Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Dec. 31, 2017 | Jan. 26, 2018 | |
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) | 3,783,158 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2017 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Dec. 31, 2017 | Mar. 31, 2017 |
ASSETS | ||
Cash and cash equivalents | $ 5,843 | $ 5,820 |
Accounts receivable, less allowances of $201 and $252, respectively | 12,361 | 14,319 |
Inventories, net | 10,454 | 13,873 |
Prepaid income taxes | 2,158 | 587 |
Prepaid expenses and other | 1,339 | 1,186 |
Assets held for sale | 1,934 | |
Total current assets | 34,089 | 35,785 |
Property, plant and equipment, net | 23,956 | 26,002 |
Intangibles, net | 44,436 | 37,790 |
Goodwill | 65,296 | 72,156 |
Total assets | 167,777 | 171,733 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Accounts payable | 2,029 | 2,168 |
Accrued salaries and payroll taxes | 3,235 | 4,350 |
Unearned revenues | 3,675 | 4,117 |
Current portion of contingent consideration | 709 | 1,294 |
Other accrued expenses | 3,249 | 2,999 |
Income taxes payable | 514 | |
Current portion of long-term debt | 1,500 | 1,125 |
Total current liabilities | 14,397 | 16,567 |
Deferred income taxes | 4,115 | 3,554 |
Long-term debt, net of debt issuance costs and current portion | 54,608 | 53,675 |
Other long-term liabilities | 210 | 116 |
Total liabilities | 73,330 | 73,912 |
Commitments and Contingencies (Note 9) | ||
Stockholders’ equity: | ||
Common stock, no par value; authorized 25,000,000 shares; issued and outstanding, 3,781,806 and 3,727,704 shares, respectively | 29,694 | 25,925 |
Retained earnings | 64,633 | 73,656 |
Accumulated other comprehensive income (loss) | 120 | (1,760) |
Total stockholders’ equity | 94,447 | 97,821 |
Total liabilities and stockholders’ equity | $ 167,777 | $ 171,733 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Dec. 31, 2017 | Mar. 31, 2017 |
Allowance for doubtful accounts receivable | $ 201 | $ 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) | 3,781,806 | 3,727,704 |
Common stock, shares outstanding (in shares) | 3,781,806 | 3,727,704 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues | $ 23,671 | $ 23,843 | $ 69,298 | $ 69,366 |
Cost of revenues | 10,990 | 10,306 | 30,713 | 30,091 |
Gross profit | 12,681 | 13,537 | 38,585 | 39,275 |
Operating expenses | ||||
Selling | 1,942 | 2,409 | 6,909 | 7,527 |
General and administrative | 6,256 | 5,881 | 19,525 | 17,834 |
Research and development | 752 | 861 | 2,790 | 2,941 |
Impairment loss on goodwill | 13,819 | 13,819 | ||
Total operating expenses | 22,769 | 9,151 | 43,043 | 28,302 |
Operating (loss) income | (10,088) | 4,386 | (4,458) | 10,973 |
Other expense, net | 438 | 506 | 1,659 | 1,712 |
(Loss) earnings before income taxes | (10,526) | 3,880 | (6,117) | 9,261 |
Income taxes | 560 | 628 | 1,099 | 1,721 |
Net (loss) income | $ (11,086) | $ 3,252 | $ (7,216) | $ 7,540 |
Net (loss) income per share: | ||||
Basic (in dollars per share) | $ (2.93) | $ 0.88 | $ (1.92) | $ 2.06 |
Diluted (in dollars per share) | $ (2.93) | $ 0.84 | $ (1.92) | $ 1.97 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 3,781 | 3,688 | 3,765 | 3,668 |
Diluted (in shares) | 3,781 | 3,868 | 3,765 | 3,835 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net (loss) income | $ (11,086) | $ 3,252 | $ (7,216) | $ 7,540 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation | 181 | (634) | 1,880 | (769) |
Total comprehensive (loss) income | $ (10,905) | $ 2,618 | $ (5,336) | $ 6,771 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (7,216) | $ 7,540 |
Depreciation and amortization | 6,981 | 6,609 |
Stock-based compensation | 1,423 | 1,221 |
Amortization of debt issuance costs | 83 | |
Impairment loss on goodwill | 13,819 | |
Change in inventory reserve | 2,120 | (507) |
Deferred income taxes | (1,077) | 418 |
Foreign currency adjustments | (255) | (17) |
Gain on disposition of assets | (116) | |
Adjustment to contingent consideration | 300 | |
Change in assets and liabilities, net of effects of acquisitions | ||
Accounts receivable, net | 2,621 | 2,369 |
Inventories | 1,414 | 97 |
