,000 |
Inventories, net | (410,000) | (1,901,000) |
Prepaid expenses and other | (1,094,000) | 40,000 |
Accounts payable | 96,000 | 80,000 |
Accrued liabilities and taxes payable | (4,401,000) | (49,000) |
Unearned revenues | (484,000) | (118,000) |
Contingent consideration | (5,076,000) | (1,770,000) |
Net cash provided by operating activities | 6,771,000 | 9,953,000 |
Cash flows from investing activities: | ||
Acquisitions | (6,618,000) | (23,199,000) |
Purchases of property, plant and equipment | (9,367,000) | (6,291,000) |
Net cash used in investing activities | (15,985,000) | (29,490,000) |
Cash flows from financing activities: | ||
Proceeds from the issuance of debt | 11,500,000 | 25,000,000 |
Payments on debt | (3,750,000) | (4,250,000) |
Dividends | (1,760,000) | (1,724,000) |
Proceeds from the exercise of stock options | 2,815,000 | 1,800,000 |
Net cash provided by financing activities | 8,805,000 | 20,826,000 |
Effect of exchange rate changes on cash and cash equivalents | 119,000 | (51,000) |
Net (decrease) increase in cash and cash equivalents | (290,000) | 1,238,000 |
Cash and cash equivalents at beginning of period | 5,695,000 | 2,034,000 |
Cash and cash equivalents at end of period | 5,405,000 | 3,272,000 |
Cash paid for: | ||
Income taxes | 4,188,000 | 3,375,000 |
Interest | 913,000 | 563,000 |
Supplemental non-cash activity: | ||
Contingent consideration as part of an acquisition | $ 1,822,000 | $ 9,541,000 |
Note 1 - Description of Busines
Note 1 - Description of Business and Summary of Significant Accounting Policies | 9 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Note 1 Mesa Laboratories, Inc. was incorporated under the laws of the State of Colorado on March 26, 1982. four eight Basis of Presentation The accompanying condensed consolidated balance sheet as of March 31, 2016, 10 March 31, 2016. The summary of our significant accounting policies is incorporated by reference to our Annual Report on Form 10 March 31, 2016. Recently Issued Accounting Pronouncements In March 2016, 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 April 1, 2015. As a result of the adoption of ASU No. 2016 09, three December 31, 2015 $854,000, $2,597,000, $0.72 $0.69 $1,090,000, $2,361,000, $0.65 $0.63, three December 31, 2015 $2,597,000 $750,000 $2,361,000 $514,000, As a result of the adoption of ASU No. 2016 09, nine December 31, 2015 $2,592,000, $7,178,000, $2.00 $1.91 $3,351,000, $6,419,000, $1.79 $1.72, nine December 31, 2015 $7,178,000 $5,962,000 $6,419,000 $5,203,000, nine December 31, 2015 $7,178,000 ($49,000) $6,419,000 $710,000, In December 2015, 2015 17, Income Taxes (Topic 740): ASU 2015 17” ). ASU 2015 17 March 31, 2018. April 1, 2016. In May 2014, 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. |
Note 2 - Acquisitions
Note 2 - Acquisitions | 9 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | Note 2 s For the nine December 31, 2016, $8,440,000, 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations ). |
Note 3 - Inventories
Note 3 - Inventories | 9 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 3 Inventories consist of the following (in thousands): December 31, 2016 March 31, 2016 Raw materials $ 10,430 $ 9,433 Work-in-process 683 337 Finished goods 3,867 4,941 Less: reserve (402 ) (694 ) $ 14,578 $ 14,017 |
Note 4 - Long-term Debt
Note 4 - Long-term Debt | 9 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 4 Long-T erm Debt Long-term debt consists of the following (in thousands): December 31, 2016 March 31, 201 6 Line of credit (2.77% at December 31, 2016) $ 37,500 $ 27,500 Term loan (2.77% at December 31, 2016) 15,500 17,750 Less: current portion (3,000 ) (3,000 ) Long-term portion $ 50,000 $ 42,250 On July 1, 2015, five $50,000,000 $20,000,000 $1,000,000 Under the Line of Credit, indebtedness bears interest at either: (1) 1.5% 2.25%; (2) 0.5%. 0.25%. The Term Loan bears interest at LIBOR, as defined, plus an applicable margin ranging from 1.5% 2.25% 20 first July 15, 2015) $750,000 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 3.0 1.0, 1.35 1.0. December 31, 2016. As of December 31, 2016, Year ending March 31, 2017 $ 750 2018 3,000 2019 3,000 2020 3,000 2021 43,250 $ 53,000 In January 2017, $750,000 $2,000,000 |
Note 5 - Stock-based Compensati
