Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jun. 30, 2017 | Jul. 25, 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) | 3,758,914 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 |
ASSETS | ||
Cash and cash equivalents | $ 2,976 | $ 5,820 |
Accounts receivable, less allowances of $267 and $252, respectively | 12,903 | 14,319 |
Inventories, net | 13,376 | 13,873 |
Prepaid income taxes | 1,676 | 587 |
Prepaid expenses and other | 1,808 | 1,186 |
Assets held for sale | 1,012 | |
Total current assets | 33,751 | 35,785 |
Property, plant and equipment, net | 25,821 | 26,002 |
Intangibles, net | 36,681 | 37,790 |
Goodwill | 72,730 | 72,156 |
Total assets | 168,983 | 171,733 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Accounts payable | 2,338 | 2,168 |
Accrued salaries and payroll taxes | 2,934 | 4,350 |
Unearned revenues | 4,033 | 4,117 |
Current portion of contingent consideration | 1,165 | 1,294 |
Other accrued expenses | 2,503 | 2,999 |
Income taxes payable | 704 | 514 |
Current portion of long-term debt | 1,250 | 1,125 |
Total current liabilities | 14,927 | 16,567 |
Deferred income taxes | 3,644 | 3,554 |
Long-term debt, net of debt issuance costs and current portion | 49,303 | 53,675 |
Contingent consideration | 118 | 116 |
Total liabilities | 67,992 | 73,912 |
Commitments and Contingencies (Note 8) | ||
Stockholders’ equity: | ||
Common stock, no par value; authorized 25,000,000 shares; issued and outstanding, 3,758,175 and 3,727,704 shares, respectively | 27,428 | 25,925 |
Retained earnings | 74,572 | 73,656 |
Accumulated other comprehensive loss | (1,009) | (1,760) |
Total stockholders’ equity | 100,991 | 97,821 |
Total liabilities and stockholders’ equity | $ 168,983 | $ 171,733 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 |
Allowance for doubtful accounts receivable | $ 267 | $ 252 |
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) | 3,758,175 | 3,727,704 |
Common stock, shares outstanding (in shares) | 3,758,175 | 3,727,704 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Revenues | $ 22,673 | $ 21,114 |
Cost of revenues | 10,002 | 9,100 |
Gross profit | 12,671 | 12,014 |
Operating expenses | ||
Selling | 2,679 | 2,424 |
General and administrative | 6,857 | 5,980 |
Research and development | 1,153 | 1,035 |
Total operating expenses | 10,689 | 9,439 |
Operating income | 1,982 | 2,575 |
Other expense, net | 679 | 406 |
Earnings before income taxes | 1,303 | 2,169 |
Income tax benefit (expense) | 214 | (239) |
Net income | $ 1,517 | $ 1,930 |
Net income per share: | ||
Basic (in dollars per share) | $ 0.41 | $ 0.53 |
Diluted (in dollars per share) | $ 0.39 | $ 0.51 |
Weighted average common shares outstanding: | ||
Basic (in shares) | 3,736 | 3,646 |
Diluted (in shares) | 3,923 | 3,802 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Net income | $ 1,517 | $ 1,930 |
Other comprehensive income, net of tax: | ||
Foreign currency translation | 751 | 50 |
Total comprehensive income | $ 2,268 | $ 1,980 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Acquisitions | $ (62) | $ (2,565) |
Purchases of property, plant and equipment | (1,505) | (3,456) |
Net cash used in investing activities | (1,567) | (6,021) |
Cash flows from operating activities: | ||
Net income | 1,517 | 1,930 |
Depreciation and amortization | 2,278 | 2,170 |
Stock-based compensation | 540 | 429 |
Amortization of debt issuance costs | 28 | |
Deferred income taxes | 90 | 138 |
Foreign currency adjustments | (176) | 67 |
Adjustment to contingent consideration | 300 | |
Change in assets and liabilities, net of effects of acquisitions | ||
Accounts receivable, net | 1,416 | 2,890 |
Inventories, net | 497 | (67) |
Prepaid expenses and other | (1,711) | (426) |
Accounts payable | 170 | (66) |
Accrued liabilities and taxes payable | (1,747) | (3,584) |