Prepaid expenses and other | (1,687) | (1,094) |
Accounts payable | (139) | 96 |
Accrued liabilities and taxes payable | (1,751) | (4,401) |
Unearned revenues | (442) | (484) |
Contingent consideration | (905) | (5,076) |
Net cash provided by operating activities | 15,173 | 6,771 |
Cash flows from investing activities: | ||
Acquisitions | (15,433) | (6,618) |
Proceeds from sale of assets | 1,133 | |
Purchases of property, plant and equipment | (2,540) | (9,367) |
Net cash used in investing activities | (16,840) | (15,985) |
Cash flows from financing activities: | ||
Proceeds from the issuance of debt | 11,000 | 11,500 |
Payments on debt | (9,750) | (3,750) |
Dividends | (1,807) | (1,760) |
Proceeds from the exercise of stock options | 2,346 | 2,815 |
Net cash provided by financing activities | 1,789 | 8,805 |
Effect of exchange rate changes on cash and cash equivalents | (99) | 119 |
Net increase (decrease) in cash and cash equivalents | 23 | (290) |
Cash and cash equivalents at beginning of period | 5,820 | 5,695 |
Cash and cash equivalents at end of period | 5,843 | 5,405 |
Cash paid for: | ||
Income taxes | 4,191 | 4,188 |
Interest | 1,477 | 913 |
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 | 9 Months Ended |
Dec. 31, 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 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 ontinue our assessment, we are also identifying and preparing to implement minor changes to our accounting policies and practices, business processes, systems and controls to support the new revenue recognition and disclosure requirements. Our assessment will be completed during the year ending March 31, 2018. In January 2017, 2017 04, Intangibles – Goodwill and Other 2017 04 2017 04 April 1, 2017. |
Note 2 - Acquisitions
Note 2 - Acquisitions | 9 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | Note 2 – Acquisition s For the nine months ended December 31, 2017, $15,433,000, none 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations ). |
Note 3 - Impairment Loss on Goo
Note 3 - Impairment Loss on Goodwill | 9 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 3 – Impairment Loss on Goodwill During the nine December 31, 2017, one three December 31, 2017 $13,819,000 three nine December 31, 2017. $1,434,000 $4,340,000, December 31, 2017. |
Note 4 - Inventories
Note 4 - Inventories | 9 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 4 - Inventories Inventories consist of the following (in thousands): December 3 1 , 201 7 March 31, 201 7 Raw materials $ 9,886 $ 10,815 Work-in-process 411 342 Finished goods 3,165 3,604 Less: reserve (3,008 ) (888 ) $ 10,454 $ 13,873 |
Note 5 - Facility Relocation
Note 5 - Facility Relocation | 9 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | Note 5 – Facility Relocation In August 2016, ned to shut down both our Omaha and Traverse City 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. $772,000 nine December 31, 2017, $503,000 $269,000 nine December 31, 2017: ● Retention bonuses for existing perso nnel of $305,000 ● Duplica tive employment costs of $97,000 ● Moving costs of $ 370,000 Facility relocation amoun ts accrued and paid for the nine December 31, 2017 Balance at March 31, 2017 $ 673 Facility relocation expense 772 Cash payments (1,082 ) Balance at December 31 , 2017 $ 363 In July 2017, $1,116,000 $116,000 nine December 31, 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 December 31, 2017 |
Note 6 - Long-term Debt
Note 6 - Long-term Debt | 9 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 6 - Long-T erm Debt Long-term debt consists of the following (in thousands): December 31 , 2017 March 31, 201 7 Line of credit ( 3.44% at December 31, 2017) $ 37,500 $ 35,500 Term loan (3.63% at December 31, 2017) 19,000 19,750 Less: discount (392 ) (450 ) Less: current portion (1,500 ) (1,125 ) Long-term portion $ 54,608 $ 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 in the agreement, plus an applicable margin ranging from 1.50% 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 in the agreement, of less than 3.0 1.0, may $20,000,000, 3.50 1.00 four 3.25 1.00 four 1.25 1.0. December 31, 2017. We incurred origination and debt issuance costs of $460,000 condensed consolidated balance sheets. As of December 31 , 2017, Year E nding March 31, 201 8 $ 375 2019 1,625 2020 2,125 2021 2,625 2022 49,750 $ 56,500 In January 2018, $3,500,000 |