Note 5 - Stock-based Compensation | 9 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 5 Stock-B ased Compensation Amounts recognized in the condensed consolidated financial statements related to stock-based compensation are as follows (in thousands, except per share data): Three Months E nded December 31 , Nine Months E nded December 31 , 2016 2015 2016 2015 Total cost of stock-based compensation charged against income before income taxes $ 380 $ 344 $ 1,221 $ 1,001 Amount of income tax benefit recognized in earnings 62 85 227 266 Amount charged against net income $ 318 $ 259 $ 994 $ 735 Impact on net income per common share: Basic $ 0.09 $ 0.07 $ 0.27 $ 0.20 Diluted 0.08 0.07 $ 0.26 0.20 Stock-based compensation expense is included in cost of revenues, selling, and general and administrative expense in the accompanying condensed consolidated statements of income. The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model (“Black-Scholes”). We use historical data to estimate the expected price volatility, the expected stock option life and expected forfeiture rate. The risk-free interest rate is based on the United States Treasury yield curve in effect at the time of grant for the estimated life of the stock option. The dividend yield is calculated based upon the dividend payments made during the prior four The following is a summary of stock option activity for the nine December 31, 2016: Number of Weighted- A verage Exercise Price per Share Weighted- A verage Remaining Contractual Term Aggregate Intrinsic Value (000s) Outstanding at March 31, 2016 515,720 $ 64.32 5.2 $ 16,561 Stock options granted 111,955 98.31 5.3 Stock options forfeited (17,924 ) 82.35 5.4 Stock options expired (862 ) 39.17 -- Stock options exercised (71,848 ) 56.72 -- Outstanding at December 31, 2016 537,041 71.86 4.8 27,330 Exercisable at December 31, 2016 169,115 47.7 3.6 12,690 The total intrinsic value of stock options exercised was $4,701,000 $4,264,000 nine December 31, 2016 2015, A summary of the status of our unvested stock option shares as of December 31, 2016, Number of Weighted- Average Grant-Date Fair Value Unvested at March 31, 2016 358,263 $ 19.46 Stock options granted 111,955 27.94 Stock options forfeited (17,924 ) 22.17 Stock options vested (84,368 ) 16.95 Unvested at December 31, 2016 367,926 22.49 As of December 31, 2016, $5,490,000 December 31, 2016, 835,062 |
Note 6 - Net Income Per Share
Note 6 - Net Income Per Share | 9 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 6 Basic net income per share is computed by dividing net income by the weighted-average number of common shares outstanding during the reporting period. Diluted net income per share is computed similarly to basic net income per share, except that it includes the potential dilution that could occur if dilutive securities were exercised. The following table presents a reconciliation of the denominators used in the computation of net income per share - basic and diluted (in thousands, except per share data): Three M onths E nded December 31 , Nine M onths E nded December 31 , 2016 201 5 2016 2015 Net income available for shareholders $ 3,252 $ 2,597 $ 7,540 $ 7,178 Weighted average outstanding shares of common stock 3,688 3,614 3,668 3,596 Dilutive effect of stock options 180 172 167 162 Common stock and equivalents 3,868 3,786 3,835 3,758 Net income per share: Basic $ 0.88 $ 0.72 $ 2.06 $ 2.00 Diluted 0.84 0.69 1.97 1.91 For the three nine December 31, 2016, 3,000 110,000 For the three nine December 31, 2015, 138,000 136,000 |
Note 7 - Commitments and Contin
Note 7 - Commitments and Contingencies | 9 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 7 Under the terms of the Infitrak Agreement, we are required to pay contingent consideration if the gross profit (as defined in the Infitrak Earn-Out Agreement) for our cold chain packaging business for the two $0 $15,000,000 one two 30 70 15 75 $9,271,000 July 2016 first $6,000,000 ($4,594,000). $0 $9,000,000 $0 $6,682,000 December 31, 2016). $4,436,000 December 31, 2016, second March 31, 2018. 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 $0 $1,500,000 three $9,900,000 $12,600,000. $300,000 $150,000 March 31, 2016 three three September 30, 2016 $450,000 nine December 31, 2016). $450,000 third December 31, 2016. third In October 2015, $3,165,000. $415,000 $1,041,000 $1,709,000 nine December 31, 2015. |
Note 8 - Comprehensive Income
