Cyanotech (CYAN) 10-Q 11 Feb 16 2016 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Dec. 31, 2015	Feb. 11, 2016
Entity Registrant Name	Cyanotech Corp
Entity Central Index Key	768,408
Trading Symbol	cyan
Current Fiscal Year End Date	--03-31
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		5,597,797
Document Type	10-Q
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Dec. 31, 2015	Mar. 31, 2015
Current assets:
Cash and cash equivalents	$ 1,995	$ 2,226
Accounts receivable, net of allowance for doubtful accounts of $49 at December 31, 2015 and $6 at March 31, 2015	3,058	3,162
Inventories, net	7,352	5,678
Deferred tax assets	315	315
Prepaid expenses and other current assets	619	413
Total current assets	13,339	11,794
Equipment and leasehold improvements, net	$ 17,904	14,754
Restricted cash		486
Deferred tax assets	$ 2,867	3,035
Other assets	794	846
Total assets	34,904	30,915
Current liabilities:
Current maturities of long-term debt	562	234
Customer deposits	130	31
Accounts payable	3,910	2,926
Accrued expenses	1,321	1,124
Total current liabilities	5,923	4,315
Long-term debt, excluding current maturities	7,193	5,109
Deferred rent	10	8
Total liabilities	$ 13,126	$ 9,432
Commitments and contingencies
Stockholders’ equity:
Common stock of $0.02 par value, shares authorized 50,000,000; 5,597,797 shares issued and outstanding at December 31, 2015 and 5,564,799 shares at March 31, 2015	$ 112	$ 111
Additional paid-in capital	31,481	30,846
Accumulated deficit	(9,815)	(9,474)
Total stockholders’ equity	21,778	21,483
Total liabilities and stockholders’ equity	$ 34,904	$ 30,915

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2015	Mar. 31, 2015
Accounts receivable, allowance for doubtful accounts	$ 49	$ 6
Common stock, par value (in dollars per share)	$ 0.02	$ 0.02
Common stock, authorized shares (in shares)	50,000,000	50,000,000
Common stock, issued shares (in shares)	5,597,797	5,564,799
Common stock, outstanding shares (in shares)	5,597,797	5,564,799

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
NET SALES	$ 7,534	$ 9,691	$ 23,644	$ 25,261
COST OF SALES	4,450	4,893	14,536	13,469
Gross profit	3,084	4,798	9,108	11,792
OPERATING EXPENSES:
General and administrative	1,331	1,829	4,027	6,746
Sales and marketing	1,325	1,473	4,673	4,169
Research and development	$ 132	155	475	376
(Gain) loss on disposal of equipment and leasehold improvements		113	(29)	126
Total operating expenses	$ 2,788	3,570	9,146	11,417
Income (loss) from operations	296	1,228	(38)	375
Interest expense, net	(89)	(23)	(164)	(71)
Income (loss) before income tax	207	1,205	(202)	304
INCOME TAX EXPENSE	457	742	139	157
NET INCOME (LOSS)	$ (250)	$ 463	$ (341)	$ 147
NET INCOME (LOSS) PER SHARE:
Basic (in dollars per share)	$ (0.04)	$ 0.08	$ (0.06)	$ 0.03
Diluted (in dollars per share)	$ (0.04)	$ 0.08	$ (0.06)	$ 0.03
SHARES USED IN CALCULATION OF NET INCOME (LOSS) PER SHARE:
Basic (in shares)	5,594	5,533	5,576	5,505
Diluted (in shares)	5,594	5,779	5,576	5,704

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (341,000)	$ 147,000
Adjustments to reconcile net loss to net cash provided by operating activities:
(Gain) loss on disposal of equipment and leasehold improvements	(29,000)	126,000
Depreciation and amortization	1,057,000	925,000
Amortization of debt issue costs and other assets	41,000	35,000
Share based compensation expense	569,000	$ 584,000
Provision for doubtful accounts	43,000
Deferred income tax benefit	168,000	$ 157,000
Net (increase) decrease in assets:
Accounts receivable	61,000	(766,000)
Inventories	(1,645,000)	(1,542,000)
Prepaid expenses	(206,000)	$ (5,000)
Other assets	104,000
Net increase (decrease) in liabilities:
Customer deposits	99,000	$ 16,000
Accounts payable	984,000	641,000
Accrued expenses	198,000	269,000
Deferred rent	2,000	(1,000)
Net cash provided by operating activities	1,105,000	586,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from restricted cash	486,000	807,000
Investment in equipment and leasehold improvements	(4,033,000)	(3,184,000)
Net cash used in investing activities	(3,547,000)	$ (2,377,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from short term notes payable	500,000
Payment of short term notes payable	(500,000)
Proceeds from long-term debt, net of costs	2,407,000
Capitalized leases	(32,000)
Principal payments on long-term debt	(230,000)	$ (153,000)
Proceeds from stock options exercised	66,000	173,000
Net cash provided by financing activities	2,211,000	20,000
Net decrease in cash and cash equivalents	(231,000)	(1,771,000)
Cash and cash equivalents at beginning of period	2,226,000	4,312,000
Cash and cash equivalents at end of period	1,995,000	2,541,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest	290,000	$ 221,000
Income taxes	$ 21,000