Note 7 - Stock-based Compensati
Note 7 - Stock-based Compensation | 9 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 7 - 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 3 1 , Nine Months E nded December 3 1 , 201 7 201 6 201 7 201 6 Total cost of stock-based compensation charged against ( loss) income before income taxes $ 438 $ 380 $ 1,423 $ 1,221 Amount of income tax (expense) benefit recognized in earnings (99 ) 328 893 1,027 Amount charged against net (loss) income $ 537 $ 52 $ 530 $ 194 Impact on net (loss) income per common share: Basic $ 0.14 $ 0.01 $ 0.14 $ 0.05 Diluted 0.14 0.01 $ 0.14 0.05 Stock-based compensation expense is included in cost of revenues, selling, and general and administrative expense in the accompanying condensed consolidated statements of operations. 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, 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 5.3 Stock o ptions forfeited (52,833 ) 95.29 4.8 Stock o ptions expired (964 ) 79.87 3.1 Stock o ptions exercised (51,496 ) 61.27 -- Outstanding at December 31, 2017 500,673 84.24 4.5 $ 20,092 Exercisable at December 31, 2017 164,475 60.13 3.8 $ 10,554 The total intrinsic value of stock options exercised was $4,243,000 $4,701,000 nine December 31, 2017 2016, A summary of the status of our unvested stock option shares as of December 31, 2017, Number of Shares Weighted- A verage Unvested at March 31, 201 7 373,766 $ 22.49 Stock o ptions granted 95,605 39.00 Stock o ptions forfeited (52,833 ) 27.42 Stock o ptions vested (80,340 ) 20.85 Unvested at December 31, 2017 336,198 28.47 As of December 31, 2017, 8, 400 five seven No December 31, 2017. As of December 31, 2017, $7,513,000 December 31, 2017, 749,608 |
Note 8 - Net (Loss) Income Per
Note 8 - Net (Loss) Income Per Share | 9 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 8 - Net (Loss) Income Per Share Basic net (loss) income per share is computed by dividing net income by the weighted-average number of common shares outstanding during the reporting period. Diluted net (loss) income per share is computed similarly to basic net (loss) 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 (loss) income per share - basic and diluted (in thousands, except per share data): Three M onths E nded December 3 1 , Nine M onths E nded December 3 1 , 201 7 201 6 201 7 201 6 Net (loss) income available for shareholders $ (11,086 ) $ 3,252 $ (7,216 ) $ 7,540 Weighted average outstanding shares of common stock 3,781 3,688 3,765 3,668 Dilutive effect of stock options -- 180 -- 167 Common stock and equivalents 3,781 3,868 3,765 3,835 Net (loss) income per share: Basic $ (2.93 ) $ 0.88 $ (1.92 ) $ 2.06 Diluted (2.93 ) 0.84 (1.92 ) 1.97 For both the three nine December 31, 2017, 501,000 For the three and nine December 31, 2016, 3,000 110,000 |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 9 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 9 - Commitments and Contingencies Under the terms of the PCD Agreement, we were 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 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 nine December 31, 2017. $450,000 November 2017. |
Note 10 - Accumulated Other Com
Note 10 - Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 10 Accumulated Other Comprehensive Income (Loss) The following table summarizes the changes in each component of accumulated other comprehensive income (loss) (“AOCI”), net of tax (in thousands): Foreign Currency Translation AOCI Balance at September 30, 2017 $ (61 ) $ (61 ) Quarter ended December 31 , 2017: Unrealized gain arising during the period 181 181 Balance at December 31, 2017 $ 120 $ 120 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 March 31 , 2017 $ (1,760 ) $ (1,760 ) Nine months ended December 31 , 2017: Unrealized gain arising during the period 1,880 1,880 Balance at December 31 , 2017 $ 120 $ 120 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 ) |