Note 8 - Comprehensive Income | 9 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 8 – 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 September 30, 2016 $ (1,286 ) $ (1,286 ) Quarter ended December 31, 2016: Unrealized loss arising during the period (634 ) (634 ) Balance at December 31, 2016 $ (1,920 ) $ (1,920 ) Foreign Currency Translation AOCI Balance at September 30, 2015 $ 397 $ 397 Quarter ended December 31, 2015: Unrealized loss arising during the period (1,847 ) (1,847 ) Balance at December 31, 2015 $ (1,450 ) $ (1,450 ) Foreign Currency Translation AOCI Balance at March 31, 2016 $ (1,151 ) $ (1,151 ) Nine months ended December 31, 2016: Unrealized loss arising during the period (769 ) (769 ) Balance at December 31, 2016 $ (1,920 ) $ (1,920 ) Foreign Currency Translation AOCI Balance at March 31, 2015 $ (234 ) $ (234 ) Nine months ended December 31, 2015: Unrealized loss arising during the period (1,216 ) (1,216 ) Balance at December 31, 2015 $ (1,450 ) $ (1,450 ) |
Note 9 - Segment Information
Note 9 - Segment Information | 9 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 9 - Segment Information As of March 31, 2016, four April 1, 2016 Three Months Ended December 31 , 2016 Biological Indicators Instruments Cold Chain Monitoring Cold Chain Packaging Total Revenues $ 9,248 $ 9,013 $ 3,102 $ 2,480 $ 23,843 Gross profit $ 6,066 $ 5,706 $ 1,254 $ 511 13,537 Reconciling items (1) (9,657 ) Earnings before income taxes $ 3,880 Three Months Ended December 31 , 2015 Biological Indicators Instruments Cold Chain Monitoring Cold Chain Packaging Total Revenues $ 7,819 $ 8,260 $ 2,853 $ 981 $ 19,913 Gross profit $ 4,869 $ 5,511 $ 1,313 $ 516 12,209 Reconciling items (1) (8,758 ) Earnings before income taxes $ 3,451 Nine Months Ended December 31 , 2016 Biological Indicators Instruments Cold Chain Monitoring Cold Chain Packaging Total Revenues $ 27,612 $ 25,928 $ 8,964 $ 6,862 $ 69,366 Gross profit $ 17,986 $ 15,881 $ 3,578 $ 1,830 39,275 Reconciling items (1) (30,014 ) Earnings before income taxes $ 9,261 Nine Months Ended December 31 , 2015 Biological Indicators Instruments Cold Chain Monitoring Cold Chain Packaging Total Revenues $ 23,537 $ 25,819 $ 7,954 $ 2,537 $ 59,847 Gross profit $ 15,157 $ 16,571 $ 3,326 $ 1,363 36,417 Reconciling items (1) (26,647 ) Earnings before income taxes $ 9,770 (1) December 31, 2016 March 31, 201 6 Total assets (in thousands): Biological Indicators $ 67,894 $ 56,724 Instruments 38,295 49,077 Cold Chain Monitoring 35,497 27,613 Cold Chain Packaging 21,325 19,478 Corporate and administrative 7,442 7,856 $ 170,453 $ 160,748 All long-lived assets are located in the United States except for $6,460,000 20,702,000 Revenues from external customers are attributed to individual countries based upon locations to which the product is shipped or exported, as follows (in thousands): Three M onths E nded December 31 , Nine Months Ended December 31, 201 6 2015 2016 2015 Net revenues from unaffiliated customers: United States $ 13,844 $ 12,787 $ 44,758 $ 37,510 Foreign 9,999 7,126 24,608 22,337 $ 23,843 $ 19,913 $ 69,366 $ 59,847 No foreign country exceeds 10 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 9 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 10 For interim income tax reporting, we estimate our annual effective tax rate and apply this effective tax rate to our year to date pre-tax income. Each quarter, the estimate of the annual effective tax rate is updated, and if the estimated effective tax rate changes, a cumulative adjustment is made. There is a potential for volatility of the effective tax rate due to several factors, including changes in the mix of the pre-tax income and the jurisdictions to which it relates, changes in tax laws and foreign tax holidays, settlement with taxing authorities and foreign currency fluctuations. Our effective income tax rate was 16.2 24.7 three December 31, 2016 2015, 18.6 26.5 nine December 31, 2016 2015, three nine December 31, 2016 35 March 31, 2017 22 25 fourth may During the nine December 31, 2016, March 31, 2015 no may Since we are subject to audit by various taxing authorities, it is reasonably possible that the amount of unrecognized tax benefits will change during the next 12 12 |
Note 11 - Fair Value Measuremen
Note 11 - Fair Value Measurements | 9 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Fair Value, Measurement Inputs, Disclosure [Text Block] | Note 11 – Fair Value Measurements We follow authoritative guidance (GAAP) which requires that assets and liabilities carried at fair value be classified and disclosed in one three • Level 1: • Level 2: • Level 3: 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 4), 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 (in thousands): December 31 , 2016 Level 1 Level 2 Level 3 Total Assets: $ -- $ -- $ -- $ -- Liabilities: Contingent Consideration $ -- $ -- $ 4,436 $ 4,436 March 31 , 2016 Level 1 Level 2 Level 3 Total Assets: $ -- $ -- $ -- $ -- Liabilities: Contingent Consideration $ -- $ -- $ 9,037 $ 9,037 Under the Infitrak Agreement (See Note 7), two July 2016 first $6,000,000 ($4,594,000). 3 The contingent consideration arising from this agreement is our only Level 3 nine December 31, 2016 2015 Nine Months Ended December 31 , 2016 2015 Opening balance $ 9,037 $ -- Payment (4,594 ) -- Fair value adjustment – expense 137 -- Foreign exchange rate impact – included in other comprehensive gain (144 ) -- Ending Balance $ 4,436 $ -- |
