Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Dec. 31, 2014 | Jan. 31, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | AGILYSYS INC | |
Entity Central Index Key | 78749 | |
Current Fiscal Year End Date | -28 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 31-Dec-14 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 22,822,554 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $69,109 | $99,566 |
Marketable securities | 5,015 | 0 |
Accounts receivable, net of allowance for doubtful accounts of $726 and $1,101, respectively | 21,248 | 23,615 |
Inventories | 643 | 481 |
Prepaid expenses | 2,969 | 3,300 |
Other current assets | 102 | 2,892 |
Total current assets | 99,086 | 129,854 |
Property and equipment, net | 13,743 | 12,251 |
Goodwill | 19,622 | 17,158 |
Intangible assets, net | 9,699 | 10,626 |
Software development costs, net | 28,511 | 17,221 |
Other non-current assets | 3,956 | 3,785 |
Total assets | 174,617 | 190,895 |
Current liabilities: | ||
Accounts payable | 10,333 | 11,073 |
Deferred revenue | 18,226 | 22,795 |
Accrued liabilities | 8,689 | 14,232 |
Capital lease obligations, current | 141 | 43 |
Total current liabilities | 37,389 | 48,143 |
Deferred income taxes, non-current | 3,306 | 3,422 |
Capital lease obligations, non-current | 161 | 292 |
Other non-current liabilities | 5,052 | 6,165 |
Commitments and contingencies (see Note 9) | ||
Shareholders' equity: | ||
Common shares, without par value, at $0.30 stated value; 80,000,000 shares authorized; 31,606,831 shares issued; and 22,822,554 and 22,467,970 shares outstanding at December 31, 2014 and March 31, 2014, respectively | 9,482 | 9,482 |
Treasury shares, 8,784,277 and 9,138,861 at December 31, 2014 and March 31, 2014, respectively | -2,636 | -2,741 |
Capital in excess of stated value | -11,590 | -13,409 |
Retained earnings | 133,603 | 139,675 |
Accumulated other comprehensive loss | -150 | -134 |
Total shareholders' equity | 128,709 | 132,873 |
Total liabilities and shareholders' equity | $174,617 | $190,895 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Allowance for Doubtful Accounts Receivable | $726 | $1,101 |
Accounts Receivable, Net, Current | $21,248 | $23,615 |
Common stock, stated value | $0.30 | $0.30 |
Common stock, shares authorized | 80,000,000 | 80,000,000 |
Common stock, shares issued | 31,606,831 | 31,606,831 |
Common stock, shares outstanding | 22,822,554 | 22,467,970 |
Treasury shares | 8,784,277 | 9,138,861 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Net revenue: | ||||
Products | $7,247 | $8,128 | $20,948 | $24,219 |
Support, maintenance and subscription services | 13,920 | 13,284 | 41,514 | 39,039 |
Professional services | 3,575 | 3,553 | 12,344 | 10,253 |
Total net revenue | 24,742 | 24,965 | 74,806 | 73,511 |
Cost of goods sold: | ||||
Products | 4,413 | 4,331 | 11,414 | 11,239 |
Support, maintenance and subscription services | 3,006 | 3,069 | 9,098 | 7,916 |
Professional services | 3,194 | 2,410 | 8,823 | 6,976 |
Total net cost of goods sold | 10,613 | 9,810 | 29,335 | 26,131 |
Gross profit | 14,129 | 15,155 | 45,471 | 47,380 |
Gross Profit Ratio | 57.10% | 60.70% | 60.80% | 64.50% |
Operating expenses: | ||||
Product development | 6,670 | 5,772 | 18,726 | 18,718 |
Sales and marketing | 3,696 | 3,108 | 11,407 | 10,143 |
General and administrative | 5,175 | 5,786 | 16,369 | 15,480 |
Depreciation of fixed assets | 556 | 577 | 1,702 | 1,571 |
Amortization of intangibles | 617 | 2,365 | 2,994 | 3,953 |
Asset impairments and related charges | 0 | 309 | 0 | 327 |
Restructuring, severance and other charges | 95 | 206 | 913 | 823 |
Legal settlements | 0 | 0 | 203 | 0 |
Operating loss | -2,680 | -2,968 | -6,843 | -3,635 |
Other expenses (income): | ||||
Interest income | -24 | -19 | -98 | -52 |
Interest expense | 7 | 44 | 35 | 150 |
Other expense (income), net | 114 | -228 | 68 | -217 |
Loss before income taxes | -2,777 | -2,765 | -6,848 | -3,516 |
Income tax benefit | -62 | -1,054 | -777 | -1,284 |
Loss from continuing operations | -2,715 | -1,711 | -6,071 | -2,232 |
Income from discontinued operations, net of taxes | 0 | -952 | 0 | 21,338 |
Net (loss) income | ($2,715) | ($2,663) | ($6,071) | $19,106 |
Weighted Average Number of Shares Outstanding, Basic | 22,343 | 22,150 | 22,336 | 22,100 |
Weighted average shares outstanding: | ||||
Loss per share from continuing operations | ($0.12) | ($0.08) | ($0.27) | ($0.10) |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | $0 | ($0.04) | $0 | $0.97 |
Earnings Per Share, Basic | ($0.12) | ($0.12) | ($0.27) | $0.87 |
Weighted Average Number of Shares Outstanding, Diluted | 22,343 | 22,150 | 22,336 | 22,100 |
Weighted Average Number of Shares Outstanding Diluted [Abstract] | ||||
Income (Loss) from Continuing Operations, Per Diluted Share | ($0.12) | ($0.08) | ($0.27) | ($0.10) |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | $0 | ($0.04) | $0 | $0.97 |
Earnings Per Share, Diluted | ($0.12) | ($0.12) | ($0.27) | $0.87 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ||||
Net (loss) income | ($2,715) | ($2,663) | ($6,071) | $19,106 |
Other comprehensive (loss) income, net of tax: | ||||
Unrealized foreign currency translation adjustments | -8 | 48 | -12 | 232 |
Unrealized loss on sale of securities | 1 | 0 | -4 | 0 |
Total comprehensive (loss) income | ($2,722) | ($2,615) | ($6,087) | $19,338 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Operating activities | ||
Net (loss) income | ($6,071) | $19,106 |
Less: Income from discontinued operations | 0 | -21,338 |
Loss from continuing operations | -6,071 | -2,232 |
Adjustments to reconcile loss from continuing operations to net cash used in operating activities | ||
Restructuring, severance and other charges | 913 | 823 |
Payments for restructuring, severance and other charges | -1,189 | -1,530 |
Legal settlements | 203 | 0 |
Payments for legal settlements | -1,714 | -87 |
Asset impairments and related charges | 0 | 327 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 1 | 50 |
Depreciation | 1,702 | 1,571 |
Amortization | 3,939 | 4,053 |
Share-based compensation | 1,828 | 1,524 |
Increase (Decrease) in Deferred Income Taxes | -86 | 2 |
Life Insurance, Corporate or Bank Owned, Change in Value | -25 | 6 |
Excess Tax Benefit from Share-based Compensation, Operating Activities | 14 | 209 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 2,342 | -5,956 |
Inventories | -170 | -221 |
Prepaid expense | 325 | -574 |
Accounts payable | -55 | 585 |
Deferred revenue | -4,535 | -2,075 |
Accrued liabilities | 3,841 | 1,493 |
Income taxes payable | 817 | 1,641 |
Other changes, net | 205 | 37 |
Net cash used in operating activities from continuing operations | -7,469 | -7,114 |
Net cash used in operating activities from discontinued operations | 0 | -1,407 |
Net cash used in operating activities | -7,469 | -8,521 |
Investing activities | ||
Investment in marketable securities | 809 | 36,024 |
Proceeds from sale and maturity of marketable securities | 1,925 | -87 |
Payments to Acquire Productive Assets | -3,856 | -3,208 |
Payments for Capitalized Software Development | -12,540 | -8,233 |
Capital expenditures | -3,750 | -1,801 |
Proceeds from Sale and Maturity of Marketable Securities | 5,107 | 0 |
Additional (investments in) proceeds from corporate-owned life insurance policies | -10,240 | 0 |
Net cash (used in) provided by investing activities from continuing operations | -22,545 | 22,695 |
Net cash (used in) provided by investing activities from discontinued operations | 0 | -158 |
Net cash (used in) provided by in investing activities | -22,545 | 22,537 |
Financing activities | ||
Repurchase of common shares to satisfy employee tax withholding | -373 | -729 |
Proceeds from Stock Options Exercised | 102 | 64 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 14 | 209 |
Principal payments under long-term obligations | -32 | -53 |
Repurchase of common shares | -289 | -509 |
Net cash used in financing activities from continuing operations | -80 | |
Net cash used in financing activities from discontinued operations | -289 | -589 |
Net cash used in financing activities | -154 | -1 |
Net Cash Provided by (Used in) Discontinued Operations | 0 | -1,645 |
Effect of exchange rate changes on cash | -30,457 | 15,071 |
Cash and cash equivalents at beginning of period | 69,109 | 96,357 |
Cash and Cash Equivalents, Period Increase (Decrease) | ($30,457) | $13,426 |
Nature_of_Operations_and_Finan
Nature of Operations and Financial Statement Presentation | 9 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Financial Statement Presentation | Nature of Operations and Financial Statement Presentation |
Nature of Operations | |
Agilysys is a leading developer and marketer of software enabled solutions and services to the hospitality industry. We specialize in market-leading point-of-sale (POS), property management, inventory and procurement, workforce management, analytics, document management and mobile and wireless solutions. These solutions are designed to streamline operations, improve efficiency, increase guest recruitment and wallet share, and enhance the overall guest experience. Agilysys serves four major market sectors: Gaming, both corporate and tribal; Hotels, Resorts and Cruise; Foodservice Management; and Restaurants, Universities, Stadia and Healthcare. A significant portion of our consolidated revenue is derived from contract support, maintenance and subscription services. | |
Agilysys operates extensively throughout North America, Europe and Asia, with corporate services located in Alpharetta, GA, and offices in Singapore, Hong Kong and Malaysia. Agilysys is comprised of a single operating segment and operates as a pure play software-driven solutions provider to the hospitality industry. | |
The sales of our RSG business and UK entity each represented a disposal of a component of an entity. As such, the operating results of RSG and the UK entity have been reported as a component of discontinued operations in the Condensed Consolidated Statement of Operations for the three and nine months ended December 31, 2013 and the Condensed Consolidated Statement of Cash Flows for the nine months ended December 31, 2013. | |
Basis of Presentation | |
The accompanying unaudited Condensed Consolidated Financial Statements include our accounts consolidated with our wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Our fiscal year ends on March 31st. References to a particular year refer to the fiscal year ending in March of that year. For example, fiscal 2014 refers to the fiscal year ending March 31, 2014. | |
Our unaudited interim financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information, the instructions to the Quarterly Report on Form 10-Q (Quarterly Report) under the Securities Exchange Act of 1934, as amended (the Exchange Act), and Rule 10-01 of Regulation S-X under the Exchange Act. Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations relating to interim financial statements. | |
The Condensed Consolidated Balance Sheet as of December 31, 2014, as well as the Condensed Consolidated Statements of Operations and the Condensed Consolidated Statements of Comprehensive (Loss) Income for three and nine months ended December 31, 2014 and 2013, and the Condensed Consolidated Statements of Cash Flow for the nine months ended December 31, 2014 and 2013, are unaudited. However, these financial statements have been prepared on the same basis as those in the audited annual financial statements. In the opinion of management, all adjustments of a recurring nature necessary to fairly present the results of operations, financial position, and cash flows have been made. Further, we have evaluated all significant events occurring subsequent to the date of the Condensed Consolidated Financial Statements and through the filing of this Quarterly Report. | |
