Mesa Laboratories (MLAB) 10-Q 6 Nov 17 2018 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Sep. 30, 2017	Oct. 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)		3,779,749
Document Type	10-Q
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2017	Mar. 31, 2017
ASSETS
Cash and cash equivalents	$ 10,268	$ 5,820
Accounts receivable, less allowances of $245 and $252, respectively	12,187	14,319
Inventories, net	12,913	13,873
Prepaid income taxes	2,039	587
Prepaid expenses and other	1,975	1,186
Assets held for sale	1,934
Total current assets	41,316	35,785
Property, plant and equipment, net	23,760	26,002
Intangibles, net	35,443	37,790
Goodwill	73,414	72,156
Total assets	173,933	171,733
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable	2,036	2,168
Accrued salaries and payroll taxes	3,420	4,350
Unearned revenues	3,805	4,117
Current portion of contingent consideration	1,165	1,294
Other accrued expenses	2,649	2,999
Income taxes payable		514
Current portion of long-term debt	1,375	1,125
Total current liabilities	14,450	16,567
Deferred income taxes	3,698	3,554
Long-term debt, net of debt issuance costs and current portion	50,455	53,675
Contingent consideration	92	116
Total liabilities	68,695	73,912
Commitments and Contingencies (Note 8)
Stockholders’ equity:
Common stock, no par value; authorized 25,000,000 shares; issued and outstanding, 3,779,717 and 3,727,704 shares, respectively	28,974	25,925
Retained earnings	76,325	73,656
Accumulated other comprehensive loss	(61)	(1,760)
Total stockholders’ equity	105,238	97,821
Total liabilities and stockholders’ equity	$ 173,933	$ 171,733

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands	Sep. 30, 2017	Mar. 31, 2017
Allowance for doubtful accounts receivable	$ 245	$ 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)	3,779,717	3,727,704
Common stock, shares outstanding (in shares)	3,779,717	3,727,704

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenues	$ 22,954	$ 24,409	$ 45,627	$ 45,523
Cost of revenues	9,721	10,685	19,723	19,785
Gross profit	13,233	13,724	25,904	25,738
Operating expenses
Selling	2,288	2,694	4,967	5,118
General and administrative	6,412	5,973	13,269	11,953
Research and development	885	1,045	2,038	2,080
Total operating expenses	9,585	9,712	20,274	19,151
Operating income	3,648	4,012	5,630	6,587
Other expense, net	542	800	1,221	1,206
Earnings before income taxes	3,106	3,212	4,409	5,381
Income taxes	753	854	539	1,093
Net income	$ 2,353	$ 2,358	$ 3,870	$ 4,288
Net income per share:
Basic (in dollars per share)	$ 0.63	$ 0.64	$ 1.03	$ 1.17
Diluted (in dollars per share)	$ 0.60	$ 0.62	$ 0.98	$ 1.12
Weighted average common shares outstanding:
Basic (in shares)	3,764	3,669	3,754	3,657
Diluted (in shares)	3,935	3,831	3,934	3,816

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Net income	$ 2,353	$ 2,358	$ 3,870	$ 4,288
Other comprehensive income (loss), net of tax:
Foreign currency translation	948	(185)	1,699	(135)
Total comprehensive income	$ 3,301	$ 2,173	$ 5,569	$ 4,153

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities:
Net income	$ 3,870	$ 4,288
Depreciation and amortization	4,531	4,411
Stock-based compensation	985	841
Amortization of debt issuance costs	55
Deferred income taxes	144	138
Foreign currency adjustments	(533)	(28)
Gain on disposition of assets	(116)
Adjustment to contingent consideration	300
Change in assets and liabilities, net of effects of acquisitions
Accounts receivable, net	2,132	1,900
Inventories, net	960	(348)
Prepaid expenses and other	(2,241)	(509)
Accounts payable	(132)	661
Accrued liabilities and taxes payable	(1,819)	(5,392)
Unearned revenues	(312)	(39)
Contingent consideration	(456)	(4,594)
Net cash provided by operating activities	7,368	1,329
Cash flows from investing activities:
Acquisitions	(62)	(3,401)
Proceeds from sale of assets	1,133
Purchases of property, plant and equipment	(2,012)	(6,669)
Net cash used in investing activities	(941)	(10,070)
Cash flows from financing activities:
Proceeds from the issuance of debt	4,000	9,500
Payments on debt	(7,000)	(2,000)
Dividends	(1,201)	(1,169)
Proceeds from the exercise of stock options	2,064	1,767
Net cash (used in) provided by financing activities	(2,137)	8,098
Effect of exchange rate changes on cash and cash equivalents	158	18
Net increase (decrease) in cash and cash equivalents	4,448	(625)
Cash and cash equivalents at beginning of period	5,820	5,695
Cash and cash equivalents at end of period	10,268	5,070
Cash paid for:
Income taxes	2,446	3,140
Interest	1,007	588
Supplemental non-cash activity:
Contingent consideration as part of an acquisition		$ 1,822