Note 11 - Segment Information
Note 11 - Segment Information | 9 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 1 1 - 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 December 31 , 2017 Sterilization and Disinfection Control Instruments Cold Chain Monitoring Cold Chain Packaging Total Revenues $ 10,630 $ 8,182 $ 3,267 $ 1,592 $ 23,671 Gross profit (loss) $ 7,134 $ 5,150 $ (43 ) $ 440 12,681 Reconciling items (1) (23,207 ) Loss before income taxes $ (10,526 ) Three Months Ended December 31 , 2016 Sterilization and Disinfection Control 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 Nine Months Ended December 31 , 2017 Sterilization and Disinfection Control Instruments Cold Chain Monitoring Cold Chain Packaging Total Revenues $ 30,798 $ 24,768 $ 9,335 $ 4,397 $ 69,298 Gross profit $ 20,676 $ 15,021 $ 2,044 $ 844 38,585 Reconciling items (1) (44,702 ) Loss before income taxes $ (6,117 ) Nine Months Ended December 31 , 2016 Sterilization and Disinfection Control 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 ( 1 Reconciling items include selling, general and administrative, research and development, impairment and other expenses December 3 1 , 201 7 March 31, 201 7 Total assets (in thousands): Sterilization and Disinfection Control $ 83,101 $ 67,233 Instruments 33,819 40,805 Cold Chain Monitoring 31,198 35,789 Cold Chain Packaging 7,381 20,313 Corporate and administrative 12,278 7,593 $ 167,777 $ 171,733 All long-lived assets are located in the United State s except for $5,823,000, $7,484,000 $16,807,000 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 December 3 1 , Nine Months Ended December 3 1 , 201 7 201 6 201 7 201 6 Net revenues from unaffiliated customers: United States $ 14,221 $ 13,844 $ 41,664 $ 44,758 Foreign 9,450 9,999 27,634 24,608 $ 23,671 $ 23,843 $ 69,298 $ 69,366 No foreign country exceeds 10 |
Note 12 - Income Taxes
Note 12 - Income Taxes | 9 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 1 2 – 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 (loss) 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. Additionally, the tax effects of significant unusual or infrequently occurring items are recognized as discrete items in the interim period in which the events occur. The impact of changes in tax laws or rates on deferred tax amounts, impairments of non-deductible goodwill, excess benefits from stock-based compensation, and changes in tax reserves resulting from the finalization of tax audits or reviews are examples of significant unusual or infrequently occurring items that are recognized as discrete items in the interim period in which the event occurs. 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. On December 22, 2017, 34 percent to 21 one 199 162 December 31, 2017, 30.9 Shortly thereafter, the SEC staff issued SAB 118, 740 740 Accordingly, as of December 31, 2017, not one 285,000. $722,000. $437,000. three nine December 31, 2017. Our effective income tax rate was ( 5.3 16.2 three December 31, 2017 2016, 18.0 18.6 nine December 31, 2017 2016, three nine December 31, 2017 30.9 ercent primarily due to the impact of the impairment of non-deductible goodwill, the TCJA, share-based payment awards for employees (which was significant for the nine December 31, 2017), 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 13 - Subsequent Event
Note 13 - Subsequent Event | 9 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 1 3 - Subsequent Event In January 2018, $0.16 March 15, 2018 February 28, 2018 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Dec. 31, 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 ontinue our assessment, we are also identifying and preparing to implement minor changes to our accounting policies and practices, business processes, systems and controls to support the new revenue recognition and disclosure requirements. Our assessment will be completed during the year ending March 31, 2018. In January 2017, 2017 04, Intangibles – Goodwill and Other 2017 04 2017 04 April 1, 2017. |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 3 1 , 201 7 March 31, 201 7 Raw materials $ 9,886 $ 10,815 Work-in-process 411 342 Finished goods 3,165 3,604 Less: reserve (3,008 ) (888 ) $ 10,454 $ 13,873 |