These unaudited interim financial statements should be read together with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended March 31, 2014, filed with the Securities and Exchange Commission (SEC) on June 4, 2014. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies |
A detailed description of our significant accounting policies can be found in the audited financial statements for the fiscal year ended March 31, 2014, included in our Annual Report on Form 10-K. Except as described below, there have been no material changes to our significant accounting policies and estimates from those disclosed therein. | |
Marketable Securities | |
Marketable securities can consist of certificates of deposits, commercial paper, corporate bonds and other investments with established commercial banking institutions with readily determinable fair values and stated maturities of greater than three months. We determine the appropriate classification of our investments in marketable securities at the time of purchase and reevaluate such designation at each balance sheet date. Our marketable securities are classified as available for sale and have original maturity dates from date of acquisition from 90 to 365 days. | |
Asset Impairments | |
During the third quarter of fiscal 2014, in connection with the ERP system replacement project, we determined that certain internal use developed software would not be continued. As a result, we impaired the entire asset and $0.3 million was recorded as an impairment charge. | |
Adopted and Recently Issued Accounting Pronouncements | |
In August 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-15, Presentation of Financial Statements - Going Concern, which provides guidance on disclosure of uncertainties about an entity’s ability to continue as a going concern. This is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements or related disclosures. | |
In June 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period, which provides guidance requiring that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. This is effective for the fiscal years and interim reporting periods beginning after December 15, 2015. We are currently evaluating the impact that the adoption of ASU 2014-12 will have on our consolidated financial statements or related disclosures. | |
In May 2014, FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which converges the FASB and the International Accounting Standards Board standard on revenue recognition. Areas of revenue recognition that will be affected include, but are not limited to, transfer of control, variable consideration, allocation of transaction price, licenses, time value of money, contract costs and disclosures. This is effective for the fiscal years and interim reporting periods beginning after December 15, 2016. We are currently evaluating the impact that the adoption of ASU 2014-09 will have on our consolidated financial statements or related disclosures. | |
In April 2014, FASB issued ASU No. 2014-08, Presentation of Financial Statements and Property, Plant and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which requires only disposals representing a strategic shift in operations that have a major effect on operations and financial results to be presented as discontinued operations. The guidance also requires expanded financial disclosures about discontinued operations and significant disposals that do not qualify as discontinued operations. This is effective for the fiscal years and interim reporting periods beginning after December 15, 2014. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements or related disclosures. | |
In July 2013, FASB issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. ASU 2013-11 clarifies guidance and eliminates diversity in practice on the presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. This new guidance is effective on a prospective basis for fiscal years and interim reporting periods within those years, beginning after December 15, 2013. We adopted the provisions of ASU 2013-11 beginning April 1, 2014. The adoption of the ASU did not have any impact on our financial statements. | |
Management continually evaluates the potential impact, if any, of all recent accounting pronouncements on our consolidated financial statements or related disclosures and, if significant, makes the appropriate disclosures required by such new accounting pronouncements. |
Acquisitions
Acquisitions | 9 Months Ended | |||||
Dec. 31, 2014 | ||||||
Business Combinations [Abstract] | ||||||
Acquisitions | 3. Acquisitions | |||||
Purchase of assets from Dining Ventures - Fiscal 2015 | ||||||
On July 3, 2014 Agilysys purchased certain assets from Dining Ventures, Inc. The acquired assets are the base for our rGuest Seat product, a dining reservations and table management application. The purchase consideration consisted of approximately $3.8 million and was funded with cash on hand. Management concluded that this acquisition was not a material acquisition under the provisions of ASC 805, Business Combinations (ASC 805). The results derived from this purchased asset have been included in our Condensed Consolidated Financial Statements from the date of acquisition and did not have a material impact on our condensed consolidated financial statements or related disclosures. | ||||||
The following is a summary of the fair values of the assets acquired in the acquisition: | ||||||
(In thousands) | ||||||
Goodwill | $ | 2,464 | ||||
Developed technology | 1,286 | |||||
Total assets acquired | $ | 3,750 | ||||
The goodwill of approximately $2.5 million arising from the acquisition consists largely of synergies expected from combining the developed technology of Dining Ventures with Agilysys' operations. The goodwill from this acquisition is deductible for tax purposes over a period of 15 years. | ||||||
The following is a summary of the intangible asset acquired and the weighted-average useful life over which it will be amortized. | ||||||
Weighted-average | ||||||
Purchased assets | useful life | |||||
Developed technology | $ | 1,286 | 5 years | |||
The developed technology acquired from Dining Ventures was determined to be an internal use asset and is therefore carried in fixed assets on the balance sheet and amortized in operating expenses. | ||||||
Purchase of TimeManagement Corporation - Fiscal 2014 | ||||||
On June 10, 2013, Agilysys purchased certain assets and assumed certain liabilities of TimeManagement Corporation (TMC), a privately-owned Minneapolis-based technology provider with solutions that streamline workforce management environments for hospitality operators. This technology based acquisition is consistent with the core value we provide to the industry and integrates with our point-of-sale, inventory and procurement systems, including InfoGenesis™ point of sale system and Eatec® inventory and procurement solution. The purchase consideration consisted of $1.8 million in cash paid and $1.8 million of contingent consideration. The fair value of the contingent consideration was estimated to be $1.8 million at the date of acquisition and is expected to be paid out over the next 5 years and payments could vary based on actual revenue during that time. The fair value of the contingent consideration was determined by calculating the probability-weighted earn-out payments based on the assessment of the likelihood that certain milestones would be achieved. The acquisition was funded with cash on hand. Management concluded that this acquisition was not a material acquisition under the provisions of ASC 805, Business Combinations. The operations of the purchased business have been included in our Condensed Consolidated Financial Statements from the date of acquisition and did not have a material impact on our condensed consolidated financial statements or related disclosures. | ||||||
The following is a summary of the fair values of the assets acquired and liabilities assumed from the acquisition: | ||||||
(In thousands) | ||||||
Current assets | $ | 327 | ||||
Property and equipment | 88 | |||||
Goodwill | 3,444 | |||||
Developed technology | 605 | |||||
Total assets acquired | 4,464 | |||||
Total liabilities assumed (all current) | 914 | |||||
Net assets acquired | $ | 3,550 | ||||
The goodwill of approximately $3.4 million arising from the acquisition consists largely of synergies and economies of scale expected from combining the operations of Agilysys and TMC. The goodwill from this acquisition is deductible for tax purposes over a period of 15 years. | ||||||
The following is a summary of the intangible asset acquired and the weighted-average useful life over which it will be amortized. | ||||||
Weighted-average | ||||||
Purchased assets | useful life | |||||
Developed technology | $ | 605 | 5 years | |||
The developed technology acquired from TMC was determined to be an asset to be sold, leased, or otherwise marketed, and is therefore carried in intangible assets on the balance sheet and amortized in cost of goods sold. |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||
Discontinued Operations | Discontinued Operations | |||||||||
UK Entity - Fiscal 2014 | ||||||||||
In March 2014, we completed the sale of our UK entity to Verteda Limited (Verteda), a U.K. based company, for total consideration of approximately $0.6 million, comprised of $0.7 million in cash and a receivable due to Agilysys from Verteda of $0.8 million, net of cash on hand of $0.9 million. During the first three quarters of fiscal 2015 we received full payment of the amount due to Agilysys from Verteda. In connection with the sale, we have entered into a multi-year distribution agreement whereby Verteda will distribute certain Agilysys products within the U.K. We will continue to manage all property management system accounts as well as key global accounts in the EMEA market. | ||||||||||
Sale of Assets of RSG - Fiscal 2014 | ||||||||||
In July 2013, we completed the sale of our RSG business to Kyrus Solutions, Inc. (Kyrus), an affiliate of Clearlake Capital Group, L.P., for total consideration of approximately $37.6 million in cash, including a working capital adjustment of $3.1 million. Upon the close of the transaction, the aggregate purchase price was reduced by fees of approximately $1.6 million for transaction related costs, resulting in net proceeds received of approximately $36.0 million. In addition to the purchase agreement, we entered into a transition services agreement (TSA) with Kyrus, under which we provided certain transitional administrative and support services to Kyrus through January 31, 2014. | ||||||||||
Components of Results of Discontinued Operations | ||||||||||
The sales of our RSG business and UK entity each represented a disposal of a component of an entity. As such, the operating results of RSG and the UK entity have been reported as a component of discontinued operations in the Condensed Consolidated Statement of Operations and Condensed Consolidated Statement of Cash Flows for the three and nine months ended December 31, 2013. | ||||||||||
Income from discontinued operations was comprised of the following: | ||||||||||
Three months ended | Nine months ended | |||||||||
December 31, | December 31, | |||||||||
(In thousands) | 2013 | 2013 | ||||||||
Discontinued operations: | ||||||||||
Net revenue | $ | 1,042 | $ | 27,890 | ||||||
(Loss) income from operations | (245 | ) | 537 | |||||||
Other (expense) income, net | (223 | ) | (232 | ) | ||||||
Gain on sale | — | 23,135 | ||||||||
(Loss) income before tax from discontinued operations | (468 | ) | 23,440 | |||||||
Income tax expense | 484 | 2,102 | ||||||||
(Loss) income from discontinued operations | $ | (952 | ) | $ | 21,338 | |||||
Income tax expense recorded during the three and nine months ended December 31, 2013 is due to intra-period tax allocation rules associated with discontinued operations. |
Restructuring_and_Related_Char
