Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended |
Sep. 30, 2014 | |
Document and Entity Information [Abstract] | ' |
Entity Registrant Name | 'UROPLASTY INC |
Entity Central Index Key | '0000890846 |
Current Fiscal Year End Date | '--03-31 |
Entity Well-known Seasoned Issuer | 'No |
Entity Voluntary Filers | 'No |
Entity Current Reporting Status | 'Yes |
Entity Filer Category | 'Accelerated Filer |
Entity Common Stock, Shares Outstanding | 22,131,518 |
Document Fiscal Year Focus | '2015 |
Document Fiscal Period Focus | 'Q2 |
Document Type | '10-Q |
Amendment Flag | 'false |
Document Period End Date | 30-Sep-14 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
Current assets: | ' | ' |
Cash and cash equivalents | $9,540,168 | $8,681,609 |
Short-term investments | 0 | 3,451,086 |
Accounts receivable, net | 2,663,403 | 2,875,275 |
Inventories | 526,367 | 517,217 |
Other | 518,135 | 507,299 |
Total current assets | 13,248,073 | 16,032,486 |
Property, plant, and equipment, net | 952,910 | 997,609 |
Intangible assets, net | 103,428 | 119,980 |
Prepaid pension assets | 0 | 855 |
Deferred tax assets | 136,406 | 150,116 |
Total assets | 14,440,817 | 17,301,046 |
Current liabilities: | ' | ' |
Accounts payable | 670,832 | 904,879 |
Current portion - deferred rent | 0 | 2,917 |
Income taxes payable | 28,017 | 21,922 |
Accrued liabilities: | ' | ' |
Compensation | 2,105,483 | 1,999,966 |
Other | 472,771 | 479,373 |
Total current liabilities | 3,277,103 | 3,409,057 |
Deferred rent - less current portion | 26,238 | 171 |
Accrued pension liability | 588,733 | 678,118 |
Total liabilities | 3,892,074 | 4,087,346 |
Commitments and contingencies | ' | ' |
Shareholders' equity: | ' | ' |
Common stock $.01 par value; 40,000,000 shares authorized, 22,131,518 and 21,653,835 shares issued and outstanding at September 30, 2014 and March 31, 2014, respectively | 221,315 | 216,538 |
Additional paid-in capital | 58,368,739 | 57,655,628 |
Accumulated deficit | -47,444,650 | -44,174,071 |
Accumulated other comprehensive loss | -596,661 | -484,395 |
Total shareholders' equity | 10,548,743 | 13,213,700 |
Total liabilities and shareholders' equity | $14,440,817 | $17,301,046 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
Shareholders' equity | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, shares issued (in shares) | 22,131,518 | 21,653,835 |
Common stock, shares outstanding (in shares) | 22,131,518 | 21,653,835 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) [Abstract] | ' | ' | ' | ' |
Net sales | $6,454,630 | $5,976,875 | $12,839,259 | $11,817,716 |
Cost of goods sold | 753,225 | 741,842 | 1,544,536 | 1,489,889 |
Gross profit | 5,701,405 | 5,235,033 | 11,294,723 | 10,327,827 |
Operating expenses | ' | ' | ' | ' |
General and administrative | 1,288,297 | 2,390,610 | 2,865,665 | 3,971,373 |
Research and development | 651,035 | 428,763 | 1,560,479 | 908,423 |
Selling and marketing | 4,818,704 | 4,323,084 | 10,091,325 | 8,950,493 |
Amortization | 8,226 | 7,826 | 16,552 | 14,474 |
Total operating expenses | 6,766,262 | 7,150,283 | 14,534,021 | 13,844,763 |
Operating loss | -1,064,857 | -1,915,250 | -3,239,298 | -3,516,936 |
Other income (expense) | ' | ' | ' | ' |
Interest income | 1,833 | 5,476 | 4,845 | 14,740 |
Foreign currency exchange gain (loss) | -2,190 | -1,339 | -1,279 | -4,034 |
Total other income (expense) | -357 | 4,137 | 3,566 | 10,706 |
Loss before income taxes | -1,065,214 | -1,911,113 | -3,235,732 | -3,506,230 |
Income tax expense | 15,032 | 16,367 | 34,847 | 30,542 |
Net loss | ($1,080,246) | ($1,927,480) | ($3,270,579) | ($3,536,772) |
Basic and diluted net loss per common share (in dollars per share) | ($0.05) | ($0.09) | ($0.15) | ($0.17) |
Weighted average common shares outstanding: | ' | ' | ' | ' |
Basic and diluted (in shares) | 21,617,675 | 21,076,570 | 21,693,989 | 20,921,693 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) [Abstract] | ' | ' | ' | ' |
Net loss | ($1,080,246) | ($1,927,480) | ($3,270,579) | ($3,536,772) |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Foreign currency translation adjustments | -135,688 | 72,811 | -136,477 | 93,419 |
Unrealized gain (loss) on available-for-sale investments | -32 | 2,657 | -775 | 2,817 |
Pension adjustments | 25,382 | -15,923 | 24,986 | -19,555 |
Total other comprehensive income (loss), net of tax | -110,338 | 59,545 | -112,266 | 76,681 |
Comprehensive loss | ($1,190,584) | ($1,867,935) | ($3,382,845) | ($3,460,091) |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (Unaudited) (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Loss [Member] | Total |
Balance at Mar. 31, 2014 | $216,538 | $57,655,628 | ($44,174,071) | ($484,395) | $13,213,700 |
Balance (in shares) at Mar. 31, 2014 | 21,653,835 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Share-based compensation | 3,964 | 656,927 | 0 | 0 | 660,891 |
Share-based compensation (in shares) | 396,413 | ' | ' | ' | ' |
Proceeds from exercise of stock options, net of shares exchanged | 813 | 56,184 | 0 | 0 | 56,997 |
Proceeds from exercise of stock options, net of shares exchanged (in shares) | 81,270 | ' | ' | ' | ' |
Comprehensive loss | 0 | 0 | -3,270,579 | -112,266 | -3,382,845 |
Balance at Sep. 30, 2014 | $221,315 | $58,368,739 | ($47,444,650) | ($596,661) | $10,548,743 |