Note 5 - Facility Relocation (T
Note 5 - Facility Relocation (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Balance at March 31, 2017 $ 673 Facility relocation expense 772 Cash payments (1,082 ) Balance at December 31 , 2017 $ 363 |
Note 6 - Long-term Debt (Tables
Note 6 - Long-term Debt (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | December 31 , 2017 March 31, 201 7 Line of credit ( 3.44% at December 31, 2017) $ 37,500 $ 35,500 Term loan (3.63% at December 31, 2017) 19,000 19,750 Less: discount (392 ) (450 ) Less: current portion (1,500 ) (1,125 ) Long-term portion $ 54,608 $ 53,675 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Year E nding March 31, 201 8 $ 375 2019 1,625 2020 2,125 2021 2,625 2022 49,750 $ 56,500 |
Note 7 - Stock-based Compensa24
Note 7 - Stock-based Compensation (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three Months E nded December 3 1 , Nine Months E nded December 3 1 , 201 7 201 6 201 7 201 6 Total cost of stock-based compensation charged against ( loss) income before income taxes $ 438 $ 380 $ 1,423 $ 1,221 Amount of income tax (expense) benefit recognized in earnings (99 ) 328 893 1,027 Amount charged against net (loss) income $ 537 $ 52 $ 530 $ 194 Impact on net (loss) income per common share: Basic $ 0.14 $ 0.01 $ 0.14 $ 0.05 Diluted 0.14 0.01 $ 0.14 0.05 |
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 5.3 Stock o ptions forfeited (52,833 ) 95.29 4.8 Stock o ptions expired (964 ) 79.87 3.1 Stock o ptions exercised (51,496 ) 61.27 -- Outstanding at December 31, 2017 500,673 84.24 4.5 $ 20,092 Exercisable at December 31, 2017 164,475 60.13 3.8 $ 10,554 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Number of Shares Weighted- A verage Unvested at March 31, 201 7 373,766 $ 22.49 Stock o ptions granted 95,605 39.00 Stock o ptions forfeited (52,833 ) 27.42 Stock o ptions vested (80,340 ) 20.85 Unvested at December 31, 2017 336,198 28.47 |
Note 8 - Net (Loss) Income Pe25
Note 8 - Net (Loss) Income Per Share (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three M onths E nded December 3 1 , Nine M onths E nded December 3 1 , 201 7 201 6 201 7 201 6 Net (loss) income available for shareholders $ (11,086 ) $ 3,252 $ (7,216 ) $ 7,540 Weighted average outstanding shares of common stock 3,781 3,688 3,765 3,668 Dilutive effect of stock options -- 180 -- 167 Common stock and equivalents 3,781 3,868 3,765 3,835 Net (loss) income per share: Basic $ (2.93 ) $ 0.88 $ (1.92 ) $ 2.06 Diluted (2.93 ) 0.84 (1.92 ) 1.97 |
Note 10 - Accumulated Other C26
Note 10 - Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Foreign Currency Translation AOCI Balance at September 30, 2017 $ (61 ) $ (61 ) Quarter ended December 31 , 2017: Unrealized gain arising during the period 181 181 Balance at December 31, 2017 $ 120 $ 120 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 March 31 , 2017 $ (1,760 ) $ (1,760 ) Nine months ended December 31 , 2017: Unrealized gain arising during the period 1,880 1,880 Balance at December 31 , 2017 $ 120 $ 120 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 ) |
Note 11 - Segment Information (
Note 11 - Segment Information (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended December 31 , 2017 Sterilization and Disinfection Control Instruments Cold Chain Monitoring Cold Chain Packaging Total Revenues $ 10,630 $ 8,182 $ 3,267 $ 1,592 $ 23,671 Gross profit (loss) $ 7,134 $ 5,150 $ (43 ) $ 440 12,681 Reconciling items (1) (23,207 ) Loss before income taxes $ (10,526 ) Three Months Ended December 31 , 2016 Sterilization and Disinfection Control 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 Nine Months Ended December 31 , 2017 Sterilization and Disinfection Control Instruments Cold Chain Monitoring Cold Chain Packaging Total Revenues $ 30,798 $ 24,768 $ 9,335 $ 4,397 $ 69,298 Gross profit $ 20,676 $ 15,021 $ 2,044 $ 844 38,585 Reconciling items (1) (44,702 ) Loss before income taxes $ (6,117 ) Nine Months Ended December 31 , 2016 Sterilization