Note 1 - Description of Busines

Note 1 - Description of Business and Summary of Significant Accounting Policies	6 Months Ended
	Sep. 30, 2017
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. various businesses are 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 where we can establish a strong presence and achieve high gross margins. We are organized into four ten provides testing services, along with the manufacturing and marketing of both biological and cleaning indicators, and the marketing of chemical indicators used to assess the effectiveness of sterilization and disinfection processes in the hospital, dental, medical device and pharmaceutical industries. Our Cold Chain 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 other laboratory and industrial environments. Our Cold Chain Monitoring Division also provides parameter (primarily temperature) monitoring of products during transport in a cold chain and consulting services such as compliance monitoring and validation or mapping of transport and storage containers. Our Cold Chain Packaging Division provides packaging development consulting services and thermal packaging products such as coolers, boxes, insulation materials and phase-change products to control temperature during transport. 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 for the year ended 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	6 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Mergers, Acquisitions and Dispositions Disclosures [Text Block]	Note 2 - Acquisition s For the six months ended September 30, 2017, $62,000, none 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations ).

Note 3 - Inventories

Note 3 - Inventories	6 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Inventory Disclosure [Text Block]	Note 3 Inventories Inventories consist of the following (in thousands): September 3 0 , 201 7 March 31, 201 7 Raw materials $ 10,293 $ 10,815 Work-in-process 464 342 Finished goods 3,605 3,604 Less: reserve (1,449 ) (888 ) $ 12,913 $ 13,873

Note 4 - Facility Relocation

Note 4 - Facility Relocation	6 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Restructuring and Related Activities Disclosure [Text Block]	Note 4 - Facility Relocation In August 2016, ned to shut down both our Omaha and Traverse City biological indicator manufacturing facilities and relocate those operations to the new Bozeman building. The move of those two March 2017 June 30 , 2018. $2,100,000 $725,000 March 31, 2017. $622,000 six September 30, 2017, $353,000 $269,000 six September 30, 2017: ● Retention bonuses for existing perso nnel of $259,000 ● Duplica tive employment costs of $97,000 ● Moving costs of $266,000 Facility relocation amoun ts accrued and paid for the six September 30, 2017 Balance at March 31, 2017 $ 673 Facility relocation expense 622 Cash payments (570 ) Balance at September 30, 2017 $ 725 In July 2017, $1,116,000 $116,000 six September 30, 2017. In July 2017, man facility up for sale. The assets associated with this facility are presented on the accompanying condensed consolidated balance sheets as of September 30, 2017

Note 5 - Long-term Debt

Note 5 - Long-term Debt	6 Months Ended
	Sep. 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): September 30 , 2017 March 31, 201 7 Line of credit ( 3.0% at September 30, 2017) $ 33,000 $ 35,500 Term loan (3.0% at September 30, 2017) 19,250 19,750 Less: discount (420 ) (450 ) Less: current portion (1,375 ) (1,125 ) Long-term portion $ 50,455 $ 53,675 On March 1, 2017, five $80,000,000 $20,000,000 $2,500,000 four $100,000,000. lity may Line of Credit and Term Loan indebtedness bears interest at either: ( 1 1.5% 2.50%; 2 ’s prime rate or the federal funds effective rate or the overnight bank funding rate plus 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. September 30, 2017. We incurred origination and debt issuance costs of $460,000 condensed consolidated balance sheets. As of September 30, 2017, Year E nding March 31, 201 8 $ 625 2019 1,625 2020 2,125 2021 2,625 2022 45,250 $ 52,250 In October 2017, $1,000,000 $7,000,000.