Note 12 - Subsequent Event
Note 12 - Subsequent Event | 9 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 12 - Subsequent Event In January 2017, $0.16 March 15, 2017, February 28, 2017. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying condensed consolidated balance sheet as of March 31, 2016, 10 March 31, 2016. The summary of our significant accounting policies is incorporated by reference to our Annual Report on Form 10 March 31, 2016. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements In March 2016, 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 April 1, 2015. As a result of the adoption of ASU No. 2016 09, three December 31, 2015 $854,000, $2,597,000, $0.72 $0.69 $1,090,000, $2,361,000, $0.65 $0.63, three December 31, 2015 $2,597,000 $750,000 $2,361,000 $514,000, As a result of the adoption of ASU No. 2016 09, nine December 31, 2015 $2,592,000, $7,178,000, $2.00 $1.91 $3,351,000, $6,419,000, $1.79 $1.72, nine December 31, 2015 $7,178,000 $5,962,000 $6,419,000 $5,203,000, nine December 31, 2015 $7,178,000 ($49,000) $6,419,000 $710,000, In December 2015, 2015 17, Income Taxes (Topic 740): ASU 2015 17” ). ASU 2015 17 March 31, 2018. April 1, 2016. In May 2014, 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. |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2016 March 31, 2016 Raw materials $ 10,430 $ 9,433 Work-in-process 683 337 Finished goods 3,867 4,941 Less: reserve (402 ) (694 ) $ 14,578 $ 14,017 |
Note 4 - Long-term Debt (Tables
Note 4 - Long-term Debt (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | December 31, 2016 March 31, 201 6 Line of credit (2.77% at December 31, 2016) $ 37,500 $ 27,500 Term loan (2.77% at December 31, 2016) 15,500 17,750 Less: current portion (3,000 ) (3,000 ) Long-term portion $ 50,000 $ 42,250 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Year ending March 31, 2017 $ 750 2018 3,000 2019 3,000 2020 3,000 2021 43,250 $ 53,000 |
Note 5 - Stock-based Compensa22
Note 5 - Stock-based Compensation (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three Months E nded December 31 , Nine Months E nded December 31 , 2016 2015 2016 2015 Total cost of stock-based compensation charged against income before income taxes $ 380 $ 344 $ 1,221 $ 1,001 Amount of income tax benefit recognized in earnings 62 85 227 266 Amount charged against net income $ 318 $ 259 $ 994 $ 735 Impact on net income per common share: Basic $ 0.09 $ 0.07 $ 0.27 $ 0.20 Diluted 0.08 0.07 $ 0.26 0.20 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Number of Weighted- A verage Exercise Price per Share Weighted- A verage Remaining Contractual Term Aggregate Intrinsic Value (000s) Outstanding at March 31, 2016 515,720 $ 64.32 5.2 $ 16,561 Stock options granted 111,955 98.31 5.3 Stock options forfeited (17,924 ) 82.35 5.4 Stock options expired (862 ) 39.17 -- Stock options exercised (71,848 ) 56.72 -- Outstanding at December 31, 2016 537,041 71.86 4.8 27,330 Exercisable at December 31, 2016 169,115 47.7 3.6 12,690 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Number of Weighted- Average Grant-Date Fair Value Unvested at March 31, 2016 358,263 $ 19.46 Stock options granted 111,955 27.94 Stock options forfeited (17,924 ) 22.17 Stock options vested (84,368 ) 16.95 Unvested at December 31, 2016 367,926 22.49 |
Note 6 - Net Income Per Share (
Note 6 - Net Income Per Share (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three M onths E nded December 31 , Nine M onths E nded December 31 , 2016 201 5 2016 2015 Net income available for shareholders $ 3,252 $ 2,597 $ 7,540 $ 7,178 Weighted average outstanding shares of common stock 3,688 3,614 3,668 3,596 Dilutive effect of stock options 180 172 167 162 Common stock and equivalents 3,868 3,786 3,835 3,758 Net income per share: Basic $ 0.88 $ 0.72 $ 2.06 $ 2.00 Diluted 0.84 0.69 1.97 1.91 |
Note 8 - Comprehensive Income (