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	9 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]	1. BASIS OF PRESENTATION The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information pursuant to the instructions to Form 10-Q and Regulation S-X of the Securities and Exchange Commission (SEC). These interim condensed consolidated financial statements are unaudited and, in the opinion of management, include all adjustments (consisting of normal recurring adjustments and accruals) necessary to present fairly the Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Operations, and Condensed Consolidated Statements of Cash Flows for the periods presented in accordance with GAAP. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full fiscal year. The Condensed Consolidated Balance Sheet as of March 31, 2015 was derived from the audited consolidated financial statements. These condensed consolidated financial statements and notes should be read in conjunction with the Company’s audited consolidated financial statements for the year ended March 31, 2015, contained in the Company’s annual report on Form 10-K as filed with the SEC on July 15, 2015, as amended by Amendment No. 1 to the Company’s annual report on Form 10-K/A, filed August 27, 2015 (as amended, the “Company’s 10-K”). The accompanying condensed consolidated financial statements include the accounts of Cyanotech Corporation and its wholly owned subsidiary, Nutrex Hawaii, Inc. (“Nutrex Hawaii” or “Nutrex”, collectively the “Company”). All significant intercompany balances and transactions have been eliminated in consolidation. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of any contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the periods reported. Management reviews these estimates and assumptions periodically and reflects the effect of revisions in the period that they are determined to be necessary. Actual results could differ from those estimates and assumptions. Recent Accounting Pronouncements In November 2015, the FASB issued Accounting Standards Update (ASU) No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date In July 2015, the FASB issued ASU No. 2015-11, Inventory: Simplifying the Measurement of Inventory In April 2015, the FASB issued ASU No. 2015-03, “ Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2014-09, " Revenue from Contracts with Customers Other recently issued accounting pronouncements did not or are not believed by management to have a material impact on the Company’s present or future financial statements.

Note 2 - Inventories

Note 2 - Inventories	9 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Inventory Disclosure [Text Block]	2. INVENTORIES Inventories are stated at the lower of cost or market. Cost is determined by the first-in, first-out method. Inventories consist of the following: Dec ember 3 1 , 2015 March 31, 2015 (in thousands) Raw materials $ 307 $ 931 Work in process 3,084 1,509 Finished goods(1) 3,766 2,895 Supplies 195 343 $ 7,352 $ 5,678 (1) Net of reserve for obsolescence of $4,000 and $4,000 at December 31, 2015 and March 31, 2015, respectively. The Company recognizes abnormal production costs, including fixed cost variances from normal production capacity, as an expense in the period incurred. $21,000 of non-inventoriable fixed costs were charged to cost of sales for the three months ended December 31, 2015. $395,000 of extraction operations start-up costs and $149,000 of non-inventoriable fixed costs were charged to cost of sales for the nine months ended December 31, 2015. There were $196,000 abnormal production costs charged to cost of sales for the three months ended December 31, 2014. For the nine months ended December 31, 2014, there were $277,000 of abnormal production costs charged to cost of sales.

Note 3 - Equipment and Leasehol

Note 3 - Equipment and Leasehold Improvements, Net	9 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	3. EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET Equipment and leasehold improvements are stated at cost. Depreciation and amortization are provided using the straight-line method over the estimated useful lives for equipment and furniture and fixtures, or the shorter of the land lease term or estimated useful lives for leasehold improvements as follows: Years Equipment 3 to 10 Furniture and fixtures 3 to 7 Leasehold improvements 10 to 25 Equipment and leasehold improvements consist of the following: Dec ember 3 1 , 2015 March 31, 2015 (in thousands) Equipment $ 16,065 $ 9,782 Leasehold improvements 12,193 10,216 Furniture and fixtures 352 298 28,610 20,296 Less accumulated depreciation and amortization (13,606 ) (12,549 ) Construction-in-progress 2,900 7,007 Equipment and leasehold improvements, net $ 17,904 $ 14,754 The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. Recoverability of these assets is measured by a comparison of the carrying amount to forecasted undiscounted future cash flows expected to be generated by the asset. If the carrying amount exceeds its estimated future cash flows, then an impairment charge is recognized to the extent that the carrying amount exceeds the asset’s fair value. Management has determined no asset impairment existed as of December 31, 2015. There was no gain or loss recognized for the three months ended December 31, 2015. The Company recognized a gain on disposal of assets in the amount of $29,000 for the nine months ended December 31, 2015, respectively. The Company recognized a loss on disposal of assets in the amount of $113,000 and $126,000 for the three and nine months ended December 31, 2014, respectively. The Company has capitalized $35,000 and $172,000 of interest for the three and nine months ended December 31, 2015, respectively. $58,000 and $170,000 of interest was capitalized for the three and nine month periods ended December 31, 2014.

Note 4 - Accrued Expenses

Note 4 - Accrued Expenses	9 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	4. ACCRUED EXPENSES Accrued expenses consist of the following: Dec ember 3 1 , 2015 March 31, 2015 (in thousands) Wages, bonus and profit sharing $ 793 $ 930 Use tax 140 — Rent and utilities 103 90 Customer rebates 74 74 Interest 36 24 Other expenses 175 6 $ 1,321 $ 1,124