Balance (in shares) at Sep. 30, 2014 | 22,131,518 | ' | ' | ' | ' |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 6 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Cash flows from operating activities: | ' | ' |
Net loss | ($3,270,579) | ($3,536,772) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Depreciation and amortization | 139,252 | 179,123 |
Loss (gain) loss on disposal of equipment | 834 | -5,000 |
Amortization of premium on marketable securities | 311 | 6,070 |
Share-based compensation expense | 660,891 | 920,729 |
Deferred income tax expense | 1,973 | 4,979 |
Deferred rent | 23,150 | -18,526 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable, net | 155,498 | 197,216 |
Inventories | -10,822 | 97,787 |
Other current assets | -18,093 | 127,104 |
Accounts payable | -230,103 | 51,232 |
Accrued compensation | 113,132 | -51,129 |
Accrued liabilities | -5,669 | -78,619 |
Accrued pension liability | -35,524 | -137,089 |
Net cash used in operating activities | -2,475,749 | -2,242,895 |
Cash flows from investing activities: | ' | ' |
Proceeds from maturity of available-for-sale investments | 3,450,000 | 2,000,000 |
Proceeds from maturity of held-to-maturity investments | 0 | 3,940,000 |
Purchases of property, plant and equipment | -128,041 | -208,768 |
Proceeds from sale of property, plant and equipment | 1,552 | 6,773 |
Payments for intangible assets | 0 | -41,300 |
Net cash provided by investing activities | 3,323,511 | 5,696,705 |
Cash flows from financing activities: | ' | ' |
Proceeds from exercise of stock options | 67,850 | 69,360 |
Net cash provided by financing activities | 67,850 | 69,360 |
Effect of exchange rate changes on cash and cash equivalents | -57,053 | 34,724 |
Net increase in cash and cash equivalents | 858,559 | 3,557,894 |
Cash and cash equivalents at beginning of period | 8,681,609 | 3,533,864 |
Cash and cash equivalents at end of period | 9,540,168 | 7,091,758 |
Cash paid during the period for income taxes | $42,715 | $25,334 |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended |
Sep. 30, 2014 | |
Basis of Presentation [Abstract] | ' |
Basis of Presentation | ' |
1. Basis of Presentation | |
We have prepared our Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP have been condensed or omitted, pursuant to such rules and regulations, although we believe that our disclosures are adequate to make the information not misleading. The consolidated results of operations for any interim period are not necessarily indicative of results for a full year. These Condensed Consolidated Financial Statements, presented herein, should be read in conjunction with the audited consolidated financial statements and related notes included in our annual aeport on Form 10-K for the year ended March 31, 2014. | |
The Condensed Consolidated Financial Statements presented herein as of September 30, 2014 and March 31, 2014 and for the three- and six- month periods ended September 30, 2014 and 2013 reflect, in the opinion of management, all material adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the consolidated financial position, results of operations and cash flows for the interim periods. | |
We have identified certain accounting policies that we consider particularly important for the portrayal of our results of operations and financial position and which may require the application of a higher level of judgment by our management, and as a result are subject to an inherent level of uncertainty. These are characterized as “critical accounting policies” and address revenue recognition, accounts receivable, inventories, foreign currency translation and transactions, impairment of long-lived assets, share-based compensation, defined benefit pension plans and income taxes, each of which is described in our Annual Report on Form 10-K for the year ended March 31, 2014. Based upon our review, we have determined that these policies remain our most critical accounting policies for the six months ended September 30, 2014 and we have made no changes to these policies during fiscal 2015. |
Newly_Adopted_Accounting_Prono
Newly Adopted Accounting Pronouncements | 6 Months Ended |
Sep. 30, 2014 | |
Newly Adopted Accounting Pronouncements [Abstract] | ' |
Newly Adopted Accounting Pronouncements | ' |
2. Newly Adopted Accounting Pronouncements | |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-11, “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” ASU No. 2013-11 provides financial statement presentation guidance on whether an unrecognized tax benefit must be presented as either a reduction to a deferred tax asset or separately as a liability. We adopted ASU No. 2013-11 on April 1, 2014 and the adoption of this update did not have a material impact on our financial statements. | |
In April 2014, the FASB issued ASU No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” The amendments in this ASU change the criteria for reporting discontinued operations while enhancing disclosures in this area. It also addresses sources of confusion and inconsistent application related to financial reporting of discontinued operations guidance in GAAP. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. In addition, the new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. | |