and Disinfection Control 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 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | December 3 1 , 201 7 March 31, 201 7 Total assets (in thousands): Sterilization and Disinfection Control $ 83,101 $ 67,233 Instruments 33,819 40,805 Cold Chain Monitoring 31,198 35,789 Cold Chain Packaging 7,381 20,313 Corporate and administrative 12,278 7,593 $ 167,777 $ 171,733 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Three M onths E nded December 3 1 , Nine Months Ended December 3 1 , 201 7 201 6 201 7 201 6 Net revenues from unaffiliated customers: United States $ 14,221 $ 13,844 $ 41,664 $ 44,758 Foreign 9,450 9,999 27,634 24,608 $ 23,671 $ 23,843 $ 69,298 $ 69,366 |
Note 1 - Description of Busin28
Note 1 - Description of Business and Summary of Significant Accounting Policies (Details Textual) | 9 Months Ended |
Dec. 31, 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) | 9 Months Ended |
Dec. 31, 2017USD ($) | |
Series of Individually Immaterial Business Acquisitions [Member] | |
Business Combination, Consideration Transferred | $ 15,433,000 |
Note 3 - Impairment Loss on G30
Note 3 - Impairment Loss on Goodwill (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2017 | |
Goodwill, Impairment Loss | $ 13,819,000 | $ 13,819,000 | |||
Goodwill | 65,296,000 | 65,296,000 | $ 72,156,000 | ||
Intangible Assets, Net (Excluding Goodwill) | 44,436,000 | 44,436,000 | $ 37,790,000 | ||
Cold Chain Packaging [Member] | |||||
Goodwill, Impairment Loss | 13,819,000 | 13,819,000 | |||
Goodwill | 1,434,000 | 1,434,000 | |||
Intangible Assets, Net (Excluding Goodwill) | $ 4,340,000 | $ 4,340,000 |
Note 4 - Inventories - Summary
Note 4 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Mar. 31, 2017 |
Raw materials | $ 9,886 | $ 10,815 |
Work-in-process | 411 | 342 |
Finished goods | 3,165 | 3,604 |
Less: reserve | (3,008) | (888) |
Total | $ 10,454 | $ 13,873 |
Note 5 - Facility Relocation (D
Note 5 - Facility Relocation (Details Textual) - USD ($) | 1 Months Ended | 9 Months Ended | 12 Months Ended | |
Jul. 31, 2017 | Dec. 31, 2017 | Dec. 31, 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 | 772,000 | |||
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 | 305,000 | |||
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 | 370,000 | |||
Relocation of Omaha and Traverse City Biological Indicator Manufacturing Facilities [Member] | Cost of Sales [Member] | ||||
Restructuring Charges | 503,000 | $ 725,000 | ||
Relocation of Omaha and Traverse City Biological Indicator Manufacturing Facilities [Member] | General and Administrative Expense [Member] | ||||
Restructuring Charges | $ 269,000 |
Note 5 - Facility Relocation -
Note 5 - Facility Relocation - Facility Relocation Costs (Details) - Relocation of Omaha and Traverse City Biological Indicator Manufacturing Facilities [Member] | 9 Months Ended |
Dec. 31, 2017USD ($) | |
Beginning balance | $ 673,000 |
Facility relocation expense | 772,000 |
Cash payments | (1,082,000) |
Ending balance | $ 363,000 |
Note 6 - Long-term Debt (Detail
Note 6 - Long-term Debt (Details Textual) | Mar. 01, 2017USD ($) | Jan. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2017USD ($) | Feb. 28, 2022USD ($) |
Debt Issuance Costs, Gross | $ 460,000 | |||||
Repayments of Debt | $ 9,750,000 | $ 3,750,000 | ||||
Subsequent Event [Member] | ||||||
Repayments of Debt | $ 3,500,000 | |||||
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] | ||||||
Long-term Debt, Gross | $ 20,000,000 | |||||
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 6 - Long-term Debt - Compo
Note 6 - Long-term Debt - Components of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Mar. 31, 2017 |
Long-term debt | $ 56,500 | |
Less: discount | (392) | $ (450) |
Less: current portion | (1,500) | (1,125) |
Long-term portion | 54,608 | 53,675 |
Line of Credit [Member] | ||
Long-term debt | 37,500 | 35,500 |
Term Loan [Member] | ||
Long-term debt | $ 19,000 | $ 19,750 |
Note 6 - Long-term Debt - Com36
Note 6 - Long-term Debt - Components of Long-term Debt (Details) (Parentheticals) | Dec. 31, 2017 | Mar. 31, 2017 |