Unearned revenues | (84) | 40 |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | (437) | 111 |
Net cash provided by operating activities | 2,681 | 3,632 |
Cash flows from investing activities: | ||
Proceeds from the issuance of debt | 1,500 | |
Payments on debt | (4,250) | (750) |
Dividends | (601) | (583) |
Proceeds from the exercise of stock options | 963 | 1,160 |
Net cash (used in) provided by financing activities | (3,888) | 1,327 |
Effect of exchange rate changes on cash and cash equivalents | (70) | 4 |
Net decrease in cash and cash equivalents | (2,844) | (1,058) |
Cash and cash equivalents at beginning of period | 5,820 | 5,695 |
Cash and cash equivalents at end of period | 2,976 | 4,637 |
Cash paid for: | ||
Income taxes | 658 | 1,207 |
Interest | 561 | 292 |
Supplemental non-cash activity: | ||
Contingent consideration as part of an acquisition | $ 1,168 |
Note 1 - Description of Busines
Note 1 - Description of Business and Summary of Significant Accounting Policies | 3 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Note 1 Description of Business 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, 2017, not 10 March 31, 2017. The summary of our significant accounting policies is incorporated by reference to our Annual Report on Form 10 March 31, 2017. Recently Issued Accounting Pronouncements In May 2014, 2014 09, Revenue from Contracts with Customers (Topic 606 2014 09 2014 09 2014 09 April 1, 2018. We plan to adopt ASU 2014 09 2014 09 not March 31, 2018. In January 2017, 2017 04, Intangibles – Goodwill and Other 2017 04 2017 04 April 1, 2017. not |
Note 2 - Acquisitions
Note 2 - Acquisitions | 3 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | Note 2 s For the three June 30, 2017, $362,000, none 2. |
Note 3 - Inventories
Note 3 - Inventories | 3 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 3 – Inventories consist of the following (in thousands): June 30, 2017 March 31, 2017 Raw materials $ 10,770 $ 10,815 Work-in-process 365 342 Finished goods 3,801 3,604 Less: reserve (1,560 ) (888 ) $ 13,376 $ 13,873 |
Note 4 - Facility Relocation
Note 4 - Facility Relocation | 3 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | Note 4 In August 2016, two March 2017 March 31, 2018. $2,100,000 $725,000 March 31, 2017. $522,000 three June 30, 2017, $291,000 $231,000 three June 30, 2017: ● Retention bonuses for existing personnel of $207,000 ● Duplicative employment costs of $84,000 ● Moving costs of $231,000 Facility relocation amounts accrued and paid for the three June 30, 2017 Balance at March 31, 2017 $ 673 Facility relocation expense 522 Cash payments (594 ) Balance at June 30, 2017 $ 601 Subsequent to June 30, 2017, $1,116,000 $116,000. |
Note 5 - Long-term Debt
Note 5 - Long-term Debt | 3 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 5 – Long-T erm Debt Long-term debt consists of the following (in thousands): June 30 , 2017 March 31, 201 7 Line of credit (3.25% at June 30, 2017) $ 31,500 $ 35,500 Term loan (3.25% at June 30, 2017) 19,500 19,750 Less: discount (447 ) (450 ) Less: current portion (1,250 ) (1,125 ) Long-term portion $ 49,303 $ 53,675 On March 1, 2017, five $80,000,000 $20,000,000 $2,500,000 four $100,000,000 may Line of Credit and Term Loan indebtedness bears interest at either: ( 1 1.5% 2.50%; 2 0.5%. 0.15% 0.35%. The Term Loan requires 20 first March 31, 2017) $250,000 $125,000 $750,000 fifth March 1, 2022. 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, may $20,000,000, 3.50 1.00 four 3.25 1.00 four 1.25 1.0. June 30, 2017. We incurred origination and debt issuance costs of $460,000 As of June 30, 2017, Year ending March 31, 2018 $ 875 2019 1,625 2020 2,125 2021 2,625 2022 43,750 $ 51,000 |
Note 6 - Stock-based Compensati