The new guidance also requires disclosure of the pre-tax income attributable to a disposal of a significant part of an organization that does not qualify for discontinued operations reporting. This disclosure will provide users with information about the ongoing trends in a reporting organization’s results from continuing operations. The amendments in ASU No. 2014-08 are effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2014. We do not believe the adoption of this update will have a material impact on our financial statements. | |
In May 2014, the FASB has issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606). The guidance in this update supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition.” In addition, the existing requirements for the recognition of a gain or loss on the transfer of nonfinancial assets that are not in a contract with a customer (for example, assets within the scope of Topic 360, Property, Plant, and Equipment, and intangible assets within the scope of Topic 350, Intangibles—Goodwill and Other) are amended to be consistent with the guidance on recognition and measurement (including the constraint on revenue) in this update. Under the new guidance, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments in ASU No, 2014-09 are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. We do not believe the adoption of this update will have a material impact on our financial statements. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
3. Fair Value Measurements | |||||||||||||||||
Estimates of fair value for financial assets and liabilities are based on the framework established in the accounting guidance for fair value measurements. The framework defines fair value, provides guidance for measuring fair value and requires certain disclosures. The framework prioritizes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The following three broad levels of inputs may be used to measure fair value under the fair value hierarchy: | |||||||||||||||||
· | Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. | ||||||||||||||||
· | Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. | ||||||||||||||||
· | Level 3: Significant unobservable inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management's estimates of market participant assumptions. | ||||||||||||||||
If the inputs used to measure the financial assets and liabilities fall within more than one of the different levels described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. | |||||||||||||||||
The following table provides the assets carried at fair value measured on a recurring basis. | |||||||||||||||||
Asset Class | Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
30-Sep-14 | |||||||||||||||||
Short-term investments: | |||||||||||||||||
U.S. Government and Agency debt securities | $ | - | $ | - | $ | - | $ | - | |||||||||
31-Mar-14 | |||||||||||||||||
Short-term investments: | |||||||||||||||||
U.S. Government and Agency debt securities | 3,451,000 | - | 3,451,000 | - | |||||||||||||
U.S. Government and U.S. Government Agency debt securities. Our debt securities consist of bonds, notes and treasury bills with risk ratings of AAA/Aaa and maturity dates within two years from date of purchase. The estimated fair value of these securities is based on valuations provided by external investment managers. | |||||||||||||||||
The carrying amounts reported in the Condensed Consolidated Balance Sheets for cash and cash equivalents, accounts receivable, inventories, other current assets, accounts payable and accrued liabilities approximate fair market value. |
Accounts_Receivable
Accounts Receivable | 6 Months Ended |
Sep. 30, 2014 | |
Accounts Receivable [Abstract] | ' |
Accounts Receivable | ' |
4. Accounts Receivable | |
The allowance for doubtful accounts and sales returns was $35,000 at September 30, 2014 and $44,000 at March 31, 2014. |
Inventories
Inventories | 6 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Inventories [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
5. Inventories | |||||||||
Inventories are stated at the lower of cost (first-in, first-out method) or market (net realizable value). Inventories consist of the following: | |||||||||
30-Sep-14 | 31-Mar-14 | ||||||||
Raw materials | $ | 128,000 | $ | 136,000 | |||||
Work-in-process | 17,000 | 25,000 | |||||||
Finished goods | 381,000 | 356,000 | |||||||
$ | 526,000 | $ | 517,000 |
Net_Loss_per_Common_Share
Net Loss per Common Share | 6 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Net Loss per Common Share [Abstract] | ' | ||||||||
Net Loss per Common Share | ' | ||||||||
6. Net Loss per Common Share | |||||||||
The following potentially dilutive options to purchase shares of common stock and unvested restricted common stock at September 30 were excluded from diluted net loss per common share because of their anti-dilutive effect, and therefore, basic net loss per common share equals diluted net loss per common share for all periods presented in our Condensed Consolidated Statements of Operations: | |||||||||
Number of options | Range of stock | ||||||||
and unvested | option exercise prices | ||||||||
restricted stock | |||||||||
30-Sep-14 | 1,506,739 | $ | 2.06 to $2.50 | ||||||
30-Sep-13 | 1,802,564 | $ | 0.77 to $3.25 |
Sharebased_Compensation