Restructuring and Related Charges | 9 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Restructuring Charges [Abstract] | ||||||||||||||||
Restructuring and Related Charges | Restructuring Charges | |||||||||||||||
We recognize restructuring charges when a plan that materially changes the scope of our business or the manner in which that business is conducted is adopted and communicated to the impacted parties, and the expenses have been incurred or are reasonably estimable. | ||||||||||||||||
Fiscal 2015 Restructuring Activity | ||||||||||||||||
In the second quarter of fiscal 2015, we implemented restructuring actions to better align product development, sales and marketing and general and administrative functions with our company strategy and to reduce operating costs. To date, we have recorded $0.2 million in restructuring charges related to the fiscal 2015 restructuring activity, comprised of severance and other employee related benefits. As of December 31, 2014, we had a remaining liability of approximately $0.1 million recorded for the fiscal 2015 restructuring activity. | ||||||||||||||||
Fiscal 2014 Restructuring Activity | ||||||||||||||||
In the first quarter of fiscal 2014, we announced restructuring actions to better align corporate functions and to reduce operating costs, following the sale of RSG. In addition, in the fourth quarter of fiscal 2014, we initiated a restructuring plan to maximize sales effectiveness and more closely align sales and marketing efforts for targeted vertical growth, new product launches, and marketing alliances, and to shift development resources to the next generation products. To date, we have recorded $1.6 million in restructuring charges related to the fiscal 2014 restructuring activity, of which $1.2 million was recorded in fiscal 2014. We recorded approximately $0.4 million in restructuring charges during the first quarter of fiscal 2015, comprised of severance and other employee related benefits. As of December 31, 2014, we had a remaining liability of approximately $20,000 recorded for the fiscal 2014 restructuring activity. | ||||||||||||||||
Following is a reconciliation of the beginning and ending balances of the restructuring liability: | ||||||||||||||||
Balance at | Balance at | |||||||||||||||
March 31, | December 31, | |||||||||||||||
(In thousands) | 2014 | Provision | Payments | 2014 | ||||||||||||
Fiscal 2015 Restructuring Plan: | ||||||||||||||||
Severance and other employment costs | $ | — | $ | 178 | $ | (78 | ) | $ | 100 | |||||||
Fiscal 2014 Restructuring Plan: | ||||||||||||||||
Severance and other employment costs | $ | 534 | $ | 370 | $ | (884 | ) | $ | 20 | |||||||
Total restructuring costs | $ | 534 | $ | 548 | $ | (962 | ) | $ | 120 | |||||||
The remaining severance and other employment costs of approximately $0.1 million will be paid in fiscal 2015. |
Intangible_Assets
Intangible Assets | 9 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||
Intangible Assets | Intangible Assets and Software Development Costs | |||||||||||||||||||
The following table summarizes our intangible assets and software development costs: | ||||||||||||||||||||
December 31, 2014 | 31-Mar-14 | |||||||||||||||||||
Gross | Net | Gross | Net | |||||||||||||||||
carrying | Accumulated | carrying | carrying | Accumulated | carrying | |||||||||||||||
(In thousands) | amount | amortization | amount | amount | amortization | amount | ||||||||||||||
Amortized intangible assets: | ||||||||||||||||||||
Customer relationships | $ | 10,775 | $ | (10,721 | ) | $ | 54 | $ | 10,775 | $ | (10,080 | ) | $ | 695 | ||||||
Non-competition agreements | 2,700 | (2,669 | ) | 31 | 2,700 | (2,473 | ) | 227 | ||||||||||||
Developed technology | 10,660 | (10,246 | ) | 414 | 10,660 | (10,156 | ) | 504 | ||||||||||||
Patented technology | 80 | (80 | ) | — | 80 | (80 | ) | — | ||||||||||||
24,215 | (23,716 | ) | 499 | 24,215 | (22,789 | ) | 1,426 | |||||||||||||
Unamortized intangible assets: | ||||||||||||||||||||
Trade names | 10,100 | N/A | 10,100 | 10,100 | N/A | 10,100 | ||||||||||||||
Accumulated impairment | (900 | ) | N/A | (900 | ) | (900 | ) | N/A | (900 | ) | ||||||||||
9,200 | N/A | 9,200 | 9,200 | N/A | 9,200 | |||||||||||||||
Total intangible assets | $ | 33,415 | $ | (23,716 | ) | $ | 9,699 | $ | 33,415 | $ | (22,789 | ) | $ | 10,626 | ||||||
Software development costs | $ | 15,561 | $ | (1,124 | ) | $ | 14,437 | $ | 14,587 | $ | (270 | ) | $ | 14,317 | ||||||
Project expenditures not yet in use | 23,567 | 23,567 | 12,397 | — | 12,397 | |||||||||||||||
Accumulated impairment | (9,493 | ) | N/A | (9,493 | ) | (9,493 | ) | N/A | (9,493 | ) | ||||||||||
Total software development costs | $ | 29,635 | $ | (1,124 | ) | $ | 28,511 | $ | 17,491 | $ | (270 | ) | $ | 17,221 | ||||||
The following table summarizes our remaining estimated amortization expense relating to in service intangible assets and software development costs. | ||||||||||||||||||||
Estimated | ||||||||||||||||||||
Amortization | ||||||||||||||||||||
(In thousands) | Expense | |||||||||||||||||||
Fiscal year ending March 31, | ||||||||||||||||||||
2015 | $ | 414 | ||||||||||||||||||
2016 | 1,335 | |||||||||||||||||||
2017 | 1,335 | |||||||||||||||||||
2018 | 1,335 | |||||||||||||||||||
2019 | 959 | |||||||||||||||||||
2020 | 64 | |||||||||||||||||||
Total | $ | 5,442 | ||||||||||||||||||
Amortization expense relating to intangible assets was $0.3 million and $0.3 million for the three months ended December 31, 2014 and 2013, and $0.9 million and $0.9 million for the nine months ended December 31, 2014 and 2013. Amortization expense relating to developed technology software intangible assets to be sold, leased, or otherwise marketed was $0.3 million and $0.1 million for the three months ended December 31, 2014 and 2013, and $0.9 million and $0.1 million for the nine months ended December 31, 2014 and 2013, respectively. Amortization expense for acquired and internally developed intangibles that are related to products to be sold, leased, or otherwise marketed is included in Products cost of goods sold and amortization expense for acquired and internally developed intangibles that are related to internal use assets is included in operating expenses as amortization of intangibles. | ||||||||||||||||||||
Capitalized software development costs that are internally developed to be sold, leased, or otherwise marketed, are carried on our balance sheet at net realizable value, net of accumulated amortization. We capitalized approximately $4.3 million and $4.3 million during the three months ended December 31, 2014 and 2013, respectively, and $12.1 million and $10.0 million during the nine months ended December 31, 2014 and 2013, respectively. |
Additional_Balance_Sheet_Infor
Additional Balance Sheet Information | 9 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Balance Sheet Related Disclosures [Abstract] | ||||||||
Additional Balance Sheet Information | Additional information related to the Condensed Consolidated Balance Sheets is as follows: | |||||||
(In thousands) | December 31, | March 31, | ||||||
2014 | 2014 | |||||||
Accrued liabilities: | ||||||||
Salaries, wages, and related benefits | $ | 5,169 | $ | 8,308 | ||||
Other taxes payable | 1,295 | 1,122 | ||||||
Accrued legal settlements | — | 1,630 | ||||||
Restructuring and severance liabilities | 259 | 534 | ||||||
Professional fees | 503 | 674 | ||||||
Software license fees | — | 500 | ||||||
Deferred rent | 364 | 477 | ||||||
Contingent consideration | 180 | 127 | ||||||
Other | 919 | 860 | ||||||
Total | $ | 8,689 | $ | 14,232 | ||||
Other non-current liabilities: | ||||||||
Uncertain tax positions | $ | 1,490 | $ | 2,440 | ||||
Deferred rent | 1,651 | 1,755 | ||||||
Contingent consideration | 1,553 | 1,612 | ||||||
Other | 358 | 358 | ||||||
Total | $ | 5,052 | $ | 6,165 | ||||
Additional Balance Sheet Information | ||||||||
Additional information related to the Condensed Consolidated Balance Sheets is as follows: | ||||||||
(In thousands) | December 31, | March 31, | ||||||
2014 | 2014 | |||||||
Accrued liabilities: | ||||||||
Salaries, wages, and related benefits | $ | 5,169 | $ | 8,308 | ||||
Other taxes payable | 1,295 | 1,122 | ||||||
Accrued legal settlements | — | 1,630 | ||||||
Restructuring and severance liabilities | 259 | 534 | ||||||
Professional fees | 503 | 674 | ||||||
Software license fees | — | 500 | ||||||
Deferred rent | 364 | 477 | ||||||
Contingent consideration | 180 | 127 | ||||||
Other | 919 | 860 | ||||||
Total | $ | 8,689 | $ | 14,232 | ||||
Other non-current liabilities: | ||||||||
Uncertain tax positions | $ | 1,490 | $ | 2,440 | ||||
Deferred rent | 1,651 | 1,755 | ||||||
Contingent consideration | 1,553 | 1,612 | ||||||
Other | 358 | 358 | ||||||
Total | $ | 5,052 | $ | 6,165 | ||||
Accounts Receivable, net | ||||||||
Accounts receivable, net of allowance for doubtful accounts was $21.2 million and $23.6 million as of December 31, 2014 and March 31, 2014, respectively. The related allowance for doubtful accounts was $0.7 million and $1.1 million as of December 31, 2014 and March 31, 2014, respectively. On January 12, 2015, an involuntary bankruptcy petition was filed against Caesars Entertainment Operating Company, Inc. (Caesars) under Chapter 11 of the U.S. Bankruptcy Code. On January 15, 2015, Caesars and certain of its affiliates filed a voluntary bankruptcy petition under Chapter 11. Those cases have been consolidated in the United States Bankruptcy Court for the Northern District of Illinois. As of the end of the third quarter of fiscal 2015, our accounts receivable owed by Caesars and its affiliates who have filed a bankruptcy petition totaled approximately $2.9 million, approximately $1.0 million of which arose from revenue recognized in the third quarter of fiscal 2015. This represents approximately 14% of our outstanding accounts receivable as of December 31, 2014. As of December 31, 2014 we have not specifically reserved for this accounts receivable balance. |
Income_Taxes
Income Taxes | 9 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||
Income Taxes | Income Taxes | |||||||||||||||
The following table compares our income tax benefit and effective tax rates for the three and nine months ended December 31, 2014 and 2013: | ||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Income tax benefit | $ | (62 | ) | $ | (1,054 | ) | $ | (777 | ) | $ | (1,284 | ) | ||||
Effective tax rate | 2.3 | % | 38.1 | % | 11.4 | % | 36.5 | % | ||||||||
For the three and nine months ended December 31, 2014, the effective tax rate was different than the statutory rate due primarily to the decrease in unrecognized tax benefits attributable to the expiration of statute of limitations, recognition of net operating losses as deferred tax assets, which were offset by increases in the valuation allowance, and other U.S. permanent book to tax differences. | ||||||||||||||||
For the three and nine months ended December 31, 2013, the effective tax rate was different than the statutory rate due primarily to the intra-period tax allocation rules associated with the discontinued operations. Other items affecting the rate include a decrease in unrecognized tax benefits attributable to the expiration of statute of limitations, recognition of net operating losses as deferred tax assets, which were offset by increases in the valuation allowance, and other U.S. permanent book to tax differences. | ||||||||||||||||
We have recorded a valuation allowance offsetting substantially all of our deferred tax assets. The ultimate realization of deferred tax assets depends on the generation of future taxable income during the periods in which those temporary differences are deductible. Because of our losses in prior periods, management believes that it is more-likely-than-not that we will not realize the benefits of these deductible differences. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Commitments and Contingencies |