Note 6 - Stock-based Compensation | 3 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 6 – 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 June 30 , 2017 2016 Total cost of stock-based compensation charged against income before income taxes $ 540 $ 429 Amount of income tax benefit (expense) recognized in earnings 89 (47 ) Amount charged against net income $ 629 $ 382 Impact on net income per common share: Basic $ 0.17 $ 0.10 Diluted 0.16 0.10 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 three June 30, 2017: Number of Weighted- A verage Exercise Price per Share Weighted- A verage Remaining Contractual Term Aggregate Intrinsic Value (000s) Outstanding at March 31, 2017 510,361 $ 75.78 5.0 $ 23,956 Stock options granted 93,435 122.77 5.8 Stock options forfeited (5,866 ) 96.96 5.4 Stock options expired -- -- -- Stock options exercised (27,135 ) 54.41 -- Outstanding at June 30, 2017 570,795 84.27 5.0 $ 33,701 Exercisable at June 30, 2017 185,614 61.10 4.2 $ 15,260 The total intrinsic value of stock options exercised was $2,422,642 $2,242,938 three June 30, 2017 2016, A summary of the status of our unvested stock option shares as of June 30, 2017 Number of Weighted- A verage Unvested at March 31, 2017 373,766 $ 22.49 Stock options granted 93,435 38.83 Stock options forfeited (5,866 ) 27.95 Stock options vested (76,154 ) 20.92 Unvested at June 30, 2017 385,181 28.14 As of June 30, 2017, $9,120,867 June 30, 2017, 715,803 |
Note 7 - Net Income Per Share
Note 7 - Net Income Per Share | 3 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 7 - Net Income Per Share Basic net income per share is computed by dividing net income by the weighted-average number of common shares outstanding during the reporting period. Diluted net income per share is computed similarly to basic net income per share, except that it includes the potential dilution that could occur if dilutive securities were exercised. The following table presents a reconciliation of the denominators used in the computation of net income per share - basic and diluted (in thousands, except per share data): Three Months Ended June 30 , 2017 2016 Net income available for stockholders $ 1,517 $ 1,930 Weighted average outstanding shares of common stock 3,736 3,646 Dilutive effect of stock options 187 156 Common stock and equivalents 3,923 3,802 Net income per share: Basic $ 0.41 $ 0.53 Diluted 0.39 0.51 For the three June 30, 2017 2016, 117,000 184,000 |
Note 8 - Commitments and Contin
Note 8 - Commitments and Contingencies | 3 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 8 - Commitments and Contingencies 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 Since the initial payment, the revenues for these products have significantly increased and as a result, during the year ended March 31, 2017 $450,000 third December 31, 2016.). three June 30, 2017 $300,000 three June 30, 2017. third October 2017) |
Note 9 - Comprehensive Income
Note 9 - Comprehensive Income | 3 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 9 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, 2017 $ (1,760 ) $ (1,760 ) Unrealized gains arising during the period 751 751 Balance at June 30, 2017 $ (1,009 ) $ (1,009 ) Foreign Currency Translation AOCI Balance at March 31, 2016 $ (1,151 ) $ (1,151 ) Unrealized gains arising during the period 50 50 Balance at June 30, 2016 $ (1,101 ) $ (1,101 ) |
Note 10 - Segment Information