Note 6 - Stock-based Compensati

Note 6 - Stock-based Compensation	6 Months Ended
	Sep. 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 September 3 0 , Six Months E nded September 3 0 , 201 7 201 6 201 7 201 6 Total cost of stock-based compensation charged against income before income taxes $ 445 $ 412 $ 985 $ 841 Amount of income tax benefit recognized in earnings 108 110 120 171 Amount charged against net income $ 337 $ 302 $ 865 $ 670 Impact on net income per common share: Basic $ 0.09 $ 0.08 $ 0.23 $ 0.18 Diluted 0.09 0.08 $ 0.22 0.18 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 six September 30, 2017: Number of Shares 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 o ptions granted 95,605 123.09 5.5 Stock o ptions forfeited (40,661 ) 93.74 5.1 Stock o ptions expired (96 ) 97.78 4.5 Stock o ptions exercised (50,503 ) 61.09 -- Outstanding at September 30, 2017 514,706 84.58 4.8 $ 33,320 Exercisable at September 30, 2017 162,831 60.05 4.0 $ 14,536 The total intrinsic value of stock options exercised was $4,181,318 $3,218,000 six September 30, 2017 2016, A summary of the status of our unvested stock option shares as of September 30, 2017, Number of Shares Weighted- A verage Unvested at March 31, 201 6 373,766 $ 22.49 Stock o ptions granted 95,605 39.00 Stock o ptions forfeited (40,661 ) 26.84 Stock o ptions vested (76,835 ) 20.93 Unvested at September 30, 2017 351,875 28.41 As of September 30, 2017, $7,860,927 September 30, 2017, 740,379

Note 7 - Net Income Per Share

Note 7 - Net Income Per Share	6 Months Ended
	Sep. 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 compu tation of net income per share - basic and diluted (in thousands, except per share data): Three M onths E nded September 3 0 , Six M onths E nded September 3 0 , 201 7 201 6 201 7 201 6 Net income available for share holders $ 2,353 $ 2,358 $ 3,870 $ 4,288 Weighted average outstanding shares of common stock 3,764 3,669 3,754 3,657 Dilutive effect of stock options 171 162 180 159 Common stock and equivalents 3,935 3,831 3,934 3,816 Net income per share: Basic $ 0.63 $ 0.64 $ 1.03 $ 1.17 Diluted 0.60 0.62 0.98 1.12 For both the three six September 30, 2017, 111,000 For the three and six September 30, 2016, 112,000 120,000

Note 8 - Commitments and Contin

Note 8 - Commitments and Contingencies	6 Months Ended
	Sep. 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 , with payments made annually. Based upon both historical and projected growth rates, we initially recorded $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 six September 30, 2017. third October 2017)

Note 9 - Comprehensive Income

Note 9 - Comprehensive Income	6 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Comprehensive Income (Loss) Note [Text Block]	Note 9 - 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 June 30, 2017 $ (1,009 ) $ (1,009 ) Quarter ended September 30 , 2017: Unrealized gain arising during the period 948 948 Balance at September 30, 2017 $ (61 ) $ (61 ) Foreign Currency Translation AOCI Balance at June 30 , 2016 $ (1,101 ) $ (1,101 ) Quarter ended September 30, 2016: Unrealized loss arising during the period (185 ) (185 ) Balance at September 30 , 2016 $ (1,286 ) $ (1,286 ) Foreign Currency Translation AOCI Balance at March 31 , 2017 $ (1,760 ) $ (1,760 ) Six months ended September 30, 2017: Unrealized gain arising during the period 1,699 1,699 Balance at September 30 , 2017 $ (61 ) $ (61 ) Foreign Currency Translation AOCI Balance at March 31 , 2016 $ (1,151 ) $ (1,151 ) Six months ended September 30, 2016: Unrealized loss arising during the period (135 ) (135 ) Balance at September 30 , 2016 $ (1,286 ) $ (1,286 )