Note 8 - Comprehensive Income (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Foreign Currency Translation AOCI Balance at September 30, 2016 $ (1,286 ) $ (1,286 ) Quarter ended December 31, 2016: Unrealized loss arising during the period (634 ) (634 ) Balance at December 31, 2016 $ (1,920 ) $ (1,920 ) Foreign Currency Translation AOCI Balance at September 30, 2015 $ 397 $ 397 Quarter ended December 31, 2015: Unrealized loss arising during the period (1,847 ) (1,847 ) Balance at December 31, 2015 $ (1,450 ) $ (1,450 ) Foreign Currency Translation AOCI Balance at March 31, 2016 $ (1,151 ) $ (1,151 ) Nine months ended December 31, 2016: Unrealized loss arising during the period (769 ) (769 ) Balance at December 31, 2016 $ (1,920 ) $ (1,920 ) Foreign Currency Translation AOCI Balance at March 31, 2015 $ (234 ) $ (234 ) Nine months ended December 31, 2015: Unrealized loss arising during the period (1,216 ) (1,216 ) Balance at December 31, 2015 $ (1,450 ) $ (1,450 ) |
Note 9 - Segment Information (T
Note 9 - Segment Information (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended December 31 , 2016 Biological Indicators Instruments Cold Chain Monitoring Cold Chain Packaging Total Revenues $ 9,248 $ 9,013 $ 3,102 $ 2,480 $ 23,843 Gross profit $ 6,066 $ 5,706 $ 1,254 $ 511 13,537 Reconciling items (1) (9,657 ) Earnings before income taxes $ 3,880 Three Months Ended December 31 , 2015 Biological Indicators Instruments Cold Chain Monitoring Cold Chain Packaging Total Revenues $ 7,819 $ 8,260 $ 2,853 $ 981 $ 19,913 Gross profit $ 4,869 $ 5,511 $ 1,313 $ 516 12,209 Reconciling items (1) (8,758 ) Earnings before income taxes $ 3,451 Nine Months Ended December 31 , 2016 Biological Indicators Instruments Cold Chain Monitoring Cold Chain Packaging Total Revenues $ 27,612 $ 25,928 $ 8,964 $ 6,862 $ 69,366 Gross profit $ 17,986 $ 15,881 $ 3,578 $ 1,830 39,275 Reconciling items (1) (30,014 ) Earnings before income taxes $ 9,261 Nine Months Ended December 31 , 2015 Biological Indicators Instruments Cold Chain Monitoring Cold Chain Packaging Total Revenues $ 23,537 $ 25,819 $ 7,954 $ 2,537 $ 59,847 Gross profit $ 15,157 $ 16,571 $ 3,326 $ 1,363 36,417 Reconciling items (1) (26,647 ) Earnings before income taxes $ 9,770 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | December 31, 2016 March 31, 201 6 Total assets (in thousands): Biological Indicators $ 67,894 $ 56,724 Instruments 38,295 49,077 Cold Chain Monitoring 35,497 27,613 Cold Chain Packaging 21,325 19,478 Corporate and administrative 7,442 7,856 $ 170,453 $ 160,748 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Three M onths E nded December 31 , Nine Months Ended December 31, 201 6 2015 2016 2015 Net revenues from unaffiliated customers: United States $ 13,844 $ 12,787 $ 44,758 $ 37,510 Foreign 9,999 7,126 24,608 22,337 $ 23,843 $ 19,913 $ 69,366 $ 59,847 |
Note 11 - Fair Value Measurem26
Note 11 - Fair Value Measurements (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | December 31 , 2016 Level 1 Level 2 Level 3 Total Assets: $ -- $ -- $ -- $ -- Liabilities: Contingent Consideration $ -- $ -- $ 4,436 $ 4,436 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] | Nine Months Ended December 31 , 2016 2015 Opening balance $ 9,037 $ -- Payment (4,594 ) -- Fair value adjustment – expense 137 -- Foreign exchange rate impact – included in other comprehensive gain (144 ) -- Ending Balance $ 4,436 $ -- |
Note 1 - Description of Busin27
Note 1 - Description of Business and Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2016USD ($)$ / shares | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2016USD ($)$ / shares | Dec. 31, 2015USD ($)$ / shares | Mar. 31, 2016 | |
Number of Operating Segments | 4 | 4 | |||
Number of Physical Locations in Which Entity is Organized | 8 | ||||
Income Tax Expense (Benefit) | $ 628,000 | $ 854,000 | $ 1,721,000 | $ 2,592,000 | |
Net Income (Loss) Available to Common Stockholders, Basic | $ 3,252,000 | $ 2,597,000 | $ 7,540,000 | $ 7,178,000 | |
Earnings Per Share, Basic | $ / shares | $ 0.88 | $ 0.72 | $ 2.06 | $ 2 | |
Earnings Per Share, Diluted | $ / shares | $ 0.84 | $ 0.69 | $ 1.97 | $ 1.91 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 2,618,000 | $ 750,000 | $ 6,771,000 | $ 5,962,000 | |
Increase (Decrease) in Accrued Liabilities | $ (4,401,000) | (49,000) | |||
Scenario, Previously Reported [Member] | |||||
Income Tax Expense (Benefit) | 1,090,000 | 3,351,000 | |||
Net Income (Loss) Available to Common Stockholders, Basic | $ 2,361,000 | $ 6,419,000 | |||
Earnings Per Share, Basic | $ / shares | $ 0.65 | $ 1.79 | |||
Earnings Per Share, Diluted | $ / shares | $ 0.63 | $ 1.72 | |||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 514,000 | $ 5,203,000 | |||
Increase (Decrease) in Accrued Liabilities | $ 710,000 |
Note 2 - Acquisitions (Details