Note 10 - Segment Information | 3 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 10 - Segment Information We have four Three Months Ended June 30, 2017 Biological Indicators Instruments Cold Chain Monitoring Cold Chain Packaging Total Revenues $ 10,183 $ 8,603 $ 2,917 $ 970 $ 22,673 Gross profit $ 6,720 $ 4,908 $ 894 $ 149 12,671 Reconciling items (1) (11,368 ) Earnings before income taxes $ 1,303 Three Months Ended June 30, 2016 Biological Indicators Instruments Cold Chain Monitoring Cold Chain Packaging Total Revenues $ 9,467 $ 8,222 $ 2,317 $ 1,108 $ 21,114 Gross profit $ 6,087 $ 4,849 $ 667 $ 411 12,014 Reconciling items (1) (9,845 ) Earnings before income taxes $ 2,169 ( 1 Reconciling items include selling, general and administrative, research and development, and other expenses June 30, 2017 March 31, 201 7 Total assets Biological Indicators $ 69,430 $ 67,233 Instruments 36,449 40,805 Cold Chain Monitoring 33,961 35,789 Cold Chain Packaging 21,088 20,313 Corporate and administrative 8,055 7,593 $ 168,983 $ 171,733 All long-lived assets are located in the United States except for $6,712,000 $21,214,000 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 Months Ended June 30 , 201 7 201 6 Net revenues from unaffiliated customers: United States $ 13,011 $ 15,511 Foreign 9,662 5,603 $ 22,673 $ 21,114 No ten |
Note 11 - Income Taxes
Note 11 - Income Taxes | 3 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 11 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 ( 16.4 11.0 three June 30, 2017 2016, three June 30, 2017 34 three June 30, 2017), March 31, 2018 35 38 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 not 12 |
Note 12 - Subsequent Event
Note 12 - Subsequent Event | 3 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 12 - Subsequent Event In July 2017, $0.16 September 15, 2017, August 31, 2017. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying condensed consolidated balance sheet as of March 31, 2017, not 10 March 31, 2017. The summary of our significant accounting policies is incorporated by reference to our Annual Report on Form 10 March 31, 2017. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements In May 2014, 2014 09, Revenue from Contracts with Customers (Topic 606 2014 09 2014 09 2014 09 April 1, 2018. We plan to adopt ASU 2014 09 2014 09 not March 31, 2018. In January 2017, 2017 04, Intangibles – Goodwill and Other 2017 04 2017 04 April 1, 2017. not |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, 2017 March 31, 2017 Raw materials $ 10,770 $ 10,815 Work-in-process 365 342 Finished goods 3,801 3,604 Less: reserve (1,560 ) (888 ) $ 13,376 $ 13,873 |
Note 4 - Facility Relocation (T
Note 4 - Facility Relocation (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Balance at March 31, 2017 $ 673 Facility relocation expense 522 Cash payments (594 ) Balance at June 30, 2017 $ 601 |
Note 5 - Long-term Debt (Tables
Note 5 - Long-term Debt (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | June 30 , 2017 March 31, 201 7 Line of credit (3.25% at June 30, 2017) $ 31,500 $ 35,500 Term loan (3.25% at June 30, 2017) 19,500 19,750 Less: discount (447 ) (450 ) Less: current portion (1,250 ) (1,125 ) Long-term portion $ 49,303 $ 53,675 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Year ending March 31, 2018 $ 875 2019 1,625 2020 2,125 2021 2,625 2022 43,750 $ 51,000 |
Note 6 - Stock-based Compensa23
Note 6 - Stock-based Compensation (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three Months E nded June 30 , 2017 2016 Total cost of stock-based compensation charged against income before income taxes $ 540 $ 429 Amount of income tax benefit (expense) recognized in earnings 89 (47 ) Amount charged against net income $ 629 $ 382 Impact on net income per common share: Basic $ 0.17 $ 0.10 Diluted 0.16 0.10 |
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, 2017 510,361 $ 75.78 5.0 $ 23,956 Stock options granted 93,435 122.77 5.8 Stock options forfeited (5,866 ) 96.96 5.4 Stock options expired -- -- -- Stock options exercised (27,135 ) 54.41 -- Outstanding at June 30, 2017 570,795 84.27 5.0 $ 33,701 Exercisable at June 30, 2017 185,614 61.10 4.2 $ 15,260 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Number of Weighted- A verage Unvested at March 31, 2017 373,766 $ 22.49 Stock options granted 93,435 38.83 Stock options forfeited (5,866 ) 27.95 Stock options vested (76,154 ) 20.92 Unvested at June 30, 2017 385,181 28.14 |