Agilysys is the subject of various threatened or pending legal actions and contingencies in the normal course of conducting its business. We provide for costs related to these matters when a loss is probable and the amount can be reasonably estimated. The effect of the outcome of these matters on our future results of operations and liquidity cannot be predicted because any such effect depends on future results of operations and the amount or timing of the resolution of such matters. While it is not possible to predict with certainty, management believes that the ultimate resolution of such individual or aggregated matters will not have a material adverse effect on our consolidated financial position, results of operations, or cash flows. | |
On April 6, 2012, Ameranth, Inc. filed a complaint against us for patent infringement in the United States District Court for the Southern District of California. The complaint alleges, among other things, that point-of-sale and property management and other hospitality information technology products, software, components and/or systems sold by us infringe three patents owned by Ameranth purporting to cover generation and synchronization of menus, including restaurant menus, event tickets, and other products across fixed, wireless and/or internet platforms as well as synchronization of hospitality information and hospitality software applications across fixed, wireless and internet platforms. The complaint seeks monetary damages, injunctive relief, costs and attorneys' fees. At this time, we are not able to predict the outcome of this lawsuit, or any possible monetary exposure associated with the lawsuit. However, we dispute the allegations of wrongdoing and are vigorously defending ourselves in this matter. The litigation is currently stayed pending a covered business method review by the United States Patent and Trademark Office of a subset of the patents alleged to be infringed by Agilysys. The covered business method review was instituted on March 26, 2014, and must be completed within one year of institution, except that the time to complete the review may be extended by up to six months for good cause. |
Loss_Earnings_Per_Share
(Loss) Earnings Per Share | 9 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||
Earnings Per Share [Text Block] | (Loss) Earnings per Share | |||||||||||||||
The following data shows the amounts used in computing (loss) earnings per share and the effect on income and the weighted average number of shares of dilutive potential common shares. | ||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
(In thousands, except per share data) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Numerator: | ||||||||||||||||
Loss from continuing operations | $ | (2,715 | ) | $ | (1,711 | ) | $ | (6,071 | ) | $ | (2,232 | ) | ||||
Income from discontinued operations | — | (952 | ) | — | 21,338 | |||||||||||
Net (loss) income | $ | (2,715 | ) | $ | (2,663 | ) | $ | (6,071 | ) | $ | 19,106 | |||||
Denominator: | ||||||||||||||||
Weighted average shares outstanding - basic | 22,343 | 22,150 | 22,336 | 22,100 | ||||||||||||
Weighted average shares outstanding - diluted | 22,343 | 22,150 | 22,336 | 22,100 | ||||||||||||
(Loss) earnings per share - basic: | ||||||||||||||||
Loss per share from continuing operations | $ | (0.12 | ) | $ | (0.08 | ) | $ | (0.27 | ) | $ | (0.10 | ) | ||||
(Loss) Income per share from discontinued operations | — | (0.04 | ) | — | 0.97 | |||||||||||
Net (loss) income per share | $ | (0.12 | ) | $ | (0.12 | ) | $ | (0.27 | ) | $ | 0.87 | |||||
(Loss) earnings per share - diluted: | ||||||||||||||||
Loss per share from continuing operations | $ | (0.12 | ) | $ | (0.08 | ) | $ | (0.27 | ) | $ | (0.10 | ) | ||||
(Loss) Income per share from discontinued operations | $ | — | $ | (0.04 | ) | $ | — | $ | 0.97 | |||||||
Net (loss) income per share | $ | (0.12 | ) | $ | (0.12 | ) | $ | (0.27 | ) | $ | 0.87 | |||||
Anti-dilutive stock options, SSARs, restricted shares and performance shares | 1,467 | 1,850 | 1,360 | 2,014 | ||||||||||||
Basic earnings (loss) per share is computed as net income available to common shareholders divided by the weighted average basic shares outstanding. The outstanding shares used to calculate the weighted average basic shares excludes 479,268 and 270,333 of restricted shares and performance shares at December 31, 2014 and 2013, respectively, as these shares were issued but were not vested and, therefore, not considered outstanding for purposes of computing basic earnings per share at the balance sheet dates. | ||||||||||||||||
Diluted earnings (loss) per share includes the effect of all potentially dilutive securities on earnings per share. We have stock options, stock-settled appreciation rights (SSARs), unvested restricted shares and unvested performance shares that are potentially dilutive securities. When a loss is reported, the denominator of diluted earnings per share cannot be adjusted for the dilutive impact of share-based compensation awards because doing so would be anti-dilutive. Therefore, for the three and nine months ended December 31, 2014, basic weighted-average shares outstanding were used in calculating the diluted net loss per share. |
Sharebased_Compensation
Share-based Compensation | 9 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Share-based Compensation [Abstract] | ||||||||||||||||
Share-based Compensation | Share-based Compensation | |||||||||||||||
We may grant non-qualified stock options, incentive stock options, stock-settled stock appreciation rights, restricted shares, and restricted share units for up to 3.0 million common shares under our 2011 Stock Incentive Plan (the 2011 Plan). The maximum number of shares subject to stock options or SSARs that may be granted to an individual in a calendar year is 800,000 shares, and the maximum number of shares subject to restricted shares or restricted share units that may be granted to an individual in a calendar year is 400,000 shares. The maximum aggregate number of restricted shares or restricted share units that may be granted under the 2011 Plan is 1.0 million. | ||||||||||||||||
We have a shareholder-approved 2006 Stock Incentive Plan (the 2006 Plan) and a 2000 Stock Incentive Plan that still have vested awards outstanding. Awards are no longer being granted from these incentive plans. | ||||||||||||||||
We may distribute authorized but unissued shares or treasury shares to satisfy share option and appreciation right exercises or restricted share and performance share awards. | ||||||||||||||||
We record compensation expense related to stock options, SSARs, restricted shares, and performance shares granted to certain employees and non-employee directors based on the fair value of the awards on the grant date. The fair value of restricted share and performance share awards is based on the closing price of our common shares on the grant date. The fair value of stock option and SSARs awards is estimated on the grant date using the Black-Scholes-Merton option pricing model, which includes assumptions regarding the risk-free interest rate, dividend yield, life of the award, and the volatility of our common shares. | ||||||||||||||||
The following table summarizes the share-based compensation expense for options, SSARs, restricted and performance awards included in the Condensed Consolidated Statements of Operations: | ||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Product development | $ | 259 | $ | 194 | $ | 669 | $ | 550 | ||||||||
Sales and marketing | 42 | 38 | 74 | 88 | ||||||||||||
General and administrative | 460 | 411 | 1,085 | 886 | ||||||||||||
Total share-based compensation expense | 761 | 643 | 1,828 | 1,524 | ||||||||||||
Stock Options | ||||||||||||||||
The following table summarizes the activity during the nine months ended December 31, 2014 for stock options awarded under the 2006 Plan and the 2000 Stock Incentive Plan: | ||||||||||||||||
Number | Weighted- | Remaining | Aggregate | |||||||||||||
of | Average | Contractual | Intrinsic | |||||||||||||
Options | Exercise | Term | Value | |||||||||||||
Price | ||||||||||||||||
(In thousands, except share and per share data) | (per share) | (in years) | ||||||||||||||
Outstanding at April 1, 2014 | 627,500 | $ | 15.26 | |||||||||||||
Granted | — | — | ||||||||||||||
Exercised | (15,000 | ) | 13.76 | |||||||||||||
Cancelled/expired | (30,000 | ) | 13.11 | |||||||||||||
Outstanding and exercisable at December 31, 2014 | 582,500 | $ | 15.41 | 1.4 | $ | — | ||||||||||
A total of 8,065 shares, net of 6,935 shares withheld to cover the applicable exercise price of the award, were issued from treasury shares to settle stock options exercised during the first nine months of fiscal 2015. | ||||||||||||||||
Stock-Settled Stock Appreciation Rights | ||||||||||||||||
SSARs are rights granted to an employee to receive value equal to the difference in the price of our common shares on the date of the grant and on the date of exercise. This value is settled in common shares of Agilysys. | ||||||||||||||||
The following table summarizes the activity during the nine months ended December 31, 2014 for SSARs awarded under the 2011 Plan: | ||||||||||||||||
Number | Weighted- | Remaining | Aggregate | |||||||||||||
of Rights | Average | Contractual | Intrinsic | |||||||||||||
Exercise | Term | Value | ||||||||||||||
Price | ||||||||||||||||
(In thousands, except share and per share data) | (per right) | (in years) | ||||||||||||||
Outstanding at April 1, 2014 | 320,236 | $ | 9.05 | |||||||||||||
Granted | 115,020 | 14.41 | ||||||||||||||
Exercised | (16,078 | ) | 7.75 | |||||||||||||
Forfeited | (11,835 | ) | 7.46 | |||||||||||||
Expired | (13,333 | ) | 7.46 | |||||||||||||
Outstanding at December 31, 2014 | 394,010 | $ | 10.76 | 5.2 | $ | 929 | ||||||||||
Exercisable at December 31, 2014 | 165,745 | $ | 8.63 | 4.5 | $ | 657 | ||||||||||
As of December 31, 2014, total unrecognized stock based compensation expense related to non-vested SSARs was $0.9 million, which is expected to be recognized over a weighted-average vesting period of 1.74 years. | ||||||||||||||||
A total of 5,463 shares, net of 1,446 shares withheld to cover the employee’s minimum applicable income taxes, were issued from treasury shares to settle SSARs exercised during the nine months ended December 31, 2014. The shares withheld were returned to treasury shares. | ||||||||||||||||
Restricted Shares | ||||||||||||||||
We granted shares to certain of our Directors, executives and key employees under the 2011 Plan, the vesting of which is service-based. The following table summarizes the activity during the nine months ended December 31, 2014 for restricted shares awarded under the 2011 Plan: | ||||||||||||||||
Number | Weighted- | |||||||||||||||
of Shares | Average | |||||||||||||||
Grant- | ||||||||||||||||
Date Fair | ||||||||||||||||
Value | ||||||||||||||||
(In thousands, except share and per share data) | (per share) | |||||||||||||||
Outstanding at April 1, 2014 | 139,501 | $ | 10.72 | |||||||||||||
Granted | 357,773 | 13.82 | ||||||||||||||
Vested | (16,840 | ) | 8.64 | |||||||||||||
Forfeited | (18,894 | ) | 13.25 | |||||||||||||
Outstanding at December 31, 2014 | 461,540 | $ | 13.08 | |||||||||||||
The weighted-average grant date fair value of the restricted shares is determined based upon the closing price of our common shares on the grant date. As of December 31, 2014, total unrecognized stock based compensation expense related to non-vested restricted stock was $4.3 million, which is expected to be recognized over a weighted-average vesting period of 2.21 years. | ||||||||||||||||
Performance Shares | ||||||||||||||||
The following table summarizes the activity during the nine months ended December 31, 2014 for performance shares awarded under the 2011 Plan: | ||||||||||||||||