Note 2 - Acquisitions (Details Textual) | 9 Months Ended |
Dec. 31, 2016USD ($) | |
Series of Individually Immaterial Business Acquisitions [Member] | |
Business Combination, Consideration Transferred | $ 8,440,000 |
Note 3 - Inventories - Summary
Note 3 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Mar. 31, 2016 |
Raw materials | $ 10,430 | $ 9,433 |
Work-in-process | 683 | 337 |
Finished goods | 3,867 | 4,941 |
Less: reserve | (402) | (694) |
Total | $ 14,578 | $ 14,017 |
Note 4 - Long-term Debt (Detail
Note 4 - Long-term Debt (Details Textual) | Jul. 01, 2015USD ($) | Jan. 31, 2017USD ($) |
Line of Credit [Member] | ||
Debt Instrument, Term | 5 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 | |
Line of Credit [Member] | Subsequent Event [Member] | ||
Proceeds from Lines of Credit | $ 2,000,000 | |
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, 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] | 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] | Infitrak Acquisition [Member] | ||
Proceeds from Lines of Credit | $ 1,000,000 | |
Term Loan [Member] | ||
Long-term Debt, Gross | $ 20,000,000 | |
Line of Credit Facility, Periodic Payment, Number of Quarterly Payments | 20 | |
Line of Credit Facility, Periodic Payment, Principal | $ 750,000 | |
Term Loan [Member] | Subsequent Event [Member] | ||
Repayments of Long-term Debt | $ 750,000 | |
Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |
Term Loan [Member] | Maximum [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.25% |
Note 4 - Long-term Debt - Compo
Note 4 - Long-term Debt - Components of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Mar. 31, 2016 |
Long-term debt | $ 53,000 | |
Less: current portion | (3,000) | $ (3,000) |
Long-term portion | 50,000 | 42,250 |
Line of Credit [Member] | ||
Long-term debt | 37,500 | 27,500 |
Term Loan [Member] | ||
Long-term debt | $ 15,500 | $ 17,750 |
Note 4 - Long-term Debt - Com32
Note 4 - Long-term Debt - Components of Long-term Debt (Details) (Parentheticals) | Dec. 31, 2016 |
Line of Credit [Member] | |
Line of credit, interest rate at end of period | 2.27% |
Term Loan [Member] | |
Term loan, interest rate at end of period | 2.27% |
Note 4 - Long-term Debt - Futur
Note 4 - Long-term Debt - Future Contractual Maturities of Debt (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Year ending March 31, | |
2,017 | $ 750 |
2,018 | 3,000 |
2,019 | 3,000 |
2,020 | 3,000 |
2,021 | 43,250 |
Total | $ 53,000 |
Note 5 - Stock-based Compensa34
Note 5 - Stock-based Compensation (Details Textual) - USD ($) | 9 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 4,701,000 | $ 4,264,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 5,490,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 835,062 |
Note 5 - Stock-based Compensa35
Note 5 - Stock-based Compensation - Allocation of Share-based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Total cost of stock-based compensation charged against income before income taxes | $ 380 | $ 344 | $ 1,221 | $ 1,001 |
Amount of income tax benefit recognized in earnings | 62 | 85 | 227 | 266 |
Amount charged against net income | $ 318 | $ 259 | $ 994 | $ 735 |
Basic (in dollars per share) | $ 0.09 | $ 0.07 | $ 0.27 | $ 0.20 |
Diluted (in dollars per share) | $ 0.08 | $ 0.07 | $ 0.26 | $ 0.20 |
Note 5 - Stock-based Compensa36
Note 5 - Stock-based Compensation - Summary of Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Dec. 31, 2016 | Mar. 31, 2016 | |
Outstanding (in shares) | 515,720 | |
Outstanding (in dollars per share) | $ 64.32 | |
Outstanding (Year) | 4 years 292 days | 5 years 73 days |
Outstanding | $ 27,330 | $ 16,561 |
Stock options granted (in shares) | 111,955 | |
Stock options granted (in dollars per share) | $ 98.31 | |
Stock options granted (Year) | 5 years 109 days | |
Stock options forfeited (in shares) | (17,924) | |
Stock options forfeited (in dollars per share) | $ 82.35 | |
Stock options forfeited (Year) | 5 years 146 days | |
Stock options expired (in shares) | (862) | |
Stock options expired (in dollars per share) | $ 39.17 | |
Stock options expired (Year) | ||
Stock options exercised (in shares) | (71,848) | |
Stock options exercised (in dollars per share) | $ 56.72 | |
Outstanding (in shares) | 537,041 | 515,720 |
Outstanding (in dollars per share) | $ 71.86 | $ 64.32 |
Exercisable (in shares) | 169,115 | |
Exercisable (in dollars per share) | $ 47.70 | |
Exercisable (Year) | 3 years 219 days | |
Exercisable | $ 12,690 |
Note 5 - Stock-based Compensa37