Note 10 - Segment Information

Note 10 - Segment Information	6 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	Note 10 - S egment Information We have four Sterilization and Disinfection Control (formerly named Biological Indicators), Instruments, Cold Chain Monitoring and Cold Chain Packaging. The following tables set forth our segment information (in thousands): Three Months Ended September 30, 2017 Sterilization and Disinfection Control Instruments Cold Chain Monitoring Cold Chain Packaging Total Revenues $ 9,985 $ 7,983 $ 3,151 $ 1,835 $ 22,954 Gross profit $ 6,822 $ 4,963 $ 1,193 $ 255 13,233 Reconciling items (1) (10,127 ) Earnings before income taxes $ 3,106 Three Months Ended September 30, 2016 Sterilization and Disinfection Control Instruments Cold Chain Monitoring Cold Chain Packaging Total Revenues $ 8,897 $ 8,693 $ 3,545 $ 3,274 $ 24,409 Gross profit $ 5,833 $ 5,326 $ 1,657 $ 908 13,724 Reconciling items (1) (10,512 ) Earnings before income taxes $ 3,212 Six Months Ended September 30, 2017 Sterilization and Disinfection Control Instruments Cold Chain Monitoring Cold Chain Packaging Total Revenues $ 20,168 $ 16,586 $ 6,068 $ 2,805 $ 45,627 Gross profit $ 13,542 $ 9,871 $ 2,087 $ 404 25,904 Reconciling items (1) (21,495 ) Earnings before income taxes $ 4,409 Six Months Ended September 30, 2016 Sterilization and Disinfection Control Instruments Cold Chain Monitoring Cold Chain Packaging Total Revenues $ 18,364 $ 16,915 $ 5,862 $ 4,382 $ 45,523 Gross profit $ 11,920 $ 10,175 $ 2,324 $ 1,319 25,738 Reconciling items (1) (20,357 ) Earnings before income taxes $ 5,381 ( 1 Reconciling items include selling, general and administrative, research and development, and other expenses September 3 0 , 201 7 March 31, 201 7 Total assets (in thousands): Sterilization and Disinfection Control $ 67,374 $ 67,233 Instruments 34,729 40,805 Cold Chain Monitoring 34,206 35,789 Cold Chain Packaging 21,763 20,313 Corporate and administrative 15,861 7,593 $ 173,933 $ 171,733 All long-lived assets are located in the United State s except for $5,730,000 $21,968,000 R evenues 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 September 3 0 , Six Months Ended September 3 0 , 201 7 201 6 201 7 201 6 Net revenues from unaffiliated customers: United States $ 14,432 $ 15,403 $ 27,443 $ 30,914 Foreign 8,522 9,006 18,184 14,609 $ 22,954 $ 24,409 $ 45,627 $ 45,523 No foreign country exceeds 10

Note 11 - Income Taxes

Note 11 - Income Taxes	6 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 11 - Income Taxes 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 pre-tax income and the jurisdictions to which it relates, changes in tax laws and foreign tax holidays, the impact of excess tax benefits and deficiencies associated with share-based payment awards to employees, settlements with taxing authorities and foreign currency fluctuations. Our effective income tax rate was 24.2 26.6 three September 30, 2017 2016, 12.2 20.3 six September 30, 2017 2016, three six September 30, 2017 34 three six September 30, 2017), March 31, 2018 36 39 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	6 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Subsequent Events [Text Block]	Note 1 2 - Subsequent Event In October 2017, $0.16 December 15, 2017, November 30, 2017.

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Sep. 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 for the year ended 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)	6 Months Ended
	Sep. 30, 2017
Notes Tables
Schedule of Inventory, Current [Table Text Block]	September 3 0 , 201 7 March 31, 201 7 Raw materials $ 10,293 $ 10,815 Work-in-process 464 342 Finished goods 3,605 3,604 Less: reserve (1,449 ) (888 ) $ 12,913 $ 13,873

Note 4 - Facility Relocation (T

Note 4 - Facility Relocation (Tables)	6 Months Ended
	Sep. 30, 2017
Notes Tables
Schedule of Restructuring Reserve by Type of Cost [Table Text Block]	Balance at March 31, 2017 $ 673 Facility relocation expense 622 Cash payments (570 ) Balance at September 30, 2017 $ 725

Note 5 - Long-term Debt (Tables

Note 5 - Long-term Debt (Tables)	6 Months Ended
	Sep. 30, 2017
Notes Tables
Schedule of Debt [Table Text Block]	September 30 , 2017 March 31, 201 7 Line of credit ( 3.0% at September 30, 2017) $ 33,000 $ 35,500 Term loan (3.0% at September 30, 2017) 19,250 19,750 Less: discount (420 ) (450 ) Less: current portion (1,375 ) (1,125 ) Long-term portion $ 50,455 $ 53,675
Schedule of Maturities of Long-term Debt [Table Text Block]	Year E nding March 31, 201 8 $ 625 2019 1,625 2020 2,125 2021 2,625 2022 45,250 $ 52,250