Number | Weighted- | |||||||||||||||
of | Average | |||||||||||||||
Shares | Grant- | |||||||||||||||
Date Fair | ||||||||||||||||
Value | ||||||||||||||||
(In thousands, except share and per share data) | (per share) | |||||||||||||||
Outstanding at April 1, 2014 | 17,728 | $ | 8.64 | |||||||||||||
Granted | — | — | ||||||||||||||
Outstanding at December 31, 2014 | 17,728 | $ | 8.64 | |||||||||||||
The weighted-average grant date fair value of the performance shares is determined based upon the closing price of our common shares on the grant date and assumed that performance goals would be met at target. As of December 31, 2014, total unrecognized stock based compensation expense related to non-vested performance shares was $0.1 million, which is expected to be recognized over a weighted-average vesting period of 0.3 years. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Marketable Securities | Marketable Securities |
Marketable securities can consist of certificates of deposits, commercial paper, corporate bonds and other investments with established commercial banking institutions with readily determinable fair values and stated maturities of greater than three months. We determine the appropriate classification of our investments in marketable securities at the time of purchase and reevaluate such designation at each balance sheet date. Our marketable securities are classified as available for sale and have original maturity dates from date of acquisition from 90 to 365 days. | |
Adopted and Recently Issued Accounting Pronouncements | Adopted and Recently Issued Accounting Pronouncements |
In August 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-15, Presentation of Financial Statements - Going Concern, which provides guidance on disclosure of uncertainties about an entity’s ability to continue as a going concern. This is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements or related disclosures. | |
In June 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period, which provides guidance requiring that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. This is effective for the fiscal years and interim reporting periods beginning after December 15, 2015. We are currently evaluating the impact that the adoption of ASU 2014-12 will have on our consolidated financial statements or related disclosures. | |
In May 2014, FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which converges the FASB and the International Accounting Standards Board standard on revenue recognition. Areas of revenue recognition that will be affected include, but are not limited to, transfer of control, variable consideration, allocation of transaction price, licenses, time value of money, contract costs and disclosures. This is effective for the fiscal years and interim reporting periods beginning after December 15, 2016. We are currently evaluating the impact that the adoption of ASU 2014-09 will have on our consolidated financial statements or related disclosures. | |
In April 2014, FASB issued ASU No. 2014-08, Presentation of Financial Statements and Property, Plant and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which requires only disposals representing a strategic shift in operations that have a major effect on operations and financial results to be presented as discontinued operations. The guidance also requires expanded financial disclosures about discontinued operations and significant disposals that do not qualify as discontinued operations. This is effective for the fiscal years and interim reporting periods beginning after December 15, 2014. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements or related disclosures. | |
In July 2013, FASB issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. ASU 2013-11 clarifies guidance and eliminates diversity in practice on the presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. This new guidance is effective on a prospective basis for fiscal years and interim reporting periods within those years, beginning after December 15, 2013. We adopted the provisions of ASU 2013-11 beginning April 1, 2014. The adoption of the ASU did not have any impact on our financial statements. | |
Management continually evaluates the potential impact, if any, of all recent accounting pronouncements on our consolidated financial statements or related disclosures and, if significant, makes the appropriate disclosures required by such new accounting pronouncements. |
Acquisitions_Tables
Acquisitions (Tables) | 9 Months Ended | |||||
Dec. 31, 2014 | ||||||
Dining Ventures, Inc. [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Fair Value of Assets Acquired and Liabilities Assumed | The following is a summary of the fair values of the assets acquired in the acquisition: | |||||
(In thousands) | ||||||
Goodwill | $ | 2,464 | ||||
Developed technology | 1,286 | |||||
Total assets acquired | $ | 3,750 | ||||
Finite-Lived Intangible Assets Acquired | The following is a summary of the intangible asset acquired and the weighted-average useful life over which it will be amortized. | |||||
Weighted-average | ||||||
Purchased assets | useful life | |||||
Developed technology | $ | 1,286 | 5 years | |||
TimeManagement Corporation [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Fair Value of Assets Acquired and Liabilities Assumed | The following is a summary of the fair values of the assets acquired and liabilities assumed from the acquisition: | |||||
(In thousands) | ||||||
Current assets | $ | 327 | ||||
Property and equipment | 88 | |||||
Goodwill | 3,444 | |||||
Developed technology | 605 | |||||
Total assets acquired | 4,464 | |||||
Total liabilities assumed (all current) | 914 | |||||
Net assets acquired | $ | 3,550 | ||||
Finite-Lived Intangible Assets Acquired | The following is a summary of the intangible asset acquired and the weighted-average useful life over which it will be amortized. | |||||
Weighted-average | ||||||
Purchased assets | useful life | |||||
Developed technology | $ | 605 | 5 years | |||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||
Income from discontinued operations | Income from discontinued operations was comprised of the following: | |||||||||
Three months ended | Nine months ended | |||||||||
December 31, | December 31, | |||||||||
(In thousands) | 2013 | 2013 | ||||||||
Discontinued operations: | ||||||||||
Net revenue | $ | 1,042 | $ | 27,890 | ||||||
(Loss) income from operations | (245 | ) | 537 | |||||||
Other (expense) income, net | (223 | ) | (232 | ) | ||||||
Gain on sale | — | 23,135 | ||||||||
(Loss) income before tax from discontinued operations | (468 | ) | 23,440 | |||||||
Income tax expense | 484 | 2,102 | ||||||||
(Loss) income from discontinued operations | $ | (952 | ) | $ | 21,338 | |||||
Restructuring_and_Related_Char1
Restructuring and Related Charges (Tables) | 9 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Restructuring Charges [Abstract] | ||||||||||||||||
Reconciliation of the beginning and ending balances of the company's restructuring liabilities | Following is a reconciliation of the beginning and ending balances of the restructuring liability: | |||||||||||||||
Balance at | Balance at | |||||||||||||||
March 31, | December 31, | |||||||||||||||
(In thousands) | 2014 | Provision | Payments | 2014 | ||||||||||||
Fiscal 2015 Restructuring Plan: | ||||||||||||||||
Severance and other employment costs | $ | — | $ | 178 | $ | (78 | ) | $ | 100 | |||||||
Fiscal 2014 Restructuring Plan: | ||||||||||||||||
Severance and other employment costs | $ | 534 | $ | 370 | $ | (884 | ) | $ | 20 | |||||||
Total restructuring costs | $ | 534 | $ | 548 | $ | (962 | ) | $ | 120 | |||||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||
Schedule of intangible assets | The following table summarizes our intangible assets and software development costs: | |||||||||||||||||||
December 31, 2014 | 31-Mar-14 | |||||||||||||||||||
Gross | Net | Gross | Net | |||||||||||||||||
carrying | Accumulated | carrying | carrying | Accumulated | carrying | |||||||||||||||
(In thousands) | amount | amortization | amount | amount | amortization | amount | ||||||||||||||
Amortized intangible assets: | ||||||||||||||||||||
Customer relationships | $ | 10,775 | $ | (10,721 | ) | $ | 54 | $ | 10,775 | $ | (10,080 | ) | $ | 695 | ||||||
Non-competition agreements | 2,700 | (2,669 | ) | 31 | 2,700 | (2,473 | ) | 227 | ||||||||||||
Developed technology | 10,660 | (10,246 | ) | 414 | 10,660 | (10,156 | ) | 504 | ||||||||||||
Patented technology | 80 | (80 | ) | — | 80 | (80 | ) | — | ||||||||||||
24,215 | (23,716 | ) | 499 | 24,215 | (22,789 | ) | 1,426 | |||||||||||||
Unamortized intangible assets: | ||||||||||||||||||||
Trade names | 10,100 | N/A | 10,100 | 10,100 | N/A | 10,100 | ||||||||||||||
Accumulated impairment | (900 | ) | N/A | (900 | ) | (900 | ) | N/A | (900 | ) | ||||||||||
9,200 | N/A | 9,200 | 9,200 | N/A | 9,200 | |||||||||||||||
Total intangible assets | $ | 33,415 | $ | (23,716 | ) | $ | 9,699 | $ | 33,415 | $ | (22,789 | ) | $ | 10,626 | ||||||
Software development costs | $ | 15,561 | $ | (1,124 | ) | $ | 14,437 | $ | 14,587 | $ | (270 | ) | $ | 14,317 | ||||||
Project expenditures not yet in use | 23,567 | 23,567 | 12,397 | — | 12,397 | |||||||||||||||
Accumulated impairment | (9,493 | ) | N/A | (9,493 | ) | (9,493 | ) | N/A | (9,493 | ) | ||||||||||
Total software development costs | $ | 29,635 | $ | (1,124 | ) | $ | 28,511 | $ | 17,491 | $ | (270 | ) | $ | 17,221 | ||||||
Schedule of remaining estimated amortization expense | The following table summarizes our remaining estimated amortization expense relating to in service intangible assets and software development costs. | |||||||||||||||||||
Estimated | ||||||||||||||||||||
Amortization | ||||||||||||||||||||
(In thousands) | Expense | |||||||||||||||||||
Fiscal year ending March 31, | ||||||||||||||||||||
2015 | $ | 414 | ||||||||||||||||||
2016 | 1,335 | |||||||||||||||||||
2017 | 1,335 | |||||||||||||||||||
2018 | 1,335 | |||||||||||||||||||
2019 | 959 | |||||||||||||||||||
2020 | 64 | |||||||||||||||||||
Total | $ | 5,442 | ||||||||||||||||||
Additional_Balance_Sheet_Infor1
Additional Balance Sheet Information (Tables) | 9 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Balance Sheet Related Disclosures [Abstract] | ||||||||
Additional information related to the Company's Condensed Consolidated Balance Sheets | Additional information related to the Condensed Consolidated Balance Sheets is as follows: | |||||||
(In thousands) | December 31, | March 31, | ||||||
2014 | 2014 | |||||||
Accrued liabilities: | ||||||||
Salaries, wages, and related benefits | $ | 5,169 | $ | 8,308 | ||||
Other taxes payable | 1,295 | 1,122 | ||||||
Accrued legal settlements | — | 1,630 | ||||||
Restructuring and severance liabilities | 259 | 534 | ||||||
Professional fees | 503 | 674 | ||||||
Software license fees | — | 500 | ||||||
Deferred rent | 364 | 477 | ||||||
Contingent consideration | 180 | 127 | ||||||
Other | 919 | 860 | ||||||
Total | $ | 8,689 | $ | 14,232 | ||||
Other non-current liabilities: | ||||||||
Uncertain tax positions | $ | 1,490 | $ | 2,440 | ||||
Deferred rent | 1,651 | 1,755 | ||||||
Contingent consideration | 1,553 | 1,612 | ||||||
Other | 358 | 358 | ||||||
Total | $ | 5,052 | $ | 6,165 | ||||
Additional Balance Sheet Information | ||||||||
Additional information related to the Condensed Consolidated Balance Sheets is as follows: | ||||||||
(In thousands) | December 31, | March 31, | ||||||
2014 | 2014 | |||||||
Accrued liabilities: | ||||||||
Salaries, wages, and related benefits | $ | 5,169 | $ | 8,308 | ||||
Other taxes payable | 1,295 | 1,122 | ||||||
Accrued legal settlements | — | 1,630 | ||||||
Restructuring and severance liabilities | 259 | 534 | ||||||
Professional fees | 503 | 674 | ||||||
Software license fees | — | 500 | ||||||
Deferred rent | 364 | 477 | ||||||
