Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Jun. 30, 2014 | Aug. 11, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'MEDICAL ACTION INDUSTRIES INC | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--03-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 16,519,253 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0000748270 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2015 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $30,897 | $97 |
Accounts receivable, less allowance for doubtful accounts of $402 at June 30, 2014 and $501 at March 31, 2014 | 26,759 | 32,890 |
Inventories, net | 35,427 | 32,718 |
Prepaid expenses | 1,168 | 913 |
Deferred income taxes | 1,201 | 1,201 |
Prepaid income taxes | ' | 409 |
Other current assets | 4,367 | 2,649 |
Assets held for sale, current | ' | 61,113 |
Total Current Assets | 99,819 | 131,990 |
Property, plant and equipment, net of accumulated depreciation of $18,060 at June 30, 2014 and $17,554 at March 31, 2014 | 26,091 | 26,161 |
Goodwill | 19,144 | 19,144 |
Other intangible assets, net | 23,268 | 23,737 |
Other assets, net | 2,572 | 2,912 |
Total Assets | 170,894 | 203,944 |
Current Liabilities | ' | ' |
Accounts payable | 9,564 | 16,456 |
Accrued expenses | 20,036 | 21,924 |
Income Taxes Payable | 4,788 | ' |
Current portion of capital lease obligations | 240 | 226 |
Current portion of long-term debt | ' | 40,112 |
Liabilities held for sale, current | ' | 4,200 |
Total Current Liabilities | 34,628 | 82,918 |
Other long-term liabilities | 1,027 | 1,012 |
Deferred income taxes | 9,651 | 6,482 |
Capital lease obligations, less current portion | 13,176 | 13,245 |
Total Liabilities | 58,482 | 103,657 |
Common stock 40,000 shares authorized, $.001 par value; issued and outstanding 16,391 shares at June 30, 2014 and March 31, 2014 | 16 | 16 |
Additional paid-in capital | 36,735 | 36,556 |
Accumulated other comprehensive loss | -651 | -651 |
Retained earnings | 76,312 | 64,366 |
Total Stockholders’ Equity | 112,412 | 100,287 |
Total Liabilities and Stockholders’ Equity | $170,894 | $203,944 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 |
In Thousands, except Per Share data, unless otherwise specified | ||
Accounts receivable, allowance for doubtful accounts (in Dollars) | $402 | $501 |
Property, plant and equipment, accumulated depreciation (in Dollars) | $18,060 | $17,554 |
Common stock, shares authorized | 40,000 | 40,000 |
Common stock, par value (in Dollars per share) | $0.00 | $0.00 |
Common stock, shares issued | 16,391 | 16,391 |
Common stock, shares outstanding | 16,391 | 16,391 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Net sales | $71,933 | $71,526 |
Cost of goods sold | 58,446 | 58,142 |
Gross profit | 13,487 | 13,384 |
Selling, general and administrative expenses | 12,694 | 11,568 |
Operating income | 793 | 1,816 |
Interest expense, net | 793 | 1,656 |
Income from continuing operations before income taxes | ' | 160 |
Income tax expense | 11 | 70 |
Income (loss) from continuing operations | -11 | 90 |
Income from discontinued operations, net of income taxes | 11,957 | 189 |
Net income | $11,946 | $279 |
Net income (loss) from continuing operations (in Dollars per share) | $0 | $0.01 |
Net income from discontinued operations (in Dollars per share) | $0.73 | $0.01 |
Net income (in Dollars per share) | $0.73 | $0.02 |
Weighted-average common shares outstanding (basic) (in Shares) | 16,391 | 16,391 |
Net income (loss) from continuing operations (in Dollars per share) | $0 | $0.01 |
Net income from discontinued operations (in Dollars per share) | $0.73 | $0.01 |
Net income (in Dollars per share) | $0.73 | $0.02 |
Weighted-average common shares outstanding (diluted) (in Shares) | 16,471 | 16,465 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Net income | $11,946 | $279 |
Other comprehensive income (loss): | ' | ' |
Pension liability adjustment, net of income tax | ' | 0 |
Total comprehensive income | $11,946 | $279 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited) (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Total |
In Thousands | |||||
Balance at Mar. 31, 2014 | $16 | $36,556 | ($651) | $64,366 | $100,287 |
Balance, shares (in Shares) at Mar. 31, 2014 | 16,391 | ' | ' | ' | ' |
Net income | ' | ' | ' | 11,946 | 11,946 |
Amortization of deferred compensation | ' | 4 | ' | ' | 4 |
Stock-based compensation | ' | 175 | ' | ' | 175 |
Balance at Jun. 30, 2014 | $16 | $36,735 | ($651) | $76,312 | $112,412 |
Balance, shares (in Shares) at Jun. 30, 2014 | 16,391 | ' | ' | ' | ' |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Net income | $11,946 | $279 |
Adjustments to reconcile net income to net cash used in operating activities: | ' | ' |
Depreciation | 492 | 1,213 |
Amortization | 823 | 1,567 |
Provision for allowance for doubtful accounts | -99 | ' |
Deferred income taxes | 3,169 | ' |
Stock-based compensation | 179 | 243 |
Loss on sale of property and equipment | ' | -116 |
Gain on sale of Patient Care business unit | -11,220 | ' |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | 6,229 | -2,192 |
Inventories | -4,504 | 2,414 |
Prepaid expenses and other current assets | -1,973 | -853 |
Accrued income taxes | -2,456 | 54 |
Other assets | -15 | -5,240 |
Accounts payable | -6,892 | 2,588 |
Accrued expenses and other | -1,872 | -701 |
Net cash used in operating activities | -6,193 | -744 |
Cash flows from investing activities: | ' | ' |
Purchases of property, plant and equipment | -1,264 | -511 |
Proceeds from sale of property and equipment | ' | 160 |
Proceeds from sale of Patient Care business unit, net of cash transferred | 78,424 | ' |
Net cash provided by (used in) investing activities | 77,160 | -351 |
Cash flows from financing activities: | ' | ' |
Proceeds from revolving line of credit and long-term borrowings | 115,684 | 29,763 |
Principal payments on revolving line of credit and long-term borrowings | -155,796 | -29,057 |
Principal payments on capital lease obligations | -55 | -43 |
Net cash provided by (used in) financing activities | -40,167 | 663 |
Net increase (decrease) in cash and cash equivalents | 30,800 | -432 |
Cash and cash equivalents at beginning of period | 97 | 558 |
Cash and cash equivalents at end of period | 30,897 | 126 |
Interest paid | 519 | 817 |
Income taxes paid (refunded) | ($216) | $114 |
Note_1_Basis_of_Presentation
Note 1 - Basis of Presentation | 3 Months Ended | |
Jun. 30, 2014 | ||
Disclosure Text Block [Abstract] | ' | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' | |
Note 1. | Basis of Presentation | |
The accompanying unaudited interim condensed consolidated financial statements of Medical Action Industries Inc. (“we”, “us”, “our”, or “ourselves”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial information and with the instructions to Form 10-Q for quarterly reports under Section 13 or 15(d) of the Securities Exchange Act of 1934. Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three month period ended June 30, 2014 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2015. For further information, refer to the consolidated financial statements and footnotes thereto included in our 2014 Annual Report on Form 10-K. | ||
A summary of our significant accounting policies is identified in Note 1 “Organization and Summary of Significant Accounting Policies” of our 2014 Annual Report on Form 10-K. Users of financial information produced for interim periods are encouraged to refer to the notes contained in the 2014 Annual Report on Form 10-K when reviewing interim financial results. There have been no changes to our significant accounting policies or to the assumptions and estimates involved in applying these policies. The consolidated financial statements include our accounts and the accounts of our wholly-owned subsidiaries. All significant inter-company accounts and transactions have been eliminated in consolidation. All dollar amounts presented in our notes to condensed consolidated financial statements are presented in thousands, except share and per share data. | ||
Note_2_Summary_of_Significant_
Note 2 - Summary of Significant Accounting Policies | 3 Months Ended | |
Jun. 30, 2014 | ||
Accounting Policies [Abstract] | ' | |
Significant Accounting Policies [Text Block] | ' | |
Note 2. | Summary of Significant Accounting Policies | |
The preparation of consolidated annual and quarterly financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, the disclosure of contingent assets and liabilities at the date of our condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. We have made a number of estimates and assumptions in the preparation of these condensed consolidated financial statements. We can give no assurance that actual results will not differ from those estimates. Some of the more significant estimates include allowances for trade rebates and doubtful accounts, realizability of inventories, goodwill and other intangible assets, depreciation and amortization of long-lived assets, valuation of deferred tax assets, pensions and other postretirement benefits and environmental and litigation matters. There have been no material changes to our critical accounting policies and estimates from the information provided in Note 1 of the notes to our consolidated financial statements in our Annual Report on Form 10-K for the year ended March 31, 2014. | ||
Note_3_Recently_Issued_Account
Note 3 - Recently Issued Accounting Pronouncements | 3 Months Ended | |
Jun. 30, 2014 | ||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | ' | |