Share-based Compensation | 6 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Share-based Compensation [Abstract] | ' | ||||||||||||||||
Share-based Compensation | ' | ||||||||||||||||
7. Share-based Compensation | |||||||||||||||||
As of September 30, 2014, we had one active plan for share-based compensation grants. Under the 2006 Amended Stock and Incentive Plan, if we have a change in control, all outstanding grants, including those subject to vesting or other performance targets, fully vest immediately. Under the plan, we reserved 3,450,000 shares of our common stock for share-based grants. As of September 30, 2014, we had 360,531 shares remaining that were available for grant. | |||||||||||||||||
We recognize share-based compensation expense in our Condensed Consolidated Statement of Operations based on the fair value at the time of grant of the share-based payment over the requisite service period. We incurred approximately $661,000 and $921,000 in share-based compensation expense for the six months ended September 30, 2014 and 2013, respectively. | |||||||||||||||||
As of September 30, 2014, we had approximately $1,161,000 of unrecognized share-based compensation expense, net of estimated forfeitures, related to stock options that we expect to recognize over a weighted-average period of 1.9 years. We also had $1,353,000 of unrecognized share-based compensation expense, net of estimated forfeitures, related to restricted shares that we expect to recognize over a weighted-average period of 2.2 years. | |||||||||||||||||
Options. We grant option awards with an exercise price equal to the closing market price of our stock at the date of the grant. Options granted under this plan generally expire over a period ranging from five to seven years from date of grant and vest at varying rates ranging up to three years. | |||||||||||||||||
We determined the fair value of our option awards using the Black-Scholes option pricing model. We used the following weighted-average assumptions to value the options granted during the six months ended September 30: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Expected life in years | 2.81 | 4.51 | |||||||||||||||
Risk-free interest rate | 1 | % | 1.35 | % | |||||||||||||
Expected volatility | 66.41 | % | 89.43 | % | |||||||||||||
Expected dividend yield | 0 | % | 0 | % | |||||||||||||
Weighted-average grant date fair value | $ | 1.21 | $ | 1.65 | |||||||||||||
The expected life selected for options granted during the six-months represents the period of time that we expect our options to be outstanding based on management’s expectation of option holder exercise and termination behavior for similar grants. The risk-free interest rate for periods within the contractual life of the option is based on the U.S. Treasury rate over the expected life at the time of grant. Expected volatilities are based upon historical volatility of our stock. We estimate the forfeiture rate for stock awards to be approximately zero percent for executive employees and directors and approximately 18% for non-executive employees based on our historical experience. | |||||||||||||||||
The following table summarizes the activity related to our stock options during the six months ended September 30, 2014: | |||||||||||||||||
Number of shares | Weighted average exercise | Weighted average remaining | Aggregate intrinsic | ||||||||||||||
price | life in years | value | |||||||||||||||
Outstanding at March 31, 2014 | 2,328,043 | $ | 3.39 | 3.85 | $ | 1,781,415 | |||||||||||
Options granted | 131,300 | 2.98 | |||||||||||||||
Options exercised | (85,000 | ) | 0.8 | ||||||||||||||
Options surrendered | (163,018 | ) | 5.02 | ||||||||||||||
Outstanding at September 30, 2014 | 2,211,325 | $ | 3.34 | 3.75 | $ | 117,780 | |||||||||||
Exercisable at September 30, 2014 | 1,402,997 | $ | 3.74 | 2.5 | $ | 39,994 | |||||||||||
The total fair value of stock options that vested during the six months ended September 30, 2014 and 2013 was $620,000 and $315,000, respectively. | |||||||||||||||||
Restricted Stock. Our 2006 Stock and Incentive Plan also permits our Compensation Committee to grant other stock-based benefits, including restricted shares. Restricted shares are subject to risk of forfeiture for termination of employment. The forfeiture risk generally lapses over a period of three to four years. | |||||||||||||||||
The following table summarizes the activity related to our restricted shares during the six months ended September 30, 2014: | |||||||||||||||||
Number of Shares | Weighted average | Weighted average remaining | Aggregate intrinsic | ||||||||||||||
grant date | life in years | value | |||||||||||||||
fair value | |||||||||||||||||
Balance at March 31, 2014 | 146,262 | $ | 3.38 | 2.23 | $ | 540,000 | |||||||||||
Shares granted | 405,625 | 3.25 | |||||||||||||||
Shares vested | (50,436 | ) | 3.57 | ||||||||||||||
Shares forfeited | (9,212 | ) | 3.94 | ||||||||||||||
Balance at September 30, 2014 | 492,239 | $ | 3.24 | 2.2 | $ | 1,230,598 | |||||||||||
The aggregate intrinsic value shown above for the restricted shares represents the total pre-tax value based on the closing price of our common stock on the grant date. |
Savings_and_Retirement_Plans
Savings and Retirement Plans | 6 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Savings and Retirement Plans [Abstract] | ' | ||||||||||||||||