Note 7 - Net Income Per Share (
Note 7 - Net Income Per Share (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30 , 2017 2016 Net income available for stockholders $ 1,517 $ 1,930 Weighted average outstanding shares of common stock 3,736 3,646 Dilutive effect of stock options 187 156 Common stock and equivalents 3,923 3,802 Net income per share: Basic $ 0.41 $ 0.53 Diluted 0.39 0.51 |
Note 9 - Comprehensive Income (
Note 9 - Comprehensive Income (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Foreign Currency Translation AOCI Balance at March 31, 2017 $ (1,760 ) $ (1,760 ) Unrealized gains arising during the period 751 751 Balance at June 30, 2017 $ (1,009 ) $ (1,009 ) Foreign Currency Translation AOCI Balance at March 31, 2016 $ (1,151 ) $ (1,151 ) Unrealized gains arising during the period 50 50 Balance at June 30, 2016 $ (1,101 ) $ (1,101 ) |
Note 10 - Segment Information (
Note 10 - Segment Information (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended June 30, 2017 Biological Indicators Instruments Cold Chain Monitoring Cold Chain Packaging Total Revenues $ 10,183 $ 8,603 $ 2,917 $ 970 $ 22,673 Gross profit $ 6,720 $ 4,908 $ 894 $ 149 12,671 Reconciling items (1) (11,368 ) Earnings before income taxes $ 1,303 Three Months Ended June 30, 2016 Biological Indicators Instruments Cold Chain Monitoring Cold Chain Packaging Total Revenues $ 9,467 $ 8,222 $ 2,317 $ 1,108 $ 21,114 Gross profit $ 6,087 $ 4,849 $ 667 $ 411 12,014 Reconciling items (1) (9,845 ) Earnings before income taxes $ 2,169 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | June 30, 2017 March 31, 201 7 Total assets Biological Indicators $ 69,430 $ 67,233 Instruments 36,449 40,805 Cold Chain Monitoring 33,961 35,789 Cold Chain Packaging 21,088 20,313 Corporate and administrative 8,055 7,593 $ 168,983 $ 171,733 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Three Months Ended June 30 , 201 7 201 6 Net revenues from unaffiliated customers: United States $ 13,011 $ 15,511 Foreign 9,662 5,603 $ 22,673 $ 21,114 |
Note 1 - Description of Busin27
Note 1 - Description of Business and Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended |
Jun. 30, 2017 | |
Number of Operating Segments | 4 |
Number of Physical Locations in Which Entity is Organized | 8 |
Note 2 - Acquisitions (Details
Note 2 - Acquisitions (Details Textual) | 3 Months Ended |
Jun. 30, 2017USD ($) | |
Series of Individually Immaterial Business Acquisitions [Member] | |
Business Combination, Consideration Transferred | $ 362,000 |
Note 3 - Inventories - Summary
Note 3 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 |
Raw materials | $ 10,770 | $ 10,815 |
Work-in-process | 365 | 342 |
Finished goods | 3,801 | 3,604 |
Less: reserve | (1,560) | (888) |
Total | $ 13,376 | $ 13,873 |
Note 4 - Facility Relocation (D
Note 4 - Facility Relocation (Details Textual) - Relocation of Omaha and Traverse City Biological Indicator Manufacturing Facilities [Member] - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended |
Jul. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | |
Restructuring and Related Cost, Expected Cost | $ 2,100,000 | ||
Restructuring Charges | $ 522,000 | ||
Subsequent Event [Member] | Building [Member] | |||
Proceeds from Sale of Property, Plant, and Equipment | $ 1,116,000 | ||
Gain (Loss) on Disposition of Property Plant Equipment | $ 116,000 | ||
Facility Relocation, Retention Bonuses for Existing Personnel [Member] | Biological Indicators [Member] | |||
Restructuring Charges | 207,000 | ||
Facility Relocation, Duplicative Employment Costs [Member] | Biological Indicators [Member] | |||