Note 3. | Recently Issued Accounting Pronouncements | |
In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08, which amends the guidance in Accounting Standard Codification (“ASC”) 205, Presentation of Financial Statements as it relates to reporting discontinued operations. The revised guidance raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the revised definition of a discontinued operation. This amended guidance is to be applied prospectively and is effective for reporting periods (interim and annual) beginning after December 15, 2014, for public companies, with early adoption permitted. The implementation of the amended accounting guidance is not expected to have a material impact on our consolidated financial position or results of operations. | ||
In May 2014, the FASB issued ASU No. 2014-09, which supersedes the revenue recognition guidance in ASC 605, Revenue Recognition. The new guidance clarifies the principles for recognizing revenue and develops a common revenue standard for U.S. GAAP and International Financial Reporting Standards. The standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes the most current revenue recognition guidance. This amended guidance is effective retrospectively for reporting periods (interim and annual) beginning after December 15, 2016. We are currently assessing the potential impact of this ASU on our consolidated financial position and results of operations. | ||
Note_4_Discontinued_Operations
Note 4 - Discontinued Operations | 3 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' | ||||||||
Note 4. | Discontinued Operations | ||||||||
On March 12, 2014, the Company entered into a purchase agreement with an affiliate of Inteplast Group, Ltd. for the sale of the Company’s wholly owned subsidiary, Medegen Medical Products, LLC, and certain other assets which comprised the Company’s Patient Care business unit. The Company retained the cash, accounts receivable and all liabilities associated with the business unit except for an environmental liability. On June 2, 2014, the Company completed the sale of its Patient Care business unit for gross proceeds of $78,628, subject to customary post-closing adjustments, and recorded a preliminary pre-tax gain of $18,873 ($11,220 net of tax) from the sale. As of June 30, 2014, the Company has recorded a post closing adjustment of $1,639 as a receivable due from buyer related to the determination of the ending inventory balance. Such determination is subject to review and acceptance by the buyer. Any disputes with respect to the final inventory balance would be subject to arbitration in accordance with the purchase agreement. | |||||||||
As of June 30, 2014, the Company has also recorded a payable of $3,309 to the buyer for trade rebates related to sales of the Patient Care business unit prior to June 2, 2014. Included in accounts receivable at June 30, 2014 is $2,635 of advanced rebates expected to be refunded to the Company by certain distributors as a result of the sale of the Patient Care business unit. | |||||||||
The results of operations of the Patient Care business unit for the three months ended June 30, 2014 and 2013 are presented as discontinued operations in the accompanying condensed consolidated statements of operations. | |||||||||
The components of the assets and liabilities classified as held for sale are as follows: | |||||||||
30-Jun-14 | 31-Mar-14 | ||||||||
Asset held for sale: | |||||||||
Inventories, net | - | $ | 18,369 | ||||||
Property, plant and equipment, net | - | 17,431 | |||||||
Goodwill | - | 10,877 | |||||||
Other intangible assets, net | - | 10,236 | |||||||
Other assets, net | - | 4,200 | |||||||
Total assets held for sale, current | $ | - | $ | 61,113 | |||||
Liabilities held for sale: | |||||||||
Other liabilities | - | 4,200 | |||||||
Total liabilities held for sale, current | $ | - | $ | 4,200 | |||||
The following table summarizes the results of the Company’s discontinued operations; | |||||||||
Three Months Ended June 30, | |||||||||
2014 | 2013 | ||||||||
Net sales | $ | 24,048 | $ | 35,715 | |||||
Cost of goods sold | 20,242 | 31,378 | |||||||
Selling, general and administrative expenses | 2,567 | 4,043 | |||||||
Income from discontinued operations before gain on sale of business and income taxes | $ | 1,239 | $ | 294 | |||||
Gain on sale of business | 18,873 | - | |||||||
Income taxes | 8,155 | 105 | |||||||
Net income from discontinued operations | $ | 11,957 | $ | 189 | |||||
Note_5_Inventories
Note 5 - Inventories | 3 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory Disclosure [Text Block] | ' | ||||||||
Note 5. | Inventories | ||||||||
Inventories, which are stated at the lower of cost (determined by means of the first in, first out method) or market, consist of the following: | |||||||||
June 30, | March 31, | ||||||||
2014 | 2014 | ||||||||
Finished goods, net | $ | 13,914 | $ | 15,582 | |||||
Raw materials, net | 14,186 | 10,367 | |||||||
Work in progress, net | 7,327 | 6,769 | |||||||
Total inventories, net | $ | 35,427 | $ | 32,718 | |||||
On a continuing basis, inventory quantities on hand are reviewed and an analysis of the provision for slow moving, excess and obsolete inventory is performed based primarily on our sales history and anticipated future demand. The reserve for slow moving, excess and obsolete inventory amounted to approximately $1,031 at June 30, 2014 and $953 at March 31, 2014. | |||||||||
Note_6_Capital_Lease
Note 6 - Capital Lease | 3 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||
Debt and Capital Leases Disclosures [Text Block] | ' | ||||||||
Note 6. | Capital Lease | ||||||||
The gross amount and net book value of the assets under the capital lease are as follows: | |||||||||
June 30, | March 31, | ||||||||
2014 | 2014 | ||||||||
Capital lease, gross | $ | 11,409 | $ | 11,409 | |||||
Less: Accumulated amortization | (2,353 | ) | (2,200 | ) | |||||
Capital lease, net | $ | 9,056 | $ | 9,209 | |||||
The amortization expense associated with the capital lease is as follows: | |||||||||
Three Months Ended | |||||||||
June 30, | |||||||||
2014 | 2013 | ||||||||
Cost of sales | $ | 35 | $ | 35 | |||||
Selling, general and administration | 118 | 119 | |||||||
Capital lease, net | $ | 153 | $ | 154 | |||||
As of June 30, 2014, the capital lease requires monthly payments of $129 with increases of 2% per annum. The lease contains provisions for an option to buy in January 2016 and expires in March 2029. The effective rate on the capital lease obligation is 9.9%. We recorded interest expense associated with the lease obligation of $332 and $336 for the three months ended June 30, 2014 and 2013, respectively. | |||||||||
The following is a schedule by years of the future minimum lease payments under the capital lease as of June 30, 2014: | |||||||||
Capital Lease | |||||||||
Payments | |||||||||
Balance of Fiscal 2015 | $ | 1,162 | |||||||
2016 | 1,580 | ||||||||
2017 | 1,611 | ||||||||
2018 | 1,643 | ||||||||
2019 | 1,676 | ||||||||
Thereafter | 18,723 | ||||||||
Total minimum lease payments | 26,395 | ||||||||
Less: Amounts representing interest | (12,979 | ) | |||||||
Present value of minimum lease payments | 13,416 | ||||||||
Less: Current portion of capital lease obligation | (240 | ) | |||||||
Long-term portion of capital lease obligation | $ | 13,176 | |||||||
Note_7_Related_Party_Transacti
Note 7 - Related Party Transactions | 3 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Related Party Transactions [Abstract] | ' | ||||||||
Related Party Transactions Disclosure [Text Block] | ' | ||||||||
Note 7. | Related Party Transactions | ||||||||
A current member of our board of directors is currently a minority shareholder of Custom Healthcare Systems (“CHS”), an assembler and packager of Class 1 medical products. CHS is a supplier to our AVID facility located in Toano, Virginia for small kits and trays. They also purchase sterile instruments from our facility located in Arden, North Carolina. | |||||||||
The amounts sold to and purchased from CHS are as follows: | |||||||||
Three Months Ended | |||||||||
June 30, | |||||||||
2014 | 2013 | ||||||||
Sold to CHS | $ | 245 | $ | 213 | |||||
Purchased from CHS | 461 | 437 | |||||||
The following table represents the amounts due from and due to CHS: | |||||||||
June 30, | March 31, | ||||||||
2014 | 2014 | ||||||||
Due from CHS | $ | 283 | $ | 330 | |||||
Due to CHS | 32 | 14 | |||||||
Note_8_Other_Intangible_Assets
Note 8 - Other Intangible Assets | 3 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||||||||||||||
Intangible Assets Disclosure [Text Block] | ' | ||||||||||||||||||||||||||||
Note 8. | Other Intangible Assets | ||||||||||||||||||||||||||||
The book values, accumulated amortization and original useful life by asset class of the Company’s other intangible assets as of June 30, 2014 and March 31, 2014 are as follows: | |||||||||||||||||||||||||||||
30-Jun-14 | 31-Mar-14 | ||||||||||||||||||||||||||||
Weighted | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||||||
Average | Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | |||||||||||||||||||||||
Remaining | Amount | Amount | Amount | Amount | |||||||||||||||||||||||||
Amortization | |||||||||||||||||||||||||||||
Period | |||||||||||||||||||||||||||||
(Years) | |||||||||||||||||||||||||||||
Trademarks/Tradenames not subject to amortization | N/A | $ | 569 | $ | - | $ | 569 | $ | 569 | $ | - | $ | 569 | ||||||||||||||||
Trademarks subject to amortization (5 years) | 1.4 | 2,100 | (1,610 | ) | 490 | 2,100 | (1,505 | ) | 595 | ||||||||||||||||||||