Line of Credit [Member] | ||
Line of credit, interest rate at end of period | 3.44% | 3.44% |
Term Loan [Member] | ||
Term loan, interest rate at end of period | 3.63% | 3.63% |
Note 6 - Long-term Debt - Futur
Note 6 - Long-term Debt - Future Contractual Maturities of Debt (Details) $ in Thousands | Dec. 31, 2017USD ($) |
2,018 | $ 375 |
2,019 | 1,625 |
2,020 | 2,125 |
2,021 | 2,625 |
2,022 | 49,750 |
Total | $ 56,500 |
Note 7 - Stock-based Compensa38
Note 7 - Stock-based Compensation (Details Textual) - USD ($) | 9 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 4,243,000 | $ 4,701,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 7,513,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 749,608 | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 8,400 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | |
Restricted Stock [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |
Restricted Stock [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 7 years |
Note 7 - Stock-based Compensa39
Note 7 - Stock-based Compensation - Allocation of Share-based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Total cost of stock-based compensation charged against (loss) income before income taxes | $ 438 | $ 380 | $ 1,423 | $ 1,221 |
Amount of income tax (expense) benefit recognized in earnings | (99) | 328 | 893 | 1,027 |
Amount charged against net (loss) income | $ 537 | $ 52 | $ 530 | $ 194 |
Basic (in dollars per share) | $ 0.14 | $ 0.01 | $ 0.14 | $ 0.05 |
Diluted (in dollars per share) | $ 0.14 | $ 0.01 | $ 0.14 | $ 0.05 |
Note 7 - Stock-based Compensa40
Note 7 - Stock-based Compensation - Summary of Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Mar. 31, 2017 | |
Outstanding (in shares) | 510,361 | |
Outstanding (in dollars per share) | $ 75.78 | |
Outstanding (Year) | 4 years 182 days | 5 years |
Outstanding | $ 20,092 | $ 23,956 |
Stock options granted (in shares) | 95,605 | |
Stock options granted (in dollars per share) | $ 123.09 | |
Stock options granted (Year) | 5 years 109 days | |
Stock options forfeited (in shares) | (52,833) | |
Stock options forfeited (in dollars per share) | $ 95.29 | |
Stock options forfeited (Year) | 4 years 292 days | |
Stock options expired (in shares) | (964) | |
Stock options expired (in dollars per share) | $ 79.87 | |
Stock options expired (Year) | 3 years 36 days | |
Stock options exercised (in shares) | (51,496) | |
Stock options exercised (in dollars per share) | $ 61.27 | |
Outstanding (in shares) | 500,673 | 510,361 |
Outstanding (in dollars per share) | $ 84.24 | $ 75.78 |
Exercisable (in shares) | 164,475 | |
Exercisable (in dollars per share) | $ 60.13 | |
Exercisable (Year) | 3 years 292 days | |
Exercisable | $ 10,554 |
Note 7 - Stock-based Compensa41
Note 7 - Stock-based Compensation - Summary of Unvested Options (Details) | 9 Months Ended |
Dec. 31, 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 | (52,833) |
Stock options forfeited (in dollars per share) | $ / shares | $ 27.42 |
Stock options vested (in shares) | shares | (80,340) |
Stock options vested (in dollars per share) | $ / shares | $ 20.85 |
Unvested (in shares) | shares | 336,198 |
Unvested (in dollars per share) | $ / shares | $ 28.47 |
Note 8 - Net (Loss) Income Pe42
Note 8 - Net (Loss) Income Per Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 501,000 | 3,000 | 501,000 | 110,000 |
Note 8 - Net Income Per Share -
Note 8 - 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 | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net (loss) income available for shareholders | $ (11,086) | $ 3,252 | $ (7,216) | $ 7,540 |
Weighted average outstanding shares of common stock (in shares) | 3,781 | 3,688 | 3,765 | 3,668 |
Dilutive effect of stock options (in shares) | 180 | 167 | ||
Common stock and equivalents (in shares) | 3,781 | 3,868 | 3,765 | 3,835 |
Basic (in dollars per share) | $ (2.93) | $ 0.88 | $ (1.92) | $ 2.06 |
Diluted (in dollars per share) | $ (2.93) | $ 0.84 | $ (1.92) | $ 1.97 |
Note 9 - Commitments and Cont44
Note 9 - Commitments and Contingencies (Details Textual) - USD ($) | Oct. 15, 2014 | Nov. 30, 2017 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ (905,000) | $ (5,076,000) | |||||