Savings and Retirement Plans | ' | ||||||||||||||||
8. Savings and Retirement Plans | |||||||||||||||||
We sponsor various retirement plans for eligible employees in the United States, the United Kingdom, and The Netherlands. Our retirement savings plan in the United States conforms to Section 401(k) of the Internal Revenue Code and participation is available to substantially all employees. We may also make discretionary contributions ratably to all eligible employees. We made discretionary contributions to the U.S. plan of $137,000 and $113,000 for the six months ended September 30, 2014, and 2013, respectively. | |||||||||||||||||
Our international subsidiaries have defined benefit retirement plans for eligible employees. These plans provide benefits based on the employee’s years of service and compensation during the years immediately preceding retirement, termination, disability, or death, as defined in the plans. | |||||||||||||||||
The cost for our defined benefit retirement plans in The Netherlands and the United Kingdom includes the following components for the three- and six-month periods ended September: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
30-Sep | 30-Sep | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Gross service cost | $ | 36,000 | $ | 31,000 | $ | 71,000 | $ | 62,000 | |||||||||
Interest cost | 35,000 | 34,000 | 73,000 | 69,000 | |||||||||||||
Expected return on assets | (27,000 | ) | (20,000 | ) | (54,000 | ) | (40,000 | ) | |||||||||
Amortization | 1,000 | 2,000 | 2,000 | 3,000 | |||||||||||||
Net periodic retirement cost | $ | 45,000 | $ | 47,000 | $ | 92,000 | $ | 94,000 |
Business_Segment_Information
Business Segment Information | 6 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Business Segment Information [Abstract] | ' | ||||||||||||||||
Business Segment Information | ' | ||||||||||||||||
9. Business Segment Information | |||||||||||||||||
We aggregate our operating segments into one reportable segment in accordance with the objectives and principles of the applicable guidance. | |||||||||||||||||
Net sales to customers outside the United States for the three months ended September 30, 2014 and 2013 represented 24% and 25%, respectively, of our consolidated net sales. Net sales to customers outside the United States for the six months ended September 30, 2014 and 2013 represented 27% and 26%, respectively, of our consolidated net sales. | |||||||||||||||||
Information regarding net sales to customers by geographic area for the three and six months ended September 30 is as follows: | |||||||||||||||||
United | United | All Other Foreign | Consolidated | ||||||||||||||
States | Kingdom | Countries (1) | |||||||||||||||
Three months ended September 30, 2014 | $ | 4,896,000 | $ | 627,000 | $ | 932,000 | $ | 6,455,000 | |||||||||
Three months ended September 30, 2013 | $ | 4,478,000 | 575,000 | $ | 92,000 | $ | 5,977,000 | ||||||||||
Six months ended September 30, 2014 | $ | 9,429,000 | $ | 1,287,000 | $ | 2,123,000 | $ | 12,839,000 | |||||||||
Six months ended September 30, 2013 | $ | 8,763,000 | 1,122,000 | $ | 1,933,000 | $ | 11,818,000 | ||||||||||
-1 | No other country accounts for 10% or more of the consolidated net sales. | ||||||||||||||||
Information regarding geographic area in which we maintain long-lived assets is as follows: | |||||||||||||||||
United | All Other Foreign | Consolidated | |||||||||||||||
States | Countries (1) | ||||||||||||||||
30-Sep-14 | $ | 385,000 | $ | 568,000 | $ | 953,000 | |||||||||||
31-Mar-14 | $ | 379,000 | $ | 619,000 | $ | 998,000 | |||||||||||
-1 | Substantially all maintained in The Netherlands | ||||||||||||||||
Accounting policies of the operations in the various geographic areas are the same as those described in Note 1. Net sales attributed to each geographic area are net of intercompany sales. No single customer represents 10% or more of our consolidated net sales. Long-lived assets consist of property, plant and equipment. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||||
Assets carried at fair value measured on a recurring basis | ' | ||||||||||||||||
The following table provides the assets carried at fair value measured on a recurring basis. | |||||||||||||||||
Asset Class | Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
30-Sep-14 | |||||||||||||||||
Short-term investments: | |||||||||||||||||
U.S. Government and Agency debt securities | $ | - | $ | - | $ | - | $ | - | |||||||||
31-Mar-14 | |||||||||||||||||
Short-term investments: | |||||||||||||||||
U.S. Government and Agency debt securities | 3,451,000 | - | 3,451,000 | - |
Inventories_Tables
Inventories (Tables) | 6 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Inventories [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Inventories are stated at the lower of cost (first-in, first-out method) or market (net realizable value). Inventories consist of the following: | |||||||||
30-Sep-14 | 31-Mar-14 | ||||||||
Raw materials | $ | 128,000 | $ | 136,000 | |||||
Work-in-process | 17,000 | 25,000 | |||||||
Finished goods | 381,000 | 356,000 | |||||||
$ | 526,000 | $ | 517,000 |
Net_Loss_per_Common_Share_Tabl
Net Loss per Common Share (Tables) | 6 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Net Loss per Common Share [Abstract] | ' | ||||||||