Customer Relationships (20 years) | 16.4 | 27,500 | (5,291 | ) | 22,209 | 27,500 | (4,927 | ) | 22,573 | ||||||||||||||||||||
Total | $ | 30,169 | $ | (6,901 | ) | $ | 23,268 | $ | 30,169 | $ | (6,432 | ) | $ | 23,737 | |||||||||||||||
We recorded amortization expense related to the above amortizable intangible assets of $469 for both three month periods ended June 30, 2014 and 2013, respectively. The estimated aggregate amortization expense for each of the succeeding years ending June 30, 2019 is as follows: | |||||||||||||||||||||||||||||
Fiscal Year | Amount | ||||||||||||||||||||||||||||
2015 | $ | 1,795 | |||||||||||||||||||||||||||
2016 | 1,445 | ||||||||||||||||||||||||||||
2017 | 1,375 | ||||||||||||||||||||||||||||
2018 | 1,375 | ||||||||||||||||||||||||||||
2019 | 1,375 | ||||||||||||||||||||||||||||
$ | 7,365 | ||||||||||||||||||||||||||||
Note_9_Credit_Facilities_and_L
Note 9 - Credit Facilities and Long-Term Debt | 3 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt Disclosure [Text Block] | ' | ||||||||
Note 9. | Credit Facilities and Long-Term Debt | ||||||||
Long-term debt consists of the following: | |||||||||
June 30, | March 31, | ||||||||
2014 | 2014 | ||||||||
Revolving credit loan | $ | - | $ | 29,976 | |||||
Term loan | - | 10,136 | |||||||
Total outstanding | $ | - | $ | 40,112 | |||||
Less: current portion | - | 40,112 | |||||||
Total long-term debt | $ | - | $ | - | |||||
On May 17, 2013, the Company entered into a credit agreement (the “New Credit Agreement”), among the Company, as borrower and Wells Fargo Bank, National Association, as administrative agent and lender. The New Credit Agreement provides for a maximum borrowing capacity of $65,000 consisting of the following loans: (1) a $11,505 secured term loan (the “Term Loan”) fully drawn by the Company on May 17, 2013, (2) $5,000 in unsecured delayed draw term loans (collectively, the “Delayed Draw Term Loans”) and (3) up to $53,495 in revolving loans (collectively, the “Revolving Loans”), which may be reduced by the amount of any outstanding Delayed Draw Term Loans drawn by the Company. The proceeds from the New Credit Agreement were used to repay a prior credit agreement. | |||||||||
The Revolving Loans will be used to finance the working capital needs and general corporate purposes of the Company and for permitted acquisitions. The Term Loan and Revolving Loan mature on May 17, 2018. The commitments with respect to the Delayed Draw Term Loans terminate on May 17, 2015 and any Delayed Draw Term Loans drawn by the Company also mature on May 17, 2015. The Term Loan amortizes in consecutive monthly installments, each in the principal amount of $137, commencing June 1, 2013. Any Delayed Draw Term Loan drawn by the Company will amortize in consecutive monthly installments, each in the principal amount equal to the result of (1) the original principal amount of such Delayed Draw Term Loan divided by (2) the number of months remaining from the date the Delayed Draw Term Loan was drawn until May 17, 2015. Any undrawn commitments under the Delayed Draw Term Loans will be reduced by $208 on each calendar month, commencing June 1, 2013. | |||||||||
In the event the outstanding principal amount of the Term Loan exceeds the sum of (1) a specified percentage of the value of real property (calculated at least twice during the term of the New Credit Agreement) and (2) a specified percentage of the value of equipment (calculated at least once per calendar year), we will be required to prepay the excess. The Revolving Loans are subject to a borrowing base such that the total outstanding Revolving Loans may not exceed specified percentages of the value of eligible receivables and finished goods, raw materials, work-in-process and in-transit inventory, all calculated at least monthly. In the event the outstanding principal amount of Revolving Loans under the New Credit Agreement exceeds this borrowing base, the Company will be required to prepay the excess. | |||||||||
Term Loans outstanding under the New Credit Agreement bear interest at a rate per annum equal to, at the election of the Company, (1) LIBOR Rate (as defined in the New Credit Agreement) plus a margin ranging from 2.50% to 3.00%, depending on the Average Access Availability (as defined in the New Credit Agreement) at the time of calculation, or (2) Base Rate (as defined in the New Credit Agreement) plus a margin ranging from 1.50% to 2.00%, depending on the Average Access Availability at the time of calculation. Revolving Loans outstanding under the New Credit Agreement will bear interest at a rate per annum equal to, at the election of the Company, (i) LIBOR Rate plus a margin ranging from 2.00% to 2.50%, depending on the Average Access Availability at the time of calculation, or (ii) Base Rate plus a margin ranging from 1.00% to 1.50%, depending on the Average Access Availability at the time of calculation. Additionally, the Company is required to pay an unused line fee at a rate per annum ranging from 0.375% to 0.50% on the daily unused amount of the Revolving Loan commitments of the Lender during the period for which the payment is made, payable monthly in arrears. If drawn, Delayed Draw Term Loans outstanding under the New Credit Agreement will bear interest at a rate per annum equal to, at the election of the Company, (1) LIBOR Rate plus a margin ranging from 4.25% to 4.75%, depending on the Average Access Availability at the time of calculation, or (2) Base Rate plus a margin ranging from 3.25% to 3.75%, depending on the Average Access Availability at the time of calculation. | |||||||||
During fiscal 2015, the average interest rate on the Term Loan under the New Credit Agreement approximated 2.24% and the average interest rate on the Revolving Loans under the New Credit Agreement approximated 2.67%. | |||||||||
Borrowings under the New Credit Agreement are collateralized by substantially all the assets of, and are fully guaranteed by, the Company and its subsidiaries. The New Credit Agreement contains certain restrictive covenants, including, among others, covenants limiting our ability to incur indebtedness, grant liens, guarantee obligations, sell assets, make loans and investments, enter into merger and acquisition transactions, and declare or make dividends. The Company committed to certain post-closing conditions, including providing monthly financial statements, annual updates of financial projections, and the filing of a mortgage on the Company’s Brentwood, New York corporate headquarters. If the Company’s Excess Availability (as defined in the New Credit Agreement) falls below a specified amount, the Company will become subject to financial covenants relating to a minimum fixed charge coverage ratio of 1.00 to 1.00, measured on a month-end basis. If the Company draws a Delayed Draw Term Loan, the Company will be required to comply with a maximum leverage financial ratio covenant ranging from 3:00 to 1:00 to 3.25 to 1:00, measured on a month-end basis. | |||||||||
On June 2, 2014, the Company entered into the First Amendment to Credit Agreement and Guaranty and Security Agreement (the “Amendment”), among the Company, as borrower, and Wells Fargo Bank, National Association, as administrative agent and lender (the “Lender”). | |||||||||
The Amendment amended the terms of the New Credit Agreement that the Company entered into with the Lender on May 17, 2013, as follows: (a) the Lender’s maximum total loan commitments under the Credit Agreement were reduced from $65,000 to $55,000, (b) provided no Event of Default (as defined in the Credit Agreement) occurs and is continuing, the unused line fee (the “Unused Line Fee”) that the Company is required to pay the Lender, has been capped at 0.375% of the daily unused amount of the revolving loan commitments of the Lender during the period for which the payment is made, through and including December 31, 2014, and (c) solely for purposes of calculating the Unused Line Fee, the aggregate amount of the Lender’s revolving loan commitments was deemed to be the lesser of $30,000 and the actual aggregate amount of the Lender’s revolving loan commitments. | |||||||||
As a result of the sale of the Patient Care business unit on June 2, 2014, the Company repaid all amounts outstanding on both the Revolving and Term loans under the New Credit Agreement. | |||||||||
During the three months ending June 30, 2014 the Company charged $197, related to unamortized financing costs related to the Term Loan, to interest expense. The remaining unamortized financing costs associated with the Revolving Loans and will be amortized financing costs over the remaining life of the New Credit Agreement using the straight-line interest method. | |||||||||
Note_10_StockBased_Compensatio
Note 10 - Stock-Based Compensation Plans | 3 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||
Note 10. | Stock – Based Compensation Plans | ||||||||||||||||
We have various stock-based compensation plans and recognized stock-based compensation (exclusive of deferred tax benefits) for awards granted under our stock-based compensation plans in the following line items in the Condensed Consolidated Statements of Operations: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
June 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Cost of sales | $ | 4 | $ | 2 | |||||||||||||
Selling, general and administrative expenses | 175 | 183 | |||||||||||||||
Stock-based compensation expense before income tax benefits | $ | 179 | $ | 185 | |||||||||||||