Note 5 - Long-term Debt

Note 5 - Long-term Debt	9 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Long-term Debt [Text Block]	5. LONG-TERM DEBT Long-term debt consists of the following: Dec ember 3 1 , 2015 March 31, 2015 (in thousands) Term loans $ 7,529 $ 5,259 Capital lease 226 84 Less current maturities (562 ) (234 ) Long-term debt, excluding current maturities $ 7,193 $ 5,109 Term Loan Agreements The Company executed a loan agreement with a lender providing for $2,500,000 in aggregate credit facilities (the “2015 Loan”) secured by substantially all the Company’s assets, pursuant to a Term Loan Agreement dated July 30, 2015 (the “2015 Loan Agreement”). The 2015 Loan Agreement is evidenced by a promissory note in the amount of $2,500,000, the repayment of which is partially guaranteed under the provisions of a United States Department of Agriculture (“USDA”) Rural Development Guarantee program. The proceeds of the 2015 Loan were used to pay off a $500,000 short term note payable that matured on September 18, 2015 and acquire new processing equipment and leasehold improvements at its Kona, Hawaii facility. The provisions of the 2015 Loan require the payment of principal and interest until its maturity on September 1, 2022, the obligation fully amortizes over seven (7) years. Interest on the 2015 Loan accrues on the outstanding principal balance at an annual variable rate equal to the published Wall Street Journal prime rate (3.50% at December 31, 2015) plus 2.0% and is adjustable on the first day of each calendar quarter and fixed for that quarter. At no time shall the annual interest rate be less than 6.00%. The 2015 Loan has a prepayment penalty of 5% for any prepayment made prior to the first anniversary of the date of the 2015 Loan Agreement, which penalty is reduced by 1% each year thereafter until the fifth anniversary of such date, after which there is no prepayment penalty. The balance under the 2015 Loan was $2,426,000 at December 31, 2015. The 2015 Loan includes a one-time origination and guaranty fee totaling $113,900 and an annual renewal fee payable in the amount of 0.50% of the USDA guaranteed portion of the outstanding principal balance as of December 31 of each year, beginning December 31, 2015. The USDA has guaranteed 80% of all amounts owing under the 2015 Loan. The Company is subject to financial covenants and customary affirmative and negative covenants. The Company was in compliance with these financial covenants at December 31, 2015. The Company executed a loan agreement with a lender providing for $5,500,000 in aggregate credit facilities (the “2012 Loan”) secured by substantially all the Company’s assets, pursuant to a Term Loan Agreement dated August 14, 2012 (the “2012 Loan Agreement”). The 2012 Loan Agreement is evidenced by promissory notes in the amounts of $2,250,000 and $3,250,000, the repayment of which is partially guaranteed under the provisions of a USDA Rural Development Guarantee program. The proceeds of the 2012 Loan were used to acquire new processing equipment and leasehold improvements at its Kona, Hawaii facility. The provisions of the 2012 Loan require the payment of interest only for the first 12 months of the term; thereafter, and until its maturity on August 14, 2032, the obligation fully amortizes over nineteen (19) years. Interest on the 2012 Loan accrues on the outstanding principal balance at an annual variable rate equal to the published Wall Street Journal prime rate (3.50% at December 31, 2015) plus 1.0% and is adjustable on the first day of each calendar quarter and fixed for that quarter. At no time shall the annual interest rate be less than 5.50%. The 2012 Loan has a prepayment penalty of 5% for any prepayment made prior to the first anniversary of the date of the 2012 Loan Agreement, which penalty is reduced by 1% each year thereafter until the fifth anniversary of such date, after which there is no prepayment penalty. The balance under the 2012 Loan was $5,097,000 at December 31, 2015. Proceeds from the 2012 Loan were classified as restricted cash until they were drawn upon to acquire new processing equipment and leasehold improvements. The 2012 Loan includes a one-time origination and guaranty fee totaling $214,500 and an annual renewal fee payable in the amount of 0.25% of the USDA guaranteed portion of the outstanding principal balance as of December 31 of each year, beginning December 31, 2012. The USDA has guaranteed 80% of all amounts owing under the 2012 Loan. The Company is subject to financial covenants and customary affirmative and negative covenants. The Company was in compliance with these financial covenants at December 31, 2015. Capital Leases In July 2015, the Company executed a capital lease agreement with Huntington Technology Finance providing for $174,000 in equipment, secured by the equipment financed. The capital lease matures in July 2020 and is payable in 60 equal monthly payments. The interest rate under this capital lease is 6.57%. The balance under this lease was $160,000 and $0 at December 31, 2015 and March 31, 2015, respectively. In March 2015, the Company executed a capital lease agreement with Thermo Fisher Financial providing for $86,000 in equipment, secured by the equipment financed. The capital lease matures in March 2018 and is payable in 36 equal monthly payments. The interest rate under this capital lease is 6.5%. The balance under this lease was $66,000 and $84,000 at December 31, 2015 and March 31, 2015, respectively. Future principal payments under the term loans and capital lease agreements as of December 31, 2015 are as follows: Payments Due (in thousands) Next 12 Months $ 562 Year 2 590 Year 3 601 Year 4 629 Year 5 649 Thereafter 4,724 Total principal payments $ 7,755

Note 6 - Operating Leases

Note 6 - Operating Leases	9 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Leases of Lessee Disclosure [Text Block]	6. OPERATING LEASES The Company leases facilities, equipment and land under operating leases expiring through 2035. The land lease provides for contingent rentals in excess of minimum rental commitments based on a percentage of the Company’s sales. Management has accrued for the estimated contingent rent as of December 31, 2015. Future minimum lease payments under all non-cancelable operating leases at December 31, 2015 are as follows: Payments Due (in thousands) Next 12 Months $ 602 Year 2 605 Year 3 609 Year 4 618 Year 5 555 Thereafter 5,007 Total minimum lease payments $ 7,996