Note 6 - Stock-based Compensa23

Note 6 - Stock-based Compensation (Tables)	6 Months Ended
	Sep. 30, 2017
Notes Tables
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]	Three Months E nded September 3 0 , Six Months E nded September 3 0 , 201 7 201 6 201 7 201 6 Total cost of stock-based compensation charged against income before income taxes $ 445 $ 412 $ 985 $ 841 Amount of income tax benefit recognized in earnings 108 110 120 171 Amount charged against net income $ 337 $ 302 $ 865 $ 670 Impact on net income per common share: Basic $ 0.09 $ 0.08 $ 0.23 $ 0.18 Diluted 0.09 0.08 $ 0.22 0.18
Share-based Compensation, Stock Options, Activity [Table Text Block]	Number of Shares 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 o ptions granted 95,605 123.09 5.5 Stock o ptions forfeited (40,661 ) 93.74 5.1 Stock o ptions expired (96 ) 97.78 4.5 Stock o ptions exercised (50,503 ) 61.09 -- Outstanding at September 30, 2017 514,706 84.58 4.8 $ 33,320 Exercisable at September 30, 2017 162,831 60.05 4.0 $ 14,536
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	Number of Shares Weighted- A verage Unvested at March 31, 201 6 373,766 $ 22.49 Stock o ptions granted 95,605 39.00 Stock o ptions forfeited (40,661 ) 26.84 Stock o ptions vested (76,835 ) 20.93 Unvested at September 30, 2017 351,875 28.41

Note 7 - Net Income Per Share (

Note 7 - Net Income Per Share (Tables)	6 Months Ended
	Sep. 30, 2017
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three M onths E nded September 3 0 , Six M onths E nded September 3 0 , 201 7 201 6 201 7 201 6 Net income available for share holders $ 2,353 $ 2,358 $ 3,870 $ 4,288 Weighted average outstanding shares of common stock 3,764 3,669 3,754 3,657 Dilutive effect of stock options 171 162 180 159 Common stock and equivalents 3,935 3,831 3,934 3,816 Net income per share: Basic $ 0.63 $ 0.64 $ 1.03 $ 1.17 Diluted 0.60 0.62 0.98 1.12

Note 9 - Comprehensive Income (

Note 9 - Comprehensive Income (Tables)	6 Months Ended
	Sep. 30, 2017
Notes Tables
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Foreign Currency Translation AOCI Balance at June 30, 2017 $ (1,009 ) $ (1,009 ) Quarter ended September 30 , 2017: Unrealized gain arising during the period 948 948 Balance at September 30, 2017 $ (61 ) $ (61 ) Foreign Currency Translation AOCI Balance at June 30 , 2016 $ (1,101 ) $ (1,101 ) Quarter ended September 30, 2016: Unrealized loss arising during the period (185 ) (185 ) Balance at September 30 , 2016 $ (1,286 ) $ (1,286 ) Foreign Currency Translation AOCI Balance at March 31 , 2017 $ (1,760 ) $ (1,760 ) Six months ended September 30, 2017: Unrealized gain arising during the period 1,699 1,699 Balance at September 30 , 2017 $ (61 ) $ (61 ) Foreign Currency Translation AOCI Balance at March 31 , 2016 $ (1,151 ) $ (1,151 ) Six months ended September 30, 2016: Unrealized loss arising during the period (135 ) (135 ) Balance at September 30 , 2016 $ (1,286 ) $ (1,286 )

Note 10 - Segment Information (

Note 10 - Segment Information (Tables)	6 Months Ended
	Sep. 30, 2017
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended September 30, 2017 Sterilization and Disinfection Control Instruments Cold Chain Monitoring Cold Chain Packaging Total Revenues $ 9,985 $ 7,983 $ 3,151 $ 1,835 $ 22,954 Gross profit $ 6,822 $ 4,963 $ 1,193 $ 255 13,233 Reconciling items (1) (10,127 ) Earnings before income taxes $ 3,106 Three Months Ended September 30, 2016 Sterilization and Disinfection Control Instruments Cold Chain Monitoring Cold Chain Packaging Total Revenues $ 8,897 $ 8,693 $ 3,545 $ 3,274 $ 24,409 Gross profit $ 5,833 $ 5,326 $ 1,657 $ 908 13,724 Reconciling items (1) (10,512 ) Earnings before income taxes $ 3,212 Six Months Ended September 30, 2017 Sterilization and Disinfection Control Instruments Cold Chain Monitoring Cold Chain Packaging Total Revenues $ 20,168 $ 16,586 $ 6,068 $ 2,805 $ 45,627 Gross profit $ 13,542 $ 9,871 $ 2,087 $ 404 25,904 Reconciling items (1) (21,495 ) Earnings before income taxes $ 4,409 Six Months Ended September 30, 2016 Sterilization and Disinfection Control Instruments Cold Chain Monitoring Cold Chain Packaging Total Revenues $ 18,364 $ 16,915 $ 5,862 $ 4,382 $ 45,523 Gross profit $ 11,920 $ 10,175 $ 2,324 $ 1,319 25,738 Reconciling items (1) (20,357 ) Earnings before income taxes $ 5,381
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	September 3 0 , 201 7 March 31, 201 7 Total assets (in thousands): Sterilization and Disinfection Control $ 67,374 $ 67,233 Instruments 34,729 40,805 Cold Chain Monitoring 34,206 35,789 Cold Chain Packaging 21,763 20,313 Corporate and administrative 15,861 7,593 $ 173,933 $ 171,733
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]	Three M onths E nded September 3 0 , Six Months Ended September 3 0 , 201 7 201 6 201 7 201 6 Net revenues from unaffiliated customers: United States $ 14,432 $ 15,403 $ 27,443 $ 30,914 Foreign 8,522 9,006 18,184 14,609 $ 22,954 $ 24,409 $ 45,627 $ 45,523