No stock options were granted during the three months ended June 30, 2014. | |||||||||||||||||
We granted 407,500 stock options to employees during the three months ended June 30, 2013, which vest 25% during fiscal 2015, 25% during fiscal 2016 and 50% during fiscal 2017. The options expire 10 years from the date of grant and have a weighted average exercise price equal to $8.39, have a weighted average remaining contractual term of 8.9 years and weighted average grant date fair value of $4.56 per share determined based upon a Black-Scholes option valuation model. | |||||||||||||||||
The fair value of stock options on the date of grant, and the weighted average assumptions used to estimate the fair value of the stock options granted during the respective periods using the Black-Scholes option valuation model were as follows: | |||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Dividend yield | n/a | n/a | |||||||||||||||
Weighted-average expected volatility | n/a | 62.50% | |||||||||||||||
Risk-free interest rate | n/a | 0.90% | |||||||||||||||
Expected life of options (in years) | n/a | 5.37 | |||||||||||||||
Fair value of options granted | n/a | $4.56 | |||||||||||||||
The following is a summary of the changes in outstanding options for all of our plans during the three months ended June 30, 2014: | |||||||||||||||||
Shares | Weighted | Remaining | Aggregate | ||||||||||||||
Average | Weighted | Intrinsic Value | |||||||||||||||
Exercise Price | Average | ||||||||||||||||
Contract Life | |||||||||||||||||
(Years) | |||||||||||||||||
Outstanding at April 1, 2014 | 1,692,750 | $ | 10.12 | 6.2 | $ | 982 | |||||||||||
Granted | - | $ | - | ||||||||||||||
Exercised | - | $ | - | ||||||||||||||
Expired/Forfeited | (16,500 | ) | $ | 12.28 | |||||||||||||
Outstanding at June 30, 2014 | 1,676,250 | $ | 10.1 | 6 | $ | 7,198 | |||||||||||
Options exercisable at June 30, 2014 | 1,014,500 | $ | 12.13 | 4.2 | $ | 2,734 | |||||||||||
Expected to vest as of June 30, 2014 | 1,606,983 | $ | 10.22 | 5.8 | $ | 6,761 | |||||||||||
No options were exercised during the three months ended June 30, 2014. As of June 30, 2014, there was approximately $2,531 of unrecognized compensation costs related to non-vested share-based compensation arrangements granted under our plans and that cost is expected to be recognized over a period of 1.9 years. | |||||||||||||||||
The following is a summary of the changes in non-vested stock options for the three months ended June 30, 2014: | |||||||||||||||||
Shares | Average Grant | ||||||||||||||||
Date Fair Value | |||||||||||||||||
Outstanding at April 1, 2014 | 747,250 | $ | 4.13 | ||||||||||||||
Granted | - | $ | - | ||||||||||||||
Vested | (82,188 | ) | $ | 6.61 | |||||||||||||
Forfeited | (3,000 | ) | $ | 2.64 | |||||||||||||
Outstanding at June 30, 2014 | 662,062 | $ | 3.82 | ||||||||||||||
Grants of restricted stock are common stock awards granted to recipients with specified vesting provisions. The restricted stock issued vests based upon the recipients continued service over time (five-year vesting period). We estimate the fair value of restricted stock based on our closing stock price on the date of grant. | |||||||||||||||||
The following is a summary of restricted stock activity in our 1994 Stock Incentive Plan for the three months ended June 30, 2014: | |||||||||||||||||
Shares | Weighted | ||||||||||||||||
Average Grant | |||||||||||||||||
Price | |||||||||||||||||
Outstanding at April 1, 2014 | 3,750 | $ | 12.58 | ||||||||||||||
Granted | - | $ | - | ||||||||||||||
Vested | (1,875 | ) | $ | 12.58 | |||||||||||||
Forfeited | (1,875 | ) | $ | 12.58 | |||||||||||||
Outstanding at June 30, 2014 | - | $ | - | ||||||||||||||
Expected to vest as of June 30, 2014 | - | $ | - | ||||||||||||||
Note_11_Income_Taxes
Note 11 - Income Taxes | 3 Months Ended | |
Jun. 30, 2014 | ||
Income Tax Disclosure [Abstract] | ' | |
Income Tax Disclosure [Text Block] | ' | |
Note 11. | Income Taxes | |
The Company’s provision for income taxes consists of federal, state and local taxes in amounts necessary to align the Company’s year-to-date provision for income taxes with the effective tax rate that the Company expects to achieve for the full year. The Company’s annual effective tax rate for fiscal 2015 excluding discrete items is estimated to be 40.4% based upon the Company’s anticipated earnings. | ||
For the three months ended June 30, 2014, the Company recorded a provision for income taxes of $11, which consisted of federal, state and local taxes, including a discrete item of $10 related to the accrual of interest for uncertain tax positions under ASC 740 – Income taxes (“ASC 740”). For the three months ended June 30, 2013, the Company recorded a tax provision of $70. | ||
Note_12_Earnings_Loss_Per_Shar
Note 12 - Earnings (Loss) Per Share | 3 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings Per Share [Text Block] | ' | ||||||||
Note 12. | Earnings (Loss) Per Share | ||||||||
Basic earnings (loss) per share are based on the weighted average number of common shares outstanding without consideration of potential common shares. Diluted earnings (loss) per share are based on the weighted average number of common and potential common shares outstanding. The calculation takes into account the shares that may be issued upon exercise of stock options, reduced by the shares that may be repurchased with the funds received from the exercise, based on the average prices during the periods. Excluded from the calculation of earnings (loss) per share are options to purchase 1,361,310 shares for the three months ended June 30, 2014 and 1,312,231 shares for the three months ended June 30, 2013, as their inclusion would not have been dilutive. | |||||||||
The following is a reconciliation of the numerator and denominator of the basic and diluted net earnings (loss) per share computations for the three months ended June 30, 2014 and 2013, respectively. | |||||||||
2014 | 2013 | ||||||||
Numerator : | |||||||||
Income (loss) from continuing operations | $ | (11 | ) | $ | 90 | ||||
Income from discontinued operations, net of income taxes (Footnote 4) | 11,957 | 189 | |||||||
Net income for basic and dilutive earnings per share | $ | 11,946 | $ | 279 | |||||
Denominator : | |||||||||
Denominator for basic earnings (loss) per share - weighted average shares outstanding (in thousands) | 16,391 | 16,391 | |||||||
Effect of dilutive securities: | |||||||||
Employee and director stock options | 80 | 74 | |||||||
Denominator for diluted earnings per share - adjusted weighted average shares outstanding (in thousands) | 16,471 | 16,465 | |||||||
Basic earnings per share: | |||||||||
Income (loss) from continuing operations | $ | (0.00 | ) | $ | 0.01 | ||||
Income from discontinued operations, net of income taxes | $ | 0.73 | $ | 0.01 | |||||
Net income | $ | 0.73 | $ | 0.02 | |||||
Diluted earnings per share: | |||||||||
Income (loss) from continuing operations | $ | (0.00 | ) | $ | 0.01 | ||||
Income from discontinued operations, net of income taxes | $ | 0.73 | $ | 0.01 | |||||
Net income | $ | 0.73 | $ | 0.02 | |||||
Note_13_Accounts_Payable_and_A
Note 13 - Accounts Payable and Accrued Expenses | 3 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ' | ||||||||
Note 13. | Accounts Payable and Accrued Expenses | ||||||||
Accrued expenses consist of the following: | |||||||||
June 30, | March 31, | ||||||||
2014 | 2014 | ||||||||
Accrued accounts payable | $ | 6,364 | $ | 6,219 | |||||
Accrued liabilities related to sale of the Patient Care business unit (footnote 4) | 3,309 | - | |||||||
Other accrued liabilities | 2,417 | 2,915 | |||||||
Employee compensation and benefits | 1,912 | 3,025 | |||||||
Accrued distributor fees | 1,781 | 2,011 | |||||||
Group purchasing organization fees | 1,774 | 1,977 | |||||||
Accrued bonuses | 1,271 | 4,109 | |||||||
Professional fees | 941 | 767 | |||||||
Freight and duty | 267 | 901 | |||||||
Total accrued expenses | $ | 20,036 | $ | 21,924 | |||||
Note_14_Fair_Value_of_Financia
Note 14 - Fair Value of Financial Instruments | 3 Months Ended | |
Jun. 30, 2014 | ||
Disclosure Text Block Supplement [Abstract] | ' | |
Financial Instruments Disclosure [Text Block] | ' | |
Note 14. | Fair Value of Financial Instruments | |
Due to their maturities and/or variable interest rates, certain financial instruments have fair values that approximate their carrying values. These instruments include cash and cash equivalents, accounts receivable, trade payables and our outstanding debt under the Company’s term loan and revolving credit facility. The book value and the fair value of the Company’s capital lease obligation amounted to $13,416 and $15,479, respectively as of June 30, 2014. The fair value was determined based on the Company’s current incremental borrowing rate and is considered a Level 3 input. | ||
Note_15_Business_Concentration
Note 15 - Business Concentrations and Major Customers | 3 Months Ended | |
Jun. 30, 2014 | ||
Risks and Uncertainties [Abstract] | ' | |
Concentration Risk Disclosure [Text Block] | ' | |
Note 15. | Business Concentrations and Major Customers | |
We manufacture and distribute disposable medical products principally to medical product distributors and hospitals located throughout the United States. We perform credit evaluations of its customers’ financial condition and do not require collateral. Receivables are generally due within 30 – 90 days. Credit losses relating to customers have historically been minimal and within management’s expectations. | ||