Contingent consideration | 180 | 127 | ||||||
Other | 919 | 860 | ||||||
Total | $ | 8,689 | $ | 14,232 | ||||
Other non-current liabilities: | ||||||||
Uncertain tax positions | $ | 1,490 | $ | 2,440 | ||||
Deferred rent | 1,651 | 1,755 | ||||||
Contingent consideration | 1,553 | 1,612 | ||||||
Other | 358 | 358 | ||||||
Total | $ | 5,052 | $ | 6,165 | ||||
Accounts Receivable, net | ||||||||
Accounts receivable, net of allowance for doubtful accounts was $21.2 million and $23.6 million as of December 31, 2014 and March 31, 2014, respectively. The related allowance for doubtful accounts was $0.7 million and $1.1 million as of December 31, 2014 and March 31, 2014, respectively. On January 12, 2015, an involuntary bankruptcy petition was filed against Caesars Entertainment Operating Company, Inc. (Caesars) under Chapter 11 of the U.S. Bankruptcy Code. On January 15, 2015, Caesars and certain of its affiliates filed a voluntary bankruptcy petition under Chapter 11. Those cases have been consolidated in the United States Bankruptcy Court for the Northern District of Illinois. As of the end of the third quarter of fiscal 2015, our accounts receivable owed by Caesars and its affiliates who have filed a bankruptcy petition totaled approximately $2.9 million, approximately $1.0 million of which arose from revenue recognized in the third quarter of fiscal 2015. This represents approximately 14% of our outstanding accounts receivable as of December 31, 2014. As of December 31, 2014 we have not specifically reserved for this accounts receivable balance. |
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||
Effective tax rates from continuing operations | The following table compares our income tax benefit and effective tax rates for the three and nine months ended December 31, 2014 and 2013: | |||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Income tax benefit | $ | (62 | ) | $ | (1,054 | ) | $ | (777 | ) | $ | (1,284 | ) | ||||
Effective tax rate | 2.3 | % | 38.1 | % | 11.4 | % | 36.5 | % |
Loss_Earnings_per_Share_Tables
(Loss) Earnings per Share (Tables) | 9 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||
Computing (loss) earnings per share and the effect on income and the weighted average number of dilutive potential common shares | The following data shows the amounts used in computing (loss) earnings per share and the effect on income and the weighted average number of shares of dilutive potential common shares. | |||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
(In thousands, except per share data) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Numerator: | ||||||||||||||||
Loss from continuing operations | $ | (2,715 | ) | $ | (1,711 | ) | $ | (6,071 | ) | $ | (2,232 | ) | ||||
Income from discontinued operations | — | (952 | ) | — | 21,338 | |||||||||||
Net (loss) income | $ | (2,715 | ) | $ | (2,663 | ) | $ | (6,071 | ) | $ | 19,106 | |||||
Denominator: | ||||||||||||||||
Weighted average shares outstanding - basic | 22,343 | 22,150 | 22,336 | 22,100 | ||||||||||||
Weighted average shares outstanding - diluted | 22,343 | 22,150 | 22,336 | 22,100 | ||||||||||||
(Loss) earnings per share - basic: | ||||||||||||||||
Loss per share from continuing operations | $ | (0.12 | ) | $ | (0.08 | ) | $ | (0.27 | ) | $ | (0.10 | ) | ||||
(Loss) Income per share from discontinued operations | — | (0.04 | ) | — | 0.97 | |||||||||||
Net (loss) income per share | $ | (0.12 | ) | $ | (0.12 | ) | $ | (0.27 | ) | $ | 0.87 | |||||
(Loss) earnings per share - diluted: | ||||||||||||||||
Loss per share from continuing operations | $ | (0.12 | ) | $ | (0.08 | ) | $ | (0.27 | ) | $ | (0.10 | ) | ||||
(Loss) Income per share from discontinued operations | $ | — | $ | (0.04 | ) | $ | — | $ | 0.97 | |||||||
Net (loss) income per share | $ | (0.12 | ) | $ | (0.12 | ) | $ | (0.27 | ) | $ | 0.87 | |||||
Anti-dilutive stock options, SSARs, restricted shares and performance shares | 1,467 | 1,850 | 1,360 | 2,014 | ||||||||||||
Sharebased_Compensation_Tables
Share-based Compensation (Tables) | 9 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Share-based Compensation [Abstract] | ||||||||||||||||
Summary of share-based compensation expense for options | The following table summarizes the share-based compensation expense for options, SSARs, restricted and performance awards included in the Condensed Consolidated Statements of Operations: | |||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Product development | $ | 259 | $ | 194 | $ | 669 | $ | 550 | ||||||||
Sales and marketing | 42 | 38 | 74 | 88 | ||||||||||||
General and administrative | 460 | 411 | 1,085 | 886 | ||||||||||||
Total share-based compensation expense | 761 | 643 | 1,828 | 1,524 | ||||||||||||
Activity related stock options award | The following table summarizes the activity during the nine months ended December 31, 2014 for stock options awarded under the 2006 Plan and the 2000 Stock Incentive Plan: | |||||||||||||||
Number | Weighted- | Remaining | Aggregate | |||||||||||||
of | Average | Contractual | Intrinsic | |||||||||||||
Options | Exercise | Term | Value | |||||||||||||
Price | ||||||||||||||||
(In thousands, except share and per share data) | (per share) | (in years) | ||||||||||||||
Outstanding at April 1, 2014 | 627,500 | $ | 15.26 | |||||||||||||
Granted | — | — | ||||||||||||||
Exercised | (15,000 | ) | 13.76 | |||||||||||||
Cancelled/expired | (30,000 | ) | 13.11 | |||||||||||||
Outstanding and exercisable at December 31, 2014 | 582,500 | $ | 15.41 | 1.4 | $ | — | ||||||||||
Activity related SSARs award | The following table summarizes the activity during the nine months ended December 31, 2014 for SSARs awarded under the 2011 Plan: | |||||||||||||||
Number | Weighted- | Remaining | Aggregate | |||||||||||||
of Rights | Average | Contractual | Intrinsic | |||||||||||||
Exercise | Term | Value | ||||||||||||||
Price | ||||||||||||||||
(In thousands, except share and per share data) | (per right) | (in years) | ||||||||||||||
Outstanding at April 1, 2014 | 320,236 | $ | 9.05 | |||||||||||||
Granted | 115,020 | 14.41 | ||||||||||||||
Exercised | (16,078 | ) | 7.75 | |||||||||||||
Forfeited | (11,835 | ) | 7.46 | |||||||||||||
Expired | (13,333 | ) | 7.46 | |||||||||||||
Outstanding at December 31, 2014 | 394,010 | $ | 10.76 | 5.2 | $ | 929 | ||||||||||
Exercisable at December 31, 2014 | 165,745 | $ | 8.63 | 4.5 | $ | 657 | ||||||||||
Activity related to restricted shares awarded by the Company | The following table summarizes the activity during the nine months ended December 31, 2014 for restricted shares awarded under the 2011 Plan: | |||||||||||||||
Number | Weighted- | |||||||||||||||
of Shares | Average | |||||||||||||||
Grant- | ||||||||||||||||
Date Fair | ||||||||||||||||
Value | ||||||||||||||||
(In thousands, except share and per share data) | (per share) | |||||||||||||||
Outstanding at April 1, 2014 | 139,501 | $ | 10.72 | |||||||||||||
Granted | 357,773 | 13.82 | ||||||||||||||
Vested | (16,840 | ) | 8.64 | |||||||||||||
Forfeited | (18,894 | ) | 13.25 | |||||||||||||
Outstanding at December 31, 2014 | 461,540 | $ | 13.08 | |||||||||||||
Performance shares awarded by the Company | The following table summarizes the activity during the nine months ended December 31, 2014 for performance shares awarded under the 2011 Plan: | |||||||||||||||
Number | Weighted- | |||||||||||||||
of | Average | |||||||||||||||
Shares | Grant- | |||||||||||||||
Date Fair | ||||||||||||||||
Value | ||||||||||||||||
(In thousands, except share and per share data) | (per share) | |||||||||||||||
Outstanding at April 1, 2014 | 17,728 | $ | 8.64 | |||||||||||||
Granted | — | — | ||||||||||||||
Outstanding at December 31, 2014 | 17,728 | $ | 8.64 | |||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis | The following tables present information about our financial assets and liabilities measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value: | |||||||||||||||
Fair value measurement used | ||||||||||||||||
Recorded | Active | Quoted | Active | |||||||||||||
value | markets | prices in | markets for | |||||||||||||
as of | for | similar | unobservable | |||||||||||||
identical | instruments | inputs | ||||||||||||||
assets or | and | |||||||||||||||
liabilities | observable | |||||||||||||||
inputs | ||||||||||||||||
(In thousands) | December 31, 2014 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Assets: | ||||||||||||||||
Corporate-owned life insurance — non-current | $ | 2,441 | $ | 2,441 | ||||||||||||
Liabilities: | ||||||||||||||||
Contingent consideration — current | $ | 180 | $ | 180 | ||||||||||||
Contingent consideration — non-current | 1,553 | 1,553 | ||||||||||||||
Fair value measurement used | ||||||||||||||||
Recorded | Active | Quoted | Active | |||||||||||||
value | markets | prices in | markets for | |||||||||||||
as of | for | similar | unobservable | |||||||||||||
identical | instruments | inputs | ||||||||||||||
assets or | and | |||||||||||||||
liabilities | observable | |||||||||||||||
inputs | ||||||||||||||||
(In thousands) | March 31, 2014 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Assets: | ||||||||||||||||
Corporate-owned life insurance — current | $ | 1,989 | $ | — | $ | — | $ | 1,989 | ||||||||
Corporate-owned life insurance — non-current | 2,371 | — | — | 2,371 | ||||||||||||
Liabilities: | ||||||||||||||||
Contingent consideration — current | $ | 127 | $ | — | $ | — | $ | 127 | ||||||||
Contingent consideration — non-current | 1,612 | — | — | 1,612 | ||||||||||||
Summary of changes in the fair value of the Level 3 assets and liabilities Corporate-owned life insurance | The following table presents a summary of changes in the fair value of the Level 3 assets: | |||||||||||||||
Nine months ended | ||||||||||||||||
December 31, | ||||||||||||||||
(In thousands) | 2014 | 2013 | ||||||||||||||
Corporate-owned life insurance: | ||||||||||||||||
Balance on April 1 | $ | 4,360 | $ | 3,673 | ||||||||||||
Unrealized (loss) gain relating to instruments held at reporting date | 25 | (6 | ) | |||||||||||||
Purchases, sales, issuances and settlements, net | 45 | 87 | ||||||||||||||
Proceeds from corporate-owned life insurance policy | (1,989 | ) | — | |||||||||||||
Balance on December 31 | $ | 2,441 | $ | 3,754 | ||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following tables present a summary of changes in the fair value of the Level 3 liabilities: | |||||||||||||||
Nine months ended | ||||||||||||||||
December 31, | ||||||||||||||||
(In thousands) | 2014 | 2013 | ||||||||||||||
Contingent consideration | ||||||||||||||||
Balance on April 1 | $ | 1,739 | $ | — | ||||||||||||
Activity, payments and other charges (net) | (6 | ) | 1,800 | |||||||||||||
Balance on December 31 | $ | 1,733 | $ | 1,800 | ||||||||||||
Fair_Value_Measurements_Cash_c
Fair Value Measurements Cash, cash equivalents and marketable securities (Tables) | 9 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Cash, cash equivalents and marketable securities [Abstract] | ||||||||||||||||||||||||
Cash, Cash Equivalents, and Short-term Investments [Text Block] | Our cash equivalents consist of highly liquid investments with original maturity dates of three months or less and can include certificates of deposit, commercial paper, treasury bills, money market funds and other investments. The fair value of our marketable securities, comprised of commercial paper, corporate bonds and certificates of deposit, was determined using a market approach, based on prices and other relevant information generated by market transactions involving similar assets, and therefore, is classified within Level 2 of the fair value hierarchy. Our marketable securities consist of investments with original maturity dates from date of acquisition of 90 to 365 days and are classified as available for sale. | |||||||||||||||||||||||