Anti-dilutive securities excluded from diluted loss per common share | ' | ||||||||
The following potentially dilutive options to purchase shares of common stock and unvested restricted common stock at September 30 were excluded from diluted net loss per common share because of their anti-dilutive effect, and therefore, basic net loss per common share equals diluted net loss per common share for all periods presented in our Condensed Consolidated Statements of Operations: | |||||||||
Number of options | Range of stock | ||||||||
and unvested | option exercise prices | ||||||||
restricted stock | |||||||||
30-Sep-14 | 1,506,739 | $ | 2.06 to $2.50 | ||||||
30-Sep-13 | 1,802,564 | $ | 0.77 to $3.25 |
Sharebased_Compensation_Tables
Share-based Compensation (Tables) | 6 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Share-based Compensation [Abstract] | ' | ||||||||||||||||
Weighted-average assumptions used to value the options granted | ' | ||||||||||||||||
We determined the fair value of our option awards using the Black-Scholes option pricing model. We used the following weighted-average assumptions to value the options granted during the six months ended September 30: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Expected life in years | 2.81 | 4.51 | |||||||||||||||
Risk-free interest rate | 1 | % | 1.35 | % | |||||||||||||
Expected volatility | 66.41 | % | 89.43 | % | |||||||||||||
Expected dividend yield | 0 | % | 0 | % | |||||||||||||
Weighted-average grant date fair value | $ | 1.21 | $ | 1.65 | |||||||||||||
Stock option activity | ' | ||||||||||||||||
The following table summarizes the activity related to our stock options during the six months ended September 30, 2014: | |||||||||||||||||
Number of shares | Weighted average exercise | Weighted average remaining | Aggregate intrinsic | ||||||||||||||
price | life in years | value | |||||||||||||||
Outstanding at March 31, 2014 | 2,328,043 | $ | 3.39 | 3.85 | $ | 1,781,415 | |||||||||||
Options granted | 131,300 | 2.98 | |||||||||||||||
Options exercised | (85,000 | ) | 0.8 | ||||||||||||||
Options surrendered | (163,018 | ) | 5.02 | ||||||||||||||
Outstanding at September 30, 2014 | 2,211,325 | $ | 3.34 | 3.75 | $ | 117,780 | |||||||||||
Exercisable at September 30, 2014 | 1,402,997 | $ | 3.74 | 2.5 | $ | 39,994 | |||||||||||
Restricted shares activity | ' | ||||||||||||||||
The following table summarizes the activity related to our restricted shares during the six months ended September 30, 2014: | |||||||||||||||||
Number of Shares | Weighted average | Weighted average remaining | Aggregate intrinsic | ||||||||||||||
grant date | life in years | value | |||||||||||||||
fair value | |||||||||||||||||
Balance at March 31, 2014 | 146,262 | $ | 3.38 | 2.23 | $ | 540,000 | |||||||||||
Shares granted | 405,625 | 3.25 | |||||||||||||||
Shares vested | (50,436 | ) | 3.57 | ||||||||||||||
Shares forfeited | (9,212 | ) | 3.94 | ||||||||||||||
Balance at September 30, 2014 | 492,239 | $ | 3.24 | 2.2 | $ | 1,230,598 |
Savings_and_Retirement_Plans_T
Savings and Retirement Plans (Tables) | 6 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Savings and Retirement Plans [Abstract] | ' | ||||||||||||||||
Components of benefit costs for defined benefit retirement plans | ' | ||||||||||||||||
The cost for our defined benefit retirement plans in The Netherlands and the United Kingdom includes the following components for the three- and six-month periods ended September: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
30-Sep | 30-Sep | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Gross service cost | $ | 36,000 | $ | 31,000 | $ | 71,000 | $ | 62,000 | |||||||||
Interest cost | 35,000 | 34,000 | 73,000 | 69,000 | |||||||||||||
Expected return on assets | (27,000 | ) | (20,000 | ) | (54,000 | ) | (40,000 | ) | |||||||||
Amortization | 1,000 | 2,000 | 2,000 | 3,000 | |||||||||||||
Net periodic retirement cost | $ | 45,000 | $ | 47,000 | $ | 92,000 | $ | 94,000 |
Business_Segment_Information_T
Business Segment Information (Tables) | 6 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Business Segment Information [Abstract] | ' | ||||||||||||||||
Sales to customers and long-lived assets by geographic area | ' | ||||||||||||||||
Information regarding net sales to customers by geographic area for the three and six months ended September 30 is as follows: | |||||||||||||||||
United | United | All Other Foreign | Consolidated | ||||||||||||||
States | Kingdom | Countries (1) | |||||||||||||||
Three months ended September 30, 2014 | $ | 4,896,000 | $ | 627,000 | $ | 932,000 | $ | 6,455,000 | |||||||||
Three months ended September 30, 2013 | $ | 4,478,000 | 575,000 | $ | 92,000 | $ | 5,977,000 | ||||||||||
Six months ended September 30, 2014 | $ | 9,429,000 | $ | 1,287,000 | $ | 2,123,000 | $ | 12,839,000 | |||||||||
Six months ended September 30, 2013 | $ | 8,763,000 | 1,122,000 | $ | 1,933,000 | $ | 11,818,000 | ||||||||||
-1 | No other country accounts for 10% or more of the consolidated net sales. | ||||||||||||||||
Information regarding geographic area in which we maintain long-lived assets is as follows: | |||||||||||||||||
United | All Other Foreign | Consolidated | |||||||||||||||
States | Countries (1) | ||||||||||||||||