Sales to Owens & Minor, Inc. and Cardinal Health Inc., (the “Distributors”) accounted for approximately 45.2% and 19.6% of net sales, respectively for three months ended June 30, 2014. Although the Distributors may be deemed in a technical sense to be major purchasers of our products, they typically serve as a distributor between the end user and ourselves and do not make significant purchases for their own account. We, therefore, do not believe it is appropriate to categorize the Distributors as customers for the purpose of evaluating concentrations. | ||
A significant portion of our raw materials are purchased from China, which gives rise to risk from changes in foreign currency exchange rates between the Chinese Yuan and the U.S. Dollar. To mitigate our exposure to this risk, we attempt to denominate our transactions in foreign locations in U.S. Dollars. While all of such purchases are denominated in U.S. Dollars, to the extent that the U.S. Dollar decreases in value relative to the Chinese Yuan, our cost of sales may increase and our gross profit may decrease. We do not currently hold or issue foreign exchange contracts or other derivative instruments to hedge these exposures. | ||
Note_16_Other_Matters
Note 16 - Other Matters | 3 Months Ended | |
Jun. 30, 2014 | ||
Disclosure Text Block Supplement [Abstract] | ' | |
Legal Matters and Contingencies [Text Block] | ' | |
Note 16. | Other Matters | |
The Company is a party to a product liability lawsuit arising out of the conduct of its ordinary course of business. A global settlement of claims has been approved by the court and management expects a settlement agreement to be executed by the plaintiffs. While execution of the settlement agreement by the plaintiffs cannot be predicted with certainty, the ultimate liability under such product liability lawsuit is covered by the Company’s insurance and management does not expect that the court approved amount of the settlement or any other ultimate liability, if any, arising out of such product liability lawsuit, will have a material adverse effect on the financial position or results of operations of the Company. | ||
On June 24, 2014, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with a wholly owned subsidiary of Owens & Minor, Inc. (“Owens & Minor”) and Mongoose Merger Sub Inc. (“Merger Sub”), a wholly owned subsidiary of Owens & Minor, under which Owens & Minor will acquire all outstanding shares of the Company (the “Merger”). Owens & Minor and the Company currently expect to complete the Merger in the fourth quarter of 2014, subject to receipt of the required stockholder and regulatory approvals and to the satisfaction or waiver of the other conditions to the transactions contemplated by the Merger Agreement. | ||
Two putative stockholder class action lawsuits challenging the Merger have been filed, both in Suffolk County Supreme Court in New York and have been consolidated under the caption In re Medical Action Industries Inc. Shareholders Litigation (the “Shareholder Lawsuit”). The Shareholder Lawsuit names the Company, certain of the Company’s current directors and officers, Owens & Minor and Merger Sub as defendants. The Shareholder Lawsuit has been brought by purported stockholders of the Company, both individually and on behalf of a putative class consisting of public stockholders of the Company. The Shareholder Lawsuit generally alleges, among other things, that certain of the directors and officers of the Company breached their fiduciary duties to stockholders of the Company by agreeing to a transaction with inadequate consideration and unfair terms pursuant to an inadequate process. The Shareholder Lawsuit seeks, in general, and among other things, (i) injunctive relief enjoining the transactions contemplated by the Merger Agreement, (ii) in the event the Merger is consummated, rescission or an award of rescissory damages, (iii) an award of plaintiffs’ costs, including reasonable attorneys’ and experts’ fees, (iv) an accounting by the defendants to plaintiffs for all damages caused by the defendants and (v) such further relief as the court deems just and proper. | ||
The Shareholder Lawsuit is at a preliminary stage. The Company and the other defendants believe that the Shareholders Lawsuit is without merit and intend to defend against it vigorously. In the opinion of management, the ultimate outcome of this matter will not have a material adverse effect on the Company’s financial position or results of operations. | ||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Use of Estimates, Policy [Policy Text Block] | ' |
The preparation of consolidated annual and quarterly financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, the disclosure of contingent assets and liabilities at the date of our condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. We have made a number of estimates and assumptions in the preparation of these condensed consolidated financial statements. We can give no assurance that actual results will not differ from those estimates. Some of the more significant estimates include allowances for trade rebates and doubtful accounts, realizability of inventories, goodwill and other intangible assets, depreciation and amortization of long-lived assets, valuation of deferred tax assets, pensions and other postretirement benefits and environmental and litigation matters. There have been no material changes to our critical accounting policies and estimates from the information provided in Note 1 of the notes to our consolidated financial statements in our Annual Report on Form 10-K for the year ended March 31, 2014. | |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Recently Issued Accounting Pronouncements | |
In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08, which amends the guidance in Accounting Standard Codification (“ASC”) 205, Presentation of Financial Statements as it relates to reporting discontinued operations. The revised guidance raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the revised definition of a discontinued operation. This amended guidance is to be applied prospectively and is effective for reporting periods (interim and annual) beginning after December 15, 2014, for public companies, with early adoption permitted. The implementation of the amended accounting guidance is not expected to have a material impact on our consolidated financial position or results of operations. | |
In May 2014, the FASB issued ASU No. 2014-09, which supersedes the revenue recognition guidance in ASC 605, Revenue Recognition. The new guidance clarifies the principles for recognizing revenue and develops a common revenue standard for U.S. GAAP and International Financial Reporting Standards. The standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes the most current revenue recognition guidance. This amended guidance is effective retrospectively for reporting periods (interim and annual) beginning after December 15, 2016. We are currently assessing the potential impact of this ASU on our consolidated financial position and results of operations. |
Note_4_Discontinued_Operations1
Note 4 - Discontinued Operations (Tables) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | Mar. 31, 2014 | |||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ' | ||||||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | ' | ||||||||||||||||
30-Jun-14 | 31-Mar-14 | Three Months Ended June 30, | ||||||||||||||||
Asset held for sale: | 2014 | 2013 | ||||||||||||||||
Inventories, net | - | $ | 18,369 | Net sales | $ | 24,048 | $ | 35,715 | ||||||||||
Property, plant and equipment, net | - | 17,431 | Cost of goods sold | 20,242 | 31,378 | |||||||||||||
Goodwill | - | 10,877 | Selling, general and administrative expenses | 2,567 | 4,043 | |||||||||||||
Other intangible assets, net | - | 10,236 | Income from discontinued operations before gain on sale of business and income taxes | $ | 1,239 | $ | 294 | |||||||||||
Other assets, net | - | 4,200 | Gain on sale of business | 18,873 | - | |||||||||||||
Total assets held for sale, current | $ | - | $ | 61,113 | Income taxes | 8,155 | 105 | |||||||||||
Net income from discontinued operations | $ | 11,957 | $ | 189 | ||||||||||||||
Liabilities held for sale: | ||||||||||||||||||
Other liabilities | - | 4,200 | ||||||||||||||||
Total liabilities held for sale, current | $ | - | $ | 4,200 |
Note_5_Inventories_Tables
Note 5 - Inventories (Tables) | 3 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||
June 30, | March 31, | ||||||||
2014 | 2014 | ||||||||
Finished goods, net | $ | 13,914 | $ | 15,582 | |||||
Raw materials, net | 14,186 | 10,367 | |||||||
Work in progress, net | 7,327 | 6,769 | |||||||
Total inventories, net | $ | 35,427 | $ | 32,718 |
Note_6_Capital_Lease_Tables
Note 6 - Capital Lease (Tables) | 3 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Note 6 - Capital Lease (Tables) [Line Items] | ' | ||||||||
Schedule of Capital Leased Assets [Table Text Block] | ' | ||||||||
June 30, | March 31, | ||||||||
2014 | 2014 | ||||||||
Capital lease, gross | $ | 11,409 | $ | 11,409 | |||||
Less: Accumulated amortization | (2,353 | ) | (2,200 | ) | |||||
Capital lease, net | $ | 9,056 | $ | 9,209 | |||||
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | ' | ||||||||
Capital Lease | |||||||||
Payments | |||||||||
Balance of Fiscal 2015 | $ | 1,162 | |||||||
2016 | 1,580 | ||||||||
2017 | 1,611 | ||||||||
2018 | 1,643 | ||||||||
2019 | 1,676 | ||||||||
Thereafter | 18,723 | ||||||||