Note 1 - Description of Busin27

Note 1 - Description of Business and Summary of Significant Accounting Policies (Details Textual)	6 Months Ended
	Sep. 30, 2017
Number of Operating Segments	4
Number of Physical Locations in Which Entity is Organized	10

Note 2 - Acquisitions (Details

Note 2 - Acquisitions (Details Textual)	6 Months Ended
	Sep. 30, 2017USD ($)
Series of Individually Immaterial Business Acquisitions [Member]
Business Combination, Consideration Transferred	$ 62,000

Note 3 - Inventories - Summary

Note 3 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Mar. 31, 2017
Raw materials	$ 10,293	$ 10,815
Work-in-process	464	342
Finished goods	3,605	3,604
Less: reserve	(1,449)	(888)
Total	$ 12,913	$ 13,873

Note 4 - Facility Relocation (D

Note 4 - Facility Relocation (Details Textual) - USD ($)	1 Months Ended	6 Months Ended		12 Months Ended
	Jul. 31, 2017	Sep. 30, 2017	Sep. 30, 2016	Mar. 31, 2017
Proceeds from Sale of Property, Plant, and Equipment		$ 1,133,000
Gain (Loss) on Disposition of Property Plant Equipment		116,000
Relocation of Omaha and Traverse City Biological Indicator Manufacturing Facilities [Member]
Restructuring and Related Cost, Expected Cost				$ 2,100,000
Restructuring Charges		622,000
Relocation of Omaha and Traverse City Biological Indicator Manufacturing Facilities [Member] | Building [Member]
Proceeds from Sale of Property, Plant, and Equipment	$ 1,116,000
Gain (Loss) on Disposition of Property Plant Equipment	$ 116,000
Relocation of Omaha and Traverse City Biological Indicator Manufacturing Facilities [Member] | Facility Relocation, Retention Bonuses for Existing Personnel [Member] | Sterilzation and Disinfection Control [Member]
Restructuring Charges		259,000
Relocation of Omaha and Traverse City Biological Indicator Manufacturing Facilities [Member] | Facility Relocation, Duplicative Employment Costs [Member] | Sterilzation and Disinfection Control [Member]
Restructuring Charges		97,000
Relocation of Omaha and Traverse City Biological Indicator Manufacturing Facilities [Member] | Facility Relocation, Moving Costs [Member] | Sterilzation and Disinfection Control [Member]
Restructuring Charges		266,000
Relocation of Omaha and Traverse City Biological Indicator Manufacturing Facilities [Member] | Cost of Sales [Member]
Restructuring Charges		353,000		$ 725,000
Relocation of Omaha and Traverse City Biological Indicator Manufacturing Facilities [Member] | General and Administrative Expense [Member]
Restructuring Charges		$ 269,000

Note 4 - Facility Relocation -

Note 4 - Facility Relocation - Facility Relocation Costs (Details) - Relocation of Omaha and Traverse City Biological Indicator Manufacturing Facilities [Member]	6 Months Ended
	Sep. 30, 2017USD ($)
Beginning balance	$ 673,000
Facility relocation expense	622,000
Cash payments	(570,000)
Ending balance	$ 725,000