30-Sep-14 | $ | 385,000 | $ | 568,000 | $ | 953,000 | |||||||||||
31-Mar-14 | $ | 379,000 | $ | 619,000 | $ | 998,000 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (Recurring [Member], USD $) | 3 Months Ended | |
Sep. 30, 2014 | Mar. 31, 2014 | |
Assets carried at fair value measured on a recurring basis [Abstract] | ' | ' |
Short-term U.S. government and agency debt securities | $0 | $3,451,000 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Assets carried at fair value measured on a recurring basis [Abstract] | ' | ' |
Short-term U.S. government and agency debt securities | 0 | 0 |
Significant Other Observable Inputs ( Level 2) [Member] | ' | ' |
Assets carried at fair value measured on a recurring basis [Abstract] | ' | ' |
Short-term U.S. government and agency debt securities | 0 | 3,451,000 |
Maximum period for maturity of debt securities | '2 years | ' |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Assets carried at fair value measured on a recurring basis [Abstract] | ' | ' |
Short-term U.S. government and agency debt securities | $0 | $0 |
Accounts_Receivable_Details
Accounts Receivable (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
Accounts Receivable [Abstract] | ' | ' |
Allowance for doubtful accounts and sales returns | $35,000 | $44,000 |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
Inventories [Abstract] | ' | ' |
Raw materials | $128,000 | $136,000 |
Work-in-process | 17,000 | 25,000 |
Finished goods | 381,000 | 356,000 |
Inventories | $526,367 | $517,217 |
Net_Loss_per_Common_Share_Deta
Net Loss per Common Share (Details) (Options and Unvested Restricted Stock [Member], USD $) | 6 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Options and Unvested Restricted Stock [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Number of anti-dilutive shares excluded from computation of diluted loss per common share (in shares) | 1,506,739 | 1,802,564 |
Range of exercise prices - lower range limit (in dollars per share) | $2.06 | $0.77 |
Range of exercise prices - upper range limit (in dollars per share) | $2.50 | $3.25 |
Sharebased_Compensation_Detail
Share-based Compensation (Details) (USD $) | 6 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | 2006 Amended Stock and Incentive Plan [Member] | 2006 Amended Stock and Incentive Plan [Member] | 2006 Amended Stock and Incentive Plan [Member] | 2006 Amended Stock and Incentive Plan [Member] | |||
Executive Employees and Directors [Member] | Non-Executive Employees [Member] | Minimum [Member] | Maximum [Member] | Plan | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | |||||||||
Minimum [Member] | Maximum [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of active plans for share-based compensation grants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' |
Number of shares reserved for share-based grants (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,450,000 | ' | ' | ' |
Shares available for grant (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 360,531 | ' | ' | ' |
Term of share-based payment award | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '4 years | ' | ' | '5 years | '7 years |
Vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' |
Share-based compensation expense | $661,000 | $921,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average assumptions used to value the options granted [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected life in years | ' | ' | '2 years 9 months 22 days | '4 years 6 months 4 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Risk free interest rate (in hundredths) | ' | ' | 1.00% | 1.35% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected volatility (in hundredths) | ' | ' | 66.41% | 89.43% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected dividend yield (in hundredths) | ' | ' | 0.00% | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average grant date fair value (in dollars per share) | ' | ' | $1.21 | $1.65 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeiture rate (in hundredths) | ' | ' | ' | ' | ' | 0.00% | 18.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options, number of shares [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, beginning of period (in shares) | ' | ' | 2,328,043 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options granted (in shares) | ' | ' | 131,300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options exercised (in shares) | ' | ' | -85,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options surrendered (in shares) | ' | ' | -163,018 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, end of period (in shares) | ' | ' | 2,211,325 | ' | 2,328,043 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable, end of period (in shares) | ' | ' | 1,402,997 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options, weighted average exercise price [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, beginning of period (in dollars per share) | ' | ' | $3.39 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options granted (in dollars per share) | ' | ' | $2.98 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options exercised (in dollars per share) | ' | ' | $0.