The following data summarizes our cash equivalents and marketable securities: | ||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | Cash | Marketable | |||||||||||||||||||
(In thousands) | cost basis | Gains | Losses | Value | equivalents | securities | ||||||||||||||||||
Level 2: | ||||||||||||||||||||||||
Commercial paper | $ | 2,998 | $ | — | $ | — | $ | 2,998 | $ | 2,998 | $ | — | ||||||||||||
Corporate bonds | 5,015 | — | — | 5,015 | — | 5,015 | ||||||||||||||||||
Total | $ | 8,013 | $ | — | $ | — | $ | 8,013 | $ | 2,998 | $ | 5,015 | ||||||||||||
31-Mar-14 | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | Cash | Marketable | |||||||||||||||||||
(In thousands) | cost basis | Gains | Losses | Value | equivalents | securities | ||||||||||||||||||
Level 2: | ||||||||||||||||||||||||
Commercial paper | $ | 19,993 | $ | — | $ | — | $ | 19,993 | $ | 19,993 | $ | — | ||||||||||||
Certificates of deposit | 9,006 | — | — | 9,006 | 9,006 | — | ||||||||||||||||||
Total | $ | 28,999 | $ | — | $ | — | $ | 28,999 | $ | 28,999 | $ | — | ||||||||||||
Cash, cash equivalents and marketable securities [Table Text Block] | The following data summarizes our cash equivalents and marketable securities: | |||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | Cash | Marketable | |||||||||||||||||||
(In thousands) | cost basis | Gains | Losses | Value | equivalents | securities | ||||||||||||||||||
Level 2: | ||||||||||||||||||||||||
Commercial paper | $ | 2,998 | $ | — | $ | — | $ | 2,998 | $ | 2,998 | $ | — | ||||||||||||
Corporate bonds | 5,015 | — | — | 5,015 | — | 5,015 | ||||||||||||||||||
Total | $ | 8,013 | $ | — | $ | — | $ | 8,013 | $ | 2,998 | $ | 5,015 | ||||||||||||
31-Mar-14 | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | Cash | Marketable | |||||||||||||||||||
(In thousands) | cost basis | Gains | Losses | Value | equivalents | securities | ||||||||||||||||||
Level 2: | ||||||||||||||||||||||||
Commercial paper | $ | 19,993 | $ | — | $ | — | $ | 19,993 | $ | 19,993 | $ | — | ||||||||||||
Certificates of deposit | 9,006 | — | — | 9,006 | 9,006 | — | ||||||||||||||||||
Total | $ | 28,999 | $ | — | $ | — | $ | 28,999 | $ | 28,999 | $ | — | ||||||||||||
Acquisitions_Details
Acquisitions (Details) (USD $) | 0 Months Ended | ||||
In Thousands, unless otherwise specified | Jul. 03, 2014 | Jun. 10, 2014 | Dec. 31, 2014 | Mar. 31, 2014 | Jun. 10, 2013 |
Business Acquisition [Line Items] | |||||
Goodwill | $19,622 | $17,158 | |||
Dining Ventures, Inc. [Member] | |||||
Business Acquisition [Line Items] | |||||
Goodwill | 2,464 | ||||
Developed technology | 1,286 | ||||
Total assets acquired | 3,750 | ||||
Acquired finite-lived intangible assets, weighted average useful life | 5 years | ||||
TimeManagement Corporation [Member] | |||||
Business Acquisition [Line Items] | |||||
Current assets | 327 | ||||
Property and equipment | 88 | ||||
Goodwill | 3,444 | ||||
Developed technology | 605 | ||||
Total assets acquired | 4,464 | ||||
Total liabilities assumed (all current) | 914 | ||||
Net assets acquired | $3,550 | ||||
Acquired finite-lived intangible assets, weighted average useful life | 5 years |
Acquisitions_Details_Textual
Acquisitions (Details Textual) (USD $) | 9 Months Ended | 0 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Jul. 03, 2014 | Jun. 10, 2014 | Mar. 31, 2014 | Jun. 10, 2013 | |
Business Acquisition [Line Items] | ||||||
Cash paid for acquisiton | $3,750,000 | $1,801,000 | ||||
Goodwill | 19,622,000 | 17,158,000 | ||||
Dining Ventures, Inc. [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill | 2,464,000 | |||||
Business acquisition, goodwill, expected tax deductible period | 15 years | |||||
TimeManagement Corporation [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Cash paid for acquisiton | 1,800,000 | |||||
Business acquisition, contingent consideration, potential cash payment | 1,800,000 | |||||
Business combination, contingent consideration arrangements, period | 5 years | |||||
Goodwill | $3,444,000 | |||||
Business acquisition, goodwill, expected tax deductible period | 15 years |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Income from discontinued operations | ||||
Net revenue | $1,042 | $27,890 | ||
(Loss) income from operations | -245 | 537 | ||
Other expense, net | -223 | -232 | ||
Gain on sale | 0 | 23,135 | ||
(Loss) income before tax from discontinued operations | -468 | 23,440 | ||
Income tax expense | 484 | 2,102 | ||
(Loss) income from discontinued operations | $0 | ($952) | $0 | $21,338 |
Discontinued_Operations_Detail1
Discontinued Operations (Details Textual) (USD $) | 0 Months Ended | 9 Months Ended | 0 Months Ended | |
Jul. 02, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Aggregate Purchase Price | $37,600,000 | |||
Transaction fees | 1,600,000 | |||
Investment in marketable securities | 36,000,000 | 809,000 | 36,024,000 | |
UK Entity [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Aggregate Purchase Price | 700,000 | |||
Discontinued Operations and Disposal Group, Note Due From | 800,000 | |||
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents | 900,000 | |||
Investment in marketable securities | $600,000 |
Restructuring_and_Related_Char2
Restructuring and Related Charges (Details) (USD $) | 9 Months Ended |
Dec. 31, 2014 | |
Restructuring Reserve [Roll Forward] | |
Balance at March 31, 2013 | $534,000 |
Provision | 548,000 |
Payments for restructuring, severance and other charges | -962,000 |
Balance at December 31, 2013 | 120,000 |
Severance and employment costs [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Expected Future Payment, Year Two | 200,000 |
Restructuring Reserve [Roll Forward] | |
Balance at December 31, 2013 | 100,000 |
Severance and employment costs [Member] | Restructuring Plan Fiscal Two Zero One Five [Member] | |
Restructuring Reserve [Roll Forward] | |
Balance at March 31, 2013 | 0 |
Provision | 178,000 |
Payments for restructuring, severance and other charges | -78,000 |
Balance at December 31, 2013 | 100,000 |
Severance and employment costs [Member] | Restructuring Plan Fiscal Two Zero One Four [Member] | |
Restructuring Reserve [Roll Forward] | |
Balance at March 31, 2013 | 534,000 |
Provision | 370,000 |
Payments for restructuring, severance and other charges | -884,000 |
Balance at December 31, 2013 | $20,000 |
Restructuring_and_Related_Char3
Restructuring and Related Charges (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | 15 Months Ended |
Dec. 31, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | $120,000 | $534,000 | |
Restructuring Charges (Textual) [Abstract] | |||
Restructuring Reserve, Current | 259,000 | 534,000 | |
Severance and Employment Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 100,000 | ||
Restructuring Charges (Textual) [Abstract] | |||
Restructuring and Related Cost, Expected Future Payment, Year Two | 200,000 | ||
Restructuring Plan Fiscal Two Zero One Four [Member] | |||
Restructuring Charges (Textual) [Abstract] | |||
Restructuring charges | 400,000 | 1,200,000 | 1,600,000 |
Restructuring Reserve, Current | 0 | ||
Restructuring Plan Fiscal Two Zero One Four [Member] | Severance and Employment Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | $20,000 | $534,000 |
Intangible_Assets_Schedule_of_
Intangible Assets - Schedule of Intangible Assets (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Amortized intangible assets: | ||
Gross carrying amount | $24,215 | $24,215 |
Accumulated amortization | -23,716 | -22,789 |
Net carrying amount | 499 | 1,426 |
Unamortized intangible assets: | ||
Accumulated impairment | -900 | -900 |
Carrying amount | 9,200 | 9,200 |
Finite Lived Software Development Costs [Abstract] | ||
Finite Lived Software Development Costs Accumulated Impairment | -9,493 | -9,493 |
Finite Lived Software Development Costs Gross | 29,635 | 17,491 |
Finite Lived Software Development Costs Accumulated Amortization | -1,124 | -270 |
Finite Lived Software Development Costs Net | 28,511 | 17,221 |
Total intangible assets, gross carrying amount | 33,415 | 33,415 |
Intangible Assets, Net (Excluding Goodwill) | 9,699 | 10,626 |
Trade names [Member] | ||
Unamortized intangible assets: | ||
Carrying amount, excluding accumulated impairment | 10,100 | 10,100 |
Customer relationships [Member] | ||
Amortized intangible assets: | ||
Gross carrying amount, excluding accumulated impairment | 10,775 | 10,775 |
Accumulated amortization, excluding accumulated impairment | -10,721 | -10,080 |
Net carrying amount, excluding accumulated impairment | 54 | 695 |
Non-competition agreements [Member] | ||
Amortized intangible assets: | ||
Gross carrying amount, excluding accumulated impairment | 2,700 | 2,700 |
Accumulated amortization, excluding accumulated impairment | -2,669 | -2,473 |
Net carrying amount, excluding accumulated impairment | 31 | 227 |
Developed technology [Member] | ||
Amortized intangible assets: | ||
Gross carrying amount, excluding accumulated impairment | 10,660 | 10,660 |
Accumulated amortization, excluding accumulated impairment | -10,246 | -10,156 |
Net carrying amount, excluding accumulated impairment | 414 | 504 |
Patented Technology [Member] | ||
Amortized intangible assets: | ||
Gross carrying amount, excluding accumulated impairment | 80 | 80 |
Accumulated amortization, excluding accumulated impairment | -80 | -80 |
Net carrying amount, excluding accumulated impairment | 0 | 0 |
Software Development Costs [Member] | ||
Finite Lived Software Development Costs [Abstract] | ||
Finite Lived Software Development Costs Gross Excluding Accumulated Impairment | 15,561 | 14,587 |
Finite Lived Software Development Costs Accumulated Amortization Excluding Accumulated Impairment | -1,124 | -270 |
Finite Lived Software Development Costs, Net Excluding, Accumulated Impairment | 14,437 | 14,317 |
Project Expenditures Not Yet In Use [Member] | ||
Finite Lived Software Development Costs [Abstract] | ||
Finite Lived Software Development Costs Gross Excluding Accumulated Impairment | 23,567 | 12,397 |
Finite Lived Software Development Costs Accumulated Amortization Excluding Accumulated Impairment | 0 | |
Finite Lived Software Development Costs, Net Excluding, Accumulated Impairment | $23,567 | $12,397 |
Intangible_Assets_Schedule_of_1
Intangible Assets - Schedule of Future Amortization Expense (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
Remainder of fiscal 2015 | $414 |
2016 | 1,335 |
2017 | 1,335 |
2018 | 1,335 |
2019 | 959 |
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 64 |
Net carrying amount | $5,442 |
Intangible_Assets_Details_Text
Intangible Assets (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Software development costs, net | $28,511,000 | $28,511,000 | $17,221,000 | |
Capitalized Software Development Costs | 4,300,000 | 12,100,000 | 10,000,000 | |
Amortization of intangible assets, excluding amortization of internal use software | 300,000 | 900,000 | ||
Finite-lived intangible assets, net | 499,000 | 499,000 | 1,426,000 | |
Developed Technology Internal [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of software development | $300,000 | $900,000 | $100,000 |
Additional_Balance_Sheet_Infor2
Additional Balance Sheet Information (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Other non-current assets: | ||
Total | $3,956 | $3,785 |
Accrued liabilities: | ||
Salaries, wages, and related benefits | 5,169 | 8,308 |
Other taxes payable | 1,295 | 1,122 |
Accrued legal settlements | 0 | 1,630 |
Restructuring and severance liabilities | 259 | 534 |
Professional fees | 503 | 674 |
Software license fees | 0 | 500 |
Deferred rent | 364 | 477 |
Contingent consideration b current | 180 | 127 |
Other | 919 | 860 |
Total | 8,689 | 14,232 |
Other non-current liabilities: | ||
Uncertain tax positions | 1,490 | 2,440 |
Deferred rent | 1,651 | 1,755 |
Contingent consideration b non-current | 1,553 | 1,612 |
Other | 358 | 358 |
Total | $5,052 | $6,165 |
Additional_Balance_Sheet_Infor3