Note 5 - Long-term Debt (Detail

Note 5 - Long-term Debt (Details Textual)	Oct. 10, 2017USD ($)	Mar. 01, 2017USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)	Feb. 28, 2022USD ($)
Debt Issuance Costs, Gross		$ 460,000
Repayments of Debt			$ 7,000,000	$ 2,000,000
Proceeds from Long-term Lines of Credit			$ 4,000,000	$ 9,500,000
Subsequent Event [Member]
Repayments of Debt	$ 1,000,000
Proceeds from Long-term Lines of Credit	$ 7,000,000
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
Debt Instrument, Periodic Payment, Principal					$ 250,000
Line of Credit Facility, Annual Increase (Decrease) in Periodic Payment, Principal					$ 125,000
Credit Facility [Member] | Term Loan [Member] | Scenario, Forecast [Member]
Debt Instrument, Periodic Payment, Principal						$ 750,000
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]
Debt Instrument, Term		5 years
Line of Credit Facility, Maximum Borrowing Capacity		$ 80,000,000
Line of Credit Facility, Additional Maximum Borrowing Capacity		100,000,000
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	Sep. 30, 2017	Mar. 31, 2017
Long-term debt	$ 52,250
Less: discount	(420)	$ (450)
Less: current portion	(1,375)	(1,125)
Long-term portion	50,455	53,675
Line of Credit [Member]
Long-term debt	33,000	35,500
Term Loan [Member]
Long-term debt	$ 19,250	$ 19,750

Note 5 - Long-term Debt - Com34

Note 5 - Long-term Debt - Components of Long-term Debt (Details) (Parentheticals)	Sep. 30, 2017
Line of Credit [Member]
Line of credit, interest rate at end of period	3.00%
Term Loan [Member]
Term loan, interest rate at end of period	3.00%

Note 5 - Long-term Debt - Futur

Note 5 - Long-term Debt - Future Contractual Maturities of Debt (Details) $ in Thousands	Sep. 30, 2017USD ($)
2,018	$ 625
2,019	1,625
2,020	2,125
2,021	2,625
2,022	45,250
Total	$ 52,250

Note 6 - Stock-based Compensa36

Note 6 - Stock-based Compensation (Details Textual) - USD ($)	6 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value	$ 4,181,318	$ 3,218,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 7,860,927
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	740,379

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		6 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Total cost of stock-based compensation charged against income before income taxes	$ 445	$ 412	$ 985	$ 841
Amount of income tax benefit recognized in earnings	108	110	120	171
Amount charged against net income	$ 337	$ 302	$ 865	$ 670
Basic (in dollars per share)	$ 0.09	$ 0.08	$ 0.23	$ 0.18
Diluted (in dollars per share)	$ 0.09	$ 0.08	$ 0.22	$ 0.18

Note 6 - Stock-based Compensa38

Note 6 - Stock-based Compensation - Summary of Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Sep. 30, 2017	Mar. 31, 2017
Outstanding (in shares)	510,361
Outstanding (in dollars per share)	$ 75.78
Outstanding (Year)	4 years 292 days	5 years
Outstanding	$ 33,320	$ 23,956
Stock options granted (in shares)	95,605
Stock options granted (in dollars per share)	$ 123.09
Stock options granted (Year)	5 years 182 days
Stock options forfeited (in shares)	(40,661)
Stock options forfeited (in dollars per share)	$ 93.74
Stock options forfeited (Year)	5 years 36 days
Stock options expired (in shares)	(96)
Stock options expired (in dollars per share)	$ 97.78
Stock options expired (Year)	4 years 182 days
Stock options exercised (in shares)	(50,503)
Stock options exercised (in dollars per share)	$ 61.09
Outstanding (in shares)	514,706	510,361
Outstanding (in dollars per share)	$ 84.58	$ 75.78
Exercisable (in shares)	162,831
Exercisable (in dollars per share)	$ 60.05
Exercisable (Year)	4 years
Exercisable	$ 14,536

Note 6 - Stock-based Compensa39

Note 6 - Stock-based Compensation - Summary of Unvested Options (Details)	6 Months Ended
	Sep. 30, 2017$ / sharesshares
Unvested (in shares) | shares	373,766
Unvested (in dollars per share) | $ / shares	$ 22.49
Stock options granted (in shares) | shares	95,605
Stock options granted (in dollars per share) | $ / shares	$ 39
Stock options forfeited (in shares) | shares	(40,661)
Stock options forfeited (in dollars per share) | $ / shares	$ 26.84
Stock options vested (in shares) | shares	(76,835)
Stock options vested (in dollars per share) | $ / shares	$ 20.93
Unvested (in shares) | shares	351,875
Unvested (in dollars per share) | $ / shares	$ 28.41

Note 7 - Net Income Per Share40

Note 7 - Net Income Per Share (Details Textual) - shares	3 Months Ended		6 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	111,000	112,000	111,000	120,000