Total minimum lease payments | 26,395 | ||||||||
Less: Amounts representing interest | (12,979 | ) | |||||||
Present value of minimum lease payments | 13,416 | ||||||||
Less: Current portion of capital lease obligation | (240 | ) | |||||||
Long-term portion of capital lease obligation | $ | 13,176 | |||||||
Amortization Expense [Member] | ' | ||||||||
Note 6 - Capital Lease (Tables) [Line Items] | ' | ||||||||
Schedule of Capital Leased Assets [Table Text Block] | ' | ||||||||
Three Months Ended | |||||||||
June 30, | |||||||||
2014 | 2013 | ||||||||
Cost of sales | $ | 35 | $ | 35 | |||||
Selling, general and administration | 118 | 119 | |||||||
Capital lease, net | $ | 153 | $ | 154 |
Note_7_Related_Party_Transacti1
Note 7 - Related Party Transactions (Tables) | 3 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Transactions With CHS [Member] | ' | ||||||||
Note 7 - Related Party Transactions (Tables) [Line Items] | ' | ||||||||
Schedule of Related Party Transactions [Table Text Block] | ' | ||||||||
Three Months Ended | |||||||||
June 30, | |||||||||
2014 | 2013 | ||||||||
Sold to CHS | $ | 245 | $ | 213 | |||||
Purchased from CHS | 461 | 437 | |||||||
Balances With CHS [Member] | ' | ||||||||
Note 7 - Related Party Transactions (Tables) [Line Items] | ' | ||||||||
Schedule of Related Party Transactions [Table Text Block] | ' | ||||||||
June 30, | March 31, | ||||||||
2014 | 2014 | ||||||||
Due from CHS | $ | 283 | $ | 330 | |||||
Due to CHS | 32 | 14 |
Note_8_Other_Intangible_Assets1
Note 8 - Other Intangible Assets (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | ||||||||||||||||||||||||||||
30-Jun-14 | 31-Mar-14 | ||||||||||||||||||||||||||||
Weighted | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||||||
Average | Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | |||||||||||||||||||||||
Remaining | Amount | Amount | Amount | Amount | |||||||||||||||||||||||||
Amortization | |||||||||||||||||||||||||||||
Period | |||||||||||||||||||||||||||||
(Years) | |||||||||||||||||||||||||||||
Trademarks/Tradenames not subject to amortization | N/A | $ | 569 | $ | - | $ | 569 | $ | 569 | $ | - | $ | 569 | ||||||||||||||||
Trademarks subject to amortization (5 years) | 1.4 | 2,100 | (1,610 | ) | 490 | 2,100 | (1,505 | ) | 595 | ||||||||||||||||||||
Customer Relationships (20 years) | 16.4 | 27,500 | (5,291 | ) | 22,209 | 27,500 | (4,927 | ) | 22,573 | ||||||||||||||||||||
Total | $ | 30,169 | $ | (6,901 | ) | $ | 23,268 | $ | 30,169 | $ | (6,432 | ) | $ | 23,737 | |||||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | ||||||||||||||||||||||||||||
Fiscal Year | Amount | ||||||||||||||||||||||||||||
2015 | $ | 1,795 | |||||||||||||||||||||||||||
2016 | 1,445 | ||||||||||||||||||||||||||||
2017 | 1,375 | ||||||||||||||||||||||||||||
2018 | 1,375 | ||||||||||||||||||||||||||||
2019 | 1,375 | ||||||||||||||||||||||||||||
$ | 7,365 |
Note_9_Credit_Facilities_and_L1
Note 9 - Credit Facilities and Long-Term Debt (Tables) | 3 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | ||||||||
June 30, | March 31, | ||||||||
2014 | 2014 | ||||||||
Revolving credit loan | $ | - | $ | 29,976 | |||||
Term loan | - | 10,136 | |||||||
Total outstanding | $ | - | $ | 40,112 | |||||
Less: current portion | - | 40,112 | |||||||
Total long-term debt | $ | - | $ | - |
Note_10_StockBased_Compensatio1
Note 10 - Stock-Based Compensation Plans (Tables) | 3 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | |||||||||||||||||
June 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Cost of sales | $ | 4 | $ | 2 | |||||||||||||
Selling, general and administrative expenses | 175 | 183 | |||||||||||||||
Stock-based compensation expense before income tax benefits | $ | 179 | $ | 185 | |||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Dividend yield | n/a | n/a | |||||||||||||||
Weighted-average expected volatility | n/a | 62.50% | |||||||||||||||
Risk-free interest rate | n/a | 0.90% | |||||||||||||||
Expected life of options (in years) | n/a | 5.37 | |||||||||||||||
Fair value of options granted | n/a | $4.56 | |||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||
Shares | Weighted | Remaining | Aggregate | ||||||||||||||
Average | Weighted | Intrinsic Value | |||||||||||||||
Exercise Price | Average | ||||||||||||||||
Contract Life | |||||||||||||||||
(Years) | |||||||||||||||||
Outstanding at April 1, 2014 | 1,692,750 | $ | 10.12 | 6.2 | $ | 982 | |||||||||||
Granted | - | $ | - | ||||||||||||||
Exercised | - | $ | - | ||||||||||||||
Expired/Forfeited | (16,500 | ) | $ | 12.28 | |||||||||||||
Outstanding at June 30, 2014 | 1,676,250 | $ | 10.1 | 6 | $ | 7,198 | |||||||||||
Options exercisable at June 30, 2014 | 1,014,500 | $ | 12.13 | 4.2 | $ | 2,734 | |||||||||||
Expected to vest as of June 30, 2014 | 1,606,983 | $ | 10.22 | 5.8 | $ | 6,761 | |||||||||||
Schedule of Nonvested Share Activity [Table Text Block] | ' | ||||||||||||||||
Shares | Average Grant | ||||||||||||||||
Date Fair Value | |||||||||||||||||
Outstanding at April 1, 2014 | 747,250 | $ | 4.13 | ||||||||||||||
Granted | - | $ | - | ||||||||||||||
Vested | (82,188 | ) | $ | 6.61 | |||||||||||||
Forfeited | (3,000 | ) | $ | 2.64 | |||||||||||||
Outstanding at June 30, 2014 | 662,062 | $ | 3.82 | ||||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | ' | ||||||||||||||||
Shares | Weighted | ||||||||||||||||
Average Grant | |||||||||||||||||
Price | |||||||||||||||||
Outstanding at April 1, 2014 | 3,750 | $ | 12.58 | ||||||||||||||
Granted | - | $ | - | ||||||||||||||
Vested | (1,875 | ) | $ | 12.58 | |||||||||||||
Forfeited | (1,875 | ) | $ | 12.58 | |||||||||||||
Outstanding at June 30, 2014 | - | $ | - | ||||||||||||||
Expected to vest as of June 30, 2014 | - | $ | - |
Note_12_Earnings_Loss_Per_Shar1
Note 12 - Earnings (Loss) Per Share (Tables) | 3 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||
2014 | 2013 | ||||||||
Numerator : | |||||||||
Income (loss) from continuing operations | $ | (11 | ) | $ | 90 | ||||
Income from discontinued operations, net of income taxes (Footnote 4) | 11,957 | 189 | |||||||
Net income for basic and dilutive earnings per share | $ | 11,946 | $ | 279 | |||||
Denominator : | |||||||||
Denominator for basic earnings (loss) per share - weighted average shares outstanding (in thousands) | 16,391 | 16,391 | |||||||
Effect of dilutive securities: | |||||||||
Employee and director stock options | 80 | 74 | |||||||
Denominator for diluted earnings per share - adjusted weighted average shares outstanding (in thousands) | 16,471 | 16,465 | |||||||
Basic earnings per share: | |||||||||
Income (loss) from continuing operations | $ | (0.00 | ) | $ | 0.01 | ||||
Income from discontinued operations, net of income taxes | $ | 0.73 | $ | 0.01 | |||||
Net income | $ | 0.73 | $ | 0.02 | |||||
Diluted earnings per share: | |||||||||
Income (loss) from continuing operations | $ | (0.00 | ) | $ | 0.01 | ||||
Income from discontinued operations, net of income taxes | $ | 0.73 | $ | 0.01 | |||||
Net income | $ | 0.73 | $ | 0.02 |
Note_13_Accounts_Payable_and_A1
Note 13 - Accounts Payable and Accrued Expenses (Tables) | 3 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Schedule of Accrued Liabilities [Table Text Block] | ' | ||||||||
June 30, | March 31, | ||||||||
2014 | 2014 | ||||||||
Accrued accounts payable | $ | 6,364 | $ | 6,219 | |||||
Accrued liabilities related to sale of the Patient Care business unit (footnote 4) | 3,309 | - | |||||||
Other accrued liabilities | 2,417 | 2,915 | |||||||
Employee compensation and benefits | 1,912 | 3,025 | |||||||
Accrued distributor fees | 1,781 | 2,011 | |||||||
Group purchasing organization fees | 1,774 | 1,977 | |||||||
Accrued bonuses | 1,271 | 4,109 | |||||||
Professional fees | 941 | 767 | |||||||
Freight and duty | 267 | 901 | |||||||
Total accrued expenses | $ | 20,036 | $ | 21,924 |
Note_4_Discontinued_Operations2
Note 4 - Discontinued Operations (Details) (USD $) | 3 Months Ended | 0 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 02, 2014 | Jun. 02, 2014 | Jun. 02, 2014 |
Accounts Receivable [Member] | Patient Care [Member] | Patient Care [Member] | ||
Patient Care [Member] | ||||
Note 4 - Discontinued Operations (Details) [Line Items] | ' | ' | ' | ' |
Proceeds from Divestiture of Businesses | $78,424 | ' | $78,628 | ' |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 18,873 | ' | 18,873 | ' |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | ' | ' | 11,220 | ' |
Disposal Group, Including Discontinued Operation, Other Assets | ' | 1,639 | ' | ' |
Disposal Group, Including Discontinued Operation, Accrued Liabilities | 3,309 | ' | ' | 3,309 |
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net | ' | ' | ' | $2,635 |
Note_4_Discontinued_Operations3
Note 4 - Discontinued Operations (Details) - Aggregate Components of the Assets and Liabilities That Were Sold (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Asset held for sale: | ' |
Inventories, net | $18,369 |
Property, plant and equipment, net | 17,431 |
Goodwill | 10,877 |
Other intangible assets, net | 10,236 |
Other assets, net | 4,200 |
Total assets held for sale, current | 61,113 |
Liabilities held for sale: | ' |
Other liabilities | 4,200 |
Total liabilities held for sale, current | $4,200 |
Note_4_Discontinued_Operations4
Note 4 - Discontinued Operations (Details) - Summary of Results of the Company’s Discontinued Operations (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2013 |
Summary of Results of the Company’s Discontinued Operations [Abstract] | ' | ' | ' |
Net sales | $24,048 | ' | $35,715 |