Note 7 - Share-based Compensati

Note 7 - Share-based Compensation	9 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	7. SHARE-BASED COMPENSATION The Company accounts for share-based payment arrangements using fair value. If an award vests or becomes exercisable based on the achievement of a condition other than service, such as for meeting certain performance or market conditions, the award is classified as a liability. Liability-classified awards are remeasured to fair value at each balance sheet date until the award is settled. The Company currently has no liability-classified awards. Equity-classified awards, including grants of employee stock options, are measured at the grant-date fair value of the award and are not subsequently remeasured unless an award is modified. The cost of equity-classified awards is recognized in the statement of operations over the period during which an employee is required to provide the service in exchange for the award, or the vesting period. All of the Company’s stock options are service-based awards, and because the Company’s stock options are “plain vanilla,” as defined by the U.S. Securities and Exchange Commission in Staff Accounting Bulletin No. 107, they are reflected only in equity and compensation expense accounts. Stock Options As of December 31, 2015, the Company had one effective equity-based compensation plan: the Independent Director Stock Option and Restricted Stock Grant Plan (the “2014 Directors Plan”). The Company has also issued stock options, which remain outstanding as of December 31, 2015, under two equity-based compensation plans which have expired according to their terms; the 2005 Stock Option Plan (the “2005 Plan”) and the 2004 Independent Director Stock Option and Stock Grant Plan (the “2004 Directors Plan”). On August 28, 2014, the Company’s shareholders approved the 2014 Directors Plan. This plan authorizes the Board of Directors to provide additional incentive to the Company’s independent directors through equity based compensation in the form of stock options and restricted stock. Awards under the 2014 Directors Plan are limited to the authorized amount of 350,000 shares. As of December 31, 2015, there were 314,241 shares available for grant under the 2014 Directors Plan. Since both the 2005 Plan and the 2004 Directors Plan have expired, no additional awards will be issued under those plans. The following table presents shares authorized, available for future grant and outstanding under each of the Company’s plans: As of Dec ember 3 1 , 2015 Authorized Available Outstanding 2014 Plan 350,000 314,241 6,000 2005 Plan — — 1,396,916 2004 Directors Plan — — 12,000 Total 350,000 314,241 1,414,916 All stock option grants made under equity-based compensation plans were issued at exercise prices no less than the Company’s closing stock price on the date of grant. Options under the 2005 Plan and 2014 Directors Plan were determined by the Board of Directors or the Stock Option and Compensation Committee of the Board in accordance with the provisions of the respective plans. The terms of each option grant include vesting, exercise, and other conditions are set forth in a Stock Option Agreement evidencing each grant. No option can have a life in excess of ten (10) years. The Company records compensation expense for employee stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes option-pricing model. The model requires various assumptions, including a risk-free interest rate, the expected term of the options, the expected stock price volatility over the expected term of the options and the expected dividend yield. Compensation expense for employee stock options is recognized ratably over the vesting term. Compensation expense recognized for options issued under the 2005 Plan was $164,000 and $488,000 for the three and nine months ended December 31, 2015, respectively. Compensation expense recognized for options issued under the 2005 Plan was $153,000 and $506,000 for the three and nine months ended December 31, 2014, respectively. Compensation expense recognized for restricted stock and options issued under the 2014 Directors Plan was $81,000 for the three and nine months ended December 31, 2015. Compensation expense recognized for restricted stock issued under the 2014 Directors Plan was $0 and $78,000 for the three and nine months ended December 31, 2014. All share-based compensation has been classified as general and administrative expense in the consolidated statements of operations. A summary of option activity under the Company’s stock plans for the nine months ended December 31, 2015 is presented below: Option Activity Shares Weighted Average Weighted Average (in Years) Aggregate Outstanding at March 31, 2015 1,433,216 $ 4.08 6.4 $ 6,221,909 Granted 6,000 5.91 — — Exercised (19,800 ) 3.31 — 55,249 Forfeited or expired (4,500 ) 5.84 — 12,180 Outstanding at December 31, 2015 1,414,916 4.09 5.7 1,903,076 Exercisable at December 31, 2015 893,750 3.89 5.5 1,346,840 The aggregate intrinsic value in the table above is before applicable income taxes and represents the excess amount over the exercise price optionees would have received if all options had been exercised on the last business day of the period indicated, based on the Company’s closing stock price of $5.25 for such day. A summary of the Company’s non-vested options for the nine months ended December 31, 2015 is presented below: Nonvested Options Shares Weighted Nonvested at March 31, 2015 614,416 $ 3.25 Granted 6,000 1.18 Vested (96,250 ) 3.50 Forfeited or expired (3,000 ) 4.04 Nonvested at December 31, 2015 521,166 3.18 The following table summarizes the weighted average characteristics of outstanding stock options as of December 31, 2015: Outstanding Options Exercisable Options Range of Exercise Prices Number Remaining Weighted Number of Weighted $1.60 - 3.70 380,020 4.7 $ 2.93 380,020 $ 2.93 $3.71 - 4.42 692,896 5.7 3.82 315,980 3.82 $4.43 - 5.40 117,500 7.1 5.00 69,500 5.07 $5.41 - 7.08 224,500 6.7 6.42 128,250 6.26 Total stock options 1,414,916 5.7 4.09 893,750 3.89 There were 6,000 stock options and 13,198 shares of restricted stock granted during the three and nine months ended December 31, 2015. There were no stock options or shares of restricted stock granted during the three months ended December 31, 2014. There were 45,000 stock options and 16,561 shares of restricted stock granted during the nine months ended December 31, 2014. The range of fair value assumptions related to options granted during the period ended December 31, 2015 were as follows: 2015 Exercise Price $ 5.91 Volatility 50.42 % Risk Free Rate 0.22 % Vesting Period (years) 3 Forfeiture Rate 0 % Expected Life (in years) 1.00 Dividend Rate 0 % As of December 31, 2015, total unrecognized stock-based compensation expense related to all unvested stock options was $1,105,000, which is expected to be expensed over a weighted average period of 2.1 years.

Note 8 - Income Taxes

Note 8 - Income Taxes	9 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Income Tax Disclosure [Text Block]	8. INCOME TAXES We utilize our estimated annual effective tax rate to determine our provision (benefit) for income taxes for interim periods. The income tax provision (benefit) is computed by multiplying the estimated annual effective tax rate by the year to date pre-tax book income (loss). Our effective tax rate differs from the statutory rate of 34% as a result of non deductible stock option expense and the state taxes (net of federal benefit) and permanent differences. Our effective tax rate was 220.8% and (68.8%) for the three and nine months ended December 31, 2015, respectively, and 61.6% and 51.6% for the three and nine months ended December 31, 2014, respectively. The Company is subject to taxation in the United States and two state jurisdictions. The preparation of tax returns requires management to interpret the applicable tax laws and regulations in effect in such jurisdictions, which could affect the amount of tax paid by the Company. Management, in consultation with its tax advisors, files its tax returns based on interpretations that are believed to be reasonable under the circumstances. The income tax returns, however, are subject to routine reviews by the various taxing authorities. As part of these reviews, a taxing authority may disagree with respect to the tax positions taken by management (“uncertain tax positions”) and therefore may require the Company to pay additional taxes. Management evaluates the requirement for additional tax accruals, including interest and penalties, which the Company could incur as a result of the ultimate resolution of its uncertain tax positions. Management reviews and updates the accrual for uncertain tax positions as more definitive information becomes available from taxing authorities, completion of tax audits, expiration of statute of limitations, or upon occurrence of other events. As of December 31, 2015, there was no liability for income tax associated with unrecognized tax benefits. The Company recognizes accrued interest related to unrecognized tax benefits as well as any related penalties in interest income or expense in its consolidated condensed statements of operations, which is consistent with the recognition of these items in prior reporting periods. With few exceptions, the Company is no longer subject to U.S. federal, state, local, and non-U.S. income tax examination by tax authorities for tax years before 2010.