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options surrendered (in dollars per share) | ' | ' | $5.02 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, end of period (in dollars per share) | ' | ' | $3.34 | ' | $3.39 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable, end of period (in dollars per share) | ' | ' | $3.74 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options, additional disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, weighted average remaining life in years | ' | ' | '3 years 9 months | ' | '3 years 10 months 6 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable, Weighted average remaining life in years | ' | ' | '2 years 6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, aggregate intrinsic value, end of period | ' | ' | 117,780 | ' | 1,781,415 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable, aggregate intrinsic value, end of period | ' | ' | 39,994 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of stock options vested | ' | ' | 620,000 | 315,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted shares, number of shares [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, beginning of period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 146,262 | ' | ' | ' | ' | ' | ' | ' |
Shares granted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 405,625 | ' | ' | ' | ' | ' | ' | ' |
Shares vested (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | -50,436 | ' | ' | ' | ' | ' | ' | ' |
Shares forfeited (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | -9,212 | ' | ' | ' | ' | ' | ' | ' |
Balance, end of period (in shares) | ' | ' | ' | ' | ' | ' | ' | 492,239 | 492,239 | 146,262 | ' | ' | ' | ' | ' | ' |
Restricted shares, weighted average grant date fair value [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, beginning of period (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $3.38 | ' | ' | ' | ' | ' | ' | ' |
Shares granted (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $3.25 | ' | ' | ' | ' | ' | ' | ' |
Shares vested (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $3.57 | ' | ' | ' | ' | ' | ' | ' |
Shares forfeited (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $3.94 | ' | ' | ' | ' | ' | ' | ' |
Balance, end of period (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | $3.24 | $3.24 | $3.38 | ' | ' | ' | ' | ' | ' |
Restricted shares, additional disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average remaining life in years | ' | ' | ' | ' | ' | ' | ' | ' | '2 years 2 months 12 days | '2 years 2 months 23 days | ' | ' | ' | ' | ' | ' |
Outstanding, Aggregate intrinsic value | ' | ' | ' | ' | ' | ' | ' | 1,230,598 | 1,230,598 | 540,000 | ' | ' | ' | ' | ' | ' |
Unrecognized share-based compensation expense | ' | ' | $1,161,000 | ' | ' | ' | ' | $1,353,000 | $1,353,000 | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation expense, weighted average period of recognition | ' | ' | '1 year 10 months 24 days | ' | ' | ' | ' | '2 years 2 months 12 days | ' | ' | ' | ' | ' | ' | ' | ' |
Savings_and_Retirement_Plans_D
Savings and Retirement Plans (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Savings and Retirement Plans [Abstract] | ' | ' | ' | ' |
Employer discretionary contribution amount to U.S. plan | ' | ' | $137,000 | $113,000 |
Defined Benefit Plans, Net Periodic Retirement Cost [Abstract] | ' | ' | ' | ' |
Gross service cost | 36,000 | 31,000 | 71,000 | 62,000 |
Interest cost | 35,000 | 34,000 | 73,000 | 69,000 |
Expected return on assets | -27,000 | -20,000 | -54,000 | -40,000 |
Amortization | 1,000 | 2,000 | 2,000 | 3,000 |
Net periodic retirement cost | $45,000 | $47,000 | $92,000 | $94,000 |
Business_Segment_Information_D
Business Segment Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | ||||||
Customer | Customer | |||||||||
Segment | ||||||||||
Business Segment Information [Abstract] | ' | ' | ' | ' | ' | |||||
Number of operating segments | ' | ' | 1 | ' | ' | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | |||||
Revenue by customer (in hundredths) | 24.00% | 25.00% | 27.00% | 26.00% | ' | |||||
Revenues | $6,455,000 | $5,977,000 | $12,839,000 | $11,818,000 | ' | |||||
Long-lived assets | 953,000 | ' | 953,000 | ' | 998,000 | |||||
Number of major customers | ' | ' | 0 | 0 | ' | |||||
Percentage of sales considered for major customer (in hundredths) | ' | ' | 0.00% | 0.00% | ' | |||||
United States [Member] | Reportable Geographical Components [Member] | ' | ' | ' | ' | ' | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | |||||
Revenues | 4,896,000 | 4,478,000 | 9,429,000 | 8,763,000 | ' | |||||
Long-lived assets | 385,000 | ' | 385,000 | ' | 379,000 | |||||
United Kingdom [Member] | Reportable Geographical Components [Member] | ' | ' | ' | ' | ' | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | |||||
Revenues | 627,000 | 575,000 | 1,287,000 | 1,122,000 | ' | |||||
All Other Foreign Countries [Member] | Reportable Geographical Components [Member] | ' | ' | ' | ' | ' | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | |||||
Revenues | 932,000 | [1] | 924,000 | [1] | 2,123,000 | [1] | 1,933,000 | [1] | ' | |
Long-lived assets | $568,000 | [2] | ' | $568,000 | [2] | ' | $619,000 | [2] | ||
[1] | No country accounts for 10% or more of the consolidated net sales. | |||||||||
[2] | Substantially all maintained in The Netherlands. |