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		6 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Net income available for shareholders	$ 2,353	$ 2,358	$ 3,870	$ 4,288
Weighted average outstanding shares of common stock (in shares)	3,764	3,669	3,754	3,657
Dilutive effect of stock options (in shares)	171	162	180	159
Common stock and equivalents (in shares)	3,935	3,831	3,934	3,816
Basic (in dollars per share)	$ 0.63	$ 0.64	$ 1.03	$ 1.17
Diluted (in dollars per share)	$ 0.60	$ 0.62	$ 0.98	$ 1.12

Note 8 - Commitments and Cont42

Note 8 - Commitments and Contingencies (Details Textual) - USD ($)	Oct. 15, 2014	Nov. 06, 2013	Sep. 30, 2017	Sep. 30, 2016	Mar. 31, 2017	Mar. 31, 2016
Business Combination, Contingent Consideration, Liability			$ 92,000		$ 116,000
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability			(456,000)	$ (4,594,000)
Business Combination, Subsequent Adjustment to Initial Contingent Consideration Liability			300,000
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
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		6 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Balance	$ (1,009)	$ (1,101)	$ (1,760)	$ (1,151)
Unrealized gain arising during the period	948	(185)	1,699	(135)
Balance	(61)	(1,286)	(61)	(1,286)
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Balance	(1,009)	(1,101)	(1,760)	(1,151)
Unrealized gain arising during the period	948	(185)	1,699	(135)
Balance	$ (61)	$ (1,286)	$ (61)	$ (1,286)

Note 10 - Segment Information44

Note 10 - Segment Information (Details Textual)	6 Months Ended
	Sep. 30, 2017USD ($)
Number of Operating Segments	4
FRANCE
Long-Lived Assets	$ 5,730,000
CANADA
Long-Lived Assets	$ 21,968,000

Note 10 - Segment Information -

Note 10 - Segment Information - Operating Segment Information (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenues		$ 22,954	$ 24,409	$ 45,627	$ 45,523
Gross profit		13,233	13,724	25,904	25,738
Reconciling items	[1]	(10,127)	(10,512)	(21,495)	(20,357)
Earnings before income taxes		3,106	3,212	4,409	5,381
Sterilzation and Disinfection Control [Member]
Revenues		9,985	8,897	20,168	18,364
Gross profit		6,822	5,833	13,542	11,920
Reconciling items	[1]
Earnings before income taxes
Instruments [Member]
Revenues		7,983	8,693	16,586	16,915
Gross profit		4,963	5,326	9,871	10,175
Reconciling items	[1]
Earnings before income taxes
Cold Chain Monitoring [Member]
Revenues		3,151	3,545	6,068	5,862
Gross profit		1,193	1,657	2,087	2,324
Reconciling items	[1]
Earnings before income taxes
Cold Chain Packaging [Member]
Revenues		1,835	3,274	2,805	4,382
Gross profit		255	908	404	1,319
Reconciling items	[1]
Earnings before income taxes
[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	Sep. 30, 2017	Mar. 31, 2017
Assets	$ 173,933	$ 171,733
Corporate, Non-Segment [Member]
Assets	15,861	7,593
Sterilzation and Disinfection Control [Member] | Operating Segments [Member]
Assets	67,374	67,233
Instruments [Member] | Operating Segments [Member]
Assets	34,729	40,805
Cold Chain Monitoring [Member] | Operating Segments [Member]
Assets	34,206	35,789
Cold Chain Packaging [Member] | Operating Segments [Member]
Assets	$ 21,763	$ 20,313

Note 10 - Segment Information47

Note 10 - Segment Information - Revenues From External Customers (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenues	$ 22,954	$ 24,409	$ 45,627	$ 45,523
UNITED STATES
Revenues	14,432	15,403	27,443	30,914
Foreign [Member]
Revenues	$ 8,522	$ 9,006	$ 18,184	$ 14,609

Note 11 - Income Taxes (Details

Note 11 - Income Taxes (Details Textual)	3 Months Ended		6 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Mar. 31, 2018
Effective Income Tax Rate Reconciliation, Percent	24.20%	26.60%	12.20%	20.30%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	34.00%		34.00%
Scenario, Forecast [Member] | Minimum [Member]
Effective Income Tax Rate Reconciliation, Percent					36.00%
Scenario, Forecast [Member] | Maximum [Member]
Effective Income Tax Rate Reconciliation, Percent					39.00%

Note 12 - Subsequent Event (Det

Note 12 - Subsequent Event (Details Textual)	1 Months Ended
	Oct. 31, 2017$ / shares
Subsequent Event [Member]
Common Stock, Dividends, Per Share, Declared	$ 0.16