Note 9 - Earnings Per Share

Note 9 - Earnings Per Share	9 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Earnings Per Share [Text Block]	9 . EARNINGS PER SHARE Basic earnings per share is computed on the basis of the weighted average number of common shares outstanding. Diluted earnings per share is computed on the basis of the weighted average number of common shares outstanding plus the potentially dilutive effect of outstanding stock options using the “treasury stock” method. Reconciliations between the numerator and the denominator of the basic and diluted earnings per share computations for the three months ended December 31, 2015 and 2014 are as follows: Three Months Ended Dec ember 3 1 , 2015 Net Income Shares Per Share (Numerator) (Denominator) Amount (in thousands) Basic loss per share $ (250 ) 5,594 $ (0.04 ) Effect of dilutive securities—Common stock options — — — Diluted loss per share $ (250 ) 5,594 $ (0.04 ) Three Months Ended Dec ember 3 1 , 2014 Net Income Shares Per Share (Numerator) (Denominator) Amount (in thousands) Basic income per share $ 463 5,533 $ 0.08 Effect of dilutive securities — Common stock options — 246 — Diluted income per share $ 463 5,779 $ 0.08 Reconciliations between the numerator and the denominator of the basic and diluted earnings per share computations for the nine months ended December 30, 2015 and 2014 are as follows: Nine Months Ended Dec ember 3 1 , 2015 Net Income Shares Per Share (Numerator) (Denominator) Amount (in thousands) Basic loss per share $ (341 ) 5,576 $ (0.06 ) Effect of dilutive securities—Common stock options — — — Diluted loss per share $ (341 ) 5,576 $ (0.06 ) Nine Months Ended Dec ember 3 1 , 2014 Net Income Shares Per Share (Numerator) (Denominator) Amount (in thousands) Basic income per share $ 147 5,505 $ 0.03 Effect of dilutive securities — Common stock options — 199 — Diluted income per share $ 147 5,704 $ 0.03 Basic and diluted earnings per share are the same in periods of a net loss, because common share equivalents are anti-dilutive when a net loss is recorded. Diluted earnings per share does not include the impact of common stock options totaling 112,500 and 636,416 for the three months ended December 31, 2015 and 2014, respectively, and 140,063 and 565,416 for the nine months ended December 31, 2015 and 2014, respectively, as the effect of their inclusion would be anti-dilutive.

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements In November 2015, the FASB issued Accounting Standards Update (ASU) No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date In July 2015, the FASB issued ASU No. 2015-11, Inventory: Simplifying the Measurement of Inventory In April 2015, the FASB issued ASU No. 2015-03, “ Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2014-09, " Revenue from Contracts with Customers Other recently issued accounting pronouncements did not or are not believed by management to have a material impact on the Company’s present or future financial statements.

Note 2 - Inventories (Tables)

Note 2 - Inventories (Tables)	9 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Inventory, Current [Table Text Block]	Dec ember 3 1 , 2015 March 31, 2015 (in thousands) Raw materials $ 307 $ 931 Work in process 3,084 1,509 Finished goods(1) 3,766 2,895 Supplies 195 343 $ 7,352 $ 5,678

Note 3 - Equipment and Leaseh17

Note 3 - Equipment and Leasehold Improvements, Net (Tables)	9 Months Ended
	Dec. 31, 2015
Notes Tables
Property, Plant, and Equipment, Estimated Useful Lives [Table Text Block]	Years Equipment 3 to 10 Furniture and fixtures 3 to 7 Leasehold improvements 10 to 25
Property, Plant and Equipment [Table Text Block]	Dec ember 3 1 , 2015 March 31, 2015 (in thousands) Equipment $ 16,065 $ 9,782 Leasehold improvements 12,193 10,216 Furniture and fixtures 352 298 28,610 20,296 Less accumulated depreciation and amortization (13,606 ) (12,549 ) Construction-in-progress 2,900 7,007 Equipment and leasehold improvements, net $ 17,904 $ 14,754

Note 4 - Accrued Expenses (Tabl

Note 4 - Accrued Expenses (Tables)	9 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	Dec ember 3 1 , 2015 March 31, 2015 (in thousands) Wages, bonus and profit sharing $ 793 $ 930 Use tax 140 — Rent and utilities 103 90 Customer rebates 74 74 Interest 36 24 Other expenses 175 6 $ 1,321 $ 1,124

Note 5 - Long-term Debt (Tables

Note 5 - Long-term Debt (Tables)	9 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	Dec ember 3 1 , 2015 March 31, 2015 (in thousands) Term loans $ 7,529 $ 5,259 Capital lease 226 84 Less current maturities (562 ) (234 ) Long-term debt, excluding current maturities $ 7,193 $ 5,109
Schedule of Maturities of Long-term Debt [Table Text Block]	Payments Due (in thousands) Next 12 Months $ 562 Year 2 590 Year 3 601 Year 4 629 Year 5 649 Thereafter 4,724 Total principal payments $ 7,755

Note 6 - Operating Leases (Tabl

Note 6 - Operating Leases (Tables)	9 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	Payments Due (in thousands) Next 12 Months $ 602 Year 2 605 Year 3 609 Year 4 618 Year 5 555 Thereafter 5,007 Total minimum lease payments $ 7,996