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 | $ 450,000 | $ 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 |
Note 10 - Accumulated Other C45
Note 10 - Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Balance | $ (61) | $ (1,286) | $ (1,760) | $ (1,151) |
Unrealized gain arising during the period | 181 | (634) | 1,880 | (769) |
Balance | 120 | (1,920) | 120 | (1,920) |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
Balance | (61) | (1,286) | (1,760) | (1,151) |
Unrealized gain arising during the period | 181 | (634) | 1,880 | (769) |
Balance | $ 120 | $ (1,920) | $ 120 | $ (1,920) |
Note 11 - Segment Information46
Note 11 - Segment Information (Details Textual) | 9 Months Ended |
Dec. 31, 2017USD ($) | |
Number of Operating Segments | 4 |
FRANCE | |
Long-Lived Assets | $ 5,823,000 |
CANADA | |
Long-Lived Assets | 7,484,000 |
GERMANY | |
Long-Lived Assets | $ 16,807,000 |
Note 11 - Segment Information -
Note 11 - Segment Information - Operating Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Revenues | $ 23,671 | $ 23,843 | $ 69,298 | $ 69,366 | |
Gross profit (loss) | 12,681 | 13,537 | 38,585 | 39,275 | |
Reconciling items | [1] | (23,207) | (9,657) | (44,702) | (30,014) |
Loss before income taxes | (10,526) | 3,880 | (6,117) | 9,261 | |
Sterilzation and Disinfection Control [Member] | |||||
Revenues | 10,630 | 9,248 | 30,798 | 27,612 | |
Gross profit (loss) | 7,134 | 6,066 | 20,676 | 17,986 | |
Reconciling items | [1] | ||||
Loss before income taxes | |||||
Instruments [Member] | |||||
Revenues | 8,182 | 9,013 | 24,768 | 25,928 | |
Gross profit (loss) | 5,150 | 5,706 | 15,021 | 15,881 | |
Reconciling items | [1] | ||||
Loss before income taxes | |||||
Cold Chain Monitoring [Member] | |||||
Revenues | 3,267 | 3,102 | 9,335 | 8,964 | |
Gross profit (loss) | (43) | 1,254 | 2,044 | 3,578 | |
Reconciling items | [1] | ||||
Loss before income taxes | |||||
Cold Chain Packaging [Member] | |||||
Revenues | 1,592 | 2,480 | 4,397 | 6,862 | |
Gross profit (loss) | 440 | 511 | 844 | 1,830 | |
Reconciling items | [1] | ||||
Loss before income taxes | |||||
[1] | Reconciling items include selling, general and administrative, research and development, and other expenses. |
Note 11 - Segment Information48
Note 11 - Segment Information - Operating Segment Asset Reconciliation (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Mar. 31, 2017 |
Assets | $ 167,777 | $ 171,733 |
Corporate, Non-Segment [Member] | ||
Assets | 12,278 | 7,593 |
Sterilzation and Disinfection Control [Member] | Operating Segments [Member] | ||
Assets | 83,101 | 67,233 |
Instruments [Member] | Operating Segments [Member] | ||
Assets | 33,819 | 40,805 |
Cold Chain Monitoring [Member] | Operating Segments [Member] | ||
Assets | 31,198 | 35,789 |
Cold Chain Packaging [Member] | Operating Segments [Member] | ||
Assets | $ 7,381 | $ 20,313 |
Note 11 - Segment Information49
Note 11 - Segment Information - Revenues From External Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues | $ 23,671 | $ 23,843 | $ 69,298 | $ 69,366 |
UNITED STATES | ||||
Revenues | 14,221 | 13,844 | 41,664 | 44,758 |
Foreign [Member] | ||||
Revenues | $ 9,450 | $ 9,999 | $ 27,634 | $ 24,608 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) | Dec. 22, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2019 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | 30.90% | 30.90% | |||
Taxes Payable | $ 285,000 | $ 285,000 | ||||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | (722,000) | |||||
Tax Adjustments, Settlements, and Unusual Provisions | $ (437,000) | $ (437,000) | ||||
Effective Income Tax Rate Reconciliation, Percent | 5.30% | 16.20% | (18.00%) | 18.60% | ||
Scenario, Forecast [Member] | ||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Note 13 - Subsequent Event (Det
Note 13 - Subsequent Event (Details Textual) - Subsequent Event [Member] | 1 Months Ended |
Jan. 31, 2018$ / shares | |
Common Stock, Dividends, Per Share, Declared | $ 0.16 |
Dividends Payable, Date to be Paid | Mar. 15, 2018 |
Dividends Payable, Date of Record | Feb. 28, 2018 |