Cost of goods sold | 20,242 | ' | 31,378 |
Selling, general and administrative expenses | 2,567 | ' | 4,043 |
Income from discontinued operations before gain on sale of business and income taxes | 1,239 | ' | 294 |
Gain on sale of business | 18,873 | ' | ' |
Income taxes | 8,155 | ' | 105 |
Net income from discontinued operations | $11,957 | $189 | $189 |
Note_5_Inventories_Details
Note 5 - Inventories (Details) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Inventory Valuation Reserves | $1,031 | $953 |
Note_5_Inventories_Details_Inv
Note 5 - Inventories (Details) - Inventories Stated at Lower of Cost or Market (USD $) | Jun. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventories Stated at Lower of Cost or Market [Abstract] | ' | ' |
Finished goods, net | $13,914 | $15,582 |
Raw materials, net | 14,186 | 10,367 |
Work in progress, net | 7,327 | 6,769 |
Total inventories, net | $35,427 | $32,718 |
Note_6_Capital_Lease_Details
Note 6 - Capital Lease (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Disclosure Text Block Supplement [Abstract] | ' | ' |
Capital Lease, Monthly Payment | $129 | ' |
Increment In Capital Lease Payments Per Year, Percentage | 2.00% | ' |
Effective Rate On Capital Lease Obligation, Percentage | 9.90% | ' |
Capital Leases, Income Statement, Interest Expense | $332 | $336 |
Note_6_Capital_Lease_Details_G
Note 6 - Capital Lease (Details) - Gross and Net Book Value of Assets Under Capital Lease (USD $) | Jun. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Gross and Net Book Value of Assets Under Capital Lease [Abstract] | ' | ' |
Capital lease, gross | $11,409 | $11,409 |
Less: Accumulated amortization | -2,353 | -2,200 |
Capital lease, net | $9,056 | $9,209 |
Note_6_Capital_Lease_Details_A
Note 6 - Capital Lease (Details) - Amortization Expense Associated With the Capital Lease (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Capital Leased Assets [Line Items] | ' | ' |
Capital Leases, Income Statement, Amortization Expense | $153 | $154 |
Cost of Sales [Member] | ' | ' |
Capital Leased Assets [Line Items] | ' | ' |
Capital Leases, Income Statement, Amortization Expense | 35 | 35 |
Selling, General and Administrative Expenses [Member] | ' | ' |
Capital Leased Assets [Line Items] | ' | ' |
Capital Leases, Income Statement, Amortization Expense | $118 | $119 |
Note_6_Capital_Lease_Details_F
Note 6 - Capital Lease (Details) - Future Minimum Lease Payments Under Capital Lease (USD $) | Jun. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Future Minimum Lease Payments Under Capital Lease [Abstract] | ' | ' |
Balance of Fiscal 2015 | $1,162 | ' |
2016 | 1,580 | ' |
2017 | 1,611 | ' |
2018 | 1,643 | ' |
2019 | 1,676 | ' |
Thereafter | 18,723 | ' |
Total minimum lease payments | 26,395 | ' |
Less: Amounts representing interest | -12,979 | ' |
Present value of minimum lease payments | 13,416 | ' |
Less: Current portion of capital lease obligation | -240 | -226 |
Long-term portion of capital lease obligation | $13,176 | $13,245 |
Note_7_Related_Party_Transacti2
Note 7 - Related Party Transactions (Details) - Custom Healthcare Systems Transaction (Custom Healthcare Systems [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Custom Healthcare Systems [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Sold to CHS | $245 | $213 |
Purchased from CHS | $461 | $437 |
Note_7_Related_Party_Transacti3
Note 7 - Related Party Transactions (Details) - Custom Healthcare Systems Transaction (Custom Healthcare Systems [Member], USD $) | Jun. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Custom Healthcare Systems [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Due from CHS | $283 | $330 |
Due to CHS | $32 | $14 |
Note_8_Other_Intangible_Assets2
Note 8 - Other Intangible Assets (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Disclosure Text Block [Abstract] | ' | ' |
Amortization of Intangible Assets | $469 | $469 |
Note_8_Other_Intangible_Assets3
Note 8 - Other Intangible Assets (Details) - Other Intangible Assets (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Accumulated Amortization | ($6,901) | ($6,432) |
Total | 30,169 | 30,169 |
Total | -6,901 | -6,432 |
Total | 23,268 | 23,737 |
Trademarks/Tradenames not subject to amortization [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Trademarks/Tradenames not subject to amortization | 569 | 569 |
Trademarks/Tradenames not subject to amortization | ' | ' |
Trademarks subject to amortization (5 years) [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Value | 2,100 | 2,100 |
Accumulated Amortization | -1,610 | -1,505 |
Total Net Book Value | 490 | 595 |
Weighted Average Remaining Amortization Period (Years) | '1 year 146 days | ' |
Total | -1,610 | -1,505 |
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Value | 27,500 | 27,500 |
Accumulated Amortization | -5,291 | -4,927 |
Total Net Book Value | 22,209 | 22,573 |
Weighted Average Remaining Amortization Period (Years) | '16 years 146 days | ' |
Total | ($5,291) | ($4,927) |
Note_8_Other_Intangible_Assets4
Note 8 - Other Intangible Assets (Details) - Estimated Aggregate Future Amortization Expense (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Estimated Aggregate Future Amortization Expense [Abstract] | ' |
2015 | $1,795 |
2016 | 1,445 |
2017 | 1,375 |
2018 | 1,375 |
2019 | 1,375 |
$7,365 |
Note_9_Credit_Facilities_and_L2
Note 9 - Credit Facilities and Long-Term Debt (Details) (Wells Fargo Bank, National Association [Member], USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 0 Months Ended | ||||||||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | 17-May-13 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | 17-May-13 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | 17-May-13 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | 17-May-13 | Jun. 02, 2014 | Jun. 02, 2014 | Jun. 02, 2014 | |
"New Credit Agreement" [Member] | "New Credit Agreement" [Member] | "New Credit Agreement" [Member] | "New Credit Agreement" [Member] | "New Credit Agreement" [Member] | "New Credit Agreement" [Member] | "New Credit Agreement" [Member] | "New Credit Agreement" [Member] | "New Credit Agreement" [Member] | "New Credit Agreement" [Member] | "New Credit Agreement" [Member] | "New Credit Agreement" [Member] | "New Credit Agreement" [Member] | "New Credit Agreement" [Member] | "New Credit Agreement" [Member] | "New Credit Agreement" [Member] | "New Credit Agreement" [Member] | "New Credit Agreement" [Member] | "New Credit Agreement" [Member] | "New Credit Agreement" [Member] | "New Credit Agreement" [Member] | "New Credit Agreement" [Member] | "New Credit Agreement" [Member] | "New Credit Agreement" [Member] | Amendment [Member] | Amendment [Member] | Amendment [Member] | |
Secured Term Loan [Member] | Secured Term Loan [Member] | Secured Term Loan [Member] | Secured Term Loan [Member] | Secured Term Loan [Member] | Secured Term Loan [Member] | Delayed Draw Term Loans [Member] | Delayed Draw Term Loans [Member] | Delayed Draw Term Loans [Member] | Delayed Draw Term Loans [Member] | Delayed Draw Term Loans [Member] | Delayed Draw Term Loans [Member] | Delayed Draw Term Loans [Member] | Delayed Draw Term Loans [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | ||||
London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | Base Rate [Member] | Base Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | Base Rate [Member] | Base Rate [Member] | Minimum [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | Base Rate [Member] | Base Rate [Member] | Minimum [Member] | Maximum [Member] | ||||||||||||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | ||||||||||||||||
Note 9 - Credit Facilities and Long-Term Debt (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity (in Dollars) | ' | ' | ' | ' | ' | $11,505,000 | ' | ' | ' | ' | ' | $5,000,000 | ' | ' | ' | ' | ' | ' | ' | $53,495,000 | ' | ' | ' | $65,000,000 | ' | ' | $55,000 |
Debt Instrument, Maturity Date | ' | ' | ' | ' | 17-May-18 | ' | ' | ' | ' | ' | 17-May-15 | ' | ' | ' | ' | ' | ' | ' | 17-May-18 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Periodic Payment, Principal (in Dollars) | ' | ' | ' | ' | 137,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
UndrawnCommitmentsUnderCreditFacilityPeriodicReduction (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 208,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 2.50% | 3.00% | 1.50% | 2.00% | ' | ' | 4.25% | 4.75% | 3.25% | 3.75% | ' | ' | ' | ' | 2.00% | 2.50% | 1.00% | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.38% | 0.50% | ' | ' | 0.38% | ' | ' |
Debt, Weighted Average Interest Rate | ' | ' | ' | ' | 2.24% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.67% | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed Charge Coverage Ratio, Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' |
Leverage Financial Ratio, Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 3.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Amount, Maximum (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000 | ' |
Amortization of Financing Costs (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $197 | ' | ' | ' | ' |
Note_9_Credit_Facilities_and_L3
Note 9 - Credit Facilities and Long-Term Debt (Details) - Components of Long-Term Debt (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Debt Instrument [Line Items] | ' |
Total debt, including current portion | $40,112 |
Less: current portion | 40,112 |
Revolving Credit Facility [Member] | ' |
Debt Instrument [Line Items] | ' |