Restructuring Charges | 84,000 | ||
Facility Relocation, Moving Costs [Member] | Biological Indicators [Member] | |||
Restructuring Charges | 231,000 | ||
Cost of Sales [Member] | |||
Restructuring Charges | 291,000 | $ 725,000 | |
General and Administrative Expense [Member] | |||
Restructuring Charges | $ 231,000 |
Note 4 - Facility Relocation -
Note 4 - Facility Relocation - Facility Relocation Costs (Details) - Relocation of Omaha and Traverse City Biological Indicator Manufacturing Facilities [Member] | 3 Months Ended |
Jun. 30, 2017USD ($) | |
Beginning balance | $ 673,000 |
Facility relocation expense | 522,000 |
Cash payments | (594,000) |
Ending balance | $ 601,000 |
Note 5 - Long-term Debt (Detail
Note 5 - Long-term Debt (Details Textual) | Mar. 01, 2017USD ($) | Jun. 30, 2017USD ($) | Feb. 28, 2022USD ($) |
Debt Issuance Costs, Gross | $ 460,000 | ||
Credit Facility [Member] | |||
Debt Instrument Convenant, Maximum Leverage Ration, During the Initial Holiday Period | 3.5 | ||
Debt Instrument Covenant, Maximum Leverage Ratio, Immediately Following the Initial Holiday Period | 3.25 | ||
Debt Instrument Covenant, Fixed Charge Coverage Ratio | 1.25 | ||
Credit Facility [Member] | After March 31, 2016 [Member] | |||
Debt Instrument Covenant, Ratio of Funded Debt to Consolidated EBITDA | 3 | ||
Credit Facility [Member] | 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, Annual Increase (Decrease) in Periodic Payment, Principal | $ 125,000 | ||
Debt Instrument, Periodic Payment, Principal | $ 250,000 | ||
Debt Instrument, Additional Carrying Amount | $ 100,000,000 | ||
Credit Facility [Member] | Term Loan [Member] | Scenario, Forecast [Member] | |||
Debt Instrument, Periodic Payment, Principal | $ 750,000 | ||
Line of Credit [Member] | |||
Debt Instrument, Term | 5 years | ||
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] | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.15% | ||
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] | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.35% | ||
Line of Credit [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ||
Line of Credit [Member] | Credit Facility [Member] | |||
Line of Credit Facility, Additional Maximum Borrowing Capacity | $ 100,000,000 | ||
Debt Instrument, Term | 5 years | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 80,000,000 | ||
Letter of Credit [Member] | Credit Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,500,000 |
Note 5 - Long-term Debt - Compo
Note 5 - Long-term Debt - Components of Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 |
Long-term debt | $ 51,000 | |
Less: discount | (447) | $ (450) |
Less: current portion | (1,250) | (1,125) |
Long-term portion | 49,303 | 53,675 |
Line of Credit [Member] | ||
Long-term debt | 31,500 | 35,500 |
Term Loan [Member] | ||
Long-term debt | $ 19,500 | $ 19,750 |
Note 5 - Long-term Debt - Com34
Note 5 - Long-term Debt - Components of Long-term Debt (Details) (Parentheticals) | Jun. 30, 2017 |
Line of Credit [Member] | |
Line of credit, interest rate at end of period | 3.25% |
Term Loan [Member] | |
Term loan, interest rate at end of period | 3.25% |
Note 5 - Long-term Debt - Futur
Note 5 - Long-term Debt - Future Contractual Maturities of Debt (Details) $ in Thousands | Jun. 30, 2017USD ($) |
2,018 | $ 875 |
2,019 | 1,625 |
2,020 | 2,125 |
2,021 | 2,625 |
2,022 | 43,750 |
Total | $ 51,000 |
Note 6 - Stock-based Compensa36
Note 6 - Stock-based Compensation (Details Textual) - USD ($) | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 2,422,642 | $ 2,242,938 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 9,120,867 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 715,803 |
Note 6 - Stock-based Compensa37