Note 5 - Stock-based Compensation - Summary of Unvested Options (Details) | 9 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Unvested (in shares) | shares | 358,263 |
Unvested (in dollars per share) | $ / shares | $ 19.46 |
Stock options granted (in shares) | shares | 111,955 |
Stock options granted (in dollars per share) | $ / shares | $ 27.94 |
Stock options forfeited (in shares) | shares | (17,924) |
Stock options forfeited (in dollars per share) | $ / shares | $ 22.17 |
Stock options vested (in shares) | shares | (84,368) |
Stock options vested (in dollars per share) | $ / shares | $ 16.95 |
Unvested (in shares) | shares | 367,926 |
Unvested (in dollars per share) | $ / shares | $ 22.49 |
Note 6 - Net Income Per Share38
Note 6 - Net Income Per Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Employee Stock Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,000 | 138,000 | 110,000 | 136,000 |
Note 6 - Net Income Per Share -
Note 6 - Net Income Per Share - Computation of Net Income Per Share - Basic & Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net income | $ 3,252,000 | $ 2,597,000 | $ 7,540,000 | $ 7,178,000 |
Weighted average outstanding shares of common stock (in shares) | 3,688 | 3,614 | 3,668 | 3,596 |
Dilutive effect of stock options (in shares) | 180 | 172 | 167 | 162 |
Common stock and equivalents (in shares) | 3,868 | 3,786 | 3,835 | 3,758 |
Basic (in dollars per share) | $ 0.88 | $ 0.72 | $ 2.06 | $ 2 |
Diluted (in dollars per share) | $ 0.84 | $ 0.69 | $ 1.97 | $ 1.91 |
Note 7 - Commitments and Cont40
Note 7 - Commitments and Contingencies (Details Textual) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Jul. 31, 2016USD ($) | Jul. 31, 2016CAD | Oct. 31, 2015USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2016CAD | Jul. 06, 2015USD ($) | Jul. 06, 2015CAD | Oct. 15, 2014USD ($) | |
Business Combination, Contingent Consideration, Liability | $ 108,000 | $ 108,000 | $ 4,430,000 | |||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | (5,076,000) | $ (1,770,000) | ||||||||||
Anthony Amato and Amega Scientific Corporation [Member] | ||||||||||||
Payments for Legal Settlements | $ 3,165,000 | |||||||||||
Litigation Settlement, Insurance Covered | 415,000 | |||||||||||
Loss Contingency Accrual | $ 1,041,000 | |||||||||||
General and Administrative Expense [Member] | Anthony Amato and Amega Scientific Corporation [Member] | ||||||||||||
Gain (Loss) Related to Litigation Settlement | $ 1,709,000 | |||||||||||
Infitrak Acquisition [Member] | ||||||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low | 0 | 0 | CAD 0 | CAD 0 | ||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 6,682,000 | 6,682,000 | CAD 9,000,000 | CAD 15,000,000 | ||||||||
Business Combination, Contingent Consideration, Liability | 4,436,000 | $ 4,436,000 | $ 9,271,000 | |||||||||
Business Combination, Payment of Contingent Consideration | $ 4,594,000 | CAD 6,000,000 | ||||||||||
Infitrak Acquisition [Member] | Contingent Consideration Year 1 [Member] | Minimum [Member] | ||||||||||||
Business Combination, Contingent Consideration, Sliding Scale of Growth | 30.00% | 30.00% | ||||||||||
Infitrak Acquisition [Member] | Contingent Consideration Year 1 [Member] | Maximum [Member] | ||||||||||||
Business Combination, Contingent Consideration, Sliding Scale of Growth | 70.00% | 70.00% | ||||||||||
Infitrak Acquisition [Member] | Contingent Consideration Year 2 [Member] | Minimum [Member] | ||||||||||||
Business Combination, Contingent Consideration, Sliding Scale of Growth | 15.00% | 15.00% | ||||||||||
Infitrak Acquisition [Member] | Contingent Consideration Year 2 [Member] | Maximum [Member] | ||||||||||||
Business Combination, Contingent Consideration, Sliding Scale of Growth | 75.00% | 75.00% | ||||||||||
PCD [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 Combination, Payment of Contingent Consideration | $ 150,000 | |||||||||||
PCD [Member] | Other Expense, Net [Member] | ||||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 450,000 | $ 450,000 | ||||||||||
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 |
Note 8 - Comprehensive Income -
Note 8 - Comprehensive Income - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Balance | $ (1,151) | |||
Balance | $ (1,920) | (1,920) | ||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
Balance | (1,286) | $ 397 | (1,151) | $ (234) |
Unrealized loss arising during the period | (634) | (1,847) | (769) | (1,216) |
Balance | $ (1,920) | $ (1,450) | $ (1,920) | $ (1,450) |
Note 9 - Segment Information (D
Note 9 - Segment Information (Details Textual) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2016USD ($) | Mar. 31, 2016 | |