Total debt, including current portion | 29,976 |
Secured Term Loan [Member] | ' |
Debt Instrument [Line Items] | ' |
Total debt, including current portion | $10,136 |
Note_10_StockBased_Compensatio2
Note 10 - Stock-Based Compensation Plans (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 |
Note 10 - Stock-Based Compensation Plans (Details) [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 0 | 407,500 | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | ' | $8.39 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | '6 years | '8 years 328 days | '6 years 73 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | ' | $4.56 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in Shares) | 0 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | $2,531 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '1 year 328 days | ' | ' |
Employee Stock Option [Member] | ' | ' | ' |
Note 10 - Stock-Based Compensation Plans (Details) [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | ' | '10 years | ' |
Restricted Stock [Member] | ' | ' | ' |
Note 10 - Stock-Based Compensation Plans (Details) [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '5 years | ' | ' |
Fiscal 2015 [Member] | ' | ' | ' |
Note 10 - Stock-Based Compensation Plans (Details) [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Fiscal Vesting Percentage | ' | 25.00% | ' |
Fiscal 2016 [Member] | ' | ' | ' |
Note 10 - Stock-Based Compensation Plans (Details) [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Fiscal Vesting Percentage | ' | 25.00% | ' |
Fiscal 2017 [Member] | ' | ' | ' |
Note 10 - Stock-Based Compensation Plans (Details) [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Fiscal Vesting Percentage | ' | 50.00% | ' |
Note_10_StockBased_Compensatio3
Note 10 - Stock-Based Compensation Plans (Details) - Recognized Stock-Based Compensation (Exclusive of Deferred Tax Benefits) for Awards Granted Under the Company's Stock Option Plans (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' |
Stock-based compensation expense before income tax benefits | $179 | $185 |
Cost of Sales [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' |
Stock-based compensation expense before income tax benefits | 4 | 2 |
Selling, General and Administrative Expenses [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' |
Stock-based compensation expense before income tax benefits | $175 | $183 |
Note_10_StockBased_Compensatio4
Note 10 - Stock-Based Compensation Plans (Details) - Fair Value of Stock Options on Date of Grant, and Assumptions Used to Estimate the Fair Value of the Stock Options Granted During the Period (USD $) | 3 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Fair Value of Stock Options on Date of Grant, and Assumptions Used to Estimate the Fair Value of the Stock Options Granted During the Period [Abstract] | ' | ' |
Dividend yield | ' | ' |
Weighted-average expected volatility | ' | 62.50% |
Risk-free interest rate | ' | 0.90% |
Expected life of options (in years) | ' | '5 years 135 days |
Fair value of options granted (in Dollars per share) | ' | $4.56 |
Note_10_StockBased_Compensatio5
Note 10 - Stock-Based Compensation Plans (Details) - Summary of the Changes in Outstanding Options for All of the Company's Plans (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 |
Summary of the Changes in Outstanding Options for All of the Company's Plans [Abstract] | ' | ' | ' |
Shares | 1,676,250 | ' | 1,692,750 |
Weighted Average Exercise Price | $10.10 | ' | $10.12 |
Remaining Weighted Average Contract Life | '6 years | '8 years 328 days | '6 years 73 days |
Aggregate Intrinsic Value | $7,198 | ' | $982 |
Options exercisable at June 30, 2014 | 1,014,500 | ' | ' |
Options exercisable at June 30, 2014 | $12.13 | ' | ' |
Options exercisable at June 30, 2014 | '4 years 73 days | ' | ' |
Options exercisable at June 30, 2014 | 2,734 | ' | ' |
Expected to vest as of June 30, 2014 | 1,606,983 | ' | ' |
Expected to vest as of June 30, 2014 | $10.22 | ' | ' |
Expected to vest as of June 30, 2014 | '5 years 292 days | ' | ' |
Expected to vest as of June 30, 2014 | $6,761 | ' | ' |
Expired/Forfeited | -16,500 | ' | ' |
Expired/Forfeited | $12.28 | ' | ' |
Note_10_StockBased_Compensatio6
Note 10 - Stock-Based Compensation Plans (Details) - Summary of Changes in Non-Vested Stock Options (USD $) | 3 Months Ended |
Jun. 30, 2014 | |
Note 10 - Stock-Based Compensation Plans (Details) - Summary of Changes in Non-Vested Stock Options [Line Items] | ' |
Shares | 1,692,750 |
Forfeited | -16,500 |
Shares | 1,676,250 |
Non-Vested Stock Options [Member] | ' |
Note 10 - Stock-Based Compensation Plans (Details) - Summary of Changes in Non-Vested Stock Options [Line Items] | ' |
Shares | 747,250 |
Average Grant Date Fair Value | 4.13 |
Vested | -82,188 |
Vested | 6.61 |
Forfeited | -3,000 |
Forfeited | 2.64 |
Shares | 662,062 |
Average Grant Date Fair Value | 3.82 |
Note_10_StockBased_Compensatio7
Note 10 - Stock-Based Compensation Plans (Details) - Summary of Restricted Stock Activity in 1994 Stock Incentive Plan (Restricted Stock [Member], USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 |
Restricted Stock [Member] | ' |
Note 10 - Stock-Based Compensation Plans (Details) - Summary of Restricted Stock Activity in 1994 Stock Incentive Plan [Line Items] | ' |
Outstanding at April 1, 2014 | 3,750 |
Outstanding at April 1, 2014 | $12.58 |
Vested | -1,875 |
Vested | $12.58 |
Forfeited | -1,875 |
Forfeited | $12.58 |
Outstanding at June 30, 2014 | 0 |
Outstanding at June 30, 2014 | $0 |
Note_11_Income_Taxes_Details
Note 11 - Income Taxes (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Note 11 - Income Taxes (Details) [Line Items] | ' | ' |
Income Tax Expense (Benefit) | $11 | $70 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $10 | ' |
Scenario, Forecast [Member] | ' | ' |
Note 11 - Income Taxes (Details) [Line Items] | ' | ' |
Effective Income Tax Rate Reconciliation, Percent | 40.40% | ' |
Note_12_Earnings_Loss_Per_Shar2
Note 12 - Earnings (Loss) Per Share (Details) (Equity Option [Member]) | 3 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Equity Option [Member] | ' | ' |
Note 12 - Earnings (Loss) Per Share (Details) [Line Items] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,361,310 | 1,312,231 |
Note_12_Earnings_Loss_Per_Shar3
Note 12 - Earnings (Loss) Per Share (Details) - Basic and Diluted Net Earnings Per Share (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2013 |
Numerator : | ' | ' | ' |
Income (loss) from continuing operations (in Dollars) | ($11) | $90 | ' |
Income from discontinued operations, net of income taxes (Footnote 4) (in Dollars) | 11,957 | 189 | 189 |
Net income for basic and dilutive earnings per share (in Dollars) | $11,946 | $279 | ' |
Denominator : | ' | ' | ' |
Denominator for basic earnings (loss) per share - weighted average shares outstanding (in thousands) (in Shares) | 16,391 | 16,391 | ' |
Effect of dilutive securities: | ' | ' | ' |
Employee and director stock options (in Shares) | 80 | 74 | ' |
Denominator for diluted earnings per share - adjusted weighted average shares outstanding (in thousands) (in Shares) | 16,471 | 16,465 | ' |
Basic earnings per share: | ' | ' | ' |
Income (loss) from continuing operations | $0 | $0.01 | ' |
Income from discontinued operations, net of income taxes | $0.73 | $0.01 | ' |
Net income | $0.73 | $0.02 | ' |
Diluted earnings per share: | ' | ' | ' |
Income (loss) from continuing operations | $0 | $0.01 | ' |
Income from discontinued operations, net of income taxes | $0.73 | $0.01 | ' |
Net income | $0.73 | $0.02 | ' |
Note_13_Accounts_Payable_and_A2
Note 13 - Accounts Payable and Accrued Expenses (Details) - Accrued Expenses (USD $) | Jun. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accrued Expenses [Abstract] | ' | ' |
Accrued accounts payable | $6,364 | $6,219 |
Accrued liabilities related to sale of the Patient Care business unit (footnote 4) | 3,309 | ' |
Other accrued liabilities | 2,417 | 2,915 |
Employee compensation and benefits | 1,912 | 3,025 |
Accrued distributor fees | 1,781 | 2,011 |
Group purchasing organization fees | 1,774 | 1,977 |
Accrued bonuses | 1,271 | 4,109 |
Professional fees | 941 | 767 |
Freight and duty | 267 | 901 |
Total accrued expenses | $20,036 | $21,924 |
Note_14_Fair_Value_of_Financia1
Note 14 - Fair Value of Financial Instruments (Details) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Note 14 - Fair Value of Financial Instruments (Details) [Line Items] | ' |
Capital Lease Obligations | $13,416 |
Capital Lease Obligations [Member] | ' |
Note 14 - Fair Value of Financial Instruments (Details) [Line Items] | ' |
Obligations, Fair Value Disclosure | $15,479 |
Note_15_Business_Concentration1
Note 15 - Business Concentrations and Major Customers (Details) | 3 Months Ended |
Jun. 30, 2014 | |
Owens & Minor, Inc. [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | ' |
Note 15 - Business Concentrations and Major Customers (Details) [Line Items] | ' |
Concentration Risk, Percentage | 45.20% |
Cardinal Health Inc. [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | ' |
Note 15 - Business Concentrations and Major Customers (Details) [Line Items] | ' |
Concentration Risk, Percentage | 19.60% |
Minimum [Member] | ' |
Note 15 - Business Concentrations and Major Customers (Details) [Line Items] | ' |
Days Until Receivables Are Generally Due | '30 days |
Maximum [Member] | ' |
Note 15 - Business Concentrations and Major Customers (Details) [Line Items] | ' |
Days Until Receivables Are Generally Due | '90 days |