Note 7 - Share-based Compensa21

Note 7 - Share-based Compensation (Tables)	9 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Share-based Compensation Shares Authorized Available and Outstanding by Plan [Table Text Block]	As of Dec ember 3 1 , 2015 Authorized Available Outstanding 2014 Plan 350,000 314,241 6,000 2005 Plan — — 1,396,916 2004 Directors Plan — — 12,000 Total 350,000 314,241 1,414,916
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	Option Activity Shares Weighted Average Weighted Average (in Years) Aggregate Outstanding at March 31, 2015 1,433,216 $ 4.08 6.4 $ 6,221,909 Granted 6,000 5.91 — — Exercised (19,800 ) 3.31 — 55,249 Forfeited or expired (4,500 ) 5.84 — 12,180 Outstanding at December 31, 2015 1,414,916 4.09 5.7 1,903,076 Exercisable at December 31, 2015 893,750 3.89 5.5 1,346,840
Schedule of Nonvested Share Activity [Table Text Block]	Nonvested Options Shares Weighted Nonvested at March 31, 2015 614,416 $ 3.25 Granted 6,000 1.18 Vested (96,250 ) 3.50 Forfeited or expired (3,000 ) 4.04 Nonvested at December 31, 2015 521,166 3.18
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]	Outstanding Options Exercisable Options Range of Exercise Prices Number Remaining Weighted Number of Weighted $1.60 - 3.70 380,020 4.7 $ 2.93 380,020 $ 2.93 $3.71 - 4.42 692,896 5.7 3.82 315,980 3.82 $4.43 - 5.40 117,500 7.1 5.00 69,500 5.07 $5.41 - 7.08 224,500 6.7 6.42 128,250 6.26 Total stock options 1,414,916 5.7 4.09 893,750 3.89
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	2015 Exercise Price $ 5.91 Volatility 50.42 % Risk Free Rate 0.22 % Vesting Period (years) 3 Forfeiture Rate 0 % Expected Life (in years) 1.00 Dividend Rate 0 %

Note 9 - Earnings Per Share (Ta

Note 9 - Earnings Per Share (Tables)	9 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended Dec ember 3 1 , 2015 Net Income Shares Per Share (Numerator) (Denominator) Amount (in thousands) Basic loss per share $ (250 ) 5,594 $ (0.04 ) Effect of dilutive securities—Common stock options — — — Diluted loss per share $ (250 ) 5,594 $ (0.04 ) Three Months Ended Dec ember 3 1 , 2014 Net Income Shares Per Share (Numerator) (Denominator) Amount (in thousands) Basic income per share $ 463 5,533 $ 0.08 Effect of dilutive securities — Common stock options — 246 — Diluted income per share $ 463 5,779 $ 0.08 Nine Months Ended Dec ember 3 1 , 2015 Net Income Shares Per Share (Numerator) (Denominator) Amount (in thousands) Basic loss per share $ (341 ) 5,576 $ (0.06 ) Effect of dilutive securities—Common stock options — — — Diluted loss per share $ (341 ) 5,576 $ (0.06 ) Nine Months Ended Dec ember 3 1 , 2014 Net Income Shares Per Share (Numerator) (Denominator) Amount (in thousands) Basic income per share $ 147 5,505 $ 0.03 Effect of dilutive securities — Common stock options — 199 — Diluted income per share $ 147 5,704 $ 0.03

Note 2 - Inventories (Details T

Note 2 - Inventories (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Mar. 31, 2015
Inventory Valuation Reserves	$ 4,000		$ 4,000		$ 4,000
Non Inventoriable Fixed Costs	$ 21,000		149,000
Inventory Abnormal Production Costs		$ 196,000	$ 395,000	$ 277,000

Note 2 - Components of Inventor

Note 2 - Components of Inventory (Details) - USD ($) $ in Thousands		Dec. 31, 2015	Mar. 31, 2015
Raw materials		$ 307	$ 931
Work in process		3,084	1,509
Finished goods(1)	[1]	3,766	2,895
Supplies		195	343
Total		$ 7,352	$ 5,678
[1]	Net of reserve for obsolescence of $4,000 and $4,000 at December 31, 2015 and March 31, 2015, respectively.

Note 3 - Equipment and Leaseh25

Note 3 - Equipment and Leasehold Improvements, Net (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Impairment of Long-Lived Assets Held-for-use			$ 0
Gain (Loss) on Disposition of Assets	$ 0	$ 113,000	29,000	$ 126,000
Interest Costs Capitalized	$ 35,000	$ 58,000	$ 172,000	$ 170,000

Note 3 - Estimated Useful Lives

Note 3 - Estimated Useful Lives (Details)	9 Months Ended
	Dec. 31, 2015
Equipment [Member] | Minimum [Member]
Estimated useful lives	3 years
Equipment [Member] | Maximum [Member]
Estimated useful lives	10 years
Furniture and Fixtures [Member] | Minimum [Member]
Estimated useful lives	3 years
Furniture and Fixtures [Member] | Maximum [Member]
Estimated useful lives	7 years
Leasehold Improvements [Member] | Minimum [Member]
Estimated useful lives	10 years
Leasehold Improvements [Member] | Maximum [Member]
Estimated useful lives	25 years

Note 3 - Components of Equipmen

Note 3 - Components of Equipment and Leasehold Improvements (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Mar. 31, 2015
Equipment [Member]
Equipment and leasehold improvements, gross	$ 16,065	$ 9,782
Leasehold Improvements [Member]
Equipment and leasehold improvements, gross	12,193	10,216
Furniture and Fixtures [Member]
Equipment and leasehold improvements, gross	352	298
Equipment and leasehold improvements, gross	28,610	20,296
Less accumulated depreciation and amortization	(13,606)	(12,549)
Construction-in-progress	2,900	7,007
Equipment and leasehold improvements, net	$ 17,904	$ 14,754

Note 4 - Components of Accrued

Note 4 - Components of Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Mar. 31, 2015
Wages, bonus and profit sharing	$ 793	$ 930
Use tax	140
Rent and utilities	103	$ 90
Customer rebates	74	74
Interest	36	24
Other expenses	175	6
Accrued expenses	$ 1,321	$ 1,124