Note 6 - Stock-based Compensation - Allocation of Share-based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Total cost of stock-based compensation charged against income before income taxes | $ 540 | $ 429 |
Amount of income tax benefit (expense) recognized in earnings | 89 | (47) |
Amount charged against net income | $ 629 | $ 382 |
Basic (in dollars per share) | $ 0.17 | $ 0.10 |
Diluted (in dollars per share) | $ 0.16 | $ 0.10 |
Note 6 - Stock-based Compensa38
Note 6 - Stock-based Compensation - Summary of Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Mar. 31, 2017 | |
Outstanding (in shares) | 510,361 | |
Outstanding (in dollars per share) | $ 75.78 | |
Outstanding (in dollars per share) | $ 84.27 | $ 75.78 |
Outstanding (Year) | 5 years | 5 years |
Outstanding | $ 33,701 | $ 23,956 |
Stock options granted (in shares) | 93,435 | |
Stock options granted (in dollars per share) | $ 122.77 | |
Stock options granted (Year) | 5 years 292 days | |
Stock options forfeited (in shares) | (5,866) | |
Stock options forfeited (in dollars per share) | $ 96.96 | |
Stock options forfeited (Year) | 5 years 146 days | |
Stock options expired (in shares) | ||
Stock options expired (in dollars per share) | ||
Exercisable (in shares) | 185,614 | |
Stock options expired (Year) | ||
Stock options exercised (in shares) | (27,135) | |
Exercisable (in dollars per share) | $ 61.10 | |
Exercisable (Year) | 4 years 73 days | |
Exercisable | $ 15,260 | |
Stock options exercised (in dollars per share) | $ 54.41 | |
Outstanding (in shares) | 570,795 | 510,361 |
Note 6 - Stock-based Compensa39
Note 6 - Stock-based Compensation - Summary of Unvested Options (Details) | 3 Months Ended |
Jun. 30, 2017$ / sharesshares | |
Unvested (in shares) | shares | 373,766 |
Unvested (in dollars per share) | $ / shares | $ 22.49 |
Stock options granted (in shares) | shares | 93,435 |
Stock options granted (in dollars per share) | $ / shares | $ 38.83 |
Stock options forfeited (in shares) | shares | (5,866) |
Stock options forfeited (in dollars per share) | $ / shares | $ 27.95 |
Stock options vested (in shares) | shares | (76,154) |
Stock options vested (in dollars per share) | $ / shares | $ 20.92 |
Unvested (in shares) | shares | 385,181 |
Unvested (in dollars per share) | $ / shares | $ 28.14 |
Note 7 - Net Income Per Share40
Note 7 - Net Income Per Share (Details Textual) - shares | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Employee Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 117,000 | 184,000 |
Note 7 - Net Income Per Share -
Note 7 - Net Income Per Share - Computation of Net Income Per Share - Basic & Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Net income available for stockholders | $ 1,517 | $ 1,930 |
Weighted average outstanding shares of common stock (in shares) | 3,736 | 3,646 |
Dilutive effect of stock options (in shares) | 187 | 156 |
Common stock and equivalents (in shares) | 3,923 | 3,802 |
Basic (in dollars per share) | $ 0.41 | $ 0.53 |
Diluted (in dollars per share) | $ 0.39 | $ 0.51 |
Note 8 - Commitments and Cont42
Note 8 - Commitments and Contingencies (Details Textual) | Oct. 15, 2014USD ($) | Nov. 06, 2013 | Jun. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Oct. 15, 2014CAD |
Business Combination, Contingent Consideration, Liability | $ 118,000 | $ 116,000 | ||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | (437,000) | $ 111,000 | ||||||
Business Combination, Subsequent Adjustment to Initial Contingent Consideration Liability | 300,000 | |||||||
PCD [Member] | ||||||||
Business Combination, Contingent Consideration, Liability | $ 300,000 | |||||||
Business Combination, Payment of Contingent Consideration | $ 450,000 | $ 150,000 | ||||||