Additional Balance Sheet Information Accounts receivable, net (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Additional Balance Sheet Information [Abstract] | ||
Accounts Receivable, Net, Current | $21,248 | $23,615 |
Allowance for Doubtful Accounts Receivable | $726 | $1,101 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Effective tax rates from continuing operations | ||||
Income tax benefit | ($62) | ($1,054) | ($777) | ($1,284) |
Effective tax rate | 2.30% | 38.10% | 11.40% | 36.50% |
Loss_Earnings_per_Share_Detail
(Loss) Earnings per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Numerator [Abstract] | ||||
Loss from continuing operations | ($2,715) | ($1,711) | ($6,071) | ($2,232) |
Income from discontinued operations, net of taxes | 0 | -952 | 0 | 21,338 |
Net (loss) income | ($2,715) | ($2,663) | ($6,071) | $19,106 |
Denominator [Abstract] | ||||
Weighted average shares outstanding - basic | 22,343 | 22,150 | 22,336 | 22,100 |
Weighted average shares outstanding - diluted | 22,343 | 22,150 | 22,336 | 22,100 |
Earnings Per Share, Basic [Abstract] | ||||
Loss per share from continuing operations | ($0.12) | ($0.08) | ($0.27) | ($0.10) |
(Loss) Income per share from discontinued operations | $0 | ($0.04) | $0 | $0.97 |
Net (loss) income per share | ($0.12) | ($0.12) | ($0.27) | $0.87 |
Earnings Per Share, Basic and Diluted | ($0.27) | $0.87 | ||
Earnings Per Share, Diluted [Abstract] | ||||
Loss per share from continuing operations | ($0.12) | ($0.08) | ($0.27) | ($0.10) |
(Loss) Income per share from discontinued operations | $0 | ($0.04) | $0 | $0.97 |
Net (loss) income per share | ($0.12) | ($0.12) | ($0.27) | $0.87 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,467,000 | 1,850,000 | 1,360,000 | 2,014,000 |
Loss_Earnings_per_Share_Detail1
(Loss) Earnings per Share (Details Textual) | 3 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | ||
Incremental Common Shares Attributable to Restricted Shares | 479,268 | 270,333 |
Sharebased_Compensation_Detail
Share-based Compensation (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based Compensation | $761 | $643 | $1,828 | $1,524 |
Product development [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Summary of share-based compensation expense for options | 259 | 194 | 669 | 550 |
Selling and marketing [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Summary of share-based compensation expense for options | 42 | 38 | 74 | 88 |
General and administrative [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Summary of share-based compensation expense for options | $460 | $411 | $1,085 | $886 |
Sharebased_Compensation_Detail1
Share-based Compensation (Details 1) (Stock Options [Member], USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Outstanding at Beginning of Period, Number of Options | 627,500 | |
Outstanding at Beginning of Period, Weighted Average Exercise Price | $15.26 | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 0 | |
Share-based Compensation Arrangements by Share Based Payment Award Non Option Equity Instruments Grants in Period Weighted Average Exercise Price | $0 | |
Exercised, Number of Options | -15,000 | |
Exercised, Weighted-Average Exercise Price | $13.76 | |
Cancelled/expired, Number of options | -30,000 | |
Cancelled/Expired, Weighted-Average Exercise Price | $13.11 | |
Outstanding and exercisable at End of Period, Number of Options | 582,500 | 582,500 |
Outstanding and exercisable at End of Period, Weighted Average Exercise Price | $15.41 | $15.41 |
Remaining Contractual Term, Outstanding and exercisable at End of Period | 1 year 4 months 24 days | |
Aggregate Intrinsic Value, Outstanding and exercisable at End of Period | $0 | $0 |
Sharebased_Compensation_Detail2
Share-based Compensation (Details 2) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Mar. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Expirations In Period Weighted Average Exercise Price | $7.46 | |
Stock Settled Stock Appreciation Rights (SSARS) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Rights Outstanding at Beginning of Period | 320,236 | |
Weighted Average Exercise Price Outstanding at Beginning of Period | $9.05 | |
Number of Rights Granted, | 115,020 | |
Weighted Average Exercise Price Granted, | $14.41 | |
Number of Rights Exercised | -16,078 | |
Weighted Average Exercise Price Exercised | $7.75 | |
Number of Rights, Forfeited | -11,835 | |
Weighted Average Exercise Price, Forfeited | $7.46 | |
Number of Rights Outstanding at End of Period | 394,010 | 320,236 |
Weighted Average Exercise Price Outstanding at End of Period | $10.76 | $9.05 |
Remaining Contractual Term Outstanding at End of Period | 5 years 2 months 12 days | |
Aggregate Intrinsic Value Outstanding at End of Period | $929 | |
Number of Rights Exercisable at End of Period | 165,745 | |
Weighted Average Exercise Price Exercisable at End of Period | $8,630,000 | |
Remaining Contractual Term Exercisable at End of Period | 4 years 6 months | |
Aggregate Intrinsic Value Exercisable at End of Period | $657 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | -13,333 |
Sharebased_Compensation_Detail3
Share-based Compensation (Details 3) (Restricted Stock [Member], USD $) | 9 Months Ended |
Dec. 31, 2014 | |
Restricted Stock [Member] | |
Activity Related to Restricted Shares Awarded by the Company | |
Number of shares Outstanding at Beginning of Period | 139,501 |
Weighted Average Grant-Date Fair Value Outstanding at Beginning of Period | $10.72 |
Granted, Number of Shares | 357,773 |
Granted, Weighted Average Grant Date Fair value | $13.82 |
Vested, Number of shares | -16,840 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $8.64 |
Forfeited, Number of Shares | -18,894 |
Forfeited, Weighted Average Grant Date Fair Value | $13.25 |
Number of shares Outstanding at End of Period | 461,540 |
Weighted Average Grant-Date Fair Value Outstanding at End of Period | $13.08 |
Sharebased_Compensation_Detail4
Share-based Compensation (Details 4) (Performance Shares [Member], USD $) | 9 Months Ended |
Dec. 31, 2014 | |
Performance Shares [Member] | |
Performance shares awarded by the Company | |
Number of shares Outstanding at Beginning of Period | 17,728 |
Weighted Average Grant-Date Fair Value Outstanding at Beginning of Period | $8.64 |
Granted, Number of Shares | 0 |
Granted, Weighted Average Grant Date Fair value | $0 |
Number of shares Outstanding at End of Period | 17,728 |
Weighted Average Grant-Date Fair Value Outstanding at End of Period | $8.64 |
Sharebased_Compensation_Detail5
Share-based Compensation (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 |
Stock Based Compensation (Textual) [Abstract] | ||
Maximum number of shares subject to stock options and restricted shares | 1,000,000 | |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock Issued During Period, Shares, Treasury Stock Reissued | 8,065 | |
Shares Paid for Option Price for Share Based Compensation | 6,935 | |
Stock Based Compensation (Textual) [Abstract] | ||
Stock option granted | 0 | |
Restricted Stock [Member] | ||
Stock Based Compensation (Textual) [Abstract] | ||
Unrecognized stock based compensation expense related to non-vested restricted stock | 4.3 | 4.3 |
Weighted-average vesting period | 2 years 2 months 16 days | |
Stock Settled Stock Appreciation Rights (SSARS) [Member] | ||
Stock Based Compensation (Textual) [Abstract] | ||
Shares withheld to cover the employee's minimum applicable income taxes | 1,446 | |
Unrecognized stock based compensation expense related to non-vested SSARs | 0.9 | 0.9 |
Weighted-average vesting period | 1 year 8 months 27 days | |
Total treasury shares to settle SSARs | 5,463 | |
Performance Shares [Member] | ||
Stock Based Compensation (Textual) [Abstract] | ||
Unrecognized stock based compensation expense related to non-vested restricted stock | 0.1 | 0.1 |
Weighted-average vesting period | 3 months | |
2011 Stock Incentive Plan [Member] | ||
Stock Based Compensation (Textual) [Abstract] | ||
Shares authorized under 2011 Stock incentive plan | 3,000,000 | 3,000,000 |
2011 Stock Incentive Plan [Member] | Stock Options [Member] | ||
Stock Based Compensation (Textual) [Abstract] | ||
Maximum number of shares subject to stock options and restricted shares | 800,000 | |
2011 Stock Incentive Plan [Member] | Restricted Shares and Restricted Share Units [Member] | ||
Stock Based Compensation (Textual) [Abstract] | ||
Maximum number of shares subject to stock options and restricted shares | 400,000 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Liabilities: | ||
Contingent consideration b current | $180 | $127 |
Contingent consideration b non-current | 1,553 | 1,612 |
Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Corporate-owned life insurance b current | 1,989 | |
Corporate-owned life insurance b non-current | 2,441 | 2,371 |
Liabilities: | ||
Contingent consideration b current | 180 | 127 |
Contingent consideration b non-current | 1,553 | 1,612 |
Active markets for identical assets or liabilities (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Corporate-owned life insurance b non-current | 0 | |
Liabilities: | ||
Contingent consideration b current | ||
Contingent consideration b non-current | ||
Quoted prices in similar instruments and observable inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Corporate-owned life insurance b non-current | 0 | |
Liabilities: | ||
Contingent consideration b current | ||
Contingent consideration b non-current | ||
Active markets for unobservable inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Corporate-owned life insurance b current | 1,989 | |
Corporate-owned life insurance b non-current | 2,441 | 2,371 |
Liabilities: | ||
Contingent consideration b current | 180 | 127 |
Contingent consideration b non-current | $1,553 | $1,612 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 1) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Proceeds from corporate-owned life insurance policy | ($1,925) | $87 |
Cash Surrender Value [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | 4,360 | 3,673 |
Unrealized (loss) gain relating to instruments held at reporting date | 25 | -6 |
Purchases, sales, issuances and settlements, net | 45 | 87 |
Proceeds from corporate-owned life insurance policy | -1,989 | 0 |
Balance at end of period | $2,441 | $3,754 |
Recovered_Sheet1
Fair Value Measurements Cash, Cash Equivalents and Marketable Securities (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Mar. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
CashCashEquivalentsAndShortTermInvestmentsAmortizedCost | $8,013 | $28,999 |
CashCashEquivalentsAndShortTermInvestmentsUnrealizedLosses | 0 | |
Cash, Cash Equivalents, and Short-term Investments | 8,013 | 28,999 |
Cash Equivalents, at Carrying Value | 2,998 | 28,999 |
Available-for-sale Securities, Current | 5,015 | |
Fair Value, Inputs, Level 2 [Member] | Certificates of Deposit [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
CashCashEquivalentsAndShortTermInvestmentsAmortizedCost | 9,006 | |
Cash, Cash Equivalents, and Short-term Investments | 9,006 | |
Cash Equivalents, at Carrying Value | 9,006 | |
Fair Value, Inputs, Level 2 [Member] | Commercial Paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
CashCashEquivalentsAndShortTermInvestmentsAmortizedCost | 2,998 | 19,993 |
Cash, Cash Equivalents, and Short-term Investments | 2,998 | 19,993 |
Cash Equivalents, at Carrying Value | 2,998 | 19,993 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
CashCashEquivalentsAndShortTermInvestmentsAmortizedCost | 5,015 | |
CashCashEquivalentsAndShortTermInvestmentsUnrealizedLosses | 0 | |
Cash, Cash Equivalents, and Short-term Investments | 5,015 | |
Available-for-sale Securities, Current | $5,015 |
Uncategorized_Items
Uncategorized Items | 3/31/13 | 3/31/14 |
USD ($) | USD ($) | |
[us-gaap_CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations] | 82,931,000 | 99,566,000 |