Note 5 - Long-term Debt (Detail

Note 5 - Long-term Debt (Details Textual)	Aug. 14, 2012USD ($)	Jul. 31, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Mar. 01, 2015USD ($)
2015 Loan Agreement [Member] | Prime Rate [Member]
Debt Instrument Reference Rate				3.50%
Debt Instrument, Basis Spread on Variable Rate				2.00%
2015 Loan Agreement [Member] | Minimum [Member]
Debt Instrument, Interest Rate, Stated Percentage				6.00%
2015 Loan Agreement [Member]
Proceeds from Issuance of Debt		$ 2,500,000		$ 2,426,000
Debt Instrument, Term		7 years
Debt Instrument Prepayment Penalty Percentage				5.00%
Debt Instrument Prepayment Penalty Percentage Reduction During Each Year				1.00%
Debt Instrument One Time Origination and Guaranty Fees				$ 113,900
Debt Instrument Annual Renewal Fee Payable Percentage				0.50%
Debt Instrument Guaranteed Portion				80.00%
Term Loan Agreement, Maturing on August 14, 2032 [Member] | Minimum [Member]
Debt Instrument, Interest Rate During Period				5.50%
Term Loan Agreement, Maturing on August 14, 2032 [Member]
Proceeds from Issuance of Debt	$ 5,500,000
Debt Instrument Reference Rate				3.50%
Debt Instrument, Basis Spread on Variable Rate				1.00%
Debt Instrument Prepayment Penalty Percentage				5.00%
Debt Instrument Prepayment Penalty Percentage Reduction During Each Year				1.00%
Debt Instrument One Time Origination and Guaranty Fees				$ 214,500
Debt Instrument Annual Renewal Fee Payable Percentage				0.25%
Debt Instrument Guaranteed Portion				80.00%
Debt Instrument Interest Payment Period	1 year
Debt Instrument Amortization Period	19 years
Long-term Debt and Capital Lease Obligations, Current and Noncurrent				$ 5,097,000
Term Loan Agreement, Promissory Note One [Member]
Proceeds from Issuance of Debt	$ 2,250,000
Term Loan Agreement, Promissory Note Two [Member]
Proceeds from Issuance of Debt	$ 3,250,000
Capital Lease Obligations [Member] | Hungtington Technology Finance [Member]
Debt Instrument, Interest Rate, Stated Percentage		6.57%
Long-term Debt and Capital Lease Obligations, Current and Noncurrent		$ 174,000	$ 0	160,000
Debt Instrument Periodic Payments Number		60
Capital Lease Obligations [Member] | Thermo Fisher Financial [Member]
Debt Instrument, Interest Rate, Stated Percentage			6.50%
Long-term Debt and Capital Lease Obligations, Current and Noncurrent			$ 84,000	66,000		$ 86,000
Debt Instrument Periodic Payments Number			36
Repayments of Notes Payable		$ 500,000		500,000
Long-term Debt and Capital Lease Obligations, Current and Noncurrent				$ 7,755,000

Note 5 - Summary of Long-Term D

Note 5 - Summary of Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Mar. 31, 2015
Term loans	$ 7,529	$ 5,259
Capital lease	226	84
Less current maturities	(562)	(234)
Long-term debt, excluding current maturities	$ 7,193	$ 5,109

Note 5 - Future Payments (Detai

Note 5 - Future Payments (Details) $ in Thousands	Dec. 31, 2015USD ($)
Next 12 Months	$ 562
Year 2	590
Year 3	601
Year 4	629
Year 5	649
Thereafter	4,724
Total principal payments	$ 7,755

Note 6 - Summary of Future Mini

Note 6 - Summary of Future Minimum Lease Payments under Non-cancelable Operating Leases (Details) $ in Thousands	Dec. 31, 2015USD ($)
Next 12 Months	$ 602
Year 2	605
Year 3	609
Year 4	618
Year 5	555
Thereafter	5,007
Total minimum lease payments	$ 7,996

Note 7 - Share-based Compensa33

Note 7 - Share-based Compensation (Details Textual)	3 Months Ended		9 Months Ended
	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2014USD ($)shares	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2014USD ($)shares	Aug. 28, 2015shares
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted	13,198	0	13,198	16,561
Employee Stock Option [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period			10 years
2014 Directors Plan [Member]
Allocated Share-based Compensation Expense | $	$ 81,000	$ 0	$ 81,000	$ 78,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	350,000		350,000		350,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	314,241		314,241
2005 Plan [Member]
Allocated Share-based Compensation Expense | $	$ 164,000	$ 153,000	$ 488,000	$ 506,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	6,000	0	6,000	45,000
Number of Shareholder Approved Share-based Compensation Plans	1		1
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	350,000		350,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	314,241		314,241
Share Price | $ / shares	$ 5.25		$ 5.25
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $	$ 1,105,000		$ 1,105,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			2 years 36 days

Note 7 - Shares Authorized, Ava

Note 7 - Shares Authorized, Available for Future Grant and Outstanding Under Each Plan (Details)	Dec. 31, 2015shares
2014 Directors Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	350,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	314,241
Outstanding (in shares)	6,000
2005 Plan [Member]
Outstanding (in shares)	1,396,916
2004 Directors Plan [Member]
Outstanding (in shares)	12,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	350,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	314,241
Outstanding (in shares)	1,414,916