Business Acquisition, Earn Out Period for Determination of Contingent Consideration | 3 years | |||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low | CAD | CAD 0 | |||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 1,500,000 | |||||||
PCD [Member] | Other Expense, Net [Member] | ||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 450,000 | |||||||
Business Combination, Subsequent Adjustment to Initial Contingent Consideration Liability | $ 300,000 | |||||||
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 | |||||||
Amega Scientific Corporation [Member] | ||||||||
Business Acquisition, Earn Out Period for Determination of Contingent Consideration | 3 years |
Note 9 - Comprehensive Income -
Note 9 - Comprehensive Income - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Unrealized gains arising during the period | $ 751 | $ 50 |
Balance | (1,009) | (1,101) |
Balance | (1,760) | (1,151) |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||
Unrealized gains arising during the period | 751 | 50 |
Balance | (1,009) | (1,101) |
Balance | $ (1,760) | $ (1,151) |
Note 10 - Segment Information44
Note 10 - Segment Information (Details Textual) | 3 Months Ended |
Jun. 30, 2017USD ($) | |
Number of Operating Segments | 4 |
FRANCE | |
Long-Lived Assets | $ 6,712,000 |
CANADA | |
Long-Lived Assets | $ 21,214,000 |
Note 10 - Segment Information -
Note 10 - Segment Information - Operating Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | ||
Gross profit | $ 12,671 | $ 12,014 | |
Reconciling items | [1] | (11,368) | (9,845) |
Earnings before income taxes | 1,303 | 2,169 | |
Revenues | 22,673 | 21,114 | |
Biological Indicators [Member] | |||
Gross profit | 6,720 | 6,087 | |
Reconciling items | [1] | ||
Earnings before income taxes | |||
Revenues | 10,183 | 9,467 | |
Instruments [Member] | |||
Gross profit | 4,908 | 4,849 | |
Reconciling items | [1] | ||
Earnings before income taxes | |||
Revenues | 8,603 | 8,222 | |
Cold Chain Monitoring [Member] | |||
Gross profit | 894 | 667 | |
Reconciling items | [1] | ||
Earnings before income taxes | |||
Revenues | 2,917 | 2,317 | |
Cold Chain Packaging [Member] | |||
Gross profit | 149 | 411 | |
Reconciling items | [1] | ||
Earnings before income taxes | |||
Revenues | $ 970 | $ 1,108 | |
[1] | Reconciling items include selling, general and administrative, research and development, and other expenses. |
Note 10 - Segment Information46
Note 10 - Segment Information - Operating Segment Asset Reconciliation (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 |
Assets | $ 168,983 | $ 171,733 |
Corporate, Non-Segment [Member] | ||
Assets | 8,055 | 7,593 |
Biological Indicators [Member] | Operating Segments [Member] | ||
Assets | 69,430 | 67,233 |
Instruments [Member] | Operating Segments [Member] | ||
Assets | 36,449 | 40,805 |
Cold Chain Monitoring [Member] | Operating Segments [Member] | ||
Assets | 33,961 | 35,789 |
Cold Chain Packaging [Member] | Operating Segments [Member] | ||
Assets | $ 21,088 | $ 20,313 |
Note 10 - Segment Information47
Note 10 - Segment Information - Revenues From External Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Revenues | $ 22,673 | $ 21,114 |
UNITED STATES | ||
Revenues | 13,011 | 15,511 |
Foreign [Member] | ||
Revenues | $ 9,662 | $ 5,603 |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | Mar. 31, 2018 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | ||
Effective Income Tax Rate Reconciliation, Percent | (16.40%) | 11.00% | |
Scenario, Forecast [Member] | Minimum [Member] | |||
Effective Income Tax Rate Reconciliation, Percent | 35.00% | ||
Scenario, Forecast [Member] | Maximum [Member] | |||
Effective Income Tax Rate Reconciliation, Percent | 38.00% |
Note 12 - Subsequent Event (Det
Note 12 - Subsequent Event (Details Textual) | 1 Months Ended |
Jul. 31, 2017$ / shares | |
Subsequent Event [Member] | |
Common Stock, Dividends, Per Share, Declared | $ 0.16 |