Number of Operating Segments | 4 | 4 |
FRANCE | ||
Long-Lived Assets | $ 6,460,000 | |
CANADA | ||
Long-Lived Assets | $ 20,702,000 |
Note 9 - Segment Information -
Note 9 - Segment Information - Operating Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Revenues | $ 23,843 | $ 19,913 | $ 69,366 | $ 59,847 | |
Gross profit | 13,537 | 12,209 | 39,275 | 36,417 | |
Reconciling items (1) | [1] | (9,657) | (8,758) | (30,014) | (26,647) |
Earnings before income taxes | 3,880 | 3,451 | 9,261 | 9,770 | |
Biological Indicators [Member] | |||||
Revenues | 9,248 | 7,819 | 27,612 | 23,537 | |
Gross profit | 6,066 | 4,869 | 17,986 | 15,157 | |
Reconciling items (1) | [1] | ||||
Earnings before income taxes | |||||
Instruments [Member] | |||||
Revenues | 9,013 | 8,260 | 25,928 | 25,819 | |
Gross profit | 5,706 | 5,511 | 15,881 | 16,571 | |
Reconciling items (1) | [1] | ||||
Earnings before income taxes | |||||
Cold Chain Monitoring [Member] | |||||
Revenues | 3,102 | 2,853 | 8,964 | 7,954 | |
Gross profit | 1,254 | 1,313 | 3,578 | 3,326 | |
Reconciling items (1) | [1] | ||||
Earnings before income taxes | |||||
Cold Chain Packaging [Member] | |||||
Revenues | 2,480 | 981 | 6,862 | 2,537 | |
Gross profit | 511 | 516 | 1,830 | 1,363 | |
Reconciling items (1) | [1] | ||||
Earnings before income taxes | |||||
[1] | Reconciling items include selling, general and administrative, research and development, and other expenses |
Note 9 - Segment Information 44
Note 9 - Segment Information - Operating Segment Asset Reconciliation (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Mar. 31, 2016 |
Assets | $ 170,453 | $ 160,748 |
Corporate, Non-Segment [Member] | ||
Assets | 7,442 | 7,856 |
Biological Indicators [Member] | Operating Segments [Member] | ||
Assets | 67,894 | 56,724 |
Instruments [Member] | Operating Segments [Member] | ||
Assets | 38,295 | 49,077 |
Cold Chain Monitoring [Member] | Operating Segments [Member] | ||
Assets | 35,497 | 27,613 |
Cold Chain Packaging [Member] | Operating Segments [Member] | ||
Assets | $ 21,325 | $ 19,478 |
Note 9 - Segment Information 45
Note 9 - Segment Information - Revenues From External Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues | $ 23,843 | $ 19,913 | $ 69,366 | $ 59,847 |
UNITED STATES | ||||
Revenues | 13,844 | 12,787 | 44,758 | 37,510 |
Foreign [Member] | ||||
Revenues | $ 9,999 | $ 7,126 | $ 24,608 | $ 22,337 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2017 | |
Effective Income Tax Rate Reconciliation, Percent | 16.20% | 24.70% | 18.60% | 26.50% | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | ||||
Income Tax Examination, Increase (Decrease) in Liability from Prior Year | $ 0 | $ 0 | |||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |||||
Income Tax Examination, Year under Examination | 2,015 | ||||
Scenario, Forecast [Member] | Minimum [Member] | |||||
Effective Income Tax Rate Reconciliation, Percent | 22.00% | ||||
Scenario, Forecast [Member] | Maximum [Member] | |||||
Effective Income Tax Rate Reconciliation, Percent | 25.00% |
Note 11 - Fair Value Measurem47
Note 11 - Fair Value Measurements (Details Textual) - Infitrak Acquisition [Member] | 1 Months Ended | ||
Jul. 31, 2016USD ($) | Jul. 31, 2016CAD | Dec. 31, 2016 | |
Business Combination, Contingent Consideration, Payment Installments | 2 | ||
Business Combination, Payment of Contingent Consideration | $ 4,594,000 | CAD 6,000,000 |
Note 11 - Fair Value Measurem48
Note 11 - Fair Value Measurements - Fair Value on a Recurring Basis (Details) - Contingent Consideration [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Mar. 31, 2016 |
Contingent Consideration | $ 4,436 | $ 9,037 |
Fair Value, Inputs, Level 1 [Member] | ||
Contingent Consideration | ||
Fair Value, Inputs, Level 2 [Member] | ||
Contingent Consideration | ||
Fair Value, Inputs, Level 3 [Member] | ||
Contingent Consideration | $ 4,436 | $ 9,037 |
Note 11 - Fair Value Measurem49
Note 11 - Fair Value Measurements - Contingent Consideration From Business Acquisition (Details) - Business Combination, Contingent Consideration [Member] - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Opening balance | $ 9,037 | |
Payment | (4,594) | |
Fair value adjustment – expense | 137 | |
Foreign exchange rate impact – included in other comprehensive gain | (144) | |
Ending Balance | $ 4,436 |
Note 12 - Subsequent Event (Det
Note 12 - Subsequent Event (Details Textual) | 1 Months Ended |
Jan. 31, 2017$ / shares | |
Subsequent Event [Member] | |
Common Stock, Dividends, Per Share, Declared | $ 0.16 |