Note 7 - Summary of Option Acti

Note 7 - Summary of Option Activity Under Stock Plans (Details) - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2015	Mar. 31, 2015
Outstanding (in shares)		1,433,216
Outstanding, weighted average exercise price (in dollars per share)		$ 4.08
Outstanding, weighted average remaining contractual term		5 years 255 days	6 years 146 days
Outstanding, aggregate intrinsic value		$ 6,221,909
Granted (in shares)	6,000	6,000
Granted, weighted average exercise price (in dollars per share)		$ 5.91
Exercised (in shares)		(19,800)
Exercised, weighted average exercise price (in dollars per share)		$ 3.31
Exercised, aggregate intrinsic value		$ 55,249
Forfeited or expired (in shares)		(4,500)
Forfeited or expired, weighted average exercise price (in dollars per share)		$ 5.84
Forfeited or expired, aggregate intrinsic value		$ 12,180
Outstanding (in shares)	1,414,916	1,414,916	1,433,216
Outstanding, weighted average exercise price (in dollars per share)	$ 4.09	$ 4.09	$ 4.08
Outstanding, aggregate intrinsic value	$ 1,903,076	$ 1,903,076	$ 6,221,909
Exercisable (in shares)	893,750	893,750
Exercisable, weighted average exercise price (in dollars per share)	$ 3.89	$ 3.89
Exercisable, weighted average remaining contractual term		5 years 182 days
Exercisable, aggregate intrinsic value	$ 1,346,840	$ 1,346,840

Note 7 - Summary of Non-Vested

Note 7 - Summary of Non-Vested Options (Details) - $ / shares	3 Months Ended	9 Months Ended
	Dec. 31, 2015	Dec. 31, 2015
Nonvested (in shares)		614,416
Nonvested (in dollars per share)		$ 3.25
Granted (in shares)	6,000	6,000
Granted (in dollars per share)		$ 1.18
Vested (in shares)		(96,250)
Vested (in dollars per share)		$ 3.50
Forfeited or expired (in shares)		(3,000)
Forfeited or expired (in dollars per share)		$ 4.04
Nonvested (in shares)	521,166	521,166
Nonvested (in dollars per share)	$ 3.18	$ 3.18

Note 7 - Summary of the Weighte

Note 7 - Summary of the Weighted-Average Characteristics of Outstanding Stock Options (Details)	9 Months Ended
	Dec. 31, 2015$ / sharesshares
Range 01 [Member]
Lower Range of Exercise Prices (in dollars per share)	$ 1.60
Upper Range of Exercise Prices (in dollars per share)	$ 3.70
Outstanding Options Numberof Shares (in shares) | shares	380,020
Outstanding Options Remaining Life	4 years 255 days
Outstanding Options Weighted Average Price (in dollars per share)	$ 2.93
Exercisable Options Number of Shares (in shares) | shares	380,020
Exercisable Options Weighted Average Price (in dollars per share)	$ 2.93
Range 02 [Member]
Lower Range of Exercise Prices (in dollars per share)	3.71
Upper Range of Exercise Prices (in dollars per share)	$ 4.42
Outstanding Options Numberof Shares (in shares) | shares	692,896
Outstanding Options Remaining Life	5 years 255 days
Outstanding Options Weighted Average Price (in dollars per share)	$ 3.82
Exercisable Options Number of Shares (in shares) | shares	315,980
Exercisable Options Weighted Average Price (in dollars per share)	$ 3.82
Range 03 [Member]
Lower Range of Exercise Prices (in dollars per share)	4.43
Upper Range of Exercise Prices (in dollars per share)	$ 5.40
Outstanding Options Numberof Shares (in shares) | shares	117,500
Outstanding Options Remaining Life	7 years 36 days
Outstanding Options Weighted Average Price (in dollars per share)	$ 5
Exercisable Options Number of Shares (in shares) | shares	69,500
Exercisable Options Weighted Average Price (in dollars per share)	$ 5.07
Range 04 [Member]
Lower Range of Exercise Prices (in dollars per share)	5.41
Upper Range of Exercise Prices (in dollars per share)	$ 7.08
Outstanding Options Numberof Shares (in shares) | shares	224,500
Outstanding Options Remaining Life	6 years 255 days
Outstanding Options Weighted Average Price (in dollars per share)	$ 6.42
Exercisable Options Number of Shares (in shares) | shares	128,250
Exercisable Options Weighted Average Price (in dollars per share)	$ 6.26
Outstanding Options Numberof Shares (in shares) | shares	1,414,916
Outstanding Options Remaining Life	5 years 255 days
Outstanding Options Weighted Average Price (in dollars per share)	$ 4.09
Exercisable Options Number of Shares (in shares) | shares	893,750
Exercisable Options Weighted Average Price (in dollars per share)	$ 3.89

Note 7 - Summary of Valuation A

Note 7 - Summary of Valuation Assumptions Related to Options Granted (Details)	9 Months Ended
	Dec. 31, 2015$ / shares
Exercise Price (in dollars per share)	$ 5.91
Volatility	50.42%
Risk Free Rate	0.22%
Vesting Period (years)	3 years
Forfeiture Rate	0.00%
Expected Life (in years)	1 year
Dividend Rate	0.00%

Note 8 - Income Taxes (Details

Note 8 - Income Taxes (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Unrecognized Tax Benefits	$ 0		$ 0
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			34.00%
Effective Income Tax Rate Reconciliation, Percent	220.80%	61.60%	(68.80%)	51.60%

Note 9 - Earnings Per Share (De

Note 9 - Earnings Per Share (Details Textual) - shares	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	112,500	636,416	140,063	565,416

Note 9 - Summary of Reconciliat

Note 9 - Summary of Reconciliations Between the Numerator and the Denominator of the Basic and Diluted Earnings Per Share Computations (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Basic income per share	$ (250)	$ 463	$ (341)	$ 147
Basic income per share (in shares)	5,594	5,533	5,576	5,505
Basic income per share (in dollars per share)	$ (0.04)	$ 0.08	$ (0.06)	$ 0.03
Effect of dilutive securities—Common stock options (in shares)		246		199
Diluted income per share	$ (250)	$ 463	$ (341)	$ 147
Diluted income per share (in shares)	5,594	5,779	5,576	5,704
Diluted income per share (in dollars per share)	$ (0.04)	$ 0.08	$ (0.